Portugal's economy faced severe crisis during the global economic and financial crisis. In this context, Portugal's authorities have put forward an economically well-balanced program that will focus on structural reforms to boost growth and employment, ensure balanced fiscal sustainability,...

This 2008 Article IV Consultation highlights that Armenia’s recent economic performance has remained strong, and the economy is poised for another year of double-digit growth. Rising inflation, a widening current account deficit, and rapid credit growth have raised concerns about...

This 2013 Article IV Consultation highlights that Sierra Leone has made significant progress in macroeconomic stabilization over the last five years. Real GDP growth averaged some 7 percent, driven by output expansion in agriculture, mining, and services; as well as the scaling-up of...

Bulgaria did not have any exchange rate crisis, international bailout, bank intervention, or build-up of public debt. This attests to the strength of the policy framework and policy implementation. The fiscal adjustment achieved so far should be preserved, but improving the composition of the...

This paper focuses on Uganda’s 2013 Article IV Consultation and Sixth Review Under the Policy Support Instrument, Request for a Three-Year Policy Support Instrument and cancellation of Current Policy Support Instrument. Driven mainly by investment and trade, growth has recovered to about...

The Executive Board of the IMF has completed the fifth review of Greece’s economic performance under a program supported by a three-year Stand-By Arrangement (SBA) for the country. The completion of the review enables the immediate disbursement of an amount equivalent to SDR1.9 billion,...

Bulgaria’s First Review Under the Stand-By Arrangement and Request for Waiver of Performance Criteria are discussed. With macroeconomic conditions expected to remain favorable, competitiveness at an adequate level, and a lower current account deficit, concerns about external vulnerability...

This paper presents Romania’s First Review Under the Stand-By Arrangement and a Request for Waiver and Modification of Performance Criteria. Output growth remains favorable and disinflation is proceeding. The current account deficit is in line with the program’s target, and the...

Lao People's Democratic Republic (Lao PDR) showed commendable growth owing to its strong macroeconomic performance and structural reforms under the economic program. Executive Directors commended the fiscal performance, bank restructuring, and the private sector developments, and stressed the...

This paper reviews Indonesia’s 2004 Article IV Consultation and Post-Program Monitoring Discussions. The Article IV consultation provided a timely opportunity to assess achievements under recent IMF arrangements and to take stock of remaining challenges. The discussions focused on...