Sudan has been adversely affected by the global crisis through a sharp decline in oil receipts. Executive Directors welcomed the Staff-Monitored Program (SMP), which aimed to reduce the fiscal deficit, tighten monetary stance, and increase exchange rate flexibility. Directors urged the...

This 2009 Article IV Consultation highlights that the Dominican Republic's economy has been adversely affected by the global crisis. Output has been below potential as real GDP growth is decelerating rapidly from more than 5 percent in 2008 to an estimated 0.5 percent to 1.5 percent in 2009....

This paper presents the key findings of the Republic of Azerbaijan’s 2010 Article IV Consultation. In 2009, overall GDP grew at 9.3 percent, but non-oil GDP growth slowed from 16 percent to 3 percent, fiscal and export revenues fell by more than 30 percent, and credit and liquidity...

This 2010 Article IV Consultation highlights that the authorities’ adjustment program has contributed to limiting the fallout of the global crisis on Serbia. Although the output slump has been limited relative to regional peers, the decline in domestic demand has been significant,...

The staff report for Bosnia and Herzegovina’s (BiH) first review under the Stand-By Arrangement is presented. The precipitous drop in demand for BiH’s exports and the drying up of foreign direct investment triggered a sharp decline in private investment. Tightening credit...

Angola has made significant progress toward economic stabilization. Under the Stand-By Arrangement (SBA), the government’s key fiscal anchor is the non-oil primary fiscal deficit (NOPD), and the revised 2010 budget is determined to avoid any increase in the non-oil primary deficit. Policy...

The global financial crisis led to an abrupt halt in credit growth, exposed underlying vulnerabilities in the banking sector, and impaired GDP growth in Kazakhstan. Executive Directors commended the authorities for their prudent macroeconomic policies and swift response to the financial crisis....

This 2009 Article IV Consultation highlights that Iraq’s longer-term economic outlook is strong as oil prices and production are projected to increase markedly in the coming years. However, based on conservative oil price assumptions, the external current account and the overall balance...

This report examines the Heavily-Indebted Poor Countries (HIPC) Initiative paper on Afghanistan. Afghanistan has made sufficient progress in meeting the completion point triggers, despite a challenging environment during the HIPC interim period, marked by increasing insecurity in parts of the...

This paper focuses on the increase in the external debt stock that reflects donor financing, including IMF and Bank lending to help Mongolia smooth its fiscal adjustment path after the major terms of trade shock. The fiscal deficit is expected to steadily decline until revenues from the Oyu...