Fiscal expansion after euro accession led to a buildup of large economic imbalances, and a program to make fiscal policy and the fiscal and debt position sustainable was initiated. However, the program saw opposition from the outset and structural reforms stalled, which unsettled the investment...

This 2013 Article IV Consultation highlights that Iceland’s economy is on a path to recovery, but legacy vulnerabilities are weighing on growth. GDP growth—which reached 2.9 percent in 2011—slowed to 1.6 percent in 2012 amid private sector deleveraging and weak external...

This paper examines Turkey’s 2004 Article IV Consultation and Eighth Review Under the Stand-By Arrangement and Request for Waiver of Nonobservance of Performance Criterion. Economic performance over the last three years has been impressive. For the medium term, the main challenge is to...

All quantitative and structural performance criteria for end-June 2003 were observed. These positive results reflect several factors, including improved public expenditure management and strengthened revenue administration (offsetting delays in some of this year's new revenue measures),...

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 evaluates Tajikistan’s 2002 Article IV Consultation and a Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF). Tajikistan’s previous IMF-supported program went off track in mid-2001 largely because of poor progress with structural...

Good progress has been made in stabilizing the economic and social situation since the crisis. Fiscal adjustment over a prolonged period will bring the public finances to a sustainable path. To protect social expenditures and allow higher public investment, a comprehensive tax reform is...

The government has fully complied with all the elements of the fourth floating completion point condition, which calls for the implementation of reforms to develop human capital and social protection. Investment in human capital development represents the second pillar of Nicaragua’s...

This paper discusses Iraq’s request for Stand-By Arrangement for 15 months from December 2005 through March 2007, which they intend to treat as precautionary. The authorities’ policies have succeeded in promoting overall macroeconomic stability despite the extremely difficult...

This 2005 Article IV Consultation highlights that Dominica is recovering from the aftermath of an economic and financial crisis in 2001–02 when output contracted by 10 percent. The reform strategy has been successful. Economic growth has recovered to more than 3 percent a year and is set...