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International Monetary Fund

This 2010 Article IV Consultation highlights that the authorities’ adjustment program has contributed to limiting the fallout of the global crisis on Serbia. Although the output slump has been limited relative to regional peers, the decline in domestic demand has been significant, resulting in a strong external adjustment. The outlook for 2010 points to a slow but balanced recovery. The pickup in growth will likely be moderate, reflecting slow trading-partner recovery, protracted corporate deleveraging, nominal freezes in public wages and pensions, and lagging labor market adjustment.

International Monetary Fund

This paper presents findings of the Third Review under the poverty reduction and growth facility arrangement for Kenya. The sharp spending increase budgeted for 2007/08 could exert pressures on domestic prices and compromise project quality, but the authorities are taking steps to mitigate these risks. Authorities are committed to fully implementing the budget only if nonfood inflation remains low and project quality is maintained. Some aspects of governance have improved, but challenges remain. Structural reforms in public financial management need to be broadened and financial sector reforms accelerated.

International Monetary Fund. External Relations Dept.

Following are excerpts of recent IMF press releases. Full texts are available on the IMF’s website (http://www.imf.org) under “news” or on request from the IMF’s Public Affairs Division (fax: (202) 623-6278).

Monica C. Gruder

The thirty-fourth Annual Meeting of the Board of Governors of the World Bank, held in Belgrade, reflected efforts to learn from the development experience of the 1970s with a view to meeting the needs of the developing countries in the next decade. This article reports on the meeting.

Subimal Mookerjee

Over the past two decades the International Monetary Fund has been deeply concerned with the efforts of its members to promote economic development and has evolved and tested its practices and policies to assist members in achieving the situation most conducive to this goal. This series of articles—of which this is the first—describes how the Fund sets about this task.