This 2013 Article IV Consultation highlights that growth in Uruguay has moderated to a more sustainable pace since 2012, mostly owing to weaker external demand. Real GDP growth is projected at 4 percent in 2013 and 3.5 percent in 2014. Fiscal policy loosened in 2012 and is set to remain slightly...

This paper analyzes the effect of an IMF Staff-Monitored Program for Chad to enhance economic development. Weak institutional capacity and governance concerns have limited economic development and donor support in Chad. It is highlighted that the reduction in the nonoil primary deficit envisaged...

During the past three decades, Jamaica has shown low economic growth and high public debt, and has faced other social challenges. To help restore competitiveness and improve financial market conditions, the authorities have come up with a comprehensive four-year economic program—2013/14...

This 2011 Article IV Consultation reports that the Philippines is being affected along with other countries in the region by the fragile global environment. The key challenge is to navigate through the period of global uncertainty to maintain macroeconomic stability while building the...

In this study, owing to the global financial crisis, a Stand-By Arrangement (SBA) for the Dominican Republic was approved. The aim is to limit the procyclical policies in the short-term and discussions focused on policies necessary to ensure that the end-2011 and 2011 targets are observed....

This paper discusses Togo’s progress under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative. In November 2008, the Boards of Executive Directors of the IDA and the IMF agreed that Togo had met the requirements for reaching the decision point under the Enhanced HIPC...

After the global financial crisis, economic growth of the Philippines has increased. However, renewed shocks to global growth and financial markets would affect Philippine exports and remittances. The Bangko Sentral ng Pilipinas (BSP) appropriately has started to unwind its liquidity support...

This paper explores the relationship between the level and management of public debt and financial stability, and explains the channels through which the two are interlinked. It suggests that the broader implications of a debt management strategy and its implementation should be carefully...

This paper discusses key findings of the Third Review Under the Stand-By Arrangement for Pakistan. Program implementation has been uneven but key reforms are moving forward. All end-September 2009 quantitative performance criteria were met, with the exception of the ceiling on the overall budget...

Jamaica has performed well under the Stand-By Arrangement program. Executive Directors commended that overall macroeconomic performance under the program has been encouraging. Directors welcomed the program aimed at fiscal responsibility legislation and central treasury management, public debt...