You are looking at 1 - 10 of 24 items for :

  • Fiscal policy x
Clear All
V. A. Jafarey


Financial sector reforms are policy measures designed to deregulate the financial system and transform its structure with the view to achieving a liberalized market-oriented system within an appropriate regulatory framework. The pace of financial sector reform and innovation began to accelerate in the late 1970s in many industrial countries and in the early 1980s in a number of developing countries of the Pacific Basin and Latin America. Currently, major financial reforms are under way in many African countries and in Eastern Europe. The initial situation in many developing countries and in the formerly centrally planned economies of Europe was characterized by direct controls on interest rates and credit allocation, the absence of well–developed money and securities markets, and underdeveloped and highly regulated banking systems. With reform of the financial sector, this situation is giving way to a greater flexibility in interest rates, an enhanced role for market forces in credit allocation, a gradual deepening of money and securities markets, and increased autonomy for commercial banks. Alongside these developments, the framework of monetary policy is also undergoing major changes. Bank-specific credit ceilings and selective credit allocations are being replaced by market-based instruments for implementing monetary policy, and prudential supervision systems are being put into place to foster sound credit decisions.

International Monetary Fund. Asia and Pacific Dept

This paper discusses Bangladesh’s Fourth Review Under the Three-Year Arrangement Under the Extended Credit Facility and Request for Modification of Performance Criteria (PC). All PCs at end-December 2013 (the test date for the fourth review) were met, and all structural benchmarks have been completed. Fiscal and monetary policies are set to retain a prudent stance to safeguard macroeconomic stability. Based on strong program performance to date and the policy framework going forward, the IMF staff recommends completion of the review, as well as modification of PCs for end-June 2014 on account of reserve over-performance.

International Monetary Fund

This Selected Issues paper reviews Bangladesh’s recent growth experience and per capita income. The paper identifies several key impediments to growth, namely: poor governance; restrictive trade and regulatory regimes; and inadequate investment in human capital and physical infrastructure. The paper makes the case that the medium-term fiscal strategy should be centered on boosting the revenue performance of the National Board of Revenue (NBR) by reorganizing it along functional lines, adopting a system of self-assessment, establishing a risk-based auditing system, and introducing a unique taxpayer identification number.

International Monetary Fund. External Relations Dept.
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.
Ms. Margaret R. Kelly

This paper presents a review of the principal issues emerging from an IMF Conference held in March 1983. The special drawing right has been conceived in the 1960s and has been formally provided in the first amendment to the Articles of Agreement of the IMF, which took effect in 1969. Upon the abandonment of the Bretton Woods system of fixed exchange rates and the coming of freedom for the IMF members to adopt the exchange arrangements of their choice, a lack of discipline has been felt in the international monetary system.

International Monetary Fund

Bangladesh achieved steady gross domestic product growth with manageable inflation, and improved social indicators, owing to prudent macroeconomic management and a renewal of structural reform. The proposed Poverty Reduction and Growth Facility-supported program builds on this record of policy implementation. Fiscal reform should be centered on a sustained revenue effort and investments in infrastructure and human capital. The government has been commended for the flexible management of the exchange rate. Executive Directors consider the proposed policy program to be comprehensive and realistic for achieving the objectives.