This paper assesses the First Review Under the Staff-Monitored Program (SMP) for Afghanistan. The authorities have met all of the indicative quantitative targets set out under the SMP and all the structural benchmarks, except the benchmark on licensing of commercial banks, which was only partly...

This technical note assesses the vulnerabilities of household and corporate sector balance sheets and quantifies the potential impacts from macroeconomic shocks using sensitivity and contingent claims analyses. The note analyzes the risks to the Spanish financial stability arising from household...

This Selected Issues paper presents an overview of financial system developments in Jamaica. The financial system experienced substantial growth over 1989–95 as a result of the liberalization of financial markets and the reduction in government involvement in the industry through the...

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country

This Selected Issues paper analyzes Jamaica’s experience of low growth despite consistently high investment rates. It suggests that the link between public debt and productivity is part of the answer to the puzzle. The paper considers Jamaica’s debt management strategy and its optimal debt...

Economic outcomes in Jamaica have fallen short of the authorities’ objectives in recent years. As the government looks to reinvigorate its growth and debt reduction strategy, it is instructive to examine how exogenous shocks and other unanticipated developments can affect economic outcomes....

Sri Lanka underwent a political transition with presidential and parliamentary elections in late 2024. The new authorities expressed commitment to the program. Reform efforts are bearing fruit with growth recovering, low inflation, increased revenue collection, and reserves accumulation. By...

This paper discusses the detailed review report of Republic of Moldova's Central Bank Transparency Code review. The National Bank of Moldova (NBM) has emerged from a challenging history regarding trust and accountability, significantly influencing its current transparency and communication...

This paper presents a detailed review report of Montenegro's Central Bank Transparency Code review. The transparency of the Central Bank of Montenegro (CBCG)'s legal framework, its mandate, autonomy, and decision-making arrangements have all been strengthened over time, but further improvements...