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International Monetary Fund
Pakistan has been facing significant economic difficulties. With sharp increases in oil and food prices, and adverse security developments, Pakistan has experienced a significant widening of the fiscal deficit, owing in large part to increasing energy subsidies and major pressures on its balance of payments. As a result, inflation rose considerably and international reserves declined sharply. Executive Directors have commended the authorities for the progress achieved under the stabilization program. Directors have also welcomed the focus on social protection in the authorities’ program.
International Monetary Fund
This 2008 Article IV Consultation highlights that Sierra Leone’s macroeconomic performance in 2008 was mixed. Output growth reached 6.4 percent in 2007, led by solid agricultural and mining production and buoyant activity in the construction and services sectors. The external current account deficit increased slightly in 2007 following a slight deterioration in the terms of trade. The authorities have made significant progress in implementing structural reforms in key areas. Growth prospects over the medium term remain encouraging with the expansion of available land for agriculture and intensification of extension services.
International Monetary Fund
The current account deficit by the Central Bank of Bosnia and Herzegovina in recent years has fluctuated to about 20 percent of GDP. But official current account statistics suffer from several shortcomings. Possible sources of the savings required to achieve a fiscal position consistent with long-term fiscal sustainability is discussed. A theoretical model of the trade balance has been developed and used as the basis for estimating a quarterly regression model of Bosnia and Herzegovina’s trade balance. Effective fiscal coordination is essential in Bosnia and Herzegovina.
International Monetary Fund
Portugal showed impressive economic performance owing to its macroeconomic policies and structural reforms. Executive Directors commended the authorities for their stability-oriented policies, low inflation, and declining fiscal deficits. Nonetheless, economic policies needed to address signs of emerging macroeconomic imbalances, including the brisk growth of private sector credit, tight labor markets, and a persistent inflation differential in relation to other euro area countries. Moreover, an acceleration of structural reforms and further fiscal consolidation would be essential for a rapid and sustained convergence to European Union income levels.
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
International Monetary Fund


The adequacy of international liquidity became a problem of increasing concern to the international community during the 1960's. In response, the IMF proposed a new facility, based on Special Drawing Rights, which took effect on October 3, 1969. This new facility, referred to in this publication, was established within the Fund as its Special Drawing Account, through which the new supplement to reserve assets, in the form of special drawing rights, could be allocated.