This paper presents the Completion Point Document for consideration of Rwanda’s Enhanced Initiative for Heavily Indebted Poor Countries. The government has maintained the policy of protecting social sector budget allocations from cuts during the course of the fiscal year, and military...

This paper analyses the links between the investment strategies of a commodity-based SWF and the macroeconomic framework of the owner country. We examine some basic macrofinancial linkages of an SWF's strategic asset allocation (SAA) strategies with regard to the government budget, monetary...

Contrary to widespread expectation, debt renegotiations in the era of bond finance have generally been quick and involved little litigation. We present a model that rationalizes the initial fears and offers interpretations for why they did not materialize. When the exchange offer is sufficiently...

This 2009 Article IV Consultation highlights that Iraq’s longer-term economic outlook is strong as oil prices and production are projected to increase markedly in the coming years. However, based on conservative oil price assumptions, the external current account and the overall balance...

This 2003 Article IV Consultation highlights that Morocco’s growth performance over the last decade has not been strong enough to reduce poverty. Growth has also been volatile because of the impact of recurrent drought conditions on agricultural output. Economic conditions improved in...

Zambia has achieved robust economic growth over the years, and poverty has begun to trend downward under the Poverty Reduction and Growth Facility Arrangement. Prudent fiscal policy has reduced the domestic financing need and facilitated the implementation of a firmer monetary policy. Executive...

Upon entry into the European Union, countries become members of the Economic and Monetary Union (EMU), with a derogation from adopting the euro as their currency (that is, each country joining the EU commits to replace its national currency with the euro, but can choose when to request...

This paper discusses Iraq’s request for Stand-By Arrangement for 15 months from December 2005 through March 2007, which they intend to treat as precautionary. The authorities’ policies have succeeded in promoting overall macroeconomic stability despite the extremely difficult...

Iraq showed good progress in undertaking strong macroeconomic policies and implementing economic reforms under the Stand-By Arrangement (SBA). Executive Directors welcomed this, and noted that low investment and stagnating output in the oil sector continue to hamper economic growth. They...