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Mr. Paul Cashin and Rahul Anand


High and persistent inflation has presented serious macroeconomic challenges in India in recent years, increasing the country’s domestic and external vulnerabilities. A number of factors underpin India’s high inflation. This book analyzes various facets of Indian inflation—the causes, consequences, and policies being implemented to manage it. Several chapters are devoted to analyzing and managing food inflation, given its significance in driving overall inflation dynamics in India.

Mr. Robert Gillingham


The Poverty Reduction and Growth Facility (PRGF) is used by the IMF to provide support for countries’ implementation of their poverty reduction and growth strategies. A key requirement in the design of PRGF programs is understanding the effects of reform program measures on vulnerable groups—particularly the poor—and how to devise measures to mitigate any negative effects. Poverty and social impact analysis (PSIA) is a critical instrument for pursuing this goal. The IMF has therefore established a small group of staff economists to facilitate the integration of PSIA into PRGF-supported programs. In this book, the group’s members review analytical techniques used in PSIA as well as several important topics to which PSIA can make valuable contributions. These reviews should prove useful and interesting to readers interested in PSIA in general and the IMF’s PSIA efforts in particular.

International Monetary Fund
This Statistical Appendix paper for the periods between 1996/97 and 2001/02 for Nepal discusses both nominal and real gross domestic product by sector; savings and investments; agricultural production and yields; Manufacturing Production Indices; energy consumption; tourism indicators; Consumer Price Index; summary of government operations; central government expenditure by economic classification; profits and losses of selected nonfinancial public enterprises; assets and liabilities of commercial banks and companies; balance of payments; composition of foreign trade and exports; summary of tax system; and other statistical data.
International Monetary Fund. Research Dept.
This paper explains the features of the Communaute Financiere Africaine (CFA) Franc system. All CFA countries belong to one of three monetary systems. Although their statutes and functions differ somewhat, the three central banks have various common features. All three central banks are authorized to extend short-term and medium-term credit to the private sector. Many the commercial banks operating in the CFA countries are French banks with head offices in Paris. The credit operations of the commercial banks in the CFA countries are largely dependent upon the rediscount facilities offered by the central banks. The Bank is the sole authority for issuing CFA currency in the countries of French Equatorial Africa and in Cameroon. The exchange regulations applied in the CFA countries are patterned on those of France, with adaptations decided upon by local authorities according to local conditions and requirements. While exchange transactions with the other franc area countries generally are free, those with the non-franc area are subject to licensing.
International Monetary Fund. Secretary's Department


The speeches made by officials attending the IMF–World Bank Annual Meetings are published in this volume, along with the press communiqués issued by the International Monetary and Financial Committee and the Development Committee at the conclusion of the meetings.