Activity and fiscal policy continue to exceed expectations, but strong bank credit growth has fuelled a sharp increase in the current account deficit. In this context, the new administrations recognize the need to establish the macroeconomic stability quickly. These actions are supported by...

This Selected Issues paper analyzes the key features of the Japanese business cycle, and investigates whether the current recovery differs from past recoveries. In particular, this paper poses the following questions: what are the main characteristics of Japanese business cycles since 1980, and...

This paper examines Peru’s Request for a Stand-By Arrangement (SBA). Performance under the 2002–03 SBA was satisfactory. This performance provides a solid basis for continuing with policies aimed at maintaining macroeconomic stability. The authorities are requesting a 26-month SBA...

This 2003 Article IV Consultation highlights that after a contraction in GDP of more than 4 percent in 2001 and only a marginal expansion in 2002, the pace of economic growth in St. Lucia accelerated in 2003 to 3.7 percent, driven by a rebound in tourism of close to 17 percent. Despite the...

This paper discusses Uganda’s Poverty Eradication Action Plan (PEAP) 2004/05–2007/08. The PEAP provides an overarching framework to guide public action to eradicate poverty. It has been prepared through a consultative process involving central and local government, parliament,...

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 presents Ex Post Assessment of Longer-Term Program Engagement for Lesotho. The paper reviews the experience of the IMF’s engagement in Lesotho during the period 1991–2004, and briefly presents economic developments prior to these arrangements. It reviews performance...

This paper reviews economic developments in Hong Kong Special Administrative Region during 1997–98. The paper highlights that beginning in mid-1997, the regional crisis began to erode confidence in Hong Kong’s exchange rate and prompted a series of speculative attacks. Pressures on...

This paper assesses Malawi’s Use of IMF Resources and Request for Emergency Assistance. The food shortage in early 2002 in Malawi has caused immense human suffering. IMF staff endorses the authorities’ decision to undertake large-scale food imports to complement the humanitarian...

This paper summarizes the Detailed Assessment of Observance of Standards and Codes in the financial sector of Vanuatu in the context of the offshore financial center program. It assesses the supervision and regulation of the financial sector compliance with the Basel Core Principles for...