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Mr. Marc C Dobler, Ender Emre, Alessandro Gullo, and Deeksha Kale
This technical note and manual (TNM) addresses the following issues: advantages and disadvantages of different types of depositor preference, international best practice and experience in adopting depositor preference, and introducing depositor preference in jurisdictions with or without deposit insurance.
International Monetary Fund
This paper is the fifth in a series that examines macroeconomic developments and prospects in low-income developing countries (LIDCs). LIDCs are a group of 59 IMF member countries primarily defined by income per capita below a threshold level. LIDCs contain one fifth of the world’s population—1.5 billion people—but account for only 4 percent of global output. The first chapter of the paper discusses recent macroeconomic developments and trends across LIDCs and, using growth decompositions, explores the key drivers of growth performance in LIDCs. A second chapter examines the challenges faced by LIDCs in implementing a value-added tax system, generally seen as a key component of a strong national tax system. The third chapter discusses how financial safety nets can be appropriately tailored to the specific needs of LIDCs, recognizing that an effective safety net is important for ensuring financial stability and underpinning public confidence in the financial system, thereby promoting financial intermediation.
International Monetary Fund
This note provides an overview of the literature on the challenges posed by shallow financial systems for macroeconomic policy implementation. Countries with shallow markets are more likely to choose fixed exchange rates, less likely to use indirect measures as instruments of monetary policy, and to implement effective counter-cyclical fiscal policies. But causation appears to work in both directions, as policy stances can themselves affect financial development. Drawing on recent FSAP reports, the note also shows that shallow financial markets tend to increase foreign exchange, liquidity management, and concentration risks, posing risks for financial stability
International Monetary Fund

Zambia’s strong economic performance continues under the Extended Credit Facility arrangement. With a broadly unchanged macroeconomic outlook, the medium-term policy stance remains appropriate, but vigilance is warranted. The strengthening economy provides an opportunity for more rapid poverty reduction and employment creation. The fiscal program remains appropriate. As the government moves to tap the sovereign bond market, it will be important to strengthen debt and liquidity management capacity. Reforming the pricing and marketing system for maize remains critical. Executive Directors support the Bank of Zambia (BoZ)’s monetary policy tightening.

Mr. Paolo Dudine, Sibabrata Das, Ms. Pritha Mitra, Yongzheng Yang, Eteri Kvintradze, and Miss Nkunde Mwase
Low-income countries were hit especially hard by sharp increases in world food and fuel prices in 2007-08 and the global financial crisis that followed. In response, the International Monetary Fund scaled up its financial assistance to low-income countries and revamped its concessional lending facilities to make them more flexible in meeting the diverse needs of these countries. Creating Policy Space in Low-Income Countries during the Recent Crises assesses empirically the outcome of the IMF response, and provides insight into how IMF-supported programs in low-income countries have been adapted to the changing economic circumstances in these countries. The authors report that these programs have provided expanded policy space in the face of the global price shocks and financial crisis.
International Monetary Fund
An analysis of recent programs in low-income countries, covering countries with continuous program engagement with the IMF throughout the period 2007-09, shows that program design has been adapted to provide expanded policy space in response to the food and fuel price shocks of 2007-08 and to the global financial crisis that followed. The analysis also finds that structural conditionality in Fund-supported programs in low-income countries has become more streamlined, with a dominant focus on public sector resource management and accountability.
International Monetary Fund. External Relations Dept.
The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx
International Monetary Fund. External Relations Dept.
The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx