This 2009 Article IV Consultation highlights that the Chilean economy has proved resilient in the face of the global financial crisis. The policy response to the crisis has been sizable, well balanced, and coordinated. Executive Directors have commended the Chilean authorities for their sound...

Angola’s economy was badly buffeted by the sharp drop in global oil prices. Policy discussions for the review focused on the 2011 budget, the handling of the arrears problem, monetary and exchange rate policies, and key elements of the authorities’ administrative and policy reform...

Oil-producing countries have benefited from rising oil prices in recent years. The increase in oil exports and oil revenues has had major implications for these countries. These developments have revealed how governments manage their fiscal policies in light of changing oil-market conditions and...

This paper analyzes the impact of the global crisis on six South-Eastern European countries. The main objective is to compare macro-financial conditions and policies in the run-up to the crisis as well as to compare the policy responses to it, so as to highlight, inter alia, possible...

This paper reviews the 2004 Semiannual IMF Staff Report Under Intensified Surveillance for Nigeria. Overall economic performance in the first half of 2004 was commendable. The implementation of sound macroeconomic policies, underpinned by a conservative reference oil price and savings of the oil...

The paper assesses the United Kingdom's golden rule and debt rule against "ideal characteristics" of fiscal rules. It concludes that they are clearly defined; transparent in institutional arrangements and measurement; adequate to ensure sustainability; and strike a good balance between flexibility...

This paper reviews Congo’s Performance Under the Staff-Monitored Program (SMP) and Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility. Improvements in the political environment and an increased focus on economic management since late 2002 have already led...

This Selected Issues paper analyzes the strengths and weaknesses of the fiscal framework of Sweden, and discusses some guidelines for their modification. It describes the Swedish experience under the new fiscal framework, and documents the increasing expenditure profile during the economic boom....

This paper assesses Ecuador’s 2003 Article IV Consultation, a Request for a Stand-By Arrangement (SBA), and Approval of an Exchange Restriction. The main objectives of the fiscal program are to address immediate liquidity constraints and to bring expenditure growth under control,...

The formulation of fiscal policy in Kiribati faces unusual challenges. Kiribati's revenue base is among the most volatile in the world, and it possesses sizeable financial assets. Drawing on lessons from some other countries who experience high volatility in their revenues, this paper proposes a...