Cameroon showed incipient signs of recovery from the global financial crisis. Although growth performance remained constrained under the Poverty Reduction Growth Facility (PRGF), tax and customs administrations were strengthened, macroeconomic stability was preserved, and debt relief under the...

This Selected Issues Paper assesses Macedonia’s public debt markets and presents recommendations for their further development. Macedonia’s domestic debt market is in the early stages of development and is small by regional standards. The paper also analyzes the main causes of...

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,...

The EU crisis was caused by unsustainable policies in some member countries, and has put the spotlight on the deficiency of area-wide mechanisms in disciplining fiscal and structural policies. Despite a strong and far-reaching policy response, market confidence will take time to restore. Fiscal...

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...

The 2012 Article IV Consultation discusses the economic outlook for Kuwait for 2012, which is broadly positive. Economic recovery is expected to strengthen, led by high government expenditure—particularly wages and capital expenditure. High fiscal and external surpluses are expected to...

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 Selected Issues paper analyzes the Ukrainian business cycle. It focuses on the price of steel—Ukraine’s major export—and its relation to the economic performance. It establishes a forecasting model for steel prices, which points to downside risks to steel prices. It...