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Intro -- CONTENTS -- BELGIAN HOUSE PRICES: EVOLUTION AND RISKS -- A. Are House Prices Overvalued and by How Much? -- B. What are the Factors that Could Trigger a Rapid Adjustment? -- C. What Would be the Effect of a House Price Shock on the Real Economy? -- D. Policy Risks and Recommendations -- E. Conclusion -- BOXES -- 1. Regression Based Overvaluation -- 2. House Prices and the Real Economy -- FIGURES -- 1. Belgium: House Price Developments -- 2. Household Balance Sheet and Real Factors -- 3. Belgian Mortgage Lending -- TOWARD A GROWTH-FRIENDLY FISCAL CONSOLIDATION IN BELGIUM -- A. Belgium's Record of Fiscal Consolidation -- B. A Growth-Friendly Expenditure-Based Fiscal Consolidation in Belgium -- C. Implications for the Burden-Sharing Agreement between Levels of Governments -- D. Conclusion -- FIGURES -- 1. Fiscal Consolidation Efforts, 1995-2013 -- 2. Belgian Tax Primer -- 3. Options for a Lasting, Growth and Equity-Friendly Fiscal Consolidation -- 4. Potential for Rebalancing the Tax System -- 5. General Government Spending, 1995-2013 -- 6. General Government Social Spending, 1995-2013 -- 7. Fiscal Cost of Business Subsidies, 1995-2013 -- 8. Employee Compensation, 2002-13 -- 9. Fiscal Federalism -- TABLES -- 1. Announced Fiscal Measures, 2015-18 -- 2. Public Social Expenditure by Broad Social Policy Area in 2010 -- APPENDIX -- I. Reforms of Unemployment Benefits and Pension (2010-15) -- REFERENCES -- References.

This Selected Issues paper assesses the efficiency of public spending on health and education in Hungary, with a view to identifying potential efficiency gains and areas for reforms so as to lock in such gains. The paper finds potentially large room for efficiency gains over the medium term, particularly in the health sector. A frontier analysis using data envelopment methodology, suggests that savings from efficiency gains in the health and education sectors could amount up to about 3 percentage points of GDP over the medium term, of which 90 percent could be achieved from efficiency gains in

KEY ISSUES Iceland's otherwise strong and stable economic position looks likely to be disrupted by significant wage hikes. Collective wage bargaining looks headed for economy-wide cumulative 3½-year nominal wage growth of 20-25 percent, along with fiscal measures costing ½ percent of GDP annually to help break an impasse between social partners. With a closed output gap and modest productivity gains, this would propel inflation well above the Central Bank of Iceland's (CBI) 2.5 percent target, generate budget pressures, erode competitiveness, and slow capital account liberalization. A decisive

Cover Page -- Title Page -- Copyright Page -- Contents -- ANNEXES -- TABLES -- FIGURES -- BOXES -- BACKGROUND -- A. Context -- B. Recent Developments -- 1. Recent Developments in Demand and Labor -- 2. Price and Exchange Rate Developments -- 3. Monetary Policy Developments -- 4. Fiscal Policy Developments and Outlook -- 5. External Sector Developments and Outlook -- 6. Banking Sector Developments -- 7. Financial Sector Developments -- 8. Private Sector Deleveraging -- C. Outlook and Risks -- POLICY DISCUSSIONS: RETURNING TO NORMALCY -- A. Monetary and Exchange Rate Policy: A Difficult Juncture -- B. Fiscal Policy: Supporting Higher Potential Growth -- C. Financial Sector: Reinforcing Resilience -- D. Structural Reforms -- E. Capital Account Liberalization: A Renewed Push -- POST-PROGRAM MONITORING -- STAFF APPRAISAL -- 1. Iceland's Recovery: A Report Card -- 2. The Medium-Term Fiscal Strategy -- 1. Selected Economic Indicators, 2011-16 -- 2. Money and Banking, 2011-16 -- 3. Medium-Term Projections, 2013-20 -- 4. Balance of Payments, 2011-20 -- 5. General Government Operations, 2011-20 -- 6. Financial Soundness Indicators, 2012-14 -- 7. Indicators of Fund Credit, 2008-16 -- I. Risk Assessment Matrix -- II. Authorities' Responses to 2013 IMF Article IV Consultation Recommendations -- III. Debt Sustainability Analyses -- Footnotes -- Iceland: 2014 Article IV Consultation and Fifth Post-Program Monitoring Discussions-Staff Report -- Press Release -- and Statement by the Executive Director for Iceland -- Iceland: Staff Report for the 2014 Article IV Consultation and Fifth Post-Program Monitoring Discussions-Informational Annex -- IMF Executive Board Concludes 2014 Article IV Consultation and Fifth Post-Program Monitoring Discussion with Iceland

Cover Page -- Title Page -- Copyright Page -- Contents -- BOX -- FIGURES -- FIGURES -- APPENDIX -- FIGURES -- TABLE -- FIGURES -- TABLE -- FIGURES -- FIGURES -- TABLE -- FIGURES -- FIGURES -- TABLES -- FIGURES -- TABLE -- A. External Sector Development -- 1. Balance of Payment Characteristics 2000, 2005 and 2010-19 -- B. Model-Based Assessment -- 2. Results of the Equilibrium Real Exchange Rate Assessment -- Model-Based Real Effective Exchange Rate Assessments -- C. Broader Competitiveness Indicators -- 3. Doing Business Ranking, 2014 -- 4. Now Niger Ranks on Doing Business Topics, 2014 -- 5. The Main Obstacles for Doing Business -- D. Conclusion -- EXTERNAL STABILITY ASSESSMENT -- 1. Baseline vs. Aggressive Public Investment Plans under the Baseline Natural Resource GDP Scenario -- 2. Baseline vs. Aggressive Public Investment Plans under the Adverse Natural Resource GDP Scenario -- Key Model Equations -- REFERENCES -- NATURAL RESOURCE BOOM FOR NIGER: FROM PUBLIC INVESTMENT TO SUSTAINABLE ECONOMIC GROWTH -- A. Recent Fiscal Situation -- 1. Correlation of Resource Revenue, Expenditure, and Output Gap -- 2. Cross-Country Comparison of Pro-Cyclicality of Fiscal Policy in WAEMU+Countries (2008-14) -- B. Level and Efficiency of Spending-Cross-Country Comparison -- 3. Composition of Spending in Initial Budget Law -- 4. Selected Social Indicators (Education) -- 5. Growth Impacts of the Level of Expenditure and Educational Attainment -- 1. Decomposition of Output per Worker -- C. Development Needs and Strategy -- 2. Budget Allocation and Execution of Social Spending -- D. Policy Recommendations -- REFERENCES -- FISCAL POLICY AND DEVELOPMENT: SPENDING PRIORITY IN NIGER -- A. Introduction -- B. Overview of the Energy Sector -- 1. WAEMU: Total Electricity Net Consumption, 2007-11 -- 2. Energy Intensity versus Primary Energy Consumption, 1980-2011

In spite of the implementation of measures to strengthen public financial management during the last quarter of 2014, the performance criteria (PC) for end-2014 relating to gross tax revenue and bank and market financing of the government were not met owing to administrative weaknesses at the customs administration and a conflict with importers. However, following the increase in oil product taxation and steps to implement results-based management at the tax and customs administration, tax revenue was back on track at end-March 2015

This paper presents an Ex Post Evaluation of the 2010 Extended Fund Facility (EFF)arrangement with Ireland. The Fund approved in December 2010 an exceptional access EFFarrangement for SDR 19.466 billion (2,321.8 percent of quota) in support of Ireland's home-grownprogram and as part of a broader financing package of Ireland and its European partners.The program focused on addressing the Irish banking crisis to break the adverse feedbackloop between banks, the sovereign, and the real sector. It aimed to restore the banking systemto health, including by establishing a smaller banking sector with

Cover Page -- Contents -- ENCADRÉS -- GRAPHIQUES -- GRAPHIQUES -- GRAPHIQUES -- ENCADRÉS -- GRAPHIQUES -- TABLEAUX -- GRAPHIQUES -- ENCADRÉS -- GRAPHIQUES -- GRAPHIQUES -- TABLEAUX -- INTRODUCTION -- 1. Principales conclusions et recommandations -- A. Antécédents internationaux -- 1. Pays comparateurs et pays très endettés1 -- B. Promotion des exportations et de la qualité des produits d'exportation, et expansion vers de nouveaux marchés -- 2. Échanges bilatéraux de marchandises : États-Unis - Sénégal -- 3. Projections de croissance du PIB réel selon différentes hypothèses de multiplicateur budgétaire -- C. Remédier aux contraintes au niveau de l'offre -- D. Promotion d'une croissance inclusive -- 4. Facteurs de prolongation des périodes de croissance positive -- 5. Vulnérabilité aux effets de contagion de l'économie mondiale -- RÉALISATION DE L'OBJECTIF DE CROISSANCE DU PSE -- A. Résultats budgétaires de la décennie écoulée -- 1. Évolution des dépenses et des recettes au Sénégal, 2000-14 -- 2. Augmentation des postes de dépenses, 2003-14 -- 3. Masse salariale en pourcentage des recettes, 2014 -- 4. Composition de la masse salariale, 2002-13 -- 5. Composition des dépenses d'équipement, 2009-13 -- B. Défis pour les finances publiques dans le cadre du PSE -- 6. Composition des dépenses publiques prévue par le PSE, 2014-18 -- 7. Ecart entre le budget approuvé et les résultats -- C. Renforcement des finances publiques et du cadre budgétaire Sénégalais -- 8. Indice global des institutions budgétaires -- 9. Composantes de l'indice des institutions budgétaires -- D. Conclusions et recommandations -- CONSOLIDATION DU CADRE BUDGÉTAIRE SÉNÉGALAIS -- A. Compte des transactions courantes et déficits jumeaux -- 1. Déficit courant et déficit budgétaire (en pourcentage du PIB) -- B. Résultats des exportations

Cover Page -- Title Page -- Copyright Page -- Contents -- APPENDIXES -- TABLES -- FIGURES -- BOX -- BACKGROUND AND RECENT DEVELOPMENTS -- 1. Recent Economic Developments -- 2. Monetary and Financial Developments -- 1. Selected Economic and Financial Indicators, 2013-16 -- 2. Balance of Payments, 2013-16 -- 3a. Fiscal Operations of the Central Government, FY2013-16 (Millions of U.S. dollars) -- 3b. Fiscal Operations of the Central Government, FY2013-16 (Percent of GDP) -- 4. Monetary Survey, 2013-16 -- 5. Financial Soundness Indicators, 2012-September 2014 -- PERFORMANCE UNDER THE ECF PROGRAM -- 6. External Financing Requirements and Sources, 2013-16 -- 7. Quantitative Performance Criteria and Indicative Targets, 2013-14 -- 8. Structural Benchmarks for the Fourth Review, End-June 2014 -- POLICY CHALLENGES -- A. Macroeconomic Outlook and Risks -- B. Fiscal Policy Response to the Ebola Outbreak -- C. Monetary and Financial Sector Policies -- REQUESTS FOR DISBURSEMENT UNDER THE RAPID CREDIT FACILITY AND DEBT RELIEF UNDER THE CATASTROPHE CONTAINMENT AND RELIEF TRUST -- 9. Indicators of Capacity to Repay the Fund, 2014-25 -- STAFF APPRAISAL -- 1. Impact of Ebola Outbreak -- 1. Letter of Intent -- 2. Debt Sustainability Analysis -- Footnotes -- Liberia: Request for Disbursement Under the Rapid Credit Facility and Debt Relief Under the Catastrophe Containment and Relief Trust -- IMF Executive Board Approves US 45.6 Million Disbursement under the Rapid Credit Facility and US 36.5 Million in Debt Relief Under the Catastrophe Containment and Relief Trust for Liberia

EXECUTIVE SUMMARY Economic developments have been encouraging. The recession in 2014 was milder than expected and GDP growth was positive in the first quarter of 2015 for the first time in almost four years. The fiscal outturns have exceeded program projections by a large margin. Liquidity and solvency in the banking system have improved, allowing the removal of all external payment restrictions. Program performance has been generally strong. Compliance with quantitative conditionality has been good and the authorities have advanced structural reforms. The reviews were held up by delays in est

Cover -- CONTENTS -- POTENTIAL OUTPUT AND IMMIGRATION IN NORWAY -- A. Introduction -- B. Immigration and Economic Cycles -- C. Estimating Potential Output Using Standard Approaches -- D. "Immigration Neutral" Potential Output -- E. Conclusion -- BOXES -- 1. Experience of Immigration Patterns from Spain and United Kingdom -- 2. Technical Details of Immigration Neutral Estimation -- FIGURES -- 1. Labor Market Indicators: Cross-Country Comparison -- 2. Net Migration to Norway from Selected Countries -- REFERENCES -- PRODUCTIVITY GROWTH IN NORWAY -- A. Introduction

KEY ISSUESSetting: Namibia's positive growth record over the years has raised overall incomes and led to positive economic outcomes. However, growth has not translated into sufficient job creation contributing to persistently high unemployment and income inequality.Outlook and risks: Real GDP growth is expected to moderate to 4 percent in 2013 from 5 percent in 2012 reflecting weak global demand for exports partially offset by solid growth in domestic demand. The uncertain global environment and a possible delay in finalizing negotiations for the Economic Partnership Agreement (EPA) with the E

OVERALL ASSESSMENT This Report on the Observance of Standards and Codes (ROSC)?Data Module is areassessment of the exercise conducted in 1999?mid-2000, which was based on informationcollected during a November 1999 mission and used the dimensional structure of the firstJuly 2000 draft version of IMF's Data Quality Assessment Framework (DQAF). Thisreassessment covers national accounts, and consumer (CPI) and producer price indices (PPI). TheUruguayan agencies that compile and disseminate these datasets are: the Central Bank of Uruguay(CBU) for national accounts and the National Institute of St

This paper discusses Iceland''s Fourth Post-Program Monitoring Discussions. Iceland''s economy has grown strongly on the back of booming tourism. Real GDP grew 3.3 percent in 2013, despite a drop in investment spending. Net exports were the primary driver. High frequency indicators suggest strong net exports—including steady growth in off-season tourism—have continued in Q1 2014, along with rising private consumption. Inflation has fallen below the Central Bank of Iceland''s 2.5 percent target but long-term inflation expectations remain noticeably above this level. The government''s medium-ter