Iceland’s 2008 Article IV Consultation shows that the long expansion is coming to an end, exposing the economy’s overstretched private sector balance sheets, large macroeconomic imbalances, and high dependence on foreign financing. With external liquidity constraints binding,...

This paper presents the Financial Sector Stability Assessment Update on the Russian Federation. Indicators of bank soundness and performance are broadly favorable but credit risk poses a challenge over the medium term, and capitalization should rise to support continued banking sector...

This 2006 Article IV Consultation highlights that Senegal has experienced strong growth, price stability, and a declining debt stock owing to substantial debt relief, but macroeconomic performance weakened in 2006. Following robust performance in 2003–05, economic growth is estimated to...

Belize’s near-term macroeconomic prospects have improved over the past year. The main risks to growth and financial stability arise from fiscal challenges and deterioration in the global outlook. Despite data limitations that constrain the analysis, the Belize dollar appears broadly in...

This paper discusses Solomon Islands’ First Review Under the Extended Credit Facility (ECF) Arrangement. The three-year arrangement under the ECF is on track. All December 2012 and continuous performance criteria have been met, except for the cash balance floor, which was temporarily...

This paper discusses Ireland’s Twelfth Review Under the Extended Arrangement and Proposal for Post-Program Monitoring. Ireland has pulled back from a severe banking crisis with the support of the EU-IMF arrangements and broader European initiatives. Though below initial projections,...

This paper explains Sierra Leone’s completion point under the Enhanced Initiative for Heavily Indebted Poor Countries (HIPC) and debt relief under the Multilateral Debt Relief Initiative (MDRI). With enhanced HIPC and MDRI assistance, Sierra Leone will achieve a debt profile below the...

This paper discusses findings of the assessments on Committee on Payment and Settlement Systems–International Organization of Securities Commissions (CPSS-IOSCO) Recommendations for Securities Settlement Systems and Central Counterparties in India. The results indicate that, in general,...

This 2011 Article IV Consultation reports that Peru’s activity is expected to decelerate in 2011–12 to slightly below trend while inflation declines toward the target and the external current account deficit remains contained. Short-term risks are markedly to the downside given...

Korea has enjoyed strong growth owing to rapidly increasing exports and consumption. Potential growth is slowing as the population ages, whereas social polarization is growing. Korea should implement plans to build an advanced financial system and improve service productivity by opening the...