KEY ISSUES Context: Corrective revenue measures helped keep the program on track and macroeconomic conditions improved in late 2014 following the decline in oil prices. Uncertainties related to the 2015 general elections weigh on the outlook. Program: The Executive Board approved the three-year...

This paper highlights Morocco’s Second Review Under the Precautionary and Liquidity Line. The IMF report analyzes that the 2012 fiscal outcome entailed a significant slippage from the authorities’ target and exposed vulnerabilities in the budget framework. Core inflation has...

This paper discusses Albania’s Second and Third Reviews Under the Extended Arrangement and Request for Waiver for the Nonobservance of Performance Criterion, Waiver of Applicability of PCs, and Rephasing of Future Disbursements. The program is on track. All end-June, end-September, and...

This 2006 Article IV Consultation highlights that with high oil prices and a significant policy stimulus, the Iranian economy continued to grow strongly in 2005–06. Real GDP growth is estimated at 5½ percent. Oil GDP growth was modest owing to capacity constraints, while non-oil GDP...

This paper discusses Peru’s economic performance in 2012. The impressive growth is owed to its strong fundamentals and sound policy management. However, the economy is vulnerable to short-term shocks. A low growth in China or in the United States could hamper Peru’s macroeconomic...

Canada has experienced drastic changes in its economy during the global financial crisis. This Selected Issues paper discusses the evolution of equilibrium real home prices in key Canadian provinces in the post-crisis period, Canadian dollar movement during and after the global financial turmoil...

This 2013 Article IV Consultation highlights that Algeria’s economic performance in 2013 has been satisfactory. Inflation, which reached 8.9 percent last year, has decelerated significantly in 2013 thanks to fiscal consolidation and prudent monetary policy. Real GDP growth is expected to...

This Selected Issues paper quantifies the importance of international food and oil price inflation for Uruguayan inflation. The paper employs the vector autoregressive (VAR) model and Phillips-curve estimations techniques to address these questions. Similar estimations are carried out for a...

This Selected Issues paper explores the monetary policy transmission channels in Algeria and analyzes available options to strengthen monetary policy effectiveness. High liquidity has been the hallmark of the Algerian monetary policy framework for most of the 2000s. The paper assesses the impact...