This note summarizes the stress tests undertaken for the German banking system as part of the Financial Sector Assessment Program (FSAP) update. Solvency tests for the German banking system assessed medium-term vulnerabilities under two adverse macroeconomic scenarios. The tests considered a...

This technical note explains stress testing for Portugal’s financial sector. A core part of the banking stress tests was the bottom-up exercise implemented by individual institutions. The bottom-up stress tests focus only on the impact of expected losses on indicators of profitability and...

This Selected Issues paper reviews the financial sector development in Georgia in recent years, and investigates why it has lagged behind economic development, as well as developments in more advanced transition economies. The paper briefly reviews recent financial sector development in Georgia,...

Since the 2003 Financial Stability Assessment Program (FSAP) update, Ghana’s financial system has undergone rapid growth and structural transformation. The authorities have been implementing reforms to enhance the financial system’s resilience to shocks and its contribution to...

This paper discusses key findings of the Third Review Under the Stand-By Arrangement for Pakistan. Program implementation has been uneven but key reforms are moving forward. All end-September 2009 quantitative performance criteria were met, with the exception of the ceiling on the overall budget...

This Selected Issues paper describes the three phases of IMF engagement in the Democratic Republic of Congo (DRC) with a view to drawing lessons that could prove useful in identifying objectives and policies for a medium-term program that could be supported through a successor Poverty Reduction...

This paper discusses key findings of the financial system stability assessment (FSSA) on the Central African Republic. The assessment reveals that the liquidity position of the financial sector has improved in recent years. This reflects a more favorable economic environment following the end of...

This 2011 Article IV Consultation reports that Cambodia’s high degree of dollarization and largely reduced fiscal space constrain the authorities’ ability to cushion shocks. Macroeconomic stability hinges on prudent fiscal policies. The mission cautioned that fiscal space is...

This paper discusses key findings of the Financial System Stability Assessment for Italy. The assessment reveals that Italy’s financial system is sound, and no major vulnerabilities that could cause systemic risks are identified. The deep restructuring of the banking sector in the 1990s...

This 2009 Article IV Consultation highlights that the Paraguayan economy performed very well over the past five years, with real GDP growth averaging about 5 percent a year—the best in a generation. The fiscal position strengthened considerably, thereby reducing public debt sharply to...