The IMF, an international organization of currently 184 member countries, was established in 1946 to promote international monetary cooperation, exchange stability, and orderly exchange arrangements; to provide temporary financial assistance to countries with balance of payments difficulties; and to foster economic growth and high levels of employment. To achieve these objectives, the IMF carries out three types of operational activities: surveillance, financial assistance, and technical assistance.
Japan has provided grant contributions to support the IMF’s technical assistance to member countries since 1990. In 1997, the administered account was amended in order to widen the scope of activities for which contributions could be made to finance other IMF activities in Asia and the Pacific carried out through its Regional Office for Asia and the Pacific in Tokyo.
The Japan-IMF Scholarship Program for Asia is a program for graduate studies in macroeconomics or related fields at various universities in Japan. The program is aimed at promising, young officials in central banks or in ministries of finance, economy, or planning in the Asia, Central Asia, and Pacific regions.9 The program, which is operated under the JSA, offers 12- and 24-month scholarships and is in the process of being expanded from the previous 25 scholarships per year to about 50 scholarships each year. For the academic year 2002, 31 scholarships were awarded.10 There are two forms of scholarships. Scholars accepted under the “partnership track” participate in specially designed courses offered by one of four participating universities,11 while the “open track” is available to candidates who have already been accepted to a graduate-level program in macroeconomics or a related field at any leading university in Japan. The program is currently administered by the IMF’s Regional Office for Asia and the Pacific in Tokyo.
The IMF began to provide technical assistance to its member countries in the early 1960s in response to requests from newly independent nations in Africa and Asia. By the mid-1980s, resources devoted to technical assistance had nearly doubled. As a result of the expansion of the IMF’s membership and the adoption of market-oriented economies by a large number of countries worldwide, IMF technical assistance activities grew even more rapidly in the early 1990s. The demand increased further in the late 1990s as significant technical assistance resources had to be directed to countries hit by financial crisis. In addition, in recent years, the IMF has had to mount significant efforts to provide prompt policy advice and operational assistance to countries emerging from conflict situations. Currently, the IMF devotes some 350 person years to technical assistance activities, plus some $10 million for training and scholarships annually.5 The delivery of IMF technical assistance over the period FY1998–FY2003 is shown in Figure 1.
This paper discusses Fiscal Year 2003 Annual Report for Japan Administered Account for Selected IMF Activities (JSA). The report consists of a brief description of the IMF and its activities, with a particular focus on its technical assistance activities. It provides greater detail with regard to the JSA and the scholarship programs. It also describes the objectives, size and scope, and use with a focus on fiscal year 2003. The report highlights that in FY2003, JSA financing accounted for 18 percent of total IMF technical assistance, 33 percent of the assistance delivered in the field, and 66 percent of the total external financing.
Mr. Masahiro Nozaki, Mr. Benedict J. Clements, and Mr. Sanjeev Gupta
Africa's Middle-Class Motor finds growing evidence that a recent resurgence in the continent's economic well-being has staying power. In his overview article, Harvard professor Calestous Juma says the emphasis for too long has been on eradicating poverty through aid rather than promoting prosperity through improved infrastructure, education, entrepreneurship, and trade. That is now changing: there is a growing emphasis on policies that produce a middle class. The new African middle class may not have the buying power of a Western middle class but it demands enough goods and services to support stronger economic growth, which, as IMF African Department head Antoinette Sayeh points out, in turn helps the poorest members of society. Oxford University economist Paul Collier discusses a crucial component of Africa's needed infrastructure: railways. It is a continent eminently suited to rail, development of which has been held back more by political than economic reasons. But even as sub-Saharan African thrives, its largest and most important economy, South Africa, has had an anemic performance in recent years. We also profile Ngozi Okonjo-Iweala, Nigeria's colorful economic czar. "Picture This" mines current trends to predict what Africa will look like a half century from now and "Data Spotlight" looks at increased regional trade in Africa. Elsewhere, Cornell Professor Eswar Prasad, examines a global role reversal in which emerging, not advanced, economies are displaying resilience in the face of the global economic crisis. The University of Queensland's John Quiggin, who wrote Zombie Economics, examines whether it makes sense in many cases to sell public enterprises. Economists Raghuram Rajan of the University of Chicago and Rodney Ramcharan of the U.S. Federal Reserve find clues to current asset booms and busts in the behavior of U.S. farmland prices a century ago.
This 2009 Article IV Consultation underlies that following a decade of high economic growth and significant poverty reduction, Cambodia’s economy has been hard hit by the global crisis. Real GDP is contracting as key sectors falter—export and tourism receipts have fallen off sharply, reflecting a narrow production base, high concentration of exports, and softening external demand. In response to the slowdown, policies have been eased significantly. Executive Directors have emphasized the need to reduce the domestic financing component of the fiscal deficit while reprioritizing expenditure to protect vulnerable groups.
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.