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International Monetary Fund. African Dept.
This paper assesses and disseminates experiences and lessons from low-income countries (LICs) in Sub-Saharan Africa that were selected by the Africa Department in 2015-16 as pilots for enhanced analysis of macro-financial linkages in Article IV staff reports. The paper focuses on the common characteristics across the pilot countries and highlights the tools used in the analysis, the challenges encountered, and the solutions deployed in overcoming them.
International Monetary Fund


One result of the IMF's move to increased openness are independent external evaluations of important IMF policies, to complement its own in-house evaluations. This paper, prepared by a team of evaluators, includes in addition to the external evaluation, a statement by Bernd Esdar, Chairman of the Executive Director's group concerned with external evaluations; the summing up by IMF Managing Director Michel Camdessus of the Executive Board's discussion of the report; the terms of reference; and the IMF staff's response to the evaluation.

International Monetary Fund. External Relations Dept.
This paper examines the difference between “capital” and “investment” for developing countries. The paper highlights that investment in material capital is merely one of the factors involved in economic development and that current expenditures on health, education, agricultural extension, family planning, research, management training, and so on, may be equally important or even more important than investment in capital. The paper offers a brief historical survey, drawing attention to factors leading to the development of a market where savers and investors are brought together.
International Monetary Fund. External Relations Dept.
This paper discusses the appointment of Jacques de Larosière as Managing Director in the IMF. He assumed his duties at the IMF on June 17, 1978, succeeding Mr. H. Johannes Witteveen, of the Netherlands, whose service ended on June 16, 1978. Mr. de Larosière, 48, was Director of the French Treasury since 1974. He represented his government at many international conferences as well as on the boards of major industrial and financial concerns. Mr. de Larosière also participated in the work of the Committee of Twenty on International Monetary Reform and the Interim Committee.
International Monetary Fund. External Relations Dept.
This paper examines the IMF’s role in the changing world. Faced with mounting domestic and external financial imbalances, numerous African countries adopted adjustment programs supported by the use of IMF resources during 1980–81. Considerable emphasis has been given to economic growth in programs under consideration and most aimed for an increase in economic growth during the program year. Although programs generally emphasized an improvement in the external sector position, medium-term considerations did not always allow for an improvement in the current account position.
International Monetary Fund

This paper assesses Malawi’s 2002 Article IV Consultation and Economic Program for 2002. Malawi’s economic program was guided by the Poverty Reduction Strategy Paper (PRSP) process. The program has been designed in close collaboration with the World Bank and other members of the international community. Malawi’s core economic databases are weak, and the authorities will have to address serious deficiencies more forcefully. Growth performance was disappointing in 2001, with real output likely to have contracted. For 2002, preliminary agricultural production data point at best to a weak economic recovery.

International Monetary Fund

The Malawian economy is slowly recovering, thanks to corrective measures such as the floating exchange rate regime and liberated current account transactions. Stringent fiscal discipline, restrained monetary policies, and boosting of international reserves have been suggested as measures for controlling inflation and stabilizing the macroeconomy. Operation power and freedom for results-based management (RBM) and implementation of Malawi Growth and Development Strategy II (MGDS-II) are also suggested by the Executive Board. Measures to ensure revenue gain concurrent with spending have also been recommended.