This paper examines the Maldives’ 2009 Article IV Consultation on economic developments and policies. The Maldivian economy is facing large external and fiscal imbalances, resulting from the severe impact of the global financial crisis and exacerbated by an unsustainable fiscal expansion....

This paper discusses Nicaragua’s 2005 Article IV Consultation and Seventh, Eighth, and Ninth Reviews Under the Three Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF). The economy continued to perform well, notwithstanding pressure from higher oil prices. Strong...

This 2003 Article IV Consultation highlights that the South African economy performed well in 2002, notwithstanding difficult global economic conditions. Supported by sound macroeconomic management and a highly competitive exchange rate, real GDP growth rose to 3.0 percent in 2002 from 2.8...

Croatia has made important strides in restoring robust economic growth and achieving price stability while continuing to strengthen its net international reserves position under the Stand-By Arrangement. Executive Directors welcomed this development, and stressed the need to improve fiscal...

This paper focuses on Albania’s Fourth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF), Request for a Waiver of Nonobservance of Performance Criterion, and Financing Assurances Review. Performance since the third review has been satisfactory...

This 2004 Article IV Consultation for Panama reports that the medium-term outlook is encouraging, assuming implementation of the authorities’ fiscal program, which should put the public debt ratio on a steadily declining path. The banking system experienced a substantial recovery in...

Macedonia's macroeconomic stabilization program continues to rest on the basis of fiscal and monetary policies, and has restored the fiscal balance to a sustainable level after two years of high deficits. Further structural measures are important to address impediments to growth and to reduce...

This paper discusses the challenging question of whether central banks should use treasury bills or central bank bills for draining excess liquidity in the banking system. While recognizing that there are practical reasons for using central bank bills, the paper argues that treasury bills are...

This paper discusses the Staff-Monitored Program (SMP) for Guinea. Agreement in principle was reached on the SMP from April 2005 to March 2006. The program would support the authorities’ efforts in restoring macroeconomic stability and establish a track record of policy implementation to...