This Selected Issues paper assesses risks in the Panamanian banking sector. The analysis suggests that Panama's banking system seems able to withstand reasonably severe shocks, while contagion risks stem primarily from foreign banks. Ample starting capital buffers and bank profitability prevent...

This paper discusses Mexico's Review Under the Flexible Credit Line (FCL) Arrangement. Mexico has navigated successfully a complex external environment, characterized by falling commodity prices, a sharp appreciation of the U.S. dollar, and heightened volatility in international financial...

This paper discusses Grenada's Third Review Under the Extended Credit Facility (ECF), Request for Modification of Performance Criteria (PCs), and Financing Assurances Review. Overall program implementation remains strong. All quantitative PCs for the third review were met. All structural...

This 2015 Article IV Consultation highlights that Bolivia has achieved strong economic performance and poverty reduction over the past decade. Real GDP growth has averaged about 5 percent since 2006, and the poverty ratio has declined by 16 percentage points. Real GDP growth is projected to stay...

This paper discusses Jamaica's Tenth Review Under the Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria (PCs). Macroeconomic stability continues to strengthen. Inflation and the current account deficit have fallen to historical lows, a product of...

Uruguay has achieved more than a decade of high and inclusive economic growth, supported by social stability and reduced regional linkages. The country has weathered the recent global and regional headwinds relatively well so far. Yet the economy is slowing down, while inflation remains above...

This paper examines the dimensions in which Uruguay's financial development is lagging, and the benefits that might accrue if obstacles to development in these areas were removed. The analysis focuses on the frictions affecting firms' access to credit, corporate credit deepening, and the...

This Selected Issues paper reviews the performance and reform plans for public bodies (PBs) in Trinidad and Tobago. PBs represent a source of fiscal risk to the government through the generation of financial losses, with current and capital transfers from the central government to PBs amounting...

Despite a difficult economic context, President Macri's administration, over the past two and a half years, has taken bold steps to eliminate a wide range of distortions in the economy. Efforts were also made to strengthen institutions (including the complete reconstruction of the statistics...

The Chilean economy is recovering from a prolonged slowdown that started with the decline in copper prices in 2011 and intensified over the past two years. The new administration, which took office in March, aims at reinvigorating investment and economic growth through structural reforms, but a...