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International Monetary Fund. External Relations Dept.

An IMF mission visited Tbilisi in late October to conduct the first review under Georgia’s 18-month, $750 million Stand-By Arrangement (SBA) and confirmed that end-September targets for international reserves, net domestic assets of the central bank, and the overall fiscal deficit were met.

International Monetary Fund
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.
International Monetary Fund
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.
International Monetary Fund
The statistical data on the progress in transition, value-added in the main production sectors, industrial production, output of selected industrial and manufacturing products, consumer and producer prices, energy prices, average wages, labor market, export and import of goods to CIS and non-CIS countries with regard to the Kyrgyz Republic have been presented in this paper. The paper also presents the direction of trade, production, imports, and exports of energy products, external public debt, summary of state government operations, and related economic indices of the country.
International Monetary Fund. Research Dept.
This paper analyzes portfolio diversification, leverage, and financial contagion. It studies the extent to which basic principles of portfolio diversification explain “contagious selling” of financial assets when there are purely local shocks. The paper demonstrates that the elementary portfolio theory offers key insights into “contagion.” Most important, portfolio diversification and leverage are sufficient to explain why an investor will find it optimal to significantly reduce all risky asset positions when an adverse shock impacts just one asset.
International Monetary Fund
This paper reviews economic developments in the Republic of Uzbekistan during 1992–97. It compares growth in Uzbekistan with that of other transition economies and seeks to shed light on why Uzbekistan has suffered a smaller transformational recession than other transition economies. The paper covers the existing arrangements for production and trade in agriculture, and estimates the costs for agriculture arising from state procurement and the multiple exchange rate system. The paper also traces the effects of multiple exchange rates and other quasi-fiscal operations on the economy as a whole.
Mr. Jeromin Zettelmeyer and Mr. Günther Taube
What explains Uzbekistan’s unusually mild “transformational recession” and its moderate recovery during 1996-97? We examine potential biases in output measurement, the role of “special factors”—including initial production structure, natural resources, and public investment policies—and sectoral output developments. The main findings are (i) Uzbekistan’s relatively favorable output record is not an artifact of measurement alone; (ii) public investment has had no significant effects on growth; (iii) the mildness of Uzbekistan’s transitional recession can be accounted for by its favorable initial production structure and its self-sufficiency in energy; (iv) unless reforms are significantly accelerated, medium-term growth prospects are mediocre.
International Monetary Fund
This Background Paper and Statistical Appendix highlights that starting in 1994, financial policies in Uzbekistan were tightened so as to reduce inflation and stabilize the exchange rate in anticipation of the introduction of the new national currency, the sum. The Central Bank of Uzbekistan raised the interest rate on its rediscount credits several times and credit to loss-making state enterprises was curtailed. The average monthly rate of price increase fell from more than 22 percent in the first half of the year to less than 2 percent in the third quarter, partly in reflection of seasonal factors.