This report is submitted pursuant the provisions of the Articles of Agreement relating to a general allocation or cancellation of Special Drawing Rights (SDR). The Articles provide for periodic consideration and decisions on SDR allocations or cancellations in the context of consecutive basic periods of normally five years of duration (Article XVIII, Section 2(a)). The Tenth Basic Period for a general allocation or cancellation of SDRs began on January 1, 2012 and is scheduled to end on December 31, 2016. The Eleventh Basic Period will commence on January 1, 2017.
operational guidance to staff on reserve adequacy discussions in the IMF’s bilateral and multilateral surveillance. It is based on the views presented in the policy paper Assessing Reserve Adequacy—Specific Proposals and the related Board discussion. The note addresses key issues related to Staff’s advice on the assessment of the adequacy of reserves and related items, including answering the following questions:
What is the expected coverage of reserve issues at different stages of the bilateral surveillance process (Policy Note, mission, and Staff Report)?
Which reserve adequacy tools best fit different economies based on their financial maturity, economic flexibility, and market access?
What do possible reserve needs in mature markets relate to, and how can their adequacy be assessed?
How can reserve adequacy discussions for emerging and deepening financial markets be tailored and applied to better evaluate reserve levels in: (i) commodity-intensive economies; (ii) countries with capital flow management measures (CFMs); and (iii) partially and fully dollarized economies?
What reserve adequacy considerations hold for countries with limited access to capital markets? How can metrics for these economies be tailored to evaluate their reserve needs?
How should potential drains on reserves be covered?
What are the various measures of the cost of reserves for countries with and without market access?
This paper presents key findings of the Third Review under the Policy Support Instrument (PSI) in Rwanda. Program performance was broadly satisfactory. All end-June quantitative assessment criteria were met. Structural benchmarks were partially met as the pace of implementation of structural benchmarks has slowed somewhat either owing to technical difficulties or capacity bottlenecks. Fiscal consolidation in FY2011/12 and FY2012/13 remains on track and is expected to further anchor macroeconomic stability. The authorities have introduced additional revenue measures for FY2012/13 to preserve the revenue objective of the PSI.
Economic activity in the Kyrgyz Republic has been buffeted by the political upheaval, and output growth has fallen short of expectations. The program builds on the country’s entrenched fiscal prudence and features a tightening in monetary policy, so as to secure rapid sustained growth in a low-inflation environment. Structural reforms under the program will focus on financial sector development, public financial management, further measures to reduce the energy sector’s quasifiscal losses, and improvements in the business climate. The main immediate risks to the outlook come from political pressures.
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
The staff report for the First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility on Georgia highlights economic developments and policies. Growth has remained robust and inflation subdued against the backdrop of steady remonetization. Rapid growth in fiscal revenue has permitted a faster-than-expected clearance of domestic arrears. Parliament is expected to vote shortly on a tax reform bill designed to streamline the tax code and encourage investment. Structural reforms will continue to be geared toward consolidating the fiscal position, deepening financial sector reforms.
This report examines recent economic developments and regional policy issues in the West African Economic and Monetary Union (WAEMU). Although progress has been achieved on the integration front since 1994, including the establishment of a customs union and the creation of the economic union, the momentum of integration appears to have slowed in recent years. Progress toward convergence of the WAEMU countries during 2001 and 2002 was below expectations, and difficulties were encountered in the effective implementation of various regional reforms.
The fast economic recovery despite a strong fiscal correction is a result of the government’s determined macroeconomic and structural policies. Executive Directors commend the government for adhering to its ambitious fiscal targets. The careful crafting of legislation to establish a second pillar of the pension system is appropriate. The high confidence in the currency board and the strengthening of the banking system will stabilize the financial system. Nonbanking supervision has to be strengthened further and the draft securities market law should be implemented.
This Statistical Appendix report on Sudan discusses economic indicators for the period 1994–2000. The report discusses gross domestic product; agricultural production; yield of cotton and noncotton crops; livestock production; manufacturing production; electricity tariff data; consumer and wholesale price indices; central government revenue and expenditure details; official exchange rates; analytical accounts of deposit money banks; monetary authorities' accounts; summary balance of payments; export and import data; loan disbursements; external public debt; and so on.