Mr. Christian Mumssen, Yasemin Bal Gunduz, Mr. Christian H Ebeke, and Ms. Linda Kaltani
This paper studies the short and longer-term impact of IMF engagement in Low-Income Countries (LICs) over nearly three decades. In contrast to earlier studies, we focus on a sample composed exclusively of LICs and disentangle the different effects of IMF longer-term engagement and short-term financing using a propensity score matching approach to control for selection bias. Our results indicate that longer-term IMF support (at least five years of program engagement per decade) helped LICs sustain economic growth and boost resilience by building fiscal buffers. Interestingly, the size of IMF financing has no significant impact on economic growth, possibly pointing to the prominent role of IMF policy advice and institutional capacity building in the context of longer-term engagement. We also present evidence that the short-term IMF engagement through augmentations of existing programs or short-term and emergency facilities is positively associated with a wide range of macroeconomic outcomes. Notably, the IMF financial support has the greatest impact on short-term growth when LICs are faced with substantial macroeconomic imbalances or exogenous shocks.
The statistical data on real gross domestic product, agricultural products, indicators of economic activity, consumer price index, population and labor market of Tonga has been detailed. The data on central government revenue, and current expenditure, national debt, Tonga trust fund, public sector enterprises, monetary survey, accounts of the national reserve bank, bank credit by sector, accounts of the Tonga development bank, interest rate structure, exports by major commodity, imports by commodity, category, and sector, external debt and debt service, and related economic indices have been presented.
This report provides the IMF's projections and estimates on Tonga's real and nominal gross domestic product by sector of origin; production of manufactured goods; tourism statistics; central government fiscal operations and revenue; central government current expenditure by economic and functional classifications; monetary survey; Tonga trust fund; banking survey; accounts of the national reserve bank of Tonga; accounts of the Tonga development bank; balance of payments summary; public debt outstanding; interest rate structure during 1996/97–2000/01; public enterprise sector; and so on.
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.