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...

The 2006 Article IV Consultation on the Republic of Tajikistan explains political and economic developments. Although Tajikistan’s external debt profile has improved significantly, total public and publicly guaranteed debt is projected to increase significantly, mainly because of large...

The paper examines the evolution of public sector debt levels and structures in 12 emerging market countries around the time of financial crises. In particular, it focuses on whether the debt situation of sovereign borrowers became more vulnerable in the aftermath of crises. The principal...

Cape Verde’s economic and policy performance remains sound under the Poverty Reduction and Growth Facility (PRGF) arrangement supported by Policy Support Instrument (PSI). Executive Directors commended the prudent macroeconomic policies and structural reforms. They emphasized the need for...

Overly expansionary macroeconomic policies contributed to a widening of current account deficits, an unsustainable buildup of public debt, and the erosion of international reserves. The Belize government has already made commendable strides in correcting macroeconomic imbalances, based on...

Economic activity in the Kyrgyz Republic has been buffeted by the political upheaval, and output growth has fallen short of expectations. The program builds on the country’s entrenched fiscal prudence and features a tightening in monetary policy, so as to secure rapid sustained growth in...

The staff report for the combined 2004 Article IV Consultation on the Kyrgyz Republic highlights the economic developments and external policies. The Kyrgyz Republic’s good economic performance owes much to its macroeconomic policies. Fiscal consolidation has helped to stabilize external...

Assessments regarding the effectiveness of sovereign debt restructurings are often summarized by comparisons of the net present value of debt service before and after the restructuring. These calculations are inherently sensitive to the choice of discount rate. This paper explores issues that...

This paper discusses the Former Yugoslav Republic of Macedonia’s (FYR Macedonia) Request for a Stand-By Arrangement and Extension of Repurchase Expectations. The authorities have asked the IMF to support an ambitious program that includes structural reforms that address the root causes of...

This paper discusses the Kyrgyz Republic’s First Review Under the Poverty Reduction and Growth Facility. The current account deficit remained broadly unchanged because of a significant increase in workers’ remittances, mainly from Russia and Kazakhstan. Large negative errors and...