This Selected Issues paper focuses on the medium-term budgetary framework (MTBF) for Austria. Austria is part of a trend among many countries to consider some form of MTBF. This paper describes the proposed framework in Austria and assesses it in light of the experience of other countries. The...

This Selected Issues paper on Israel focuses on the fiscal institutions and the political economy in Israel. The paper addresses two questions. First, is there evidence for political-economy distortions to Israel’s fiscal policy? Second, what institutional changes could help in limiting...

Djibouti’s 2007 Article IV Consultation focuses on the medium-term growth prospects and policies necessary to ensure that growth is broad based and accompanied by sufficient employment creation. Real GDP growth is estimated at 4.8 percent in 2006, driven by fiscal expansion, and a sizable...

This 2007 Article IV Consultation highlights that Azerbaijan’s real GDP growth accelerated to 31 percent in 2006, driven by rapidly increasing oil production and transportation. Non-oil real GDP, excluding oil and gas transportation, grew by about 8 percent, as nontradable sectors...

This 2006 Article IV Consultation highlights that strong macroeconomic conditions and sound domestic policies have significantly improved Israel’s growth performance and prospects, notwithstanding political uncertainties and the hostilities in the north during the summer of 2006....

Owing to the deteriorating economy of Guatemala, authorities requested a Stand-By Arrangement (SBA) with access of SDR 630.6 million in April 2009, which aimed at safeguarding macroeconomic and financial stability and anchoring investor confidence. Executive Directors have agreed that the SBA is...

The economy of the Republic of the Marshall Islands has experienced a strong recovery with a 5.2 percent growth in 2010 following strong improvement in the fisheries sector and a moderate recovery in exports. The financial sector remained focused on consumer lending and contributed little to...

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience...

This paper analyzes the impact of the global crisis on six South-Eastern European countries. The main objective is to compare macro-financial conditions and policies in the run-up to the crisis as well as to compare the policy responses to it, so as to highlight, inter alia, possible...

Israel was mildly affected by the global recession: following a slowdown in 2009, output is projected to grow by some 4 percent in 2010, led by consumption and exports. Robust fundamentals—including sustained pre-crisis fiscal consolidation—and a swift monetary and fiscal policy...