Mr. Dmitry Gershenson, Mr. Albert Jaeger, and Mr. Subir Lall
In 2011, following years of large-scale external imbalances financed by debt, Portugal’s economy reached a crisis point. To restore economic growth and credibility with international lenders, the country embarked on a difficult path of fiscal adjustment and structural reforms. By many metrics, Portugal’s 2011–14 macroeconomic stabilization program has been a success, but going forward Portugal would benefit from policies to reduce vulnerabilities, absorb labor slack, and generate sustainable growth.
Pursuant to Section III, Paragraph 2 of the Instrument to Establish the Enhanced Structural Adjustment Facility Trust, the International Monetary Fund, in its capacity as Trustee of that Trust, approves the agreement for borrowing from the Government of Canada in terms of the draft agreement set out in the attachment to EBS/95/52 (3/24/95), and authorizes the Managing Director to take such action as is necessary to conclude and implement the agreement.
The Fund as Trustee of the ESAF Trust shall refrain from making further drawings under a borrowing agreement for the Loan Account of the ESAF Trust that was entered into before November 30, 1993 if any principal amount under that agreement is not paid within ten days after the due date, pending consultation with the creditor, provided however, that the Trustee may resume drawings under the agreement once arrears to the creditor have been paid.
1. Pursuant to Article V, Section 2(b), as set forth in the letter of the National Bank of Belgium (the “Bank”) dated April 19, 1994 (Annex I), the Fund amends the “Administered Account Belgium” established with the International Monetary Fund pursuant to Executive Board Decision No. 8933-(88/117) ESAF, adopted July 27, 1988. The proposed amended Instrument, to allow for a further deposit, is set out in the attachment to the letter of the Bank.
1. Pursuant to Article V, Section 2(b), at the request of the Bank of Botswana (the “Bank”) as set forth in its letter dated May 19, 1994 (Annex I), the Fund adopts the Instrument to establish an account for the administration by the Fund of the deposit to be provided by the Bank on the terms and conditions set forth in the Instrument that is annexed to this decision (Attachment to Annex I).
Pursuant to Section IV, Paragraph 3 of the Instrument to Establish the Enhanced Structural Adjustment Facility Trust, the International Monetary Fund, in its capacity as Trustee of that Trust, approves the draft agreement and promissory note for an investment by the Bank Negara Malaysia with the Subsidy Account of the Trust as set out in Attachments I and II to EBS/94/135, and authorizes the Managing Director to take such action as is necessary to conclude and implement the agreement and issue the promissory note.
This 1999 Article IV Consultation highlights that real GDP growth in Malta in 1997 and 1998 continued the declining trend. The contribution to demand from net exports offset weaker growth of real consumption and investment. Export volumes rose by 3 percent and 5 percent in 1997 and 1998, respectively, with machinery exports performing particularly strongly, while import volumes contracted in 1997 by 4 percent before rising by 2½ percent in 1998. Import behavior mirrored that of domestic demand, which slowed as the growth of household consumption fell to below 1 percent in 1997 and 1998.
This 2005 Article IV Consultation highlights that Malta’s economic growth languished in 2004 for a fourth consecutive year. Slow growth reflected the weakness of, and increasing competition in, Malta’s export markets, as well as domestic factors. The slowdown had begun with shocks to the key sectors, and was reinforced by slow growth in Malta’s trading partners and by recent oil price rises. Although growth was weak, the fiscal balance was improved substantially in 2004, and parastatal reform gathered steam.