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II The Setting of Economic Reform

II The Setting of Economic Reform »

Source: Algeria : Stabilization and Transition to Market

Series: Occasional Papers

Author(s): Nicole Laframboise , Patricia Alonso-Gamo , Alain Feler , Stefania Bazzoni , Karim Nashashibi , and Sebastian Paris Horvitz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 August 1998

ISBN: 9781557756916

Keywords: debt, external debt, interest, payments, restructuring

Geographical, Historical, and Political Background Algeria, with its area of 0.9 million square miles, is the second largest country in Africa. However, 85 percent of its total land...

III Macroeconomic Stabilization and Structural Reforms Since 1994

III Macroeconomic Stabilization and Structural Reforms Since 1994 »

Source: Algeria : Stabilization and Transition to Market

Series: Occasional Papers

Author(s): Nicole Laframboise , Patricia Alonso-Gamo , Alain Feler , Stefania Bazzoni , Karim Nashashibi , and Sebastian Paris Horvitz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 August 1998

ISBN: 9781557756916

Keywords: debt, external debt, interest, payments, restructuring

The severe imbalances inherited from previous years deteriorated further at the beginning of 1994, when a further fall in oil prices, coupled with growing civil strife and the drying-up of external financing...

IV Fiscal Policy

IV Fiscal Policy »

Source: Algeria : Stabilization and Transition to Market

Series: Occasional Papers

Author(s): Nicole Laframboise , Patricia Alonso-Gamo , Alain Feler , Stefania Bazzoni , Karim Nashashibi , and Sebastian Paris Horvitz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 August 1998

ISBN: 9781557756916

Keywords: debt, external debt, interest, payments, restructuring

The transformation of Algeria from a centrally planned economy to a market economy was accompanied by a major reorientation of the government’s fiscal policy. Under the central planning system, fiscal policy...

V Monetary Policy and Financial Sector Reforms

V Monetary Policy and Financial Sector Reforms »

Source: Algeria : Stabilization and Transition to Market

Series: Occasional Papers

Author(s): Nicole Laframboise , Patricia Alonso-Gamo , Alain Feler , Stefania Bazzoni , Karim Nashashibi , and Sebastian Paris Horvitz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 August 1998

ISBN: 9781557756916

Keywords: debt, external debt, interest, payments, restructuring

Background In the late 1980s, Algeria’s financial sector was small and segmented, operating de facto as a financing instrument for public sector investment—with little linkage betwee...

VI The Social Dimension of Adjustment

VI The Social Dimension of Adjustment »

Source: Algeria : Stabilization and Transition to Market

Series: Occasional Papers

Author(s): Nicole Laframboise , Patricia Alonso-Gamo , Alain Feler , Stefania Bazzoni , Karim Nashashibi , and Sebastian Paris Horvitz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 August 1998

ISBN: 9781557756916

Keywords: debt, external debt, interest, payments, restructuring

Issues of income distribution, unemployment, housing, and social welfare have always loomed large in Algeria. With a young and rapidly growing population, the labor force has been increasing faster than job...

VII External Sector Developments

VII External Sector Developments »

Source: Algeria : Stabilization and Transition to Market

Series: Occasional Papers

Author(s): Nicole Laframboise , Patricia Alonso-Gamo , Alain Feler , Stefania Bazzoni , Karim Nashashibi , and Sebastian Paris Horvitz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 August 1998

ISBN: 9781557756916

Keywords: debt, external debt, interest, payments, restructuring

External developments have always played a key role in Algeria’s economy owing to the dominant role of the hydrocarbon sector, which contributes a large share of budget revenue, and whose exports have genera...

VIII Achievements and Future Challenges

VIII Achievements and Future Challenges »

Source: Algeria : Stabilization and Transition to Market

Series: Occasional Papers

Author(s): Nicole Laframboise , Patricia Alonso-Gamo , Alain Feler , Stefania Bazzoni , Karim Nashashibi , and Sebastian Paris Horvitz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 August 1998

ISBN: 9781557756916

Keywords: debt, external debt, interest, payments, restructuring

For about twenty-five years following its independence in 1962, Algeria made significant progress toward developing its human and physical infrastructure, as well as a vigorous and diversified hydrocarbon se...

I Introduction and Summary

I Introduction and Summary »

Source: IMF Conditionality : Experience Under Stand-by and Extended Arrangements, Part I: Key Issues and Findings

Series: Occasional Papers

Author(s): Louis Dicks-Mireaux , Miguel Savastano , Adam Bennett , María Carkovic S. , Mauro Mecagni , James John , and Susan Schadler

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 September 1995

ISBN: 9781557754929

Keywords: inflation, terms of trade, capital inflows, exchange rate, real interest rates

Events of the late 1980s and early 1990s created an unusually high demand for IMF financial resources. The strains in the international economy during the 1980s—a sharp reduction in spontaneous external fina...

II The Setting for Adjustment: Initial Positions and Global Environment

II The Setting for Adjustment: Initial Positions and Global Environment »

Source: IMF Conditionality : Experience Under Stand-by and Extended Arrangements, Part I: Key Issues and Findings

Series: Occasional Papers

Author(s): Louis Dicks-Mireaux , Miguel Savastano , Adam Bennett , María Carkovic S. , Mauro Mecagni , James John , and Susan Schadler

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 September 1995

ISBN: 9781557754929

Keywords: inflation, terms of trade, capital inflows, exchange rate, real interest rates

Almost without exception, the initial positions of the countries under review were dire. Most were suffering the effects of long-standing institutional and structural weaknesses, fiscal excesses, and deficie...

III Strategies for Adjustment and Reform

III Strategies for Adjustment and Reform »

Source: IMF Conditionality : Experience Under Stand-by and Extended Arrangements, Part I: Key Issues and Findings

Series: Occasional Papers

Author(s): Louis Dicks-Mireaux , Miguel Savastano , Adam Bennett , María Carkovic S. , Mauro Mecagni , James John , and Susan Schadler

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 September 1995

ISBN: 9781557754929

Keywords: inflation, terms of trade, capital inflows, exchange rate, real interest rates

The most pressing requirement in almost all the programs reviewed was to address a critical external financing problem. In a number of countries, mainly in Latin America and Central Europe, high inflation ra...