This Selected Issues paper reviews the benefits and costs of reserves for Chile, with emphasis on standard methodologies for assessing reserve adequacy. It reports an empirical methodology that analyzes simultaneously key explanatory variables behind a country’s level of reserves. The paper...

This 2004 Article IV Consultation highlights that over the past two decades, Chile has adhered to a sound and consistent policy framework. During 2000–03, the actual overall balance of the central government registered a deficit of just below 1 percent of GDP. Since the beginning of 2004,...

The staff report for the Third Review Under the Stand-By Arrangement on Jordan highlights the economic developments and policies. Additional grants and higher tax revenue will offset the loss of the oil surplus and the increase in petroleum subsidies. The authorities intend to limit total...

This paper examines Tanzania’s 2004 Article IV Consultation and Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility. Tanzania has continued to maintain macroeconomic stability and to make substantial progress in structural reform. Real GDP growth has...

This Selected Issues paper for San Marino reviews developments in the financial sector and provides an update of the financial sector regulation and supervision. While Sammarinese financial institutions accept foreign deposits and managed funds to a much larger extent than comparators in...

This paper examines Croatia’s 2004 Article IV Consultation and Request for Stand-By Arrangement (SBA). Croatia has established a record of solid growth and low inflation since the mid-1990s. Real GDP growth has averaged about 4.5 percent, with inflation in the low single digits. This...

This Selected Issues paper analyzes reserve adequacy in Mexico. Reserve adequacy has been of renewed interest, as the authorities have introduced a new rules-based mechanism of U.S. dollar sales to reduce the rate of reserve accumulation. The paper examines the recent experience with Mexico’s...

This paper discusses Bhutan’s Poverty Reduction Strategy Paper (PRSP). The Royal Government of Bhutan has initiated the PRSP process as part of broader ongoing efforts to combat poverty. The main objective of the PRSP process is to strengthen the strategic framework for poverty reduction,...

The Selected Issues paper analyzes tax policy trends at the local level in Sweden and assesses the effectiveness of the vertical fiscal policy coordination system. The study reviews Sweden’s local public finances from an international perspective and empirically explores various explanations...

This paper discusses Congo’s Fourth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF), and Requests for Waiver of Performance Criteria. Overall performance under the program was satisfactory and at end-March 2004, 8 out of the 11 quantitative...