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Gianni De Nicoló,, Sami Geadah,, and Mr. Dmitriy L Rozhkov

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.

Like many emerging market and developing countries around the world, nine countries in the Caucasus and Central Asia are on the receiving end of large inflows of foreign exchange and are grappling with some of the same issues of how to control inflation and manage the exchange rate. An April 25 seminar in Almaty, Kazakhstan, organized by the IMF’s Middle East and Central Asia Department and co-sponsored by the National Bank of Kazakhstan, focused on policy options that would maximize the benefits of the inflows to the countries while maintaining external competitiveness and keeping inflation under control.


This paper seeks to clarify what factors contributed to the macroeconomic gains and losses from privatization in transition economies over the past decade. In contrast to the original “Washington Consensus,” which had a tendency to equate change-of-title with privatization, we find that economic performance gains come only from “deep” privatization, that is, when change-of-title reforms occur once key institutional and “agency”-related reforms have exceeded certain threshold levels. We also find that as a result of different initial conditions the economic performance responses of countries to the same policies are different.

International Monetary Fund. Monetary and Capital Markets Department

Financial Sector Assessment Program-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Armenia

International Monetary Fund. External Relations Dept.
Following are edited extracts of an address by IMF Managing Director Michel Camdessus at the Konrad Adenauer Foundation in Frankfurt on October 11. The full text is available on the IMF’s website (
International Monetary Fund. External Relations Dept.

Evangelos A. Calamitsis, Director of the IMF’s African Department, recently spoke with the IMF Survey about the IMF’s work in Africa. Calamitsis, a Greek national, has headed the African Department since 1994; he holds a Ph.D. in economics from Harvard University.

International Monetary Fund. Communications Department

Finance and Development, June 2015