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GEORGE E. LENT

Financial statements based on historical costs increasingly depart from current values during an inflationary period and have distorting effects on the measurement of business profits. For this reason, periods of rapid inflation, especially following a major war or economic crisis, have been met in some countries by measures for the revaluation of business accounts for purposes of reports to shareholders and the determination of taxable income.

International Monetary Fund

The transitional program is broadly on track and quantitative program targets have been met, but structural reforms have been delayed. There are still risks to revenues and expenditures from possible judicial decisions, and the fiscal program may need to be adapted for changes in the macroeconomic framework. Monetary policy continues to face significant uncertainties, and priority needs to be given to providing a predictable regulatory framework for the banking system. Policy preparation can facilitate the transition to the new government.