Qatar has recently taken steps toward introducing a medium-term budget framework (MTBF) to enhance the predictability of spending decisions in the country. However, implementing medium-term fiscal planning requires formal procedural fiscal rules and parallel efforts to enhance the credibility of...

This 2009 Article IV Consultation highlights that the global economic crisis has severely affected the Portuguese economy. Output will likely contract by almost 3 percent in 2009, driven by sharp falls in exports and investment. Despite a substantial rise in unemployment to nearly 10 percent,...

Korea’s rapid recovery from the global downturn has transitioned into a full-fledged expansion. Policies to strengthen the resilience of the economy and pave the way for sustained and equitable growth is required. Greater two-way flexibility of the exchange rate is needed to support the...

This Selected Issues paper examines Kenya’s growth performance during 1980–2004. It considers the stylized facts on Kenya’s growth performance in the past two decades, in comparison with other Sub-Saharan African countries. The paper examines main sources of economic growth...

St. Kitts and Nevis is a small, open economy that is heavily dependent on tourism and other services, and some light manufacturing. The exchange rate peg to the U.S. dollar and strict limits on central government borrowing from the Eastern Caribbean Central Bank (ECCB) have helped maintain...

This paper discusses key findings of the Second Review for Ukraine under the Stand-By Arrangement and request for modification of performance criteria. Policy implementation has been broadly in line with the program. The end-May quantitative performance criteria on base money, net international...

This paper discusses key findings of the Third Review for Peru and Inflation Consultation Under the Stand-By Arrangement. All performance criteria for end-December 2007 and end-March 2008 were observed, but inflation in March exceeded the upper limit of the program’s consultation band...

This Selected Issues paper focuses on the fiscal challenge for Belgium in coping with population aging, including the sustainability of prevailing fiscal federalism arrangements across all levels of governments. The analysis demonstrates that the current strategy of upfront consolidation is...