This 2012 Article IV Consultation highlights that the economic recovery in the United Arab Emirates is continuing despite the uncertain global economic environment. The banking sector has remained well capitalized and profitable, despite a continued rise in nonperforming loans and higher...

This paper is an overview of Nicaragua’s performance in the year 2011. The year 2012 is expected to face a recession and a moderation in the global oil prices. The tax revenue collections will be sturdy. The poverty scale will not face any oscillation. The rigid development in the...

This technical assistance report on Iceland focuses on a new organic budget law (OBL). In designing a new OBL, it is important to preserve good features of Iceland’s current legal framework for budgeting. At the same time, any new OBL should address the key weaknesses in the Financial...

Timor-Leste has made substantial progress toward restoring stability and rebuilding the country after emerging from a long struggle for independence and internal conflicts between 1999 and 2006. The government has launched its Strategic Development Plan to step up development. A well-managed...

Bulgaria did not have any exchange rate crisis, international bailout, bank intervention, or build-up of public debt. This attests to the strength of the policy framework and policy implementation. The fiscal adjustment achieved so far should be preserved, but improving the composition of the...

Cape Verde’s authorities have tightened fiscal and monetary stances and have significantly reduced the gaps with program targets. Tax revenues held up well, but there were shortfalls in nontax revenue in addition to capital transfers. The spending execution was held below the budget. The...

This paper presents Portugal’s third review under the extended arrangement and request for waiver of applicability of end-March performance criteria. The government has initiated labor market reforms, privatizations, telecom sector liberalization, and improved competition framework....

The 2012 Article IV Consultation report on euro area policies highlights that investors are withholding funding from member states most in need, moving capital “north†and abroad to perceived safer assets. Executive Directors have noted that the euro area continues to face a number of...