This paper discusses Rwanda’s First Review Under the Policy Support Instrument. Rwanda continues to face the challenge of sustaining high growth while reducing its reliance on aid and preventing the build-up of imbalances. After using foreign exchange reserves over the past few years to...

This Selected Issues and Statistical Appendix paper assesses Romania’s external competitiveness by reviewing recent developments in a range of standard indicators and estimating equilibrium real exchange rates. The results suggest that, although Romania’s historical cost advantage vis-à-vis...

This 2009 Article IV Consultation highlights that the banking system of the Russian Federation is under increasing strain, and private sector credit is contracting. The authorities’ response to the crisis has been swift and substantial, driven by concerns that weaknesses in the banking...

This Selected Issues paper analyzes Senegal’s real effective exchange rate (REER) and external competitiveness. A REER significantly above its equilibrium, as determined by economic fundamentals, can impede a country’s external competitiveness, calling for corrective macroeconomic...

The paper assesses the competitiveness of Swiss exporters, and shows that the effect of nominal exchange rate on trade balance depends on the degree of exchange rate pass-through and on trade elasticities. It highlights that the degree of exchange rate pass-through should also be factored in...

Mauritius showed slow economic growth owing to the deteriorating external economic environment, particularly of the sugar and textile sectors. Executive Directors urged the authorities to develop a comprehensive economic strategy that combines structural reform measures and policies geared...

EXECUTIVE SUMMARY Context: Sudan is a fragile state mired in a heavy debt burden, international sanctions, and volatile domestic and regional political environments. These problems, together with limited revenue mobilization, are constraining Sudan’s growth prospects and poverty reduction...

To help economic adjustment in the midst of the global economic crisis, an 18-month Stand-By Arrangement (SBA) was supported by IMF resources. The cause of Mongolia’s crisis in 2008–09 and its resolution and design and outcomes of the program are also discussed. The trigger for...

The government of Georgia moved forcefully to counter the economic impact of the August 2008 conflict with Russia and global financial crisis. Monetary and prudential policy easing was, however, unable to prevent a sharp credit squeeze. The economy is recovering at a solid pace, with real GDP...

This paper presents background information to the assessment of competitiveness and exchange rate policy in India, as well as challenges to monetary policy from financial globalization. This paper discusses the role of communication in enhancing the effectiveness of monetary policy and...