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International Monetary Fund. Secretary's Department

Abstract

The period from May 2013 through April 2014—the IMF’s financial year 20141—saw the world economy reach a critical juncture: emerging from the greatest financial crisis in almost a hundred years. Recovery was taking hold but was too slow and faced many obstacles along the road. In her Global Policy Agenda, the IMF’s Managing Director set out bold policy steps that could overcome these obstacles and take the global economy toward more rapid and sustainable growth. The top priority was to strengthen the coherence of the policies and cooperation among policymakers, both at home and across borders: national prosperity and global prosperity are linked and depend, more than ever before, on countries working together. The IMF is indispensable for this global cooperation.

International Monetary Fund. Secretary's Department

Abstract

As FY2014 drew to an end, the world economy was gradually turning the corner of the Great Recession. The recovery was gaining momentum and global financial stability was improving. Yet growth remained too slow and too weak for comfort, and millions of people were still out of jobs. Rising geopolitical risks had injected new concerns.

International Monetary Fund. Secretary's Department

Abstract

Twice a year, the Managing Director’s Global Policy Agenda pulls together the key findings and policy advice from multilateral reports and defines a future agenda for the Fund and its members. The Managing Director’s Global Policy Agenda is discussed by the Executive Board before the Annual and Spring Meetings, prior to the agenda’s presentation to the International Monetary and Financial Committee.

International Monetary Fund. Secretary's Department

Abstract

In the course of overseeing the international monetary system, underpinning programs in member countries, helping countries strengthen their institutions and capacities, and monitoring member countries’ economies, the IMF provides policy advice to member countries on a variety of issues pertaining to economic stability.

International Monetary Fund. Secretary's Department

Abstract

The current income model for the IMF, endorsed by the Executive Board and approved by the Board of Governors in 2008, includes the establishment of an endowment in the IMF’s Investment Account funded from the profits of the sale of a limited portion of the institution’s gold holdings (see “Gold Sales” later in the chapter). The account’s objective is to invest these resources and generate returns to contribute support to the IMF’s budget while preserving the endowment’s long-term real value. A broadening of the IMF’s investment authority to enhance returns on investments is a key element of the model. In January 2013, the Executive Board adopted new rules and regulations for the Investment Account that provided the legal framework for implementation of the expanded investment authority, authorized under the Fifth Amendment to the Articles of Agreement, which became effective in February 2011.74

International Monetary Fund

This report reviews the Emergency Post-Conflict Assistance (EPCA) given to Lebanon after the conflict with Israel in 2006. The five-week conflict with Israel in 2006 and the month-long blockade that followed inflicted a heavy human and economic toll on Lebanon. EPCA would provide an appropriate transition to 2008, when fiscal adjustment is envisaged to commence. The authorities intend to seek IMF support through a Stand-By Arrangement (SBA), following satisfactory implementation of the EPCA program and after the immediate impact of the conflict has been addressed and the current political stalemate resolved.

Mr. Thomas Helbling and Ms. Sena Eken

Abstract

Following the 15-year civil war that started in 1975, Lebanon's government began the difficult task of economic stabilization and confidence building, on the one hand, and postwar reconstruction and development, on the other. The government led the reconstruction effort by formulating programs that aimed to rapidly rehabilitate the country's severly damaged infrastructure in preparation for private-sector-led growth over the medium term. At the same time, Lebanon introduced an exchange-rate-based nominal anchor policy to stabilize expectations and cut inflation. This paper analyzes the government's progress with the policies adopted.

International Monetary Fund

Abstract

This paper reviews the exchange regimes of five emerging market countries in the Middle East and North Africa region-Egypt, Jordan, Lebanon, Morocco, and Tunisia-and one oil-exporting country-Iran-to see whether they need to consider adopting more flexible arrangements as they further open their economies to trade and capital flows.