Korea experienced significant financial distress in the late 1990s along with some of its Asian neighbors. The authorities’ experience in handling this crisis and the experience in handling the fallout from the global financial crisis in 2007–08 helped them establish a broad crisis...

KEY ISSUES Context. Growth remains rapid, but has moderated from the 7¼ percent recorded in 2013. Remittances and accommodative monetary and financial conditions remain the primary growth drivers, despite volatile capital flows, slowing activity in the region and severe natural disasters....

Despite security risks and some major natural disasters, Indonesia has continued to make steady economic progress in recent years. Recent sound macroeconomic management has calmed inflation pressures, though financial markets remain volatile. In the short term, activity should regain momentum...

Progress on fiscal policy during 2006/07 in Malawi was slower than expected. The 2006/07 (July-June) fiscal strategy focused on reducing domestic debt. In the third Poverty Reduction and Growth Facility (PRGF) review, the end-June target for domestic debt repayments was increased substantially....

This 2006 Article IV Consultation highlights that an acute electricity crisis threatens Uganda’s macroeconomic performance. The regional drought in 2005/06 reduced Uganda’s already inadequate hydropower-generating capacity, resulting in a production gap of nearly one-half of...

The paper discusses findings of the Financial System Stability Assessment for Denmark. The Danish authorities have taken important steps to improve financial system resilience. Financial regulation and supervision have been strengthened. A new bank resolution framework that includes bail-in of...

This paper explains Fifth Review Under the Extended Credit Facility and Request for Extension of the Arrangement report for Benin. The IMF report shows that inflation has returned to normal levels since the petroleum price shock in early 2012 when neighboring Nigeria reduced fuel subsidies, and...

This paper presents a factual update of the International Organization of Securities Commissions (IOSCO) Objectives and Principles of Securities Regulation for Switzerland. Overall, there has been substantial progress in implementing Financial Sector Assessment Program recommendations in various...

This paper focuses on Senegal’s Third and Fourth Reviews Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF) and Request for Waiver of Performance Criteria. Program implementation in 2005 was uneven. Most performance criteria (PCs) for the third and...