This Selected Issues paper describes the monetary transmission mechanism in Sierra Leone. The paper uses a vector autoregression model to explore the links between policy changes by The Bank of Sierra Leone and real variables, such as output and prices. The paper describes Sierra Leone’s...

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country

This 2009 Article IV Consultation highlights that the fiscal deficit in Georgia widened markedly in 2008. The composition of spending improved from high defense and election outlays in the first half of the year to infrastructure and social spending in the second half. Executive Directors have...

Spain’s housing boom was supported by rapid economic expansion, strong employment growth, an immigration boom, and low real interest rates. With the abrupt drying up of funding since mid-2007, these factors have eroded quickly. Through 2010, employment and value added in construction are...

This paper focuses on proposed Stand-By arrangement (SBA) for Mongolia. This proposed SBA would aim to smooth adjustment to the catastrophic terms-of-trade shock, restore health to the country’s fiscal finances, and allow for exchange rate flexibility in line with market conditions. In...

This paper discusses the request from Costa Rica for a Stand-By Arrangement (SBA). The program seeks to enable an orderly adjustment of the Costa Rican economy to an adverse external environment, while mitigating its adverse effects on growth and household incomes. To strengthen the external...

Three years of broad-based economic recovery in Kenya brought GDP growth to nearly 6 percent in 2005/06, its highest in two decades. This 2006 Article IV Consultation focuses on how to sustain Kenya’s recent strong economic growth. It argues that this would require accelerating structural...

After several years of strong growth, the New Zealand economy entered a recession in early 2008. The 2009 Article IV Consultation highlights that the near-term outlook for New Zealand is weak. Executive Directors have noted that the significant fiscal stimulus under way will help cushion the...

This 2008 Article IV Consultation highlights that the financial market turbulence has exposed vulnerabilities in the German financial system. The German consumer’s conservatism under the current uncertain conditions will amplify the export slowdown, and investment decisions are likely to be...

This paper discusses a request from Malawi for a one-year exogenous shocks facility (ESF) arrangement to help it adjust to the large terms-of-trade shock it has suffered. Real GDP growth of Malawi has been high and is expected to remain solid. Inflation, though rising in recent months, is still...