The two newly autonomous countries within the Kingdom of the Netherlands face substantial challenges. Growth has been low, and unemployment high. The current account deficit has widened to worrisome levels, increasing the vulnerability of the peg to the U.S. dollar and stimulating calls for...

The IMF staff report for the third review under the Stand-By arrangement with the officials of El Salvador on economic developments and policies. Developments from the second review are outlined. Discussions on the policy adjustments needed to keep the key objectives of the program for 2011 and...

The 2011 Article IV Consultation reports that the economy in the Republic of Lithuania has staged an impressive recovery based on a supportive global environment and determined policy adjustment. The main driver of the recovery was export growth. Executive Directors commended the authorities for...

The Burundian government has requested a modification of the zero limit on nonconcessional external debt in the country’s arrangement under the Extended Credit Facility (ECF). It has sought to increase the grant element of the financing for the hydroelectric plant. Executive Directors...

Strong economic fundamentals, robust policy framework, and a sustained track record of excellent policy implementation have facilitated the maintenance of orderly economic conditions in Mexico even amidst the substantial external volatility during the global crisis. Executive Directors welcomed...

Although the economic growth of Romania has resumed, it has boosted downside risks. However, the country has continued its strong performance under the new program in strengthening macroeconomic policies, accelerating structural reforms, and consolidating economic development. In conclusion, the...

Serbia’s transition to a more sustainable growth model remains incomplete and fragile. A precautionary Stand-By Arrangement (SBA) has been requested to insure against external risks and to provide a policy anchor. The program represents a prudent step in the present uncertain global and...

The 2011 Article IV Consultation report discusses the Cypriot economy, which faces strong headwinds and downside risks owing to financial turbulence in the euro area and the large exposure of Cypriot banks to Greece. Executive Directors noted that Cyprus faces daunting economic challenges in the...

Iceland has made considerable progress under an economic program supported by the Stand-By Arrangement (SBA). Successful implementation of fiscal adjustment, effective use of capital controls, and financial sector restructuring have underpinned the recovery. Executive Directors emphasized that...

This paper presents the first assessment report under the Staff-Monitored Program (SMP) for Kosovo. The policies under Kosovo’s SMP target decisive steps toward fiscal sustainability and stronger budget management and execution. Performance under the SMP has been largely satisfactory to...