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International Monetary Fund. External Relations Dept.

This paper highlights that the annual meetings of the World Bank and its affiliates, the International Development Association (IDA) and the International Finance Corporation (IFC), and of the IMF, were held in September 1965 in Washington. At the Bank Group meetings, stress was laid on the urgent needs of the less developed countries and on the Group’s plans for increasing its help toward meeting these needs. In his annual address, the President of the three institutions, Mr. Woods, emphasized the widening spectrum of the World Bank’s lending.

International Monetary Fund

The overall fiscal position improved and the reduction in domestic arrears was triple the program target. The direct impact of the global financial crisis on Djibouti has been limited. The financial system has not been affected by the global crisis, and capital adequacy has improved slightly despite increased competition. GDP growth remained strong in 2008, and inflation decelerated during the fourth quarter. The risk of external debt distress remains high. Banks remain profitable and have not been affected by the global financial crisis.

Mr. Albert Jaeger

On October 20, the IMF Executive Board concluded the 1999 Article IV consultation discussions with Germany. Germany is participating in the pilot project for release of staff reports, one of a number of current initiatives to increase the transparency of the IMF’s operations. This article describes the economic background and key policy issues raised in the report, which was released on November 3. The full text of the staff report, as well as a set of background papers on selected issues, is available on the IMF’s website (www.imf.org).

International Monetary Fund

The overall fiscal position improved and the reduction in domestic arrears was triple the program target. The direct impact of the global financial crisis on Djibouti has been limited. The financial system has not been affected by the global crisis, and capital adequacy has improved slightly despite increased competition. GDP growth remained strong in 2008, and inflation decelerated during the fourth quarter. The risk of external debt distress remains high. Banks remain profitable and have not been affected by the global financial crisis.