The Spanish economy suffered an unprecedented double-dip recession with the rising unemployment and public debt situation. Spain also suffered a reversal of private external financing flows in 2011 and 2012. To counter this situation, major policy actions have been taken in the banking sector....

This paper presents Portugal’s third review under the extended arrangement and request for waiver of applicability of end-March performance criteria. The government has initiated labor market reforms, privatizations, telecom sector liberalization, and improved competition framework....

Ghana’s macroeconomic outlook is positive, and the medium-term policy stance is appropriate. On the fiscal side, the government plans to scale up infrastructure investment and further boost revenues. A revised debt sustainability analysis suggests scope for higher nonconcessional...

São Tomé & Príncipe remains at high risk of debt distress, although it has received substantial debt relief. The increases in world food and fuel prices have rekindled domestic inflation pressures. Inflation has declined substantially since 2008, but remains at double-digit levels. A...

Tanzania’s fiscal policy has been tightened owing to the deteriorating financing climate and rising inflation. The Bank of Tanzania has tightened its reserve money program for 2011/12, and domestic interest rates have risen sharply since mid-2011. The authorities are expanding...

This 2004 Article IV Consultation highlights that economic activity has been gathering speed in Estonia. Year-over-year growth accelerated to 6.8 percent in 2004 Q1 from 5.8 percent in 2003 Q1, driven by domestic demand and supported by technology sector exports. Inflation accelerated in the...

This paper examines Uruguay’s Fifth Review Under the Stand-By Arrangement and Requests for Modification of the Arrangement and Waiver of Nonobservance and Applicability of Performance Criteria. The macroeconomic framework is broadly on track, but progress with structural reform remains...

The staff report for the 2011 Article IV Consultation concluded that a vibrant recovery marked Estonia’s first year in the euro area, albeit amid nascent tensions. The economy’s strong rebound has been grounded in a proven track record of prudent macroeconomic policies. Executive...

Romania’s external position continues to improve. Inflation peaked in December 2010, and is now likely to decline. Financial market stress has remained relatively low in recent months. The current account deficit improved from 13½ percent of GDP in 2007 to about 4¼ percent of GDP in...