In recent years financial globalization and benign global market conditions have helped emerging markets in their external financing and budgetary positions. This paper examines three related issues: (i) the importance of the impact of the benign financial environment on fiscal performance; (ii)...

Economic growth continues to be strong, but inflation has increased substantially. The structural agenda remains focused on further improving tax and customs administration, improving fiscal planning and public expenditure management, and strengthening financial markets. The main risks to the...

This 2005 Article IV Consultation highlights that economic activity in the Eastern Caribbean Currency Union (ECCU) has accelerated since mid-2003 owing to an acceleration of activity in the tourism and construction sectors. Inflation has been stable and monetary aggregates have been expanding...

This paper highlights Mozambique’s 2005 Article IV Consultation, Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF), Request for Waiver of Performance Criteria, and Modification of Performance Criteria. The performance under the program...

Antigua and Barbuda’s 2004 Article IV Consultation reports that growth has strengthened since mid-2003 owing to a rebound in tourism, but fiscal imbalances remain large, the debt stock is high, and arrears continue to mount. Tourism has rebounded strongly as the global economy strengthens...

The staff report for the Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility on Dominica focuses on macroeconomic framework and fiscal policy. The program has been based on the expectation that Dominica will achieve a collaborative debt restructuring...

This paper assesses the policy significance of foreign liabilities and the current account deficits that give rise to them. Current account imbalances are shown to have some capacity to indicate difficulties elsewhere in the economy, but are imperfect indicators and subject to potential...