Nepal is a post-conflict state seeking to formalize democracy in a challenging environment. Significant headway toward a new state has been made since the 2006 peace accord. Progress on a range of technical issues (including public financial management, monetary policy, and financial sector...

KEY ISSUES Context. Macroeconomic developments have been in line with the program. Growth has recovered, led by domestic demand, with the Russia-Ukraine crisis having limited economic impact so far. Growth should reach 5 percent in 2014. Georgia and the EU started applying their Deep and...

This 2014 Article IV Consultation highlights that recent economic developments in Azerbaijan have been favorable. In 2013, a stabilization of oil output and strong non-oil growth at nearly 10 percent helped lift overall GDP growth to 5.8 percent. Inflation remained low, averaging 2.4 percent,...

KEY ISSUES Context: Since the last Article IV Consultation in 2012, notable progress has been achieved to enhance macroeconomic stability, underpinned by the Fund-supported program. However, continued progress could be tested as the country faces a more challenging environment, due to increasing...

This 2011 Article IV Consultation highlights that the growth momentum in Uruguay has continued into 2011 but a slowdown is under way, led by weaker exports and slower public investment. Uruguay’s economic and financial vulnerabilities are modest, and the government has reduced debt...

This 2013 Article IV Consultation highlights Nigeria’s poverty and income inequality that remain high and social and governance indicators that are below averages for sub-Saharan Africa. Growth is expected to remain strong, driven by agriculture, trade, and services. Inflation should...

This staff report on United Kingdom’s (UK) 2013 Article IV Consultation highlights economic policies and development. The UK economy grew by about ¼ percent in 2012. Net trade reduced growth by 0.6 percentage points of GDP, the biggest drag since 2005, and well above staff projections....

The major risk factors faced by the Isle of Man (IOM), which have been given prominence by the global financial crisis, relate to large exposures toward parent banks. The recent global financial markets turmoil has had a significant impact on the Manx financial system. The paper also presents a...

On the eve of the global financial crisis, the Turkish economy had just concluded a six-year growth surge, spurred by policy reforms and favorable external and domestic conditions. Turkish GDP was hit hard by the onset of the global financial crisis, but quickly retraced its losses. The...

The Joint Staff Note (JNS) reports that Welfare Improvement Strategy (WIS) showed a commendable effort under the Poverty Reduction Strategy Paper (PRSP) in Uzbekistan. They stressed that implementation capacity within the government would have to be strengthened. Executive Directors agreed that...