This paper seeks to draw lessons from the IMF’s experience in handling financial crises around the globe over the past ten years that are relevant to the challenges faced by countries in Latin America, especially in the wake of the recent crisis in Argentina. Experience suggests that...

This paper studies the implications of foreign currency deposits (FCDs) for international liquidity shortages in Pakistan. The analysis focuses on how the large volume of FCDs and the specific institutional characteristics of those deposits have made the Pakistan economy highly vulnerable to...

This paper examines Uruguay’s Request for a Stand-By Arrangement. Although the external current account shifted to a moderate deficit, mainly reflecting the recovery in imports, export performance has been robust, and gross international reserves are now about three-fourths their...

This paper discusses Peru’s economic performance in 2012. The impressive growth is owed to its strong fundamentals and sound policy management. However, the economy is vulnerable to short-term shocks. A low growth in China or in the United States could hamper Peru’s macroeconomic...

This paper discusses El Salvador’s Request for a Stand-By Arrangement and cancellation of the current arrangement. The program seeks to preserve financial stability, safeguard the economic recovery, and strengthen the medium-term fiscal position. Fiscal policy will aim at offsetting the...

Despite the oil price shock, growth has been high. Discussions focused on the policies needed to reduce Costa Rica’s vulnerabilities, enhance growth, and reduce poverty in a lasting way. Passage of a substantial tax reform is essential. To bring inflation down to low single digits, the...

The IMF forged an important partnership with the Uruguayan government aiming to help the country overcome its worst financial and economic crisis. The early termination of the program is seen as a sign of success, primarily for the government and also for the IMF. The delays and the unfinished...

This paper discusses key findings of the Fifth Review Under the Stand-By Arrangement for Georgia. The 2010 program sets out a viable exit strategy from official external support, permitting the Georgian authorities to return to capital markets ahead of their large debt rollover needs in...