This paper highlights Pakistan’s 2013 Article IV Consultation and Request for an Extended Arrangement Under the Extended Fund Facility. Discussions in the IMF report focus on macroeconomic policies to address vulnerabilities and reforms to promote robust inclusive growth. The...

This paper discusses the Islamic Republic of Mauritania’s Sixth Review under the Three-Year Extended Credit Facility Arrangement and Request of Nonobservance of Performance Criterion. Mauritania’s current account deficit has been significantly widened due to higher infrastructure...

The Comorian authorities have made steady progress in fiscal consolidation, reinvigorated their structural reform agenda, and gathered strong public support for sound macroeconomic policies. Macroeconomic developments have been largely positive, mostly thanks to improved policies. External...

The Philippines’ macroeconomic fundamentals have improved considerably during the past decade. However, new macrofinancial challenges are emerging. The economy is continuing to adjust to the large persistent inflows from abroad. Transmission of domestic policy interest rates has been...

This staff report for the Republic of Poland’s 2013 Article IV Consultation highlights economic development and policies. The current account in 2012 was primarily financed by EU transfers and foreign direct investment (FDI), notwithstanding a reduction in net FDI inflows. Moderate...

This paper presents 2013 Article IV Consultation and Third Post Program Monitoring discussions on Hungry. While the output gap remains sizable, inflation expectations are not well anchored, and after seven consecutive policy rate cuts a pause seems prudent. Further monetary policy easing can be...

This paper discusses Mexico’ Review Under the Flexible Credit Line (FCL) Arrangement. Significant progress has been made in advancing far-reaching structural reforms, signaling Mexico’s commitment to address deep-rooted impediments to growth. The economy slowed down in early 2013,...

This 2013 Article IV Consultation highlights that Iceland’s economy is on a path to recovery, but legacy vulnerabilities are weighing on growth. GDP growth—which reached 2.9 percent in 2011—slowed to 1.6 percent in 2012 amid private sector deleveraging and weak external...

This paper focuses on Uganda’s 2013 Article IV Consultation and Sixth Review Under the Policy Support Instrument, Request for a Three-Year Policy Support Instrument and cancellation of Current Policy Support Instrument. Driven mainly by investment and trade, growth has recovered to about...

This 2013 Article IV Consultation highlights that Montenegro’s recovery from the collapse of the lending boom in 2008 has been slowed by the debt overhang that remains in the private sector. Output contracted in 2012 because of unusually severe winter weather early in the year, as well as...