This staff report on the Republic of Yemen’s 2013 Article IV Consultation highlights economic development and policies. The macroeconomic situation stabilized in 2012, but the recovery remains fragile. After contracting by more than 12 percent in 2011, real GDP is estimated to have grown...

Ex Post Assessments are intended to provide an opportunity to step back from continuing program relations to consider an analysis of the economic problems facing the country, review progress under IMF-supported programs, and draw forward-looking lessons for future IMF engagement. The program...

Central African Republic (C.A.R) showed satisfactory performance amidst difficult conditions under the Poverty Reduction and Growth Facility (PRGF) arrangement. Executive Directors commended the authorities' efforts to consolidate peace and security and pursue macroeconomic stabilization and...

The Czech economy has rebounded from the downturn owing to its strong fundamentals and the global recovery. Domestic demand has become self-sustaining since mid-2010. Fixed investment grew moderately in the second half of 2010, mostly on account of one-off factors. GDP has grown by 2.3 percent...

The staff report for the Second Review Under the Stand-By Arrangement (SBA) on the Republic of Croatia highlights fiscal policy and monetary and financial sector policies. The policy implementation under this SBA has yielded sizable fiscal consolidation and advances in structural reforms,...

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 2008 Article IV Consultation highlights that the financial market turbulence has exposed vulnerabilities in the German financial system. The German consumer’s conservatism under the current uncertain conditions will amplify the export slowdown, and investment decisions are likely to...

Yemen is confronted with a range of difficult economic challenges. The reduction in oil revenues in the past year has affected the Yemeni economy through a set of direct and indirect channels. The loss of oil revenue contributed to a record fiscal deficit of about 10 percent of GDP in 2009,...

This paper discusses Ukraine’s Request for a Stand-by Arrangement. Ukraine’s economy had been in recession since mid-2012. Inconsistent macroeconomic policies pursued in 2012–2013 aggravated deep-seated vulnerabilities and eventually generated a balance-of-payment crisis....

This paper describes Liberia’s First Review Under the Extended Credit Facility Arrangement and Request for Waiver of Nonobservance of a Performance Criterion and Modification of Performance Criteria. Nonresource real GDP growth, in particular, while still on an upward trend has been...