Despite good economic reforms, macroeconomic stability, and a major expansion of the hydrocarbon sector, Bolivia still achieved only modest gains in poverty reduction. Executive Directors stressed the importance of fiscal prudence, domestic taxation, and strengthening of public expenditure...

An outward-oriented development strategy and prudent financial policies resulted in an impressive economic growth and led to a large accumulation of external financial assets. The major Emirates intend to leverage the favorable economic environment to carry out reforms that will encourage more...

The discussions centered on the needed steps to tighten monetary conditions, curb banks’ external borrowing, and reduce banks’ vulnerability to a sharp deterioration in the quality of loan portfolios. Strong expansion in oil and non-oil receipts in 2005 permitted continued rapid spending...

Equatorial Guinea’s macroeconomic performance in the recent period has been broadly satisfactory. Despite the macroeconomic environment, however, progress in alleviating poverty and meeting the MDGs has been slow. Executive Directors welcome the government’s intention to prepare a National...

Efficiency and equity reasons suggest placing a high priority on ensuring that fiscal policy is on a sustainable path. This chapter has sought to estimate the sustainable long-term non-oil primary deficit and the optimal adjustment path toward that level. The banks’ inability to monitor...

Canada’s macroeconomic and policy performance has continued to outshine most other industrial countries, and its outlook remains favorable. The new government has pledged to maintain the strong social consensus in favor of fiscal surpluses, while aiming at enhancing incentives. The new budget...

This 2005 Article IV Consultation for Vietnam reports that high credit growth in the context of weak bank balance sheets remains a cause for concern. The overall fiscal deficit narrowed from 7.2 percent of GDP in 2003 to 41⁄2 percent of GDP in 2004, but a growing program of off-budget...

Sudan’s 2006 Article IV Consultation reports that growth has been robust, inflation has been kept at a single-digit level, and important reforms have been undertaken. There has been progress with financial sector reforms and trade liberalization, and the managed floating exchange rate regime...

The Federal Democratic Republic of Ethiopia’s 2005 Article IV Consultation reports that domestic credit growth has accelerated, driven by strong demand from the government, public enterprises, and the private sector. High import content, particularly from public infrastructure investments,...

This Selected Issues paper evaluates competitiveness in Slovakia and estimates the equilibrium real exchange rate path for the koruna. It takes stock of Slovakia’s growth performance over the past decade and assesses its growth potential over the medium term. It estimates the equilibrium real...