This paper examines Colombia’s 2002 Article IV Consultation and Request for Stand-By Arrangement. The economic situation worsened in the first half of 2002. Economic activity has remained sluggish, and the fiscal consolidation has gone off-track. Exacerbated by increased contagion from...

This 2003 Article IV Consultation highlights that following a solid expansion in 1997–2000, economic growth in Switzerland is currently stalled as exports have been hurt by the global slowdown and domestic investment has undergone a sharp downward correction from earlier high levels. The...

This paper focuses on the nexus between pension funds' balance sheet liabilities, reflecting their age profile and payments obligations, and the investment behavior and costs of these funds. The context of the analysis is the stringent regulatory framework and the highly fragmented and...

Korea is on the verge of an unprecedented demographic shift. In coming decades, rapid aging will transform it from one of the youngest populations in the OECD to among the oldest in record time. In turn, this shift will put tremendous pressure on the pension system and health and long-term care...

This paper examines, in a formal econometric framework, the linkages between public financial management and fiscal outcomes in sub-Saharan African countries. Similar analyses have been done for Latin America, Europe, and the United States, but none in the context of low-income countries. Using...

When discussing debt reduction strategies, little attention has been given to the role of governments’ nonfinancial assets. This is in part because data are scarce. Drawing on various data sources, this paper looks at the size, composition, and management of state-owned nonfinancial assets...

This paper presents Mali’s First Review under the Poverty Reduction and Growth Facility, and requests for Waiver of Nonobservance of Performance Criteria. The food and fuel price shocks have begun to moderate, partly because of the authorities' supply-side measures and declining oil...

The 2009 Article IV Consultation highlights that the near-term outlook for Belgium is challenging, with real GDP expected to drop by about 3 percent in 2009 and a gradual recovery projected for 2010. The unemployment rate will continue to rise in 2010, and inflation pressures are expected to...

Switzerland showed commendable economic growth with low inflation and increasing employment. Executive Directors commended the prudent macroeconomic management, sound monetary and fiscal policy frameworks, structural reforms, and flexible labor markets. They noted that the monetary policy...

This Selected Issues Paper focuses on the Heritage and Stabilization Fund (HSF) and development in the energy sector in Trinidad and Tobago. The HSF, established in 2007, is an important national asset, which has broad-based political and social support. The HSF has developed a strong record...