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International Monetary Fund. External Relations Dept.

This paper highlights that important changes have been made in the World Bank’s management systems since Mr. A. W. Clausen became President in July 1981. The changes reflect Mr. Clausen’s belief that there needs to be a more collegial approach to decision making and greater delegation of authority. The aim is that the World Bank should become more efficient and its activities should be more responsive to its clients’ needs. A Managing Committee was also established to take decisions on all key issues facing the World Bank.

International Monetary Fund. African Dept.

The Burundian economy faced several adverse shocks. The government responded by allowing greater exchange rate flexibility and by tightening its monetary policy. The fiscal stance was in line with the program, and program implementation has been broadly satisfactory despite difficult circumstances. Sustaining revenue mobilization remains a top priority. Public financial management needs to be bolstered significantly and the country remains at high risk of debt distress, underscoring the importance of reinforcing debt management. Monetary policy should remain tight until inflation falls.

International Monetary Fund

Burundi’s First Review Under the Poverty Reduction and Growth Facility and Request for Waiver of Performance Criteria are discussed. Fiscal slippages emerged following the surge in petroleum prices and higher spending needs associated with the peace process and the domestically financed counterpart to much higher-than-expected project spending. Important progress has been made in pursuing peace and reconciliation and initiating the multiyear demobilization effort and security programs. Burundi has made considerable progress in normalizing relations with international creditors.

International Monetary Fund

Burundi is in great need of investment in infrastructure, but fiscal constraints leave little room for additional public spending. Despite this initial recovery, Burundi has yet to rebuild its pre-civil war level of public capital stock. Improving the business climate is one of the keys to attracting higher private investment. Since the Arusha agreement, some progress in the business climate has been made. Burundi is quickly moving away from the unsustainable debt situation and unstable exchange rate of the 1990s.

Mr. Paulo Drummond, Mr. Ari Aisen, Mr. Emre Alper, Ms. Ejona Fuli, and Mr. Sébastien Walker
This paper examines how susceptible East African Community (EAC) economies are to asymmetric shocks, assesses the value of the exchange rate as a shock absorber for these countries, and reviews adjustment mechanisms that would help ensure a successful experience under a common currency. The report draws on analysis of recent experiences and examines likely future changes in the EAC economies.
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.
Mrs. Joslin Landell-Mills


This paper discusses the IMF’s New Facilities for Structural Adjustment (SAF) for helping the poor. The first arrangement supported by the SAF was approved by the IMF’s Executive Board in August 1986. By the end of February 1992, 35 countries had already used resources under SAF arrangements and 19 under enhanced structural adjustment facility arrangements. For several of these, donors have used the policy framework paper as a basis for deciding their own loan commitments. It is hoped that the IMF’s part in the international effort to deal with the crisis in the poorest countries will make an effective contribution to improving their well-being in a sustainable way.