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International Monetary Fund
This 2003 Article IV Consultation highlights that real GDP of Ukraine grew by more than 4½ percent in 2002, marking the third year of Ukraine’s economic expansion following the 1998/99 financial crisis. As in 2001, growth was not only supported by robust consumer spending, reflecting large wage increases, but also by an increase in net external demand. Consumer price inflation fell to near zero in 2002, reflecting primarily the good harvests in 2001/02 and the resulting sharp drop in food prices. Low inflation was also supported by a tightening of fiscal policy and delays in increasing administered prices.
International Monetary Fund. Western Hemisphere Dept.
This 2019 Article IV Consultation discusses that driven by popular frustration with high levels of corruption and inequality, Haiti has been experiencing a protracted political crisis and prolonged civil unrest. The baseline scenario assumes some stabilization in the political situation by early 2020 but no major political or economic reforms. This would allow growth to recover only gradually and in the absence of sustained implementation of good policies and structural reforms, potential growth would remain low at about 1.4 percent over the medium term. Downside risks, both domestic and external, remain elevated. A prolongation of political instability, extreme natural disaster, drop in remittances, and/or a contraction in exports because of trade tensions would worsen the outlook, particularly given the absence of buffers and fragile social conditions. The challenge is to stabilize the macroeconomic situation in an unstable political context. The IMF Staff encourages the authorities to continue their efforts to contain the fiscal deficit and its monetary financing by the central bank. Improving domestic revenue collection and redirecting current spending would help create space for much needed social and capital expenditures. Together with steps to strengthen the central bank’s autonomy and legal framework, this would help reduce fiscal dominance.
International Monetary Fund
This paper examines Armenia’s 2004 Article IV Consultation, Sixth Review Under the Poverty Reduction and Growth Facility, and Request for Waiver of Performance Criteria. Armenia’s strong economic performance has been continuing in 2004. In January–September, the year-over-year rate of GDP growth was 10 percent, fueled by increases in agricultural production, housing construction, and services. Since mid-2003, banking sector performance has improved, and there has been a gradual return of confidence toward banks following the resolution of eight intervened banks.
International Monetary Fund
The staff report for the Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility on Georgia focuses on economic developments and policies. The fiscal situation deteriorated sharply in 2003, especially because of a weakening in expenditure management and in tax enforcement. Policy discussions focused on strategies to address the challenges inherited from the previous administration and to reinvigorate the reform drive. Georgia’s vulnerability to exogenous shocks and lingering tensions between central and regional authorities will continue to pose downward risks.
International Monetary Fund. European Dept.
This paper discusses Ukraine’s 2013 Article IV Consultation and First Post-Program Monitoring. The Ukrainian economy has been in recession since mid-2012, and the outlook remains challenging. In January–September 2013, GDP contracted by 1¼ percent year-over-year, reflecting lower demand for Ukrainian exports and falling investments. Consumer prices stayed flat, held down by decreasing food prices and tight monetary policy. The fiscal stance loosened in 2012–2013, contributing to the buildup of vulnerabilities. Ukraine remains current on all its payments to the IMF, and the authorities have reaffirmed their commitment to repay all outstanding IMF credit.
International Monetary Fund
This report provides an overview of the recent economic developments in Armenia by analyzing its output growth, prices, wages, employment, public finances and social safety net, monetary and exchange rate developments, balance of payments, external debt developments, and exchange and trade system. The study evaluates the tax system reforms; outlines the present structure of the energy and other major quasi-fiscal sectors, and reviews the causes of the financial imbalances. The appendix provides a characterization of the publicly-owned utility providers that contribute to the financial problems of the energy sector.
International Monetary Fund
This paper focuses on Georgia’s Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF), a Request for Waiver of Performance Criteria, and a Request for Rephasing of Disbursements. The IMF staff considers that recent strong macroeconomic performance in a difficult external environment and efforts to reestablish the momentum of key structural reforms warrant completion of the second review. The IMF staff supports authorities’ request for waivers of performance criteria and their request for higher disbursements.
International Monetary Fund
This report reviews the Kyrgyz Republic’s economic performance under Fund-supported programs from early 2005 to mid-2010. Two Fund-supported programs are assessed: the March 2005 Poverty Reduction and Growth Facility (PRGF, which expired in May 2008), and the December 2008 Exogenous Shock Facility (ESF, which expired in June 2010). Earlier Fund-supported programs were discussed in the Kyrgyz Republic’s first Ex Post Assessment (EPA), which was completed in November 2004. The assessment does not cover performance under the Rapid Credit Facility (RCF), which was approved by the Executive Board on September 15, 2010.