Romania’s external position continues to improve. Inflation peaked in December 2010, and is now likely to decline. Financial market stress has remained relatively low in recent months. The current account deficit improved from 13½ percent of GDP in 2007 to about 4¼ percent of GDP in...

Fiscal profligacy, an erosion of competitiveness, and governance problems have undermined investor confidence and curtailed access to foreign financing in Zimbabwe. The new economic team has taken steps in devaluing the currency and raising the awareness of public opinion about the size of the...

This paper describes the compilation of the first truly comprehensive database on gross government debt-to-GDP ratios, covering nearly the entire IMF membership (174 countries) and spanning an exceptionally long time period. The database was constructed by bringing together a number of other...

Political instability and weak macroeconomic management have generated negative real per capita gross domestic product growth rates, contributing to widespread poverty and a worsening of social indicators. The challenge is to attain a higher rate of growth on a sustained basis and raise the...

This paper describes economic developments in St. Vincent and the Grenadines during the 1990s. Between 1990 and 1995, real GDP growth (at factor costs) averaged 4 percent per year, but varied widely from year to year, largely reflecting developments in the banana industry, St. Vincent’s...

This paper discusses Mozambique’s Third Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF) and Request for Modification of Performance Criteria. Performance under the program has been broadly satisfactory so far in 2005. All quantitative and...

Discussions on the Second Review Under the Poverty Reduction and Growth Ffacility (PRGF) arrangement took place in Dushanbe. The IMF-supported program concentrates on enhancing macroeconomic stability and implementing structural reform in the key areas of banking, energy, and agriculture. The...

This paper discusses the Poverty Reduction Strategy Paper Implementation Report 2003–04 for Mali. Progress has been made in the social sectors, even if some inadequacies remain. Budget allocations to the education and health sectors have improved, with budget resources allotted to...

This 2005 Article IV Consultation highlights that Slovenia’s real GDP growth accelerated to 4½ percent in 2004 driven by a large positive swing in the contribution of net foreign demand, while domestic demand growth maintained momentum. Private consumption strengthened, though to a...

Bulgaria's macroeconomic performance, in the face of the prolonged slowdown in the EU, has been impressive, but further efforts are required. The government's fiscal policy has underpinned recent economic success, and pressures to loosen such policies should be resisted. Fiscal reforms have...