This paper presents an overview of recent U.S. fiscal developments and discusses possible implications of the sharp turn around in the government’s fiscal position. Against this back ground, it also reviews key policy challenges that will need to be addressed to cope with the mounting...

This paper presents an update to the Report on the Observance of Standards and Codes (ROSC) on Fiscal Transparency Module for the Republic of Poland. The original ROSC concluded that boundaries of the general government were well defined by the public finance law, but proliferation of...

This paper focuses on the Republic of Lithuania’s Third Review Under the Stand-By Arrangement. Program implementation has been good and all end-December 2002 quantitative performance criteria were met. Macroeconomic performance in 2002 was better than expected: real GDP grew by 5.9...

This paper examines Ukraine’s Request for a Stand-By Arrangement (SBA). The authorities have requested a 12-month SBA, which they intend to treat as precautionary. Their economic program for 2004 aims to sustain recent stabilization gains and advance some important structural reforms. Key...

This Selected Issues paper analyzes fiscal developments and the sustainability of the current fiscal stance in Poland. It analyzes fiscal risks and fiscal vulnerability by investigating the contingent liabilities of the government and by performing stress tests to gauge the exposure of the...

This paper examines the Republic of Lithuania’s 2001 Article IV Consultation and First Review Under the Stand-By Arrangement. The macroeconomic objectives for 2001 are expected to be largely attained and all end-September performance criteria and structural benchmarks were met. The...

The staff report for the Sixth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility on the Kyrgyz Republic highlights the economic developments and policies. To ensure that the external debt ratios fall, the program introduces a new indicative target for...

The Government of Namibia has a full equity share of four specialist or policy banking corporation. There are a large number of public nonfinancial corporations, in which the government has a part or full ownership share, including public utilities and Air Namibia, the national airline. There...

The contraction in Romania’s domestic demand has set off a sharp correction in external imbalances and helped ease pressures on inflation. Real GDP contracted by 7.6 percent in the first half of 2009, compared with 2 percent projected under the program, on account of a sharp drop in...

This Selected Issues paper examines Kenya’s growth performance during 1980–2004. It considers the stylized facts on Kenya’s growth performance in the past two decades, in comparison with other Sub-Saharan African countries. The paper examines main sources of economic growth...