This Selected Issues paper on Samoa reviews limitations to the existing framework of monetary policy, and suggests ways to improve its effectiveness. It examines current instruments at the disposal of the central bank to conduct monetary policy, before showing why monetary policy execution can...

Based on Haiti’s overall satisfactory track record and the strength of the program, IMF staff supports the authorities’ request for a new three-year arrangement under the Poverty Reduction and Growth Facility (PRGF). The authorities’ demonstrated political commitment and high degree of...

This 2005 Article IV Consultation highlights that Nepal’s economic growth has been affected by the political turmoil and conflict, although inflation has remained moderate, and international reserves are adequate. Real GDP growth averaged 2 percent during 2000/01–2004/05, compared with the...

This paper discusses Uganda’s Sixth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF), Request for Waiver of Performance Criteria, and Request for a Policy Support Instrument (PSI). Performance relative to the sixth and final PRGF review was...

Propelled by large terms-of-trade gains, GDP growth has accelerated and is running close to potential. The demand pressures associated with the large terms-of-trade gains are reflected in a fast real appreciation of the ruble, although more of this has come through nominal appreciation during...

This paper assesses Estonia’s flexibility from two angles. The paper focuses on one aspect of that performance—the ability to sustain competitiveness. Then, a more forward-looking angle is the flexibility of Estonia’s labor and product markets. Estonia has made great progress in achieving...

This paper presents a preliminary assessment of the Kyrgyz Republic’s eligibility for assistance under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative. It provides background information on the country’s eligibility under the enhanced HIPC Initiative. It summarizes the...

Major political developments have taken place in Nepal since the Executive Board concluded the Article IV Consultation in January 2006. The Koirala government is keen on early resumption of the IMF-supported program to help maintain macroeconomic stability. The international community has...

Bangladesh is reducing poverty and making headway toward meeting its MDGs. However, political considerations are exerting an increasing influence on economic policy decisions. The overall fiscal balance has been kept below budget and program targets, notwithstanding sizable revenue slippages....

Economic growth continues to be strong, but inflation has increased substantially. The structural agenda remains focused on further improving tax and customs administration, improving fiscal planning and public expenditure management, and strengthening financial markets. The main risks to the...