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In a press release issued on July 28, the IMF announced it has approved a 17-month Stand-By credit for Russia equivalent to SDR 3.3 billion (about $4.5 billion) to support the government’s 1999–2000 economic program. There will be seven equal disbursements of SDR 471.4 million (about $640 million), with the first installment to be released immediately. Subsequent installments will depend on quarterly reviews being completed and performance criteria and structural benchmarks beingmet. At the conclusion of the IMF Executive Board meeting, IMF First Deputy Managing Director Stanley Fischer made the following statement.
COUNTRY FOCUS: Australia’s enduring expansion Wide-ranging structural reforms and improved monetary and fiscal policy frameworks have helped Australia’s economy grow since 1992. Unemployment, inflation, and government debt remain low, while the economy has become more resilient. But this did not happen overnight. Australia’s incremental approach, particularly to labor market reform and trade liberalization, spread adjustment costs over time and enabled the country to sustain its reform efforts.
Research summaries on (1) globalization and macroeconomic volatility (by M. Ayhan Kose), and (2) international financial integration and domestic financial systems (by Thierry Tressel); country study on Germany (by Stephan Danninger); book summary of China and India--Learning from Each Other; listing of contents of Vol. 54, Issue No. 1 of IMF Staff Papers; listing of recent external publications by IMF staff; listing of recent IMF Working Papers; and listing of visiting scholars at the IMF during September 2006-April 2007
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.
Europe’s upswing is showing momentum, creating bright prospects for 2007 and 2008, according to Michael Deppler, head of the IMF’s European Department. “The situation in Europe, which improved markedly last year, is set for a sustained expansion,” he told journalists at an April 14 press briefing during the IMF-World Bank Spring Meetings. Europe as a whole is expected to see growth of 3.4 percent in 2007, against 3.7 percent last year (see table). The euro area is set to expand by at least 2.3 percent this year.
The cyclical recovery of the French economy was interrupted in the first half of 2005 as previously strong domestic demand faltered and the external sector continued to exert a drag on growth, the IMF said in its annual economic review. Because growth in 2004 was faster and more consumption-driven than in other large euro area countries, the fall in private consumption in the second quarter of 2005 was unexpected and possibly related to stagnating unemployment, rising oil prices, and political turmoil surrounding the rejection of the European Union constitution. Growth is likely to pick up, however, driven by an improvement in the external environment and a return of domestic demand to a normal pace following the mid-year clarification of the direction of economic policies. Indeed, the third-quarter data, not available at the time of the IMF Executive Board’s November discussion, came in strong, prompting the staff to revise its growth projection upward.
The rise in world oil prices during 2000, weaker equity markets, a slump in the high-tech sector—especially in the United States—and continued difficulties in the financial and corporate sectors in Japan are among the factors that have dampened world economic growth in 2001. Global output growth is now projected to come in at slightly less than 3 percent, down from almost 5 percent in 2000. Although short-term prospects have worsened significantly during 2001, the most likely outcome remains a relatively mild and short-lived slowdown, with growth recovering in 2002–03. Nevertheless, there are significant downside risks to this scenario, including those associated with the external imbalances of the United States and some other major countries; still richly valued equity markets in many countries; and the financial difficulties of some emerging market economies.