This paper discusses the Former Yugoslav Republic of Macedonia’s (FYR Macedonia) Request for a Stand-By Arrangement and Extension of Repurchase Expectations. The authorities have asked the IMF to support an ambitious program that includes structural reforms that address the root causes of...

This paper examines Bulgaria’s 2004 Article IV Consultation and Ex Post Assessment of Longer-Term Program Engagement. Foreign direct investment inflows have been strong, reserves are rising, and competitiveness appears broadly adequate. Fiscal policy has been tightened in 2003, as the...

This paper reviews Iraq’s Request for Emergency Post-Conflict Assistance (EPCA). The authorities’ main goals under the EPCA-supported program are to improve the general welfare of the Iraqi people and address Iraq’s external debt problem. The authorities’ program is...

The staff report for the Post-Program Monitoring highlights economic developments, fiscal policy, and monetary policy. The primary risk to the near-term outlook for the Philippine economy is that the prevailing state of uncertainty proves to be protracted and sidelines economic reforms. Adverse...

Kuwait’s 2005 Article IV Consultation reports that the economic and financial positions are projected to remain strong mainly on the expectation that world oil prices will decline only gradually. Reflecting sharply higher oil prices and production, economic conditions improved...

Rapid growth during the second half of the 1990s led to overheating and the emergence of financial vulnerabilities by the end of the decade. Over the medium term, investment projects will impart a significant impetus to economic activity, and output will grow for some years above its long-term...

The Kyrgyz Republic is emerging from a deep political crisis. In April 2010, a popular uprising toppled the previous regime and internal ethnic conflict in June 2010 exacerbated the already difficult political situation. The crisis has adversely affected economic activity and near-term growth...

Belarus’s economy has performed well owing to its strong macroeconomic policies, which facilitated rapid real income growth, near-full employment, and a reduction in poverty to the lowest level in the Commonwealth of Independent States (CIS). Executive Directors welcomed the disciplined...

This paper focuses on the First Review for the Republic of Congo under the Poverty Reduction and Growth Facility (PRGF). Policy implementation under the authorities’ PRGF arrangement through 2008 and the early part of 2009 was broadly satisfactory. The quantitative target on the non-oil...