Malta’s financial sector has so far weathered the global turmoil relatively unscathed; the real economy has been decelerating since the last quarter of 2008. The staff report for Malta’s 2009 Article IV Consultation underlies economic developments and policies. The fiscal position deteriorated sharply in 2008, owing to one-offs and spending slippages. The current account deficit improved to 5½ percent of GDP. The immediate goal for fiscal policy should be to mitigate the negative spillovers on activity from the global crisis without compromising the already fragile public finances.
Comoros faces significant economic and political challenges. The fiscal priorities are to restore revenues and curtail spending so that domestic arrears can be reduced and the program brought back on track. Clearing external arrears is a key hurdle to debt sustainability. Improvements to the investment climate are critical for attracting foreign direct investment. Financial sector development is needed to support private sector growth and economic diversification. If implemented successfully, the government’s policies could be the basis for a Poverty Reduction and Growth Facility arrangement.
This Report on the Observance of Standards and Codes Data Module provides a review of Bulgaria’s data dissemination practices against the IMF’s special data dissemination standard, complemented by an in-depth assessment of the quality of the national accounts, consumer price index, producer price index, government finance, monetary, and balance-of-payments statistics. Bulgaria has adopted a restructuring program, aimed at stabilization and significant improvements in fiscal and monetary statistics. Bulgarian statistics have been relevant, consistent, and available on a timely basis with good frequency.
This paper focuses on the Fourth Review for Sierra Leone under the Poverty Reduction and Growth Facility. Program performance in the second half of 2008 was mixed. Although economic activity slowed in the last quarter, real GDP grew at an estimated 5.5 percent for the year. A key challenge is to mobilize more domestic revenue by strengthening tax administration and broadening the tax base. The authorities are also moving to make the National Revenue Authority more efficient and raise taxpayer compliance.
The 2011 Article IV Consultation report discusses the Cypriot economy, which faces strong headwinds and downside risks owing to financial turbulence in the euro area and the large exposure of Cypriot banks to Greece. Executive Directors noted that Cyprus faces daunting economic challenges in the face of faltering external demand and worsening domestic financial conditions. Directors urged the authorities to act forcefully to restore sound public finances and safeguard the stability of the banking system.
International Monetary Fund. Western Hemisphere Dept.
This 2013 Article IV Consultation highlights that the economy of Trinidad and Tobago is poised for a modest recovery in 2013, after disappointing growth in 2012 that was owing to largely supply constraints, including maintenance operations in the energy sector and an industrial dispute in the nonenergy sector. The IMF staff projects real GDP growth of some 1.5 percent in 2013, with risks slightly to the downside, should development spending be under-executed. Headline inflation rose to 9.3 percent in 2012. Executive Directors welcomed the signs of economic recovery, fueled by growth of the nonenergy sector.
The 2012 Article IV Consultation on Mauritius reports that the outlook for growth and inflation is broadly positive, although growth is likely to slow somewhat to below 4 percent. The cyclical component of Mauritius’ fiscal balance is projected to be small. A less expansionary fiscal stance than currently projected by IMF staff would contribute to building policy buffers and reducing relatively high debt levels. In the event of a deterioration in the external environment, automatic stabilizers should be allowed to work, and limited fiscal stimulus could also be considered.
This 2011 Article IV Consultation highlights that the economy of Trinidad and Tobago is turning the corner, and growth is expected to resume in 2012 after an extended slowdown lasting three years. Real economic activity is expected to increase by 1.7 percent in 2012 as the nonenergy sector picks up momentum with the acceleration of government investment. Executive Directors have welcomed the signs of economic recovery following a prolonged slowdown, and commended the authorities for implementing supportive policies, aided by ample buffers, which had helped maintain stability.