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International Monetary Fund. External Relations Dept.

(www.imf.org)

International Monetary Fund. External Relations Dept.

“The Challenges Facing the IMF,” Agustin Carstens, IMF Deputy Managing Director, Canberra, Australia, July 27

International Monetary Fund. External Relations Dept.

04/218: IMF Executive Board Completes First Review Under Nepal’s Three-Year PRGF Arrangement and Approves $10.6 Million Disbursement, October 20

Mr. Robert J. Corker

IMF staff are projecting a resumption of growth in southeast Europe in 2000. GDP for the region is estimated to have contracted slightly in 1999, in part because of the Kosovo crisis but more so because of underlying macroeconomic and structural problems in the two largest economies, Romania and Croatia. Nevertheless, generally prudent macroeconomic management in most countries has provided a stable environment in which economic growth should rebound quite strongly in 2000 (see upper table). On average, Romania and Croatia are projected to continue to grow more slowly than the smaller countries in the region, but for both countries, growth is projected to firm during the year. In all countries, the sustainability of growth will depend on further progress in addressing macroeconomic imbalances and implementing structural reforms.

International Monetary Fund. Research Dept.
This paper deals with liberalization and the evolution of output during the transition from plan to market. It explains why strong liberalization leads to a comparatively steep fall in output early in the transition, but a relatively strong recovery later on. Because it takes time to restructure the capital stock inherited from the old system, liberalization initially leads to transitional unemployment of capital and the contraction of the old enterprise sector. By making room quickly for the new, more efficient enterprises, however, liberalization also sets the stage for recovery and a much higher level of income in the medium term. [JEL E23, P21, P27, P52]
International Monetary Fund. External Relations Dept.
The world’s finance ministers and central bank governors will gather in Washington on September 29 for the Annual Meetings of the Governors of the IMF and the World Bank, against a backdrop of increased concerns about the strength and durability of the global economic recovery. On September 28, the International Monetary and Financial Committee (IMFC), the IMF’s principal advisory Committee of Governors, and the Development Committee, a joint committee of IMF and World Bank Governors, will meet. The Annual Meetings have been shortened, owing to U.S. security concerns.
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
Christine Hellemaa, Mr. Robin D Kibuka, Charles Mordi, and Mr. David John Goldsbrough

IMF conditionaliy—the remedial policy measures that member countries agree to take in conjunction with the use of IMF financing—has evolved over time. The IMF and its full membership have long held an interest in seeing conditionality used to ensure that imbalances are corrected and the IMF’s resources recycled. The sentiments of borrowing members have been more mixed and are often shaped by the degree to which they internalize the benefits that conditionality promotes.

International Monetary Fund. External Relations Dept.

Industrial countries have made very different fiscal policy choices over the past 30 years, which have been manifested in differences in their budget balances, size of government (ratio of total expenditure to GDP), and composition ofrevenue and expenditure. In a recent IMF Working Paper, Politics, Government Size, and Fiscal Adjustment in Industrial Countries, Anthony Annett explores whether political and institutional factors can shed light on these differences.