This 2009 Article IV Consultation highlights that the credit-fueled boom has resulted in a relatively large nonfinancial private sector debt stock in Estonia. With declining incomes, unemployment increasing sharply, and asset prices depressed, balance sheets of households and firms are under...

This paper discusses Haiti’s progress under the Enhanced Initiative for Heavily Indebted Poor Countries. Substantial advances have been made toward meeting the four triggers not fully implemented, and the authorities are committed to further progress in the near future. These triggers...

Economic conditions in Egypt are favorable, and the economic reform is moving forward. The discussions focused on the elements of a macroeconomic policy. IMF staff discussed the following with authorities: a multiyear fiscal consolidation plan, the monetary policy stance and strategy appropriate...

This 2007 Article IV Consultation highlights that the transitional government that took over in Haiti following President Aristide’s departure in February 2004 implemented prudent fiscal and monetary policies, and significantly improved governance and transparency in public sector...

Discussions on the Second Review Under the Poverty Reduction and Growth Ffacility (PRGF) arrangement took place in Dushanbe. The IMF-supported program concentrates on enhancing macroeconomic stability and implementing structural reform in the key areas of banking, energy, and agriculture. The...

Fiscal problems have long been considered a central feature of financial--that is, currency, debt, and banking--crises. This paper addresses four questions: What are the fiscal causes of crises? Which fiscal vulnerability indicators help to predict crises? Can fiscal variables explain the...

This 2006 Article IV Consultation highlights that Mongolia’s macroeconomic performance in 2005–06 has been robust, underpinned by a run-up on copper and gold prices, declining inflation, and budget and external current account surpluses. Real GDP growth in 2005–06 is...

Economic activity in Tajikistan continues to recover from the global crisis, but a range of vulnerabilities remain. Real GDP grew at an estimated 7.5 percent through the first nine months of 2011. The political environment appears broadly stable, but there are underlying tensions. The worst of...

In this study, Chad’s economic developments and policies have been prepared by an IMF staff team. The recent economic developments and risks of the financial system are reported. Budget discipline has been improved by strengthening the public financial system (PFM). The views of IMF staff...

This 2010 Article IV Consultation highlights that real activity in Papua New Guinea was relatively unaffected by the global downturn, with growth easing to roughly 5 percent in 2009 from 7 percent in 2008. A number of factors contributed to this favorable outcome. The country’s financial...