This paper seeks to draw lessons from the IMF’s experience in handling financial crises around the globe over the past ten years that are relevant to the challenges faced by countries in Latin America, especially in the wake of the recent crisis in Argentina. Experience suggests that...

The new government is committed to prudent macroeconomic policies and to enhancing Georgia’s business-friendly environment. Large external liabilities plus its high current account deficit remain the main sources of vulnerability, and reducing these in an orderly manner is a key...

The report discusses the important role of the Flexible Credit Line (FCL) in helping Mexico to survive in the fragile global economic environment. The FCL’s contribution in maintaining an orderly financial market in Mexico is noteworthy. IMF staff reaffirms their commitment toward Mexico...

This 2013 Article IV Consultation highlights that during the past two years, macroeconomic developments in Nicaragua have been generally favorable. Real GDP grew by an average of 5¼ percent during 2011–2012, and the annual average inflation was 7¼ percent during the same period....

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...

The economic model of Belarus is increasingly untenable, resulting in poor policy outcomes. Strong and predictable macroeconomic policies are essential to promote stability. A further reduction in directed and subsidized lending operations is needed. The National Bank of the Republic of Belarus...

Colombia’s very strong track record of macroeconomic policy management, underpinned by robust fiscal and monetary policy frameworks, has reduced vulnerabilities in recent years and helped weather the global financial crisis. The authorities’ policy focus has shifted from supporting...