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Mr. Masahiro Nozaki, Mr. Tobias Roy, Mr. Pawel Dyczewski, Mr. Bernhard Fritz-Krockow, Ms. Fanny M Torres Gavela, Mr. Gamal Z El-Masry, and Mr. Rafael A Portillo
This paper analyzes the economic growth and stability in Suriname. The paper highlights that in recent years, the outlook has turned substantively more positive. The favorable external environment and the stability-oriented policies of the Venetian administration have boosted confidence in the economy, leading to increased investment, domestic economic activity, and employment. The recent boom in commodity prices has helped boost growth, while increased gold production and investment in the mineral industry are projected to support continued growth in the coming years.
Mr. F. Rozwadowski, Mr. Siddharth Tiwari, Mr. David Robinson, and Ms. Susan M Schadler

Abstract

This paper evaluates progress made under ESAF-supported programs in attaining external viability, restoring economic growth, and implementing structural reforms. Performance is evaluated for 19 countries that entered ESAF arrangements by mid-1992, against the background of their initial conditions, external environment, and implementation of structural and macroeconomic policies.

Mr. F. Rozwadowski, Mr. Siddharth Tiwari, Mr. David Robinson, and Ms. Susan M Schadler

Abstract

Ce document évalue les progrès réalisés dans le cadre des programmes appuyés par la FASR pour atteindre la viabilité extérieure, rétablir la croissance économique et mettre en œuvre les réformes structurelles. Les résultats sont évalués pour 19 pays qui avaient conclu des programmes au titre de la FASR à la mi-1992, en fonction de leurs conditions initiales, de l'environnement extérieur et de la mise en œuvre des politiques structurelles et macroéconomiques.

Alvin D.L. Hilaire

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.

H. A. Shannon

THE EVOLUTION of the monetary and exchange system that has come to be known as the sterling area dates back to a time when almost all the territories outside Great Britain and Ireland in which this system operates were British colonial dependencies.1 For later stages of its history, as the concept of Dominion status crystallized and the number of territories to which it was applied increased, the distinction can be made, for convenience, between the Dominions, which now have complete control of their national currency and exchange policies, and other parts of the British Commonwealth which have not yet attained that status—leaving aside altogether members of the sterling area which are outside the British Commonwealth. The process of growth has been continuous throughout; it is, moreover, not yet complete. A sketch of the earlier stages of its history will contribute to a proper understanding of the sterling area as it operates today and, in particular, of the position in the sterling area of the territories which operate under the Colonial Sterling Exchange Standard.

International Monetary Fund. External Relations Dept.
The paper discusses development of smallholder tea cultivation and a new breed of planters in Kenya. As the work of land consolidation and registration progressed in Kenya, tea planting in areas that were ecologically suitable became increasingly popular. The paper highlights that with the help of some US$3 million from the International Development Association, about 900 miles of tea collection and factory access roads are being constructed in the various tea-growing areas of Kenya, and some 15 small road maintenance units are being established and equipped.
International Monetary Fund
This Selected Issues paper describes the revenue instability and its consequences for Suriname. It explores some options for policy rules that could be considered in the case of Suriname. The paper analyzes inflation in Suriname from its historical and international perspectives, reviews the monetary policy instruments and the institutional framework, and describes the exchange rate regime and its main developments. The paper also analyzes the type of macroeconomic shocks and the domestic transmission mechanism for Suriname.
International Monetary Fund. External Relations Dept.
The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx
David M. Cheney, Mr. Robert Brandon Kahn, and Mr. Dominique Desruelle

Against a backdrop of a healthy and expanding global economy, with the lowest inflation in more than thirty years and cautious optimism blanketing global equity markets, finance ministers and central bank governors of advanced and developing countries met in Washington on April 28. The Interim Committee (of the Board of Governors of the IMF), under the chairmanship of Belgium’s Philippe Maystadt, welcomed the prospects for further expansion of world output and trade, the result of sound macroeconomic policies and vigorous structural reforms in many countries. In his opening press conference on April 25, IMF Managing Director Michel Camdessus remarked that global economic prospects warranted “rational exuberance.”

Anke Hoeffler, Ms. Catherine A Pattillo, and Mr. Paul Collier
This paper sets flight capital in the context of portfolio choice, focusing upon the proportion of private wealth that is held abroad. There are large regional differences in this proportion, ranging from 5 percent in South Asia to 40 percent in Africa. We explain cross-country differences in portfolio choice by variables that proxy differences in the risk-adjusted rate of return on capital. We apply the results to four policy questions: how the East Asian crisis affected domestic capital outflows; herd effects; the effect of the IMF-World Bank debt relief initiative for heavily-indebted poor countries (HIPC) on capital repatriation; and why so much of Africa’s private wealth is held outside the continent.