This paper discusses Iceland’s Fourth Post-Program Monitoring Discussions. Iceland’s economy has grown strongly on the back of booming tourism. Real GDP grew 3.3 percent in 2013, despite a drop in investment spending. Net exports were the primary driver. High frequency indicators...

This Joint Staff Advisory Note discusses the Interim Poverty Reduction Strategy Paper (I-PRSP) for Liberia. The I-PRSP traces the roots of conflict to Liberia’s exclusion and marginalization of much of the population, and lays out a broad vision and program for July 2006–June 2008....

This Joint Staff Advisory Note reviews Senegal’s Second Poverty Reduction Strategy Paper (PRSP–II), and provides advice on key priorities for strengthening the updated strategy and promoting its effective implementation. The PRSP–II, covering 2006–10, builds on...

The Swazi economy has continued to register sluggish economic activity even as rising Southern African Customs Union revenue contributed to a large fiscal surplus and accumulation of international reserves. The unchecked growth of insufficiently regulated saving and credit cooperatives poses...

Poland’s economy has recovered well in 2010–11, reflecting strong economic fundamentals and decisive countercyclical policies. Poland’s strong trade and financial links to Europe continue to make it vulnerable to potential shocks from the region. Despite the difficult...

This 2011 Article IV Consultation highlights that Macedonia is poised to achieve low but positive growth under the baseline scenario of a shallow recession in the euro area. Under a downside scenario, growth would be weaker, and external financing pressures could arise. In the near term, the...

Kosovo’s economic performance has strengthened considerably, but structural deficiencies undermine export sector development and prospects for sustainable growth. The program seeks to restore fiscal sustainability and safeguard financial sector stability. Restoring fiscal sustainability...

Latvia entered the euro area in January 2014 with the fastest rate of growth in Europe. The 2014 Article IV Consultation highlights that a slowdown in investment and exports was partly compensated by robust consumption demand, supported by rising real wages, bringing GDP growth in 2013 to 4.1...

This Technical Assistance (TA) Report on the Philippines discusses the fiscal regime for the mining sector. The Philippines has long been a producer of minerals, but the mining and petroleum sectors account for only a small share of the economy, exports, and government revenue. The petroleum...

This 2013 Article IV Consultation highlights that Papua New Guinea has achieved strong economic growth over the past decade, benefiting from high commodity prices, mineral investment inflows, sound macroeconomic policies, and financial sector stability. The current account deficit is expected to...