This paper discusses key findings of the First Review for Hungary under the Stand-By Arrangement. All end-December 2008 quantitative performance criteria and the continuous performance criterion on nonaccumulation of external arrears were met. The structural performance criterion on submission...

This paper discusses a request from the Democratic Republic of São Tomé and Príncipe for a three-year arrangement under the Poverty Reduction and Growth Facility (PRGF). The economic outlook for 2009 is broadly favorable, but subject to significant risks. The program spans a period including...

Algeria has enjoyed several years of strong economic performance, but continues to face important challenges. This 2008 Article IV Consultation highlights that economic performance of Algeria has remained relatively favorable in 2008. The outlook remains encouraging despite the challenging...

This 2008 Article IV Consultation highlights that GDP per capita for Papua New Guinea remains low. An unattractive investment environment, primarily owing to weak infrastructure, problems with governance, and high crime curtails development. Executive Directors have commended the authorities for...

This Selected Issues paper explores the medium-term determinants of the current account balance in Papua New Guinea. It provides an assessment of the exchange rate, and presents some background on recent exchange rate developments. It uses two dynamic panel regression models to estimate the...

This Annual Progress Report reviews the Poverty Reduction Strategy Paper and Economic and Social Plan for 2007 for Mozambique. The report presents the new simplified structure adopted in the Review of the First Half of 2007. In the international context, the evolution of the international...

This paper discusses key findings of the First Review for Seychelles under the Stand-By Arrangement. Developments under the program at end-December 2008 were broadly satisfactory. Although growth was lower and inflation higher than targeted in 2008, the liberalization of the exchange regime and...

Growth in the Czech Republic is projected to slow sharply in 2009 amid a gathering recession abroad and tightening credit at home. This 2008 Article IV Consultation highlights that the shrinking demand from the euro area, especially Germany, will curtail exports and direct investment inflows....

Pakistan has been facing significant economic difficulties. With sharp increases in oil and food prices, and adverse security developments, Pakistan has experienced a significant widening of the fiscal deficit, owing in large part to increasing energy subsidies and major pressures on its balance...

The United Arab Emirates' (UAE) macroeconomic performance during 2007–08 was strong, with growth especially in the construction and services sectors. Annual average inflation accelerated, driven by domestic demand pressures. Executive Directors have commended the authorities for their...