In this study, the economic stability of Croatia is overviewed after the global crisis. The reforms outlined in the government’s economic recovery program (ERP) are in progress. Judicial reforms are instituted to strengthen bankruptcy procedures for companies. To improve the medium-term...

The global crisis left Albania fairly unscathed and ushered in the needed economic rebalancing. The policy framework has been challenged in the post-crisis environment significant headwinds. Despite improvement, external imbalances remain elevated. Fiscal consolidation in terms of a more...

A financial program that aims to ensure macroeconomic stability of Iraq was discussed. The Iraqi economy was severely affected in 2009 by the decline in oil prices. Macroeconomic stability was maintained in 2010, despite a highly uncertain domestic and external environment. Policy discussions...

The Irish authorities are adopting consolidation measures to meet the original fiscal targets as well as implementing structural reforms in the labor market and sheltered sectors to enhance competitiveness. Strengthened euro area support for Ireland’s growth and debt sustainability would...

Armenia’s growth has picked up in 2011, led by manufacturing, mining, and services, while agriculture has rebounded from the collapse. Credit continues to grow rapidly, particularly in foreign currency and based on strong inflows to banks. Inflation has come down sharply, reflecting...

The Kyrgyz Republic is emerging from a deep political crisis. In April 2010, a popular uprising toppled the previous regime and internal ethnic conflict in June 2010 exacerbated the already difficult political situation. The crisis has adversely affected economic activity and near-term growth...

Economic growth is estimated to have moderated further in 2010 to about 5 percent, reflecting slower growth in both the oil and non-oil sectors. The overall commitment fiscal deficit for 2010 is now estimated at 2.7 percent of GDP, about 0.6 percentage point of GDP below the program target....

The Executive Board approved a three-year Extended Fund Facility with Seychelles. This report briefly outlines performance under the program, including compliance with the end-December targets, before addressing the issue of financing assurances. Macroeconomic performance through end-2009...

The Executive Board of the IMF has completed the fifth review of Greece’s economic performance under a program supported by a three-year Stand-By Arrangement (SBA) for the country. The completion of the review enables the immediate disbursement of an amount equivalent to SDR1.9 billion,...

The development of macroeconomic performance in El Salvador in the second half of 2010 was broadly positive, but economic activity remains subdued. The medium-term economic outlook has been revised to incorporate changes to the external environment since the first program review. The economic...