This Report assesses the Observance of Standards and Codes on Fiscal Transparency for Lebanon. There appears to be insufficient public understanding of, or interest in, the critical need for sustained fiscal reforms. The government’s program of reform needs to be based on more analysis,...

This paper surveys the economic literature on the scaling-up of aid to Africa. It provides a checklist of issues that need to be considered when preparing a long term macroeconomic projection for a country involving the assumption of a significant increase in aid. Such scaling-up scenarios are...

This paper discusses the Fifth Review Under the Staff-Monitored Program (SMP) for Afghanistan. The authorities met all the end-June 2005 indicative quantitative targets and structural benchmarks under the SMP. Economic developments were broadly in line with the program projections made at the...

Unanticipated changes in commodity prices can generate significant movements in fiscal aggregates. This paper seeks to understand the dynamics of these fiscal movements in the context of transitory commodity price shocks using sample data from four CIS countries- two oil-producing and two...

This paper discusses Cape Verde’s Fourth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF) and Request for Waiver of Performance Criteria. Economic performance in 2003 was better than programmed in many respects: real GDP growth was higher,...

This paper examines Armenia’s 2004 Article IV Consultation, Sixth Review Under the Poverty Reduction and Growth Facility, and Request for Waiver of Performance Criteria. Armenia’s strong economic performance has been continuing in 2004. In January–September, the...

The staff report for the 2004 Article IV Consultation on the Democratic Republic of Timor-Leste highlights economic developments and policies. Progress has been made in consolidating the new government’s administrative power and fostering a stable political environment, despite some early...

This paper presents an overview of recent U.S. fiscal developments and discusses possible implications of the sharp turn around in the government’s fiscal position. Against this back ground, it also reviews key policy challenges that will need to be addressed to cope with the mounting...