Limited progress has been made in addressing Nepal’s structural weaknesses in tax administration and public financial management. Macroeconomic performance under the recent Poverty Reduction and Growth Facility (PRGF)-supported program has been stable. The outlook for 2007–08...

The Slovak economy showed recovery from sharp recession. Executive Directors suggested that restoring fiscal sustainability and removing unemployment while maintaining external competitiveness within the monetary union should be given priority. The fiscal consolidation strategy could be...

The staff report examines Cameroon’s Sixth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver of Performance Criterion. The authorities stressed their interest in a successor IMF program to support Cameroon’s medium-term...

Over the last three years, a rapid expansion in domestic demand has dramatically widened the current account deficit in Iceland. Demand expanded faster than supply, and evidence of overheating is widespread. Monetary policy has tightened, but, until recently, the impact has been channeled...

KEY ISSUES Outlook and risks. The economy will remain vulnerable over the medium term, with sluggish real GDP growth, rising public debt and widening external current account deficits. International reserves could decline to uncomfortably low levels. The financial system would continue to be...

The Eighth Review Under the Extended Arrangement discusses Ireland’s fiscal policy, financial reforms, economic growth, and employment. The policy implementation of Ireland continued to remain strong, even though the country has been susceptible to global financial shocks....

This staff report examines the Kingdom of Lesotho’s 2012 Article IV Consultation and second and third reviews under the three-year arrangement under the Extended Credit Facility. Real GDP growth for 2010/11 is estimated at 5¾ percent, and inflation rose gradually in 2011, driven by...

This paper discusses key findings of the Fifth Review Under the Poverty Reduction and Growth Facility (PRGF) for Armenia. Fiscal policy has been prudent, but increasing expenditure pressures are creating medium-term fiscal risks. Tax collection still falls short of financing needs for...

Romania’s GDP growth averaged more than 6½ percent per year from 2003 to 2008, as foreign direct investment and capital inflows helped finance high consumption and investment growth. The staff report for Romania’s request for a Stand-By Arrangement is also elaborated. Robust...

After a moderate recovery in 2010–11, the Samoan economy has shown signs of slowing down amid rising inflation. After two consecutive years of contraction, real GDP has expanded by 2 percent in 2010–11. The Central Bank of Samoa has maintained an accommodative monetary policy to...