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Hungary : Ex Post Evaluation of Exceptional Access Under the 2008 Stand-By Arrangement.
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ISBN: 146232942X 1462345573 1283571099 9786613883544 1462327400 Year: 2011 Publisher: Washington, D.C. : International Monetary Fund,

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The program was successful in strengthening the economy and stabilizing market conditions, although part of the fiscal achievements were reversed after the program lapsed. The 2008 Stand-By Arrangement (SBA) with Hungary successfully stabilized financial market conditions and strengthened the economy through sizable fiscal consolidation and important structural reforms, despite significant challenges. The program was a successful example of joint collaboration between the authorities, the EU, and the IMF, setting an important precedent for future joint programs. Much of the structural fiscal adjustment has since been reversed.


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Costa Rica : Ex Post Evaluation of Exceptional Access Under the 2009 Stand-By Arrangement.
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ISBN: 146236070X 145529568X 1283569604 9786613882059 1455293660 Year: 2011 Publisher: Washington, D.C. : International Monetary Fund,

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This report reviews Costa Rica’s performance under the Stand-By Arrangement. At the time of the global crisis, Costa Rica’s macroeconomic policy framework was constraining policy options. The financial program’s design was consistent with its policies and objectives. Structural reforms during the program period were slow, and fiscal risk increased. The program’s design reflected the challenges and priorities that Costa Rica faced at that time, as well as policy constraints. Program conditionality focused on maintaining sufficient buffers in the form of foreign exchange reserves.


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Ukraine : Ex Post Evaluation of Exceptional Access Under the 2008 Stand-By Arrangement.
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ISBN: 1463986203 1463925859 1283551527 9786613863973 1463953402 Year: 2011 Publisher: Washington, D.C. : International Monetary Fund,

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Ukraine was one of the countries hardest hit by the global economic and financial crisis; it was also one of the first countries supported by a Stand-By Arrangement (SBA). The Ex Post Evaluation of Exceptional Access Under the 2008 SBA reveals that the achievement of program objectives was mixed, with core short-term objectives largely met, but little progress made toward meeting medium-term objectives. The banking system stabilized, the current account adjusted quickly, social arrears and sovereign default were avoided, and a gradual economic recovery started from mid-2009.


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Zambia : Ex Post Assessment of Longer-Term Program Engagement: Update.
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ISBN: 1463900228 1463901089 1283560119 9786613872562 1463901208 Year: 2011 Publisher: Washington, D.C. : International Monetary Fund,

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Despite improved economic growth, poverty in Zambia remained formidable and called for fiscal consolidation to contain the domestic debt and interest payments that jeopardized macroeconomic stability and social spending. Macroeconomic outcomes during ECF-2 were particularly strong. The global financial crisis significantly affected copper prices. Laying the groundwork to sustain low inflation, infrastructure development, mobilizing domestic revenues, and financial sector development are priority areas for future programs. A well-articulated medium-term economic program would help Zambia to strengthen resilience and raise growth rates.


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Determinants of Development Financing Flows From Brazil, Russia, India, and China to Low-Income Countries
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ISBN: 1463991444 1463968485 1283558874 9786613871329 1463976364 Year: 2011 Publisher: Washington, D.C. : International Monetary Fund,

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BRICs development financing flows have increased significantly and are expected to become more prominent in the post-crisis era. We investigate the potential implications on the country-allocation of loan commitments and the degree of concessionality using a panel vector autoregression model and single equation dynamic panel estimation.We find that BRICs lend more to LICs with weaker institutions. Land-locked, resource-scarce LICs receive significantly less financing than other resource-rich LICs. The degree of concessionality is negatively correlated with the amount of loans and positively correlated with better institutional indicators suggesting that the higher the risks, the higher the required returns that BRICs expect.


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Republic of Serbia : Request for Stand-by Arrangement: Staff Report; Staff Statement; Press Release; and Statement by the Executive Director for the Republic of Serbia.
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ISBN: 1463976356 1463971109 1283551624 9786613864079 1463967829 Year: 2011 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

Serbia’s transition to a more sustainable growth model remains incomplete and fragile. A precautionary Stand-By Arrangement (SBA) has been requested to insure against external risks and to provide a policy anchor. The program represents a prudent step in the present uncertain global and regional environment. However, without improving Serbia’s difficult investment climate, the economy cannot deliver sustainable growth. Executive Directors expect that a steadfast program implementation along with responsiveness to new adverse developments will lead the Serbian economy to overcome its present difficulties.


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Republic of Belarus : Ex Post Evaluation of Exceptional Access Under the 2009 Stand-By Arrangement.
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ISBN: 1462331424 146233444X 1283566702 9786613879158 1455255319 Year: 2011 Publisher: Washington, D.C. : International Monetary Fund,

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Belarus was hard hit by the global economic crisis. An exceptional access Stand-By Arrangement (SBA) was, therefore, agreed in early 2009. The program was generally successful and most program conditions were met. The program was overall well designed, but with some shortcomings. While in part owing to external shocks, those problems experienced under the program also reflected rapid directed lending. Lessons from the review are many, the main one is the criticality of incorporating fully ownership, including at the highest levels, in program design and conditionality.


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Romania : First Review under the Stand-By Arrangement and Request for Modification of Performance Criteria—Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Romania.
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ISBN: 1462356664 1462319335 1283565005 9786613877451 1455292664 Year: 2011 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

Romania’s economy has stabilized and growth is now resuming. The financial program’s objectives include structural reforms in the energy and transport sectors, and restructuring and privatization of state-owned enterprises (SOEs). The macroeconomic outlook is expected to improve in 2011–12 with a gradual pickup in growth, a stable current account, and inflationary pressures that are still high but will begin to recede after mid-2011. The authorities are also focusing on reducing the arrears of the rest of the public sector.

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