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William Diamond

This paper describes the technical improvement in developing countries. It highlights that developing countries have relied heavily for their industrial development upon foreign enterprises as sources of technology and management systems. The paper underscores that through direct investment or under licensing arrangements, foreign corporations have supplied a vast array of industrial products and equipment and have exercised a major role in the design and construction of processing and manufacturing facilities in newly industrializing countries.

International Monetary Fund

This 2009 Article IV Consultation highlights that Bhutan’s fiscal policy has been anchored by keeping current spending below domestic revenue. Bhutan’s large and volatile trade deficits have been offset by sizable foreign aid flows, resulting in a balance of payments (BOP) surplus and reserve accumulation. The BOP surplus has averaged about 8 percent of GDP over the last few years. Executive Directors have commended the authorities for the strong economic performance anchored by hydropower sector development, and supported by prudent economic management, firm donor support, and political stability.

International Monetary Fund. External Relations Dept.

Jack Boorman, the Director of the IMF’s Policy Development and Review Department, announced to the staff of his department on May 14 that he would be leaving the IMF later in the year. He indicated that he had been considering leaving for some time and had told IMF Managing Director Horst Köhler of his decision in February. At that time, he confirmed that he would continue in his position through the ongoing transition to new management, but that he wished to leave soon after the Annual Meetings.

Albert Waterston

This paper describes the technical improvement in developing countries. It highlights that developing countries have relied heavily for their industrial development upon foreign enterprises as sources of technology and management systems. The paper underscores that through direct investment or under licensing arrangements, foreign corporations have supplied a vast array of industrial products and equipment and have exercised a major role in the design and construction of processing and manufacturing facilities in newly industrializing countries.

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

Mr. Timothy Geithner

On October 15, the Federal Reserve Bank of New York announced the appointment of Timothy Geithner as its President and Chief Executive Officer. Geithner, who has headed the IMF’s Policy Development and Review Department (PDR) since December 2001, is expected to take up his new duties in mid-November.

Barend A. de Vries

Why are industrial costs of developing countries well above international levels? What can be done to lower cost and increase efficiency? The author discusses some lessons of experience.

International Monetary Fund. External Relations Dept.

On April 5, the IMF Executive board agreed to a pilot project for the voluntary release of Article IV staff reports. Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with its members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

Mr. Mark Allen and Mr. Leslie Lipschitz

Managing Director Horst Köhler has appointed Mark Allen to the position of Director of the IMF’s Policy Development and Review Department and Leslie Lipschitz to the position of Director of the IMF Institute (the IMF’s training institute). Allen and Lipschitz are both currently Deputy Directors in the Policy Development and Review Department.

International Monetary Fund. Research Dept.

This paper extends a standard growth model and obtains consistent panel data estimates of the growth retarding effects of military spending via its adverse impact on capital formation and resource allocation. Simulation experiments suggest that a substantial long-term “peace dividend”—in the form of higher capacity output—may result from markedly lower military expenditure levels achieved in most regions during the late 1980s, and the further military spending cuts that would be possible if global peace could be secured.