The staff report for Ireland’s fifth review under the Extended Arrangement states that financial sector reforms continued to advance, with the two structural benchmarks for end-2011 observed. In particular, targets for bank deleveraging in 2011 were met, with almost €15 billion of...

This report reviews economic development of Namibia in the recent years after the global crisis. The country bounced back very well after the crisis. Namibia exhibited strong performance in the primary sectors, which has led to remarkable growth in the second half of 2012. The government has...

This 2009 Article IV Consultation highlights that the credit-fueled boom has resulted in a relatively large nonfinancial private sector debt stock in Estonia. With declining incomes, unemployment increasing sharply, and asset prices depressed, balance sheets of households and firms are under...

This staff report discusses the Republic of Kosovo’s request for a Stand-By Arrangement. Kosovo is in the final stages of transition to full self-governance in economic and financial affairs. Kosovo’s economy has remained largely shielded from turbulence in the euro area, owing to...

This paper presents the first assessment report under the Staff-Monitored Program (SMP) for Kosovo. The policies under Kosovo’s SMP target decisive steps toward fiscal sustainability and stronger budget management and execution. Performance under the SMP has been largely satisfactory to...

This 2011 Article IV Consultation reports that the vulnerability of Belgium’s sovereign debt to market pressures makes credible medium-term fiscal consolidation a priority. The 2012 budget includes sizable consolidation measures, and the government is committed to take additional measures...

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience...

The staff report for the Fifth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility on the Kyrgyz Republic focuses on economic developments and policies. The nominal exchange rate has remained broadly stable. Discussions focused on refining the end-September...

This Selected Issues paper analyzes fiscal devolution in Belgium. It examines long-term fiscal strategies for meeting the fiscal burden of population aging. The paper presents estimates of the fiscal costs of population aging in Belgium, and discusses their sensitivity to underlying assumptions....

A weakness of decentralization and overall tax reforms in Latin America is the lack of attention to adequate taxation at the subnational government. A reliance on shared taxes with extensive earmarking leads to weak subnational accountability and soft budget constraints. The paper explores the...