This paper discusses a Detailed Assessment of the Observance of the IMF Code of Good Practices on Transparency in Monetary and Financial Policies (MFPT Code)—Banking Supervision for Italy. Banca d’Italia (BI) notes the assessment’s recognition of the very high degree of...

This Joint Staff Advisory Note discusses key findings of the Second Annual Progress Report (APR) on Senegal’s Poverty Reduction Strategy Paper (PRSP). The APR acknowledges the uneven implementation of the PRSP in 2004 and highlights persistent weaknesses in key areas. It also recognizes...

This paper introduces fiscal policy in a model of sovereign risk spreads ("spreads"). Using panel data from emerging market countries, we find that reductions in public expenditure are a more powerful tool for reducing spreads than increases in revenues. Specifically, cuts in current spending...

We analyze the performance of the Amman Stock Exchange (ASE) and its integration with other markets. Using cointegration techniques, we find that the ASE and other Arab stock markets are cointegrated, which implies little long-run risk diversification. However, there is no cointegrating...

The Australian government registered strong financial performance during the period under review. There was an increase in net worth owing to transactions, as measured by the net operating balance (NOB). These resources enabled the government to reduce its net liabilities and, to a lesser...

This paper reviews the joint advice of the staffs of the World Bank and the International Monetary Fund on the Interim Poverty Reduction Strategy Paper (I-PRSP). This I-PRSP outlines the main areas envisaged to reduce poverty and the measures for the implementation of the full Poverty Reduction...

This paper reviews the Poverty Reduction Strategy Annual Evaluation Report 2005 for Moldova. Economic growth and income redistribution policies promoted in the context of Economic Growth and Poverty Reduction Strategy (EGPRS) implementation contributed to higher incomes and improved access of...

This Joint Staff Advisory Note provides IMF staff’s assessment of the Moldova authorities’ first Annual Evaluation Report (AER), which covers the period from late 2004 to early 2006. Broadly, the AER provides a candid assessment of the accomplishments and shortcomings of the past...

This paper presents a Joint Staff Advisory Note on the Union of the Comoros’s Interim Poverty Reduction Strategy Paper (I-PRSP). The I-PRSP’s macroeconomic framework is broadly in line with the government’s objectives of improving opportunities and living conditions for the...

Executive Directors believe that the Growth and Poverty Reduction Strategy (GPRS) outlines a comprehensive framework for growth and poverty reduction in Ghana. The GPRS II rightly emphasizes private sector-led growth as key to broadening the country’s economic base. The GPRS II will...