This paper discusses Serbia's Third Review Under the Stand-By Arrangement and Request for Modification of Performance Criteria (PCs). The program is delivering good results. Significant fiscal tightening and efforts to address structural weaknesses and improve the business climate have helped...

Background: In February 2014, the Executive Board approved a three-year Extended Arrangement with access equivalent to SDR 295.42 million (492.4 percent of quota). So far, four purchases totaling the equivalent of SDR 123.1 million have been made, and another one equivalent to SDR 57.76 million...

This 2017 Article IV Consultation highlights that Serbia's economy has strengthened impressively since the adoption of the economic program supported by the Stand-By Arrangement. Economic growth is expected to reach 3 percent in 2017. The fiscal deficit should narrow to 1.1 percent of GDP-the...

This 2017 Article IV Consultation highlights that growth in Moldova is expected to be about 3 percent in 2018. Inflation is forecast to return to target in 2018, following a pickup in 2017. The banking sector has been stable, the fiscal performance has improved and Moldova's external position...

This paper discusses Greece's Fifth Review Under the Extended Arrangement Under the Extended Fund Facility (EFF), and Request for Waiver of Nonobservance of Performance Criterion and Rephasing of Access. Greece has gone from having the weakest to the strongest cyclically adjusted fiscal position...

This paper focuses on Cyprus' Fourth Review Under the Extended Arrangement Under the Extended Fund Facility (EFF) and Request for Modification of Performance Criteria. The program remains on track. Fiscal targets for the first quarter were met with considerable margins, domestic payment...

EXECUTIVE SUMMARY Stand-By Arrangement. In the attached letter, the Ukrainian authorities describe their economic and financial policies for which they request a 24-month SDR 10.976 billion (800 percent of quota, about US$17.1 billion) Stand-By Arrangement involving exceptional access. An...

KEY ISSUES Steadfast policy implementation has been maintained through the final review of the program. Budget execution has once more been solid in 2013, with the fiscal deficit expected to remain within the Excessive Deficit Procedure ceiling. Budget 2014 targets a balanced adjustment path,...

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 paper discusses Ukraine's Ex Post Evaluation of Exceptional Access Under the 2010 Stand-By Arrangement. For the most part, the 2010 program was appropriately designed given the ambitious agenda it had set out to accomplish. The macroeconomic strategy and program design correctly addressed...