The Australian government registered strong financial performance during the period under review. There was an increase in net worth owing to transactions, as measured by the net operating balance (NOB). These resources enabled the government to reduce its net liabilities and, to a lesser extent, acquire financial assets on a net basis. The Australia pilot study is...

The Australian government registered strong financial performance during the period under review. There was an increase in net worth owing to transactions, as measured by the net operating balance (NOB). These resources enabled the government to reduce its net liabilities and, to a lesser extent, acquire financial assets on a net basis. The Australia pilot study is...

This 2008 Article IV Consultation highlights that the financial market turbulence has exposed vulnerabilities in the German financial system. The German consumer’s conservatism under the current uncertain conditions will amplify the export slowdown, and investment decisions are likely to be postponed. Executive Directors have welcomed the German authorities’ contin...

Countries receiving debt relief under the Heavily Indebted Poor Countries initiative will be among the first to benefit from the new World Bank -- International Monetary Fund approach to strengthening the impact on poverty of concessional assistance in low-income countries. The new approach features a more inclusive and participatory process for helping recipient c...

Russia’s large oil and gas reserves play a key role in its economic development. As with many other large oil exporters, Russia’s energy wealth is also posing numerous challenges to macroeconomic management. Although fiscal policy has saved a large part of the oil windfall in the Oil Stabilization Fund (OSF), this has not been guided by a consistent long-term frame...

Russia’s large oil and gas reserves play a key role in its economic development. As with many other large oil exporters, Russia’s energy wealth is also posing numerous challenges to macroeconomic management. Although fiscal policy has saved a large part of the oil windfall in the Oil Stabilization Fund (OSF), this has not been guided by a consistent long-term frame...