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Ms. Elena Loukoianova and Ms. Anna Unigovskaya
This paper analyzes factors that determine recent economic growth in the low-income countries of the Commonwealth of Independent States.2 The main findings are as follows: (1) productivity gains in export-oriented sectors and expansion of exports may have become the main sources of growth in five of the seven CIS-7 countries, while in the early years of transition the output recovery was mainly driven by consumption; (2) economic growth has concentrated in agriculture and the raw material sectors, and, thus, is vulnerable to changes in external conditions; and (3) structural reforms matter for growth, which is consistent with previous research on growth in transition countries.
International Monetary Fund
This paper describes economic developments in the Republic of Moldova during the 1990s. In February 1993, the Executive Board of the IMF approved a purchase of resources equivalent to SDR 13.5 million under the compensatory and contingency financing facility to cover the costs associated with the need to import grains because of the drought and subsequent crop failure in Moldova. A World Bank Emergency Drought Recovery Project in an amount equivalent to US$26 million was also approved in February 1993.