This staff report discusses Seychelles 2013 Article IV Consultation, Seventh Review Under the Extended Arrangement and Request for Modification of Performance Criterion. The repayment of domestic debt, a preference for foreign financing, and shallow domestic financial markets have resulted in...

The Korean economy is slowing in the face of strong global headwinds. It is projected to bottom out during the course of 2012, regaining momentum towards the end of the year, in line with the global recovery. The main short-term risk to the outlook is a further intensification of the euro area...

The economy continues to recover at a steady pace, buoyed by strong activity in the oil and gold sectors, as well as public investment. In the wake of the January 2011 devaluation and concurrent increase in taxes, the fiscal balance shifted from a deficit of 3 percent of GDP in 2010 to a surplus...

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...

The new government is committed to prudent macroeconomic policies and to enhancing Georgia’s business-friendly environment. Large external liabilities plus its high current account deficit remain the main sources of vulnerability, and reducing these in an orderly manner is a key...

The report discusses the important role of the Flexible Credit Line (FCL) in helping Mexico to survive in the fragile global economic environment. The FCL’s contribution in maintaining an orderly financial market in Mexico is noteworthy. IMF staff reaffirms their commitment toward Mexico...

This 2013 Article IV Consultation highlights that during the past two years, macroeconomic developments in Nicaragua have been generally favorable. Real GDP grew by an average of 5¼ percent during 2011–2012, and the annual average inflation was 7¼ percent during the same period....

Rwanda has responded to lower aid by tightening policies and drawing on its foreign reserves to cushion the impact on the economy. Economic activity has been resilient despite lower aid inflows. The agreed framework for the FY2013/14 budget is in line with Policy Support Instrument (PSI)...

This paper highlights Morocco’s Second Review Under the Precautionary and Liquidity Line. The IMF report analyzes that the 2012 fiscal outcome entailed a significant slippage from the authorities’ target and exposed vulnerabilities in the budget framework. Core inflation has...

This paper discusses Peru’s economic performance in 2012. The impressive growth is owed to its strong fundamentals and sound policy management. However, the economy is vulnerable to short-term shocks. A low growth in China or in the United States could hamper Peru’s macroeconomic...