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International Monetary Fund. External Relations Dept.

01/12: Second Review of Cambodia’s PRGF Loan, January 30

International Monetary Fund. External Relations Dept.

The IMF’s Executive Board on May 15 approved an augmentation of Turkey’s three-year Stand-By Arrangement by SDR 6.4 billion (about $8 billion), bringing the total to SDR 15 billion (about $19 billion). The full text of Press Release 01/23, including details of Turkey’s economic program, is available on the IMF’s website (www.imf.org).

Mr. Subir Lall

Heightened expectations of a slowdown in the U.S. economy; a downgrading of the long-run earnings potential of the technology, media, and telecom sector; and a deterioration in U.S. credit markets all took their toll on emerging bond and equity markets in the last quarter of 2000. In addition to analyzing the consequences of these developments, the latest issue of Emerging Market Financing, which is published quarterly and forms part of the IMF’s surveillance over international capital markets, also discusses the outlook for emerging market financing this year and the potential risks, notably those that would be engendered if the U.S. economy were to slow sharply. The report also examines episodes of contagion and periods of drought in emerging bond markets—two salient features of emerging markets financing.

David M. Sassoon

The World Bank Group may now be expected to increase its lending to the mining sector. The pressure to find and develop new mineral resources is increasing the risk of mining ventures at every stage. The author, a Bank attorney, discusses previous lending for mining in the context of guarantees both to mining companies and to the developing countries where the mines are located.

Mr. Jean-Pierre Chauffour, Ms. Sena Eken, Mohamed A. El-Erian, and Ms. Susan Fennell

This is a particularly opportune time for countries in the Middle East and North Africa to implement reforms to fulfill their considerable economic potential and reap the benefits of greater globalization and integration.

Mr. Andy M. Wolfe, Mr. Jeffrey M. Davis, and Mr. James Daniel
Current guidelines and practice for classifying government bank assistance operations inadequately capture in the fiscal balance some of the most common, and important, operations. The shortcomings result from the focus on the general government, the exclusion of non-cash operations, and divergences between the timing of cash outlays and the economic impact of assistance operations. Complementing the standard measures of the fiscal balance with an “augmented” balance would provide a definition that is transparent, comprehensive, and reasonably comparable across countries. The augmented balance would explicitly incorporate the major quantifiable fiscal costs of bank assistance operations that are not already included in current definitions of the overall balance.
International Monetary Fund. External Relations Dept.
Global market turmoil; Strauss-Kahn to head IMF; Global warming; Europe: Financial integration; Islamic finance; Emerging market vulnerability; Subprime turmoil: Lessons; Maghreb integration; Oil producers: Fiscal management; News briefs.
International Monetary Fund. External Relations Dept.
The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx