Armenia’s growth has picked up in 2011, led by manufacturing, mining, and services, while agriculture has rebounded from the collapse. Credit continues to grow rapidly, particularly in foreign currency and based on strong inflows to banks. Inflation has come down sharply, reflecting...

In this study, Armenia’s financial challenges observed in the global crisis are discussed, and also the development processes initiated by Armenia are analyzed. Short- and medium-term outlooks, and risks are also outlined. Fiscal, monetary, and banking sector policies play important roles...

Austria’s federal system comprises the federal government and nine provinces (Länder). The federal system is rather centralized by international standards, with the federal government (including social security funds) accounting for about 70 percent of general government spending, 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...

With increasing frequency, the IMF has assisted middle-income countries, especially emerging economies, in adopting the types of budget reforms that have been introduced in many Organization for Economic Cooperation and Development (OECD) countries - reforms that emphasize performance and...

This paper addresses issues relating to the establishment and financial management of extrabudgetary funds (EBFs), a large group of government entities that on average accounts for 40 to 45 percent of central government expenditure-two-thirds of which represents social security funds-in...

Real output growth of the Republic of the Marshall Islands appears to have slowed sharply in FY2003 and again in FY2004. The 2005 Article IV Consultation highlights that the economic activity has been hampered by delays in implementing an upgraded public works program and the closure of a large...

The abstract summarizes the Report on Observance of Standards and Codes and Fiscal Transparency Module of Indonesia. It highlights that a strategy for improving transparency and strengthening fiscal management should be included in the reform program, including implementing recent changes in...

This paper examines Croatia’s 2004 Article IV Consultation and Request for Stand-By Arrangement (SBA). Croatia has established a record of solid growth and low inflation since the mid-1990s. Real GDP growth has averaged about 4.5 percent, with inflation in the low single digits. This...

Mongolia has performed commendably under the Poverty Reduction Growth Facility arrangements. Executive Directors commended the prudent macroeconomic policies, low inflation, and reduction in vulnerability. They stressed the need to strengthen the fiscal position, improve economic governance,...