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International Monetary Fund

Abstract

The IMF's 2010 Annual Report chronicles the response of the Fund's Executive Board and staff to the global financial crisis and other events during financial year 2010, which covers the period from May 1, 2009, through April 30, 2010. The print version of the Report is available in eight languages (Arabic, Chinese, English, French, German, Japanese, Russian, and Spanish), along with a CD-ROM (available in English only) that includes the Report text and ancillary materials, including the Fund's Financial Statements for FY2010.

Mr. Sanjeev Gupta, Mr. Henry Ma, and Mr. Christian Schiller
Privatization promotes economic efficiency and growth, thereby reinforcing macroeconomic adjustment. In the short run, however, it can lead to job losses and wage cuts for workers and higher prices for consumers. This paper discusses these impacts and the fiscal implications of privatization. It then reviews various methods of privatization and finds that public sales and auctions can have more negative effects on workers but maximize the government’s revenue gains. Policymakers’ options for mitigating the social impact of privatization are surveyed, and experiences under adjustment programs reviewed.