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This paper discusses key findings of the First Review Under the Stand-By Arrangement for Guatemala. The fiscal deficit is increasing owing to a sharp decline in revenues, associated with the contraction in imports and domestic demand. The policy interest rate has been cut. All quantitative performance criteria through June have been met. Inflation has fallen below the consultation band set in the program, triggering a consultation with IMF staff. Fiscal policy needs to continue striking a balance between avoiding a procyclical stance and maintaining debt sustainability.

Banks and Banking --- Foreign Exchange --- Inflation --- Macroeconomics --- Public Finance --- Industries: Financial Services --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Debt --- Debt Management --- Sovereign Debt --- Public Enterprises --- Public-Private Enterprises --- Price Level --- Deflation --- Fiscal Policy --- General Aggregative Models: General --- Banking --- Public finance & taxation --- Civil service & public sector --- Currency --- Foreign exchange --- Finance --- Public sector --- Public debt --- Private debt --- Economic sectors --- Prices --- Fiscal policy --- Government debt management --- Public financial management (PFM) --- Banks and banking --- Debts, Public --- Finance, Public --- National income --- Guatemala

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The sharp global recession has been taking a toll on the St. Kitts and Nevis economy. The staff report examines the St. Kitts and Nevis 2009 Article IV Consultation and request for Emergency Natural Disaster Assistance. Economic activity has weakened markedly, particularly in tourism and foreign direct investment (FDI)-related construction, the drivers of growth in recent years. The drop-off in tourism receipts, FDI, and other capital flows could lead to a worsening of the balance-of-payments position.

Banks and Banking --- Public Finance --- Industries: Financial Services --- Industries: Hospital,Travel and Tourism --- Natural Disasters --- Debt --- Debt Management --- Sovereign Debt --- Climate --- Natural Disasters and Their Management --- Global Warming --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Sports --- Gambling --- Restaurants --- Recreation --- Tourism --- Foreign Aid --- Public finance & taxation --- Natural disasters --- Banking --- Hospitality, leisure & tourism industries --- International economics --- Public debt --- Commercial banks --- Government debt management --- Environment --- Financial institutions --- Economic sectors --- Public financial management (PFM) --- Debts, Public --- Banks and banking --- International relief --- St. Kitts and Nevis

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The effectiveness of recent fiscal stimulus packages significantly depends on the assumption of non-Ricardian savings behavior. We show that, under the same assumption, fiscal deficits can have worrisome implications if they turn out to be permanent. First, if they occur in large countries they significantly raise the world real interest rate. Second, they cause a short run current account deterioration equal to around 50 percent of the fiscal deficit deterioration. Third, the longer run current account deterioration equals almost 75 percent for a large economy such as the United States, and almost 100 percent for a small open economy.

Political Science --- Law, Politics & Government --- Public Finance --- Finance, Public --- Debts, Public. --- Accounts current. --- Fiscal policy. --- Econometric models. --- Tax policy --- Taxation --- Account current --- Running accounts --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Cameralistics --- Public finance --- Government policy --- Economic policy --- Accounts --- Financial statements --- Debt --- Bonds --- Deficit financing --- Currency question --- Public finances --- Banks and Banking --- Exports and Imports --- Interest Rates: Determination, Term Structure, and Effects --- Debt Management --- Sovereign Debt --- Current Account Adjustment --- Short-term Capital Movements --- Finance --- Public finance & taxation --- International economics --- Real interest rates --- Government debt management --- Current account --- Current account deficits --- Interest rates --- Debts, Public --- Balance of payments --- United States

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This paper discusses key findings of the Second Review under the Stand-By Arrangement for Hungary. All end-March 2009 quantitative performance criteria and the continuous performance criterion on nonaccumulation of external arrears were met, as well as the end-March indicative target on central government debt. The end-March structural performance criteria related to pension reform and government lending to banks were met. The structural performance criterion on amendments to the Financial Stability Act was not fully met but, on the basis of the corrective action taken, IMF staff supports the authorities’ request for a waiver.

Economic assistance. --- International Monetary Fund. --- Macroeconomic. --- Banks and Banking --- Exports and Imports --- Macroeconomics --- Public Finance --- Taxation --- Money and Monetary Policy --- Foreign Exchange --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Debt --- Debt Management --- Sovereign Debt --- International Lending and Debt Problems --- Fiscal Policy --- Taxation, Subsidies, and Revenue: General --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Public finance & taxation --- Banking --- International economics --- Monetary economics --- Currency --- Foreign exchange --- External debt --- Public debt --- Government debt management --- Fiscal stance --- Credit --- Money --- Currencies --- Banks and banking --- Debts, Public --- Debts, External --- Fiscal policy --- Tax administration and procedure --- Hungary

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The Latvian authorities have strengthened their intervention capacity, financial supervision, and monitoring framework, and have taken steps to contain risks in Parex Bank. The staff report reviews the Republic of Latvia’s economic developments and policies. Substantial progress has been achieved in stabilizing the financial sector. The collapse in output has revealed significant underlying fiscal weaknesses that risk leading to unsustainable deficits in the absence of strong corrective measures. The deeper downturn is also in part explained by the much worse-than-projected international environment.

Economic development. --- International finance. --- International Monetary Fund. --- Banks and Banking --- Budgeting --- Exports and Imports --- Macroeconomics --- Public Finance --- Taxation --- Debt --- Debt Management --- Sovereign Debt --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- National Budget --- Budget Systems --- Fiscal Policy --- International Lending and Debt Problems --- National Government Expenditures and Related Policies: General --- Public finance & taxation --- Banking --- Budgeting & financial management --- International economics --- Property & real estate --- Public debt --- Budget planning and preparation --- Fiscal stance --- External debt --- Public financial management (PFM) --- Government debt management --- Fiscal policy --- Debts, Public --- Banks and banking --- Budget --- Debts, External --- Expenditures, Public --- Hong Kong Special Administrative Region, People's Republic of China