Portugal's program implementation is on track despite difficult economic conditions and significant legal challenges. The markedly weaker economic outlook provides a strong case for recalibrating the program’s fiscal targets. This strong adjustment effort needs to be consolidated by...

This paper examines the Republic of Moldova’s Fourth Review under the Poverty Reduction and Growth Facility and request for Waiver of Nonobservance of Performance Criterion. Investors have been attracted by Moldova’s low costs, and export prospects have improved with the resumption...

This report on the Observance of Standards and Codes on Fiscal Transparency for the Republic of Tajikistan analyzes fiscal transparency practices against the requirements of the IMF Code of Good Practices on Fiscal Transparency. In the context of sectoral reforms, the authorities intend to...

This paper discusses Portugal’s Eighth and Ninth Reviews Under the Extended Arrangement and Request for Waivers of Applicability of end-September Performance Criteria (PC). Program implementation has remained broadly on track, in spite of a political crisis and significant legal...

Economic conditions in Egypt are favorable, and the economic reform is moving forward. The discussions focused on the elements of a macroeconomic policy. IMF staff discussed the following with authorities: a multiyear fiscal consolidation plan, the monetary policy stance and strategy appropriate...

This Selected Issues paper discusses the impact of global financial turmoil on Japan. It describes how close integration in global financial markets has deepened and expanded the channels for spillovers. The paper discusses options for increasing the consumption tax to finance the public pension...

This paper presents an update to the Financial System Stability Assessment (FSAP) on the Republic of Belarus. The paper reveals that the Belarusian financial sector has so far weathered the ongoing turmoil well, reflecting its relatively closed nature and the dominant role of state-owned banks....

This paper discusses key findings of the Third Review Under the Extended Credit Facility (ECF) for Mali. Implementation of the ECF-supported program has been challenged by the global financial crisis and the ensuing global slowdown. The new program aims to continue prudent fiscal policies and...

This report provides an assessment of fiscal transparency practices in Serbia in relation to the requirements of the IMF Code of Good Practices on Fiscal Transparency. Serbia has made solid advances in fiscal transparency in recent years, but there are still some major shortcomings. This report...