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Mr. Jan Kees Martijn, Gabriel Di Bella, Mr. Shamsuddin Tareq, Mr. Benedict J. Clements, and Mr. Abebe Aemro Selassie

Abstract

Macroeconomic outcomes in low-income countries (LICs) have improved markedly in recent years, but important questions remain regarding possible adjustments in the design of IMF-supported programs in such countries. This paper draws on a review of the literature as well as the experience of 15 LICs that have attained some degree of macroeconomic stability to discuss, for example, the appropriate target range for inflation in shock-prone LICs; whether countries should use fiscal space to cut excessive tax burdens, reduce high debt levels, or raise public spending; and how the effectiveness of public expenditures can be improved.

VINAYA SWAROOP

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Mr. Sanjeev Gupta, Mrs. Claire Liuksila, Mr. Henri Lorie, Mr. Walter Mahler, and Mr. Karim A. Nashashibi

Abstract

A strengthened fiscal position is at the core of most economic adjustment programs supported by IMF lending, especially for the poorer countries that draw on the IMF's structural adjustment facilities. This paper reviews developments in 23 countries and evaluates their experience with fiscal and structural adjustment, including their efforts to design social safety nets to cushion the effects of adjustment.

International Monetary Fund. Western Hemisphere Dept.

2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Guyana

Mr. Jan Kees Martijn, Gabriel Di Bella, Mr. Shamsuddin Tareq, Mr. Benedict J. Clements, and Mr. Abebe Aemro Selassie

Abstract

PRGF-supported programs in the 15 mature stabilizers during 2000–03 have generally sought to consolidate macroeconomic stability and foster growth. By and large, growth outcomes have been in line with program targets. Reflecting favorable initial conditions, there has been limited emphasis on further disinflation. On the fiscal front, programs have sought to increase capital spending, but have not been generally successful. Developments in the external accounts have been less favorable; while external reserves have increased, current account deficits have remained too large to ensure external viability even after debt relief from the enhanced HIPC Initiative. The rest of this section discusses these stylized facts in more detail.

Mr. Jan Kees Martijn, Gabriel Di Bella, Mr. Shamsuddin Tareq, Mr. Benedict J. Clements, and Mr. Abebe Aemro Selassie

Abstract

As noted above, maintaining inflation in the low single digits is an important feature of PRGF-supported programs in the mature stabilizers. In general, programs sought to keep inflation in the 4–6 percent range. The next two parts of this section consider the appropriateness of these targets and the monetary policy framework in which these targets have been pursued. A third part considers the nexus between private sector credit growth, fiscal policy, and economic activity.

International Monetary Fund
The statistical data on value added by sector at current prices, value added by sector at constant prices, GDP by expenditure at current prices, consumer prices, population estimates, employment in the public sector, summary of the operations of the public sector and operations of the central government of Guyana are presented in this paper. The data on monetary survey, accounts of the bank of Guyana, value, price, and volume indices for exports and imports commodity, and related economic indices are also presented.
International Monetary Fund
Guyana continues to make progress in laying the foundation for poverty reduction, but at a slow pace. Critical issues remain to be addressed. Establishing an environment for sustained growth remains the main challenge for the government. It will be important to maintain the reform momentum and ensure basic security. An effective monitoring and evaluation framework needs to be fully implemented to support poverty reduction efforts. Prudent fiscal policies and a prioritized public sector investment program should continue to be pursued to improve debt sustainability prospects.
International Monetary Fund. External Relations Dept.
Tanzanian President Benjamin William Mkapa’s remarks on the inauguration of East AFRITAC could not have been clearer or more emphatic. If Africa is to define its own economic destiny, it must strengthen its ability to design and implement sound economic policies. And policy ownership and capacity building are what the new regional technical assistance center, which opened October 24 in Dar es Salaam, is all about.