The staff report for the Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility highlights the Islamic Republic of Mauritania’s economic and financial policies. The basic non-oil fiscal balance was significantly higher than projected, owing mainly...

This staff report for the Request for Stand-By Arrangement of Hungary examines financing conditions and economic challenges. Hungary was among the first emerging market countries to suffer from the fallout of the current global financial crisis. Compared with other emerging markets,...

This paper presents key findings of the First Review under the Stand-by Arrangement (SBA) for the Republic of Serbia. The banking system of Serbia has weathered the external shocks well, but credit is slowing sharply. To safeguard economic stability in this markedly deteriorated environment, the...

This staff report on Saudi Arabia’s 2013 Article IV Consultation discusses economic policies and development. As the largest crude oil exporter, and the only producer with significant spare capacity, Saudi Arabia plays a systemic and stabilizing role in the global oil market. In 2011,...

Papua New Guinea’s economic performance has strengthened since the last Article IV Consultation. The country has significant underlying vulnerabilities. The economy is exposed to commodity price shocks, and mineral production is expected to decline over the medium to longer term. However,...

Grenada quickly recovered from the devastating effects of Hurricane Ivan. Executive Directors welcomed the economic reform program aimed to promote economic growth, restore fiscal and debt sustainability, reduce vulnerabilities, and alleviate poverty. They emphasized the need to strengthen the...

This paper focuses on Bosnia and Herzegovina’s Fourth Review Under the Stand-By Arrangement and Request for Modification and Waivers of Applicability of Performance Criteria. Despite a challenging environment, steady progress has been made in meeting program objectives. All end-June 2013...

The program was successful in strengthening the economy and stabilizing market conditions, although part of the fiscal achievements were reversed after the program lapsed. The 2008 Stand-By Arrangement (SBA) with Hungary successfully stabilized financial market conditions and strengthened the...