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International Monetary Fund

This Selected Issues paper for Canada presents comprehensive and broad-based analysis of the role of domestic and external shocks. Canada’s economic history illustrates the important role played by external as well as domestic macroeconomic disturbances. Canada’s economy slowed in 2001 because of the global slowdown, although by less than in many other countries. In 2003, the recovery has been interrupted by a series of shocks that moderated growth. Fluctuations in Canadian real GDP are explained by external and domestic cycles.

International Monetary Fund. External Relations Dept.

The widening and deepening fallout from the U.S. subprime mortgage crisis could have profound financial system and macroeconomic implications, according to the IMF’s latest Global Financial Stability Report (GFSR).

Mervyn L. Weiner

In its efforts to improve its development work in member countries, the World Bank has instituted an independent process of assessing project performance. This article describes the nature and function of the process and its major findings to date.

Mrs. Armida S. San Jose and Mr. Robert M Heath

Crises are often the product of unpleasant surprises. In the wake of the east Asian, Russian, and most recently Latin American crises, there is growing urgency to the search for the means to identify vulnerabilities before they erupt into disasters. In September, 32 experts from member countries and international agencies met at the IMF to discuss a preliminary draft of the IMF’s Compilation Guide on Financial Soundness Indicators. On the table: the types of data and compilation practices the IMF should encourage if countries are to develop stronger, more effective financial sectors.

International Monetary Fund. African Dept.

Lesotho’s economic growth has weakened compared with the earlier forecast, owing to adverse exogenous shocks. In 2011/12, despite weather-related shocks (floods), robust growth was maintained. To address these shocks, the authorities have sought external assistance. Lesotho continued to face the challenges in rebuilding its international reserve cushion. The authorities continued commitment to implement reforms in improving the business climate to support private sector-led growth and economic diversification. The authorities have also requested a waiver for the missed cumulative quantitative performance.

David J. Ordoobadi

Broadening global economic growth and low inflationary expectations have fostered an increasingly favorable environment for financial markets, according to the IMF’s September 2004 Global Financial Stability Report (GFSR). In mature markets, strong economic growth has boosted corporate and financial sector earnings, helped strengthen balance sheets, and improved credit quality. Emerging markets have also benefited from stronger growth prospects and credit quality, as well as easier access to external financing at relatively low cost. Still, more must be done to address structural sources of instability and increase resilience to shocks, and the currently favorable environment affords a useful opportunity to do just that.

International Monetary Fund. European Dept.

This 2013 Article IV Consultation for Albania focuses on economic developments and policies that have led to weakening and imbalance of the economy. It highlights that high nonperforming loans (NPLs) are constraining credit growth, and weak external drivers are preventing a sustained reduction in external imbalances. Reduction in NPLs would safeguard financial stability and help release credit supply constraints by lowering bank risk aversion. The authorities have requested a three-year arrangement with proposed access equivalent to SDR 295.42 million.

International Monetary Fund. African Dept.

Request for An Extended Arrangement Under the Extended Fund Facility-Press Release; and Statement by the Executive Director for Angola

International Monetary Fund. European Dept.

This paper discusses Albania’s Second and Third Reviews Under the Extended Arrangement and Request for Waiver for the Nonobservance of Performance Criterion, Waiver of Applicability of PCs, and Rephasing of Future Disbursements. The program is on track. All end-June, end-September, and available end-December quantitative PCs were met. However, the continuous PC on the accumulation of external arrears was not observed because of technical delay with one interest payment. The IMF staff supports the authorities’ request for the completion of the second and third reviews under the Extended Arrangement, waiver of applicability of PCs, and rephasing of future disbursements.

International Monetary Fund

Three years of broad-based economic recovery in Kenya brought GDP growth to nearly 6 percent in 2005/06, its highest in two decades. This 2006 Article IV Consultation focuses on how to sustain Kenya’s recent strong economic growth. It argues that this would require accelerating structural reforms and upgrading infrastructure, while preserving macroeconomic stability. The report recommends completion of the Second Review under the Poverty Reduction and Growth Facility (PRGF) arrangement, extension of the arrangement to November 20, 2007, and a reduction and rephasing of access.