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International Monetary Fund. European Dept.

On behalf of the Danish authorities, we would like to thank staff for the candid and constructive policy discussions during the Article IV mission held in April and May. The authorities appreciate staff’s high-quality report and analytical work on relevant issues.

International Monetary Fund. European Dept.

Staff Report for the 2020 Article IV Consultation and Sixth Reviews Under the Extended Credit Facility and Extended Fund Facility Arrangements-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova

International Monetary Fund. Western Hemisphere Dept.

The economic outlook is mainly characterized by sluggish growth and a weak fiscal stance, which have put public debt on an unsustainable path. The widening current account deficit would put strong pressures on international reserves, which could decline to very low levels. Low capital buffers would remain a drag on the financial system. Main risks continue to be a court decision that leads to larger than expected liabilities to the former owners of the nationalized companies and weaknesses in the systemic bank.

International Monetary Fund. European Dept.

This 2015 Article IV Consultation highlights that Moldova's economic growth, at 3.6 percent, came in surprisingly strong in the first half of 2015 and was largely driven by net exports. Reserves fell by about a third between October 2014 and February 2015, but have been stable since. Net outflows in the financial account surged at end-2014, owing to election uncertainty and the banking crisis, but the outflow in currency and deposits tapered off in the second quarter of 2015. The near-term outlook is difficult. The economy is projected to contract by 1.75 percent in 2015, followed by a marginal recovery of about 1.5 percent in 2016. Deep reform is needed in the financial sector.

International Monetary Fund. European Dept.

This Selected Issues paper focuses on the Baltic model, Baltic–Nordic links, and convergence. The Baltic countries form a distinct group within a tightly integrated Nordic–Baltic region. They are following similar approaches to economic policy, broadly in line with those of Northern European and the Anglo-Saxon countries. Their macroeconomic policies are generally robust. The paper examines the possible causes of the creditless recoveries in the Baltic countries. It characterizes their experience in comparison with other episodes of creditless recoveries in both advanced and emerging market economies, and also investigates demand and supply constraints to credit expansion in the Baltics.

International Monetary Fund. European Dept.

This report for the 2012 Article IV Consultation with Turkey discusses the macroeconomic conditions after the 2008 global financial crisis. After two years of rapid growth, the economy has slowed and imbalances are unwinding. However, owing to slower domestic demand, the Turkish financial system continues to remain sound. IMF staff supports the authorities’ fiscal objective for 2013 and also the medium-term fiscal plan for 2013–15. But, they recommend a tighter monetary policy stance given the upside risks to inflation.

International Monetary Fund

The Kyrgyz Republic’s request for an 18-month Arrangement under the Exogenous Shocks Facility is discussed. International commodity prices continued to rise through much of 2008, resulting in a surge in inflation to more than 30 percent by mid-year and a widening of the current account deficit. A major shortfall in domestic hydropower capacity owing to low water levels is causing power shortages and necessitates the import of larger volumes of fuel and electricity, increasing the current account deficit further.