Budget revenue in FY2006/07 amounted to 42 percent of GDP, with hydrocarbon revenue mirroring rising oil prices. The current account recorded a surplus of about 31 percent of GDP in 2006. Monetary conditions were characterized by ample liquidity and strong credit growth. Qatar’s...

This paper discusses key findings of the Third Review Under the Stand-By Arrangement for Hungary. The end-June 2009 quantitative performance criteria, as well as the structural benchmark related to government lending to banks, were all met. The end-June indicative target on central government...

El Salvador has made major strides on several fronts since the peace accords of 1992. The near-term outlook has strengthened, although challenges remain. The authorities are intended to limit tax exemptions and subsidies, and raise priority of banking reforms this year. Discussions focused on...

This paper discusses Bangladesh’s Third Review Under the Extended Credit Facility and Request for Modification of Performance Criteria. Political uncertainty and nationwide strikes are taking a toll on economic activity, with private investment most affected. Real GDP growth moderated in...

The economic recovery since 2004 has been accompanied by a steady rise in inflation. Several factors have contributed, including an expansionary monetary stance (with credit to the private sector growing by some 45 percent). Although pleased with the recent improvement of the economy, the...

The 2008 Article IV Consultation analyzes the promise of fiscal discipline and debt relief that has boosted investor confidence and growth in the Kingdom of the Netherlands—Netherlands Antilles. Although exports moderated temporarily, tourism was a bright spot owing to improvements in...

This 2011 Article IV Consultation highlights that the Gambian economy has performed well in recent years, despite a difficult global environment. The external current account deficit has widened in recent years, owing to weak tourism receipts and remittances and high global commodity prices....

Satisfactory implementation of the economic program supported by the Policy Support Instrument has helped Rwanda during the global economic downturn. The program focuses on maintaining a sustainable fiscal position; strengthening monetary and exchange rate policies; and supporting growth with...

Hungary was severely affected by the crisis. The financial sector has remained resilient throughout the crisis. The Central Bank (MNB) paused in mid-2010 and has tightened interest rates by 50 basis points since November in response to a sharp rise in risk premia and higher headline inflation...

The economy of Mongolia was extremely affected during the crisis, owing to its dependency on mineral exports and history of procyclical macroeconomic policies. In this study, the ex post evaluation (EPE) of Mongolia’s experience is reviewed. The EPE focused on program design and...