Reform efforts continued to dominate over the last month. Though administrative reform and anti-corruption legislation have demonstrated at least nominal progress, the crucial pension reform is effectively stuck. Though the president declared his determination to resolve the pension problem, the IMF has now put the scheduled March transfer payment on hold thus resurrecting currency risk over the mid-term perspective. More about recent tendencies you can read in our new report “IMF Funding at Risk”. The full report could be obtained through subscription at Global Source (www.globalsourcepartners.com). Trial access is available.