On February 24, 2012, the Executive Board approved a partial distribution of the general reserve equivalent to SDR 700 million attributed to part of the gold sales windfall profits to all members in proportion to their quotas.
Selected Decisions and Selected Documents of the International Monetary Fund includes decisions, interpretations, and resolutions of the Executive Board and Board of Governers of the IMF, as well as selected documents to which frequent reference is made in the current activities of the Fund. In addition, it includes certain documents pertaining to the relations between the Fund and other international organizations.
This 2008 Article IV Consultation highlights that Lao People’s Democratic Republic’s (PDR) economy has performed well in recent years, owing to generally stable macroeconomic conditions and a rapidly expanding natural resource sector. Real GDP growth has averaged more than 7 percent since 2004. Growth is projected to reach 7½ percent in 2008, driven by similar factors as last year, as well as higher mining output. The medium-term outlook for Lao PDR remains positive, but hinges on sound development of the resource sector and other steps to strengthen competitiveness.
This Joint Staff Advisory Note reviews the National Socio-Economic Development Plan (NSEDP) 2006–10 and the Annual Progress Report for Lao People’s Democratic Republic (PDR). The government of PDR approved the Sixth NSEDP 2006–10 (PRSP) in June 2006. The NSEDP provides a comprehensive strategy for development, with a range of medium- and long-term policies aimed at sustained growth and poverty reduction. IMF staff agrees with the poverty diagnosis in the NSEDP, but recognizes that achieving the Millennium Development Goals will require major efforts.
This volume is the Thirty-Third Issue of "Selected Decisions and Selected Documents of the International Monetary Fund." It includes decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the International Monetary Fund, as well selected documents, to which frequent reference is made in the current activities of the Fund. In addition, it includes certain documents relating to the Fund, the United States, and other international organizations.
The macroeconomic performance for Lao People’s Democratic Republic is encouraging, but underlying fragilities remain. Progress needs to be made on structural reforms. On the fiscal side, the immediate challenge is to avoid an unsustainable expansion of spending. The medium-term priority is to mobilize revenues to enable Lao People’s Democratic Republic to meet its development needs, within a sustainable fiscal framework. Progress under the Public Expenditure Management Strengthening Program is essential to strengthen fiscal management. The country’s high debt burden requires prudent debt management.
The Selected Issues paper discusses Cambodia’s poverty and growth, private sector development, public financial management reform, and debt sustainability. It summarizes the Poverty Assessment and describes the regime of tax incentives, costs, and limits for private investment. It also summarizes the assessment of Cambodia’s Public Expenditure Management system and Public Financial Management Reform Program. It highlights the key reform priorities, and provides historical background on Cambodia’s external and domestic debt. It also includes a statistical appendix and a summary of the tax system.
Mr. Sumio Ishikawa, Ms. Sibel Beadle, Mr. Damien Eastman, Ms. Srobona Mitra, Mr. Alejandro Lopez Mejia, Ms. Wafa F Abdelati, Mr. Koji Nakamura, Mr. Il Houng Lee, Ms. Sònia Muñoz, Mr. Robert P. Hagemann, Mr. David T. Coe, and Ms. Nadia Rendak
Cambodia's reconstruction and reform efforts have spanned almost 25 years following the Khmer Rouge period, which ended in 1979. Economic reforms began in earnest in the early 1990s, but reform efforts were beset by ongoing internal tensions and civil unrest. Although external factors, including sizable aid inflows and a trade agreement with the United States, helped boost growth in the past decade, the country remains one of the poorest in the region. The current coalition government has announced a strategy aimed at revitalizing economic reforms, and in 2004 Cambodia formally joined the World Trade Organization. But elimination of the garment quota system under the Agreement on Textiles and Clothing is exposing an underlying deterioration in competitiveness, which, coupled with slow growth in the agriculture sector and other structural obstacles to private sector growth, has resulted in a medium-term outlook that remains uncertain.
The Executive Board held an informal seminar on September 21, 2005 to discuss possible implementation modalities for the G-8 debt relief proposal. On September 24, 2005, the International Monetary and Financial Committee supported providing 100 percent cancellation of debt owed by HIPCs to the Fund, and considered that this would provide significant additional resources for countries’ efforts to reach the Millennium Development Goals and reinforce long-term debt sustainability.