This selected issues paper on Iceland reports that since mid-2009, Iceland has undergone a heavily frontloaded fiscal consolidation program to bring government finances to a sustainable level. To maintain the adjustment gains achieved during the last 2½ years, the authorities have started...

This 2007 Article IV Consultation highlights that Vietnam has recorded continued strong economic performance since the conclusion of the last Article IV Consultation. GDP growth rose to 8.2 percent in 2006, with non-oil exports remaining an important engine of growth. Private investment has also...

A decade of strong expansion in the Spanish economy led by a credit-fueled housing boom was hit by three major shocks. The policy response to Spain’s economic challenges has been strong and wide-ranging, helping to strengthen market confidence. A decisive implementation of the envisaged...

Burundi’s extreme poverty, post-conflict environment, and persistent fragility created considerable risks to program implementation, calling for extensive flexibility in engagement. The program succeeded in establishing some of the key foundations of macroeconomic stability, mobilizing...

This paper discusses key findings of the Second Review Under the Poverty Reduction and Growth Facility (PRGF). Program performance has been generally satisfactory. The quantitative performance criteria were observed, as was most of the structural conditionality. One structural performance...

Pakistan’s economy continued to perform strongly owing to sound macroeconomic management and structural reform. Executive Directors advised that tight fiscal and monetary policies are required to reduce inflation and the external current account deficit while lessening pressures on real...

This 2009 Article IV Consultation highlights that against a backdrop of a highly uncertain global economic environment, Mozambique’s macroeconomic prospects remain positive, but have weakened. The scope for supportive macroeconomic policies to offset the impact of the global economic...

This paper discusses request from Honduras’ authorities for a Stand-By Arrangement (SBA). Honduras has had three previous Poverty Reduction and Growth Facility (PRGF) arrangements, the last of which ended in February 2007. The most recent PRGF program focused on fiscal consolidation and...

Resilient growth is observed in 2012 in Seychelles. Weakness in tourism has been offset by increases from less-traditional markets. The current account and adjustments has administered prices in the second half of 2011, and a cycle of depreciation and inflation ensued. The fiscal accounts...

Dominica has made significant progress over the past decade in strengthening its macroeconomic policy management. The 2011 Article IV Consultation report concludes that Dominica is emerging from the crisis. Growth turned positive in 2010, but tepid demand and the needed fiscal consolidation will...