This paper discusses key findings of the Sixth and Final Review for Malawi Under the Poverty Reduction and Growth Facility (PRGF). Performance remained generally strong in the period under review. The authorities met most program targets for end-December 2007, and domestic debt fell as a share...

The Democratic Republic of the Congo (DRC) has successfully implemented key reforms under the enhanced Heavily Indebted Poor Countries (HIPC) Initiative, despite experiencing exceptional challenges since the decision point, including a challenging security situation. Revised present value of...

The main risk to the program is that inflationary pressures would reemerge owing to improper management of the scaling up of aid and fiscal spending, or a protracted crisis in Kenya. The structural agenda focuses on maintaining the momentum in the previously initiated areas, particularly in the...

The U.S. economy continues to recover at a modest pace, in line with international experience following severe financial crises. The key priority for fiscal policy is to stabilize the debt ratio and gradually reduce it. The fiscal framework should include an endorsement of the main medium-term...

This paper is a detailed assessment of NOMX DM, undertaken in the context of the IMF Financial Sector Assessment Program (FSAP) Update for Sweden in 2011. NOMX DM, the only Central Counter-parties (CCP) in Sweden, has provided clearing services for equity, fixed income derivatives, and repo...

Economic activity is estimated to have softened below program expectations in January-March 2012, due to a continued contraction in the construction sector which dominated a relatively strong outturn in tourism. Despite this growth underperformance and the continued global uncertainty, the...

The Canadian financial sector is among the world’s most highly developed. The five large banking groups that form the core of the system are conservatively managed and highly profitable. The stress tests suggest that the large Canadian banks can withstand a broad range of shocks. The...

This paper presents the staff report for Kenya’s 2009 Article IV Consultation on economic development and policies. The progress Kenya achieved on the growth and poverty reduction fronts stalled in 2008 owing to a series of adverse developments, including the global economic crisis. The...

This 2006 Article IV Consultation highlights that Ukraine’s fiscal policy in 2005–06 reshuffled resources from higher saving businesses to lower saving households, touching off a consumption boom, which has been reinforced by rapid credit expansion. In 2005, this boom helped to...

The key issue facing Congo is how to use oil and mineral resources effectively in support of inclusive growth. Economic conditions are supportive--macroeconomic stability is in place, the terms of trade are favorable, and the external position is strong. External risks are mitigated by...