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 focuses on Fifth Post-Program Monitoring Discussions with Republic of Belarus. Growth in Belarus has remained slow despite high increases in wages and directed lending. To promote growth, the authorities loosened macroeconomic policies in the first half of the year but then...

This staff report for the Republic of Poland’s 2013 Article IV Consultation highlights economic development and policies. The current account in 2012 was primarily financed by EU transfers and foreign direct investment (FDI), notwithstanding a reduction in net FDI inflows. Moderate...

This paper focuses on Uganda’s 2013 Article IV Consultation and Sixth Review Under the Policy Support Instrument, Request for a Three-Year Policy Support Instrument and cancellation of Current Policy Support Instrument. Driven mainly by investment and trade, growth has recovered to about...

This 2013 Article IV Consultation highlights that the Turkish economy achieved a welcome reduction of imbalances in 2012. In 2013, growth has accelerated significantly on the back of a monetary and fiscal policy stimulus. The economy is projected to expand by 3.8 percent this year, with private...

This 2013 Article IV Consultation highlights that Brazil’s economy is recovering gradually from the slowdown that began in mid-2011. Consumption remained resilient last year underpinned by low unemployment and broad gains in real wages, although it has slowed somewhat more recently. After...

This paper discusses Kenya’s Sixth and Final Review Under the Three-Year Arrangement Under the Extended Credit Facility. Fiscal consolidation and the introduction of major reforms contributed to the program’s success despite emerging challenges. All end-June 2013 quantitative...

The postcrisis recovery in Armenia has accelerated, but challenges remain. Economic policies have been broadly consistent with IMF advice. Credit growth has been strong, especially in foreign currency (FX). The banking system is sound. The central bank (CBA) is improving the regulatory and...

The shift to a parliamentary democracy in 2010 provided an impetus for the Kyrgyz Republic to reform the economy. Despite the recent progress, the Kyrgyz Republic faces significant economic challenges, which will require actions on many fronts. Improving the business climate, governance, and...