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Mr. Masahiro Nozaki, Mr. Tobias Roy, Mr. Pawel Dyczewski, Mr. Bernhard Fritz-Krockow, Ms. Fanny M Torres Gavela, Mr. Gamal Z El-Masry, and Mr. Rafael A Portillo
This paper analyzes the economic growth and stability in Suriname. The paper highlights that in recent years, the outlook has turned substantively more positive. The favorable external environment and the stability-oriented policies of the Venetian administration have boosted confidence in the economy, leading to increased investment, domestic economic activity, and employment. The recent boom in commodity prices has helped boost growth, while increased gold production and investment in the mineral industry are projected to support continued growth in the coming years.
Mr. Jan Kees Martijn, Gabriel Di Bella, Mr. Shamsuddin Tareq, Mr. Benedict J. Clements, and Mr. Abebe Aemro Selassie

Abstract

Macroeconomic outcomes in low-income countries (LICs) have improved markedly in recent years, but important questions remain regarding possible adjustments in the design of IMF-supported programs in such countries. This paper draws on a review of the literature as well as the experience of 15 LICs that have attained some degree of macroeconomic stability to discuss, for example, the appropriate target range for inflation in shock-prone LICs; whether countries should use fiscal space to cut excessive tax burdens, reduce high debt levels, or raise public spending; and how the effectiveness of public expenditures can be improved.

Mr. Simon Cueva, Mr. Stephen Tokarick, Mr. Erik J. Lundback, Ms. Janet Gale Stotsky, and Mr. Samuel P. Itam

Abstract

This paper focuses on the independent states that are full members of the Caribbean Community. It provides background information on recent developments in the Caribbean region and lays out the principal policy issues that countries will need to address in the period ahead. The Caribbean countries face several common problems and must deal with similar economic policy issues. Consequently, concentrating on the regional perspective permits a comparison of the individual responses to similar problems. The regional view throws light on the countries' movement toward convergence. The economic prospects for the region are generally satisfactory over the medium term, but the projections depend importantly on the resolve of governments to pursue appropriate policies, as well as favorable developments in the rest of the world. The relatively favorable outlook for the region is not without risks, such as a slowdown in growth in the major trading partner countries or a term of trade shock.

Alvin D.L. Hilaire

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International Monetary Fund

Abstract

For over 10 years, the IMF has supported adjustment and reform programs in many of its low-income members through two facilities established specifically for that purpose - the Enhanced Structural Adjustment Facility (ESAF) and its precursor the Structural Adjustment Facility (SAF). By the end of 1994, 36 countries had availed themselves of these facilities, in support of 68 multi-year programs. This study summarizes the findings of a review of the experience under these programs and of economic developments in the countries that undertook them.

International Monetary Fund

Guyana has weathered the impact of the global crisis well by regional and global standards. The current account deficit declined by 5 percent of GDP (to 8.5 percent of GDP), largely led by a reduction in imports, particularly of fuel. Macroeconomic policies have remained prudent. Monetary policy tightened somewhat in 2009, supporting the decline in inflation and external stability. Structural reform has continued to focus on further reducing vulnerabilities and entrenching long-term growth. The authorities have consolidated insurance and bank supervision at the central bank.

International Monetary Fund

Abstract

For over 10 years, the IMF has supported adjustment and reform programs in many of its low-income members through two facilities established specifically for that purpose—the Enhanced Structural Adjustment Facility (ESAF) and its precursor the Structural Adjustment Facility (SAF) (see Box 1). By the end of 1994, 36 countries had availed themselves of these facilities, in support of 68 multi-year programs (see Appendix).1 This study summarizes the findings of a review of the experience under these programs and of economic developments in the countries that undertook them. Drawing on a number of detailed studies,2 it surveys the policies that have been implemented with SAF/ESAF support, assesses economic developments, and identifies possible modifications to the focus and design of ESAF-supported programs that could strengthen economic performance. Although the study is naturally concerned with the IMF’s activities, all the countries under review also received policy advice, technical assistance, and financial support for their programs from the World Bank and other agencies and donors in the international community.

Mr. Simon Cueva, Mr. Stephen Tokarick, Mr. Erik J. Lundback, Ms. Janet Gale Stotsky, and Mr. Samuel P. Itam

Abstract

With few exceptions, countries in the Caribbean region have performed reasonably well in recent years. They will, however, need to accelerate policy actions in a number of areas to address he challenges they are likely to face in the near future.

Mr. Simon Cueva, Mr. Stephen Tokarick, Mr. Erik J. Lundback, Ms. Janet Gale Stotsky, and Mr. Samuel P. Itam

Abstract

The economic performance of most of the countries in the Caribbean region has been broadly satisfactory in recent years, but insufficiently robust to substantially reduce unemployment. In the five-year period ended 1998, real GDP growth in the region was somewhat higher than in the major trading partner countries, inflation declined, and the fiscal and external positions improved. Also, progress was made toward trade liberalization.

International Monetary Fund

Abstract

Before turning to the record of adjustment and reform undertaken in ESAF countries, it is useful to recall why countries embarked on this process, and what they hoped to achieve. This section looks first, in broad terms, at the nature of the economic difficulties that countries faced prior to their first SAF/ESAF-supported program, since these naturally determined much of what followed. The objectives and key components of the strategies designed to address those problems are then summarized. The final element considered is the background—both domestic and global—against which policies were implemented.