In India, the term ‘sick units’ refers to economically unviable firms which are kept alive ‘in the public interest’ by means of subsidies of various kinds. Since this practice is common, and large parts of the industrial sector are affected, this phenomenon is referred to as industrial...

This Report on the Observance of Standards and Codes on Fiscal Transparency on El Salvador reviews the fiscal transparency module. El Salvador needs to make progress on a number of important aspects of the code on fiscal transparency. It is also important to clarify the distribution of functions...

The staff report for the Sixth Review under the Stand-By Arrangement and Requests for Waiver of Performance Criteria on Bolivia highlights economic developments and preliminary macroeconomic framework. The economy is characterized by a number of vulnerabilities that require policy vigilance....

This Ex Post Assessment of Longer-Term Program Engagement for the Kyrgyz Republic explains macroeconomic and structural performance. External debt service claimed a steadily increasing share of fiscal revenues, but a strengthened commitment to prudent fiscal policies and improved policy capacity...

The staff report for the Fifth Review Under the Poverty Reduction and Growth Facility for the Republic of Azerbaijan focuses on the short-term macroeconomic outlook and monetary and exchange rate policies. Domestic demand has been increasing much faster than GDP partly on account of large oil...

This paper examines Azerbaijan Republic’s 2004 Article IV Consultation and Fourth Review Under the Poverty Reduction and Growth Facility. A long-term oil revenue management strategy has been adopted by the authorities, targeting a path of non-oil deficits over the medium term that seeks...

The staff report on the Ex Post Assessment of Longer-Term Program Engagement for the Republic of Azerbaijan highlights macroeconomic performance and fiscal policy. On the structural front, significant progress was achieved in fiscal management, the privatization of small- and medium-size...

Algeria’s report on the Observance of Standards and Codes reviews the Fiscal Transparency Module. The Bank of Algeria (BA) does not apply multicurrency practices and does not require import deposits and there are, therefore, no quasi-fiscal activities in exchange regime-related...

This Selected Issues paper contains two studies examining key issues for fiscal management and long-term fiscal sustainability in Spain. The first study discusses how best to ensure fiscal discipline at lower levels of government by examining the institutional setting and mechanisms that make...