The first Annual Progress Report (APR) of Togo highlights many of the reforms implemented during the first year of the Poverty Reduction Strategy Paper (PRSP) while recognizing some weaknesses and implementation constraints. It draws attention to important advances in macrocritical structural...

Bailiwick of Guernsey has a Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) legal framework that provides the basis for an AML/CFT regime. It has a program to review and enhance AML/CFT legislation and monitor effectiveness of compliance with the AML/CFT regime....

The Executive Board approved a three-year Extended Arrangement under the Extended Fund Facility (EFF) for Ireland under the exceptional access policy and Emergency Financing Mechanism (EFM). Political developments have been turbulent. The authorities are moving ahead with a comprehensive...

Guernsey is a leading international insurance center in Europe. Its economy purely depends on the performance of the financial sector. As per the 2003 assessment under the Offshore Financial Center (OFC) program, it is found that the Guernsey Financial Services Commission (GFSC)’s powers have...

This paper assesses recent developments in gas markets and the implications for Algerian gas demand and prices. Algeria’s gas production is stable but its share in global gas production has been on a downward trend since the early 2000s. The impact of a change in the spot oil price (WTI) on...

The Pakistani authorities placed a request for a nine-month extension of the Stand-By Arrangement (SBA), to get sufficient time to complete the remaining fifth and sixth reviews under the SBA. The authorities believe that extending the arrangement will provide time to complete the reform of the...

Mozambique continues to show a strong economic performance. The inflation expectations require a tightening of the macroeconomic policy mix. Executive Directors commended the role of government in sustaining economic growth by accelerating the public investment program. Engaging development...

Program implementation is satisfactory and economic activity is recovering in Mauritania. The budget preserves fiscal discipline and protects infrastructures and social spending. Greater flexibility in the exchange rate and an enhanced monetary policy framework will help build reserves. The...

Economic conditions have stabilized, and the economy is projected to bottom out in 2010, giving way to a mild recovery in 2011 followed by stronger growth. The foremost policy challenge is to achieve the official fiscal consolidation targets so as to put debt ratios on a declining path and...

This Selected Issues paper for the Republic of Korea focuses on the role of monetary policy in the current context of slowing growth and rising inflation pressures. Korea has not remained immune to the global slowdown, and with the cycle turning downward, the trade-off between inflation and...