This 2007 Article IV Consultation highlights that aided by favorable external conditions and an improvement in macroeconomic management, Suriname’s economic performance has improved in recent years. Since 2002, the central government deficit has declined sharply, leading to a substantial...

The Swaziland economy continues to suffer from the global economic crisis and an overvalued real exchange rate. The fiscal crisis is starting to affect external stability. Notwithstanding the fiscal crisis, banks continue to remain well capitalized and profitable. The 2011–12 budget...

This paper presents key findings of the First Review under the Stand-by Arrangement (SBA) for the Republic of Serbia. The banking system of Serbia has weathered the external shocks well, but credit is slowing sharply. To safeguard economic stability in this markedly deteriorated environment, the...

The Zambian economy has performed well owing to its strong macroeconomic policies, high copper export prices, and extensive debt relief. Executive Directors encouraged the authorities to reduce poverty and attain the Millennium Development Goals (MDGs) under the Fifth National Development Plan...

Oil-producing countries have benefited from rising oil prices in recent years. The increase in oil exports and oil revenues has had major implications for these countries. These developments have revealed how governments manage their fiscal policies in light of changing oil-market conditions and...

This paper discusses key findings of the Fourth Review Under the Stand-By Arrangement and Review of Financing Assurances for Gabon. Rising non-oil revenue and continued expenditure control contributed to maintaining fiscal discipline, and all quantitative performance criteria for end-March 2005...

Under what conditions are budget institutions likely to be strengthened? We find that fiscal deficits do not help in focusing policymakers on undertaking reforms. To the contrary, the larger the deficit, the lower is the likelihood of reforms. Large deficits apparently imply strong claims on the...

A key challenge in government budgeting is to define an appropriate balance between current and capital expenditures. Budgeting for government capital investment also remains not well-integrated into the formal budget preparation process in many countries. This paper aims to provide an overview...

Russia's regions are heavily exposed to regional income shocks because of an uneven distribution of natural resources and a Soviet legacy of heavily skewed regional specialization. Also, Russia has a limited mobility of labor and lacks fiscal instruments to deal with regional shocks. We assess...