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Mr. Anthony E Calamitsis

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

Mr. Edward R Gemayel and Samar Maziad

Recovery from the deepest recession in 60 years has started. But sustaining it will require delicate rebalancing acts, both within and across countries. IMF chief economist Olivier Blanchard writes in our lead article that the turnaround will not be simple. The crisis has left deep scars that will affect both supply and demand for many years to come. This issue of F&D also looks at what’s next in the global crisis and beyond. We look at ways of unwinding crisis support, the shape of growth worldwide after the crisis, ways of rebuilding the financial architecture, and the future of reserve currencies. Jeffrey Frankel examines what’s in and what’s out in global money, while a team from the IMF’s Research Department looks at what early warning systems can be expected to deliver in spotting future problems. In our regular People in Economics profile, we speak to Nobel prize winner Daniel Kahneman, whose work led to the creation of the field of behavioral economics, and our Picture This feature gives a timeline of how the Bank of England’s policy rate has fallen to its lowest level in 300 years. Back to Basics gives a primer on monetary policy, and Data Spotlight looks at how the crisis has affected the eastern European banking system.

International Monetary Fund. External Relations Dept.

Sub-Saharan Africa is experiencing its fourth year of strong growth. Higher oil revenues, strong commodity prices, and increased debt relief are being used to make inroads into poverty. While parts of Africa are plagued by wars and tarnished by corruption, elsewhere improved macroeconomic performance and better policies are helping countries put their economies on a firmer footing.

International Monetary Fund. External Relations Dept.

In a news brief issued on March 27, the IMF Executive Board announced that it had completed the first review under the Poverty Reduction and Growth Facility (PRGF) for Mozambique. As a result, Mozambique will be able to draw up to the equivalent of SDR 36.8 million (about $50 million) from the IMF.

International Monetary Fund. External Relations Dept.

The IMF has approved an SDR 292.68 million ($365 million) loan under the Poverty Reduction and Growth Facility (PRGF), resuming lending to this West African country after a three-year hiatus. The loan became effective on March 28 after a World Bank review of Côte d’Ivoire’s interim poverty reduction strategy paper (PRSP). Côte d’Ivoire can immediately draw up to SDR 58.54 million (about $73 million) under the PRGF arrangement.

Hilde F. Johnson, Henry Northover, Luisa Diogo, and M. Saifur Rahman

This paper describes why the international community needs to act now to stand a chance of meeting the Millennium Development Goals (MDGs). The paper gives example of Ethiopia, one of the poorest countries in the world, with an estimated per capita income of about US$100. According to the World Bank, recent national household surveys find 44 percent of the people in Ethiopia cannot meet basic needs. The paper discusses that Ethiopia in many ways epitomizes why the MDGs are important and why more money is needed to achieve them.

International Monetary Fund. External Relations Dept.

Greater progress toward meeting global poverty goals in Africa by 2015 will require further increases in government spending on critical public services. This will often mean higher spending on public sector wages to pay the nurses, doctors, and others who are essential to providing these services. But if programs supported by the IMF restrict spending with tight deficit targets—and sometimes wage bill ceilings that limit hiring and wage increases—can progress still be made toward poverty reduction?

Mr. Sanjeev Gupta and Mr. Karim A. Nashashibi

An orderly adjustment process is essential for improving the longer-term position for the poor. Some measures to mitigate the short-term negative impact of adjustment programs are also needed

International Monetary Fund. External Relations Dept.

The world economy has grown steadily since World War II, bringing widespread prosperity and lifting many millions out of poverty, especially in Asia. Nevertheless, daunting challenges remain. In Africa, in particular, progress in poverty reduction has been very limited in recent decades and some countries have fallen back. Looking ahead, in the next 25 years, the world’s population is projected to grow by about 2 billion, mostly in developing economies. Many of these people will be doomed to poverty without concerted efforts both by the low-income countries themselves and by the international community.

International Monetary Fund. External Relations Dept.

On March 21, Masood Ahmed, Deputy Director of the IMF’s Policy Development and Review Department, briefed the press on the organization’s work to streamline the conditions attached to the use of IMF resources (“conditionality”). At the behest of IMF Managing Director Horst Köhler, staff reviewed the experience with conditionality and sought ways to sharpen its focus and enhance country ownership ofprograms.