This Selected Issues paper analyzes Japan’s medium- and long-term fiscal challenges. It discusses the initiatives that will be necessary to cope with Japan’s medium- and long-term fiscal challenges. It describes medium- and long-term projections of the fiscal position, and assesses...

The staff report for the 2003 Article IV Consultation on Kuwait highlights the economic developments and policies. The macroeconomic position over the medium term under current oil price expectations and the maintenance of a cautious policy stance is projected to weaken, but is not expected to...

This paper examines Burundi’s Use of IMF Resources and a Request for Post-Conflict Emergency Assistance. Implementation of the 2002 program was broadly on track, despite constraints resulting from the delays in and earmarking of external aid disbursements. Fiscal developments were in line...

This Selected Issues paper takes stock of Indonesia’s performance against the original macroeconomic objectives under the IMF’s extended arrangement. The paper compares the performance of the Indonesian economy in the post-crisis period with that of the other major...

This Selected Issues paper reviews the benefits and costs of reserves for Chile, with emphasis on standard methodologies for assessing reserve adequacy. It reports an empirical methodology that analyzes simultaneously key explanatory variables behind a country’s level of reserves. The...

This 1999 Article IV Consultation highlights that real GDP growth of Estonia slowed to 4 percent in 1998. Tighter macroeconomic policies, the decline in the stock market, and banking difficulties in the wake of the Russian crisis in August 1998 dampened domestic consumption and investment....

This paper discusses the Staff-Monitored Program (SMP) for Guinea. Agreement in principle was reached on the SMP from April 2005 to March 2006. The program would support the authorities’ efforts in restoring macroeconomic stability and establish a track record of policy implementation to...

Bulgaria's macroeconomic performance in the face of the prolonged slowdown in the EU has been impressive, but risks have intensified. The response of fiscal policy to these risks has been adequate. Plans to increase reliance on state enterprises to carry out public sector activities are...

This paper examines monetary and exchange rate policies of the euro area. The paper reviews the European Central Bank’s definition of price stability, and examines the factors determining “the optimal rate of inflation†in the euro area. It reviews the benefits of price...

This 2005 Article IV Consultation highlights that Finland’s economic performance in recent years continued to be favorable. Growth has outpaced that in the euro area and is expected to pick up to more than 3 percent in 2006. The external current account has remained comfortably in...