This paper discusses Nicaragua’s 2005 Article IV Consultation and Seventh, Eighth, and Ninth Reviews Under the Three … Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF). The economy continued to perform well …, notwithstanding pressure from higher oil prices. Strong performance under the program in 2003–04 allowed Nicaragua to reach the …

--crises. This paper addresses four questions: What are the fiscal causes of crises? Which fiscal vulnerability indicators help to … predict crises? Can fiscal variables explain the severity of crises? And what are the fiscal consequences of crises? Its …-2000 and detailed case studies of 11 emerging market crises during the 1990s that focus on structural and institutional …

Colombia’s economy has been resilient to the adverse global shocks of recent years. Inflation has been subdued …, credit growth has eased, and financial soundness indicators are strong. The strong balance of payments continues to put … upward pressure on the Colombian peso. In 2013, growth is expected to rise and inflation to remain on target. Short …

external shocks, culminated in mid-2008 with the near-exhaustion of foreign reserves and missed payments on public debt … obligations. Growth is declining, and inflation has risen sharply. The pegged exchange rate that was incompatible with …

This 2009 Article IV Consultation highlights that the Dominican Republic's economy has been adversely affected by the … an estimated 0.5 percent to 1.5 percent in 2009. Monetary authorities have responded to the crisis in a timely manner …. The authorities’ program aims to limit the effects of the global slowdown on the economy while establishing the …

The authorities announced a strategy to restore fiscal and debt sustainability, in conjunction with a transition out of … structural reforms to enhance the business climate and improve labor market flexibility, and on releasing government land …/assets for more productive uses. Although prudential indicators point to some strengthening of the banking system, its high …

The Kyrgyz authorities have maintained macroeconomic discipline in recent years, despite a challenging political … environment. This 2006 Article IV Consultation highlights that the economic activity is rebounding in 2006, with year … slightly to just below 6 percent during 2006. Remonetization has gathered pace in recent years, but the financial system …

The Bahamas depends heavily on tourism and financial services. Executive Directors have commended the strong track … record of prudent macroeconomic management, but have encouraged the government to broaden the domestic tax base, reduce … distortions, increase the resilience of revenues to shocks, and specify contingency measures to reign in the growth in public debt …

Despite abundant natural resources and arable land, Guinea-Bissau is ranked at the lowest end of the UN human … development index, mainly because of the civil war of 1998–99 and the ensuing prolonged political instability and serious … governance deficiencies thereafter. Since mid-2004, Guinea-Bissau has made a major effort to address the political and economic …

Madagascar is one of the poorest countries in sub-Saharan Africa, ranking 146 out of 177 on the United Nations Human … Development Index. The country has one of the lowest tax revenue-to-GDP ratios in the world (10.1 percent in 2005). To address … these challenges, the authorities are requesting a new three-year arrangement under the Poverty Reduction and Growth …