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Mr. Michael P. Dooley

This paper reviews the World Bank lending for structural adjustment. The World Bank has always stressed the need to use limited investable resources efficiently. It has attempted to identify investment priorities in recipient countries and lent for projects that promised a high rate of return. The Bank’s Operational Manual defines structural adjustment lending as nonproject lending to support programs of policy and institutional change necessary to modify the structure of an economy so that it can maintain both its growth rate and the viability of its balance of payments in the medium term.

Mr. Manmohan S. Kumar and Mr. Pablo Emilio Guidotti

Abstract

This study discusses the evolution of domestic public debt in several indebted countries and its relationship with their external debt and underlying fiscal developments. It examines the links between domestic and external debt, taxes, subsidies, and government spending, and reviews strategies for managing domestic public debt.

SAID H. HITTI and GEORGE T. ABED

To appreciate the emergence of Saudi Arabia as a major financial force on the world monetary scene, it is appropriate to review the history of the country’s economic and financial developments. In addition to providing background information on Saudi Arabia, this paper illustrates the main characteristics of a typical oil economy.

MOHSIN S. KHAN

This paper outlines the theoretical framework and presents the results of a short-term model constructed for forecasting the Venezuelan economy. The explicit purpose was to provide a relatively simple aggregate demand model that would forecast the behavior of key macro-economic variables in Venezuela and would also show the effects of monetary policy on these variables. Since the model centers on the monetary aspects of income and balance of payments determination, it can be described as a “monetary model.”1

Roger S. Smith

This paper highlights that the distribution of income and wealth in developing countries has become a matter of great concern to all those interested in development. The paper highlights that in Latin America, the poorest half of the population receives about the same share of income as the top 1 percent and the lowest 70–75 percent of the population the same share as the top 5 percent. It is clear that the distribution of income and wealth will have substantial implications for the pattern of consumption and production in developing countries.

Mr. Vito Tanzi

This paper reviews the World Bank lending for structural adjustment. The World Bank has always stressed the need to use limited investable resources efficiently. It has attempted to identify investment priorities in recipient countries and lent for projects that promised a high rate of return. The Bank’s Operational Manual defines structural adjustment lending as nonproject lending to support programs of policy and institutional change necessary to modify the structure of an economy so that it can maintain both its growth rate and the viability of its balance of payments in the medium term.

International Monetary Fund
Economic performance in Nicaragua has been better than envisaged; nonetheless, vulnerabilities remain and will be compounded by electoral uncertainties. The decision to use part of the strong revenue performance to lower the fiscal deficit is appropriate. Exchange-rate and monetary policy remain broadly adequate. Fiscal adjustment should set the stage for a strong program of fiscal consolidation following the elections. Continued vigilance in the financial sector will be critical. Improvement in reporting and monitoring of foreign aid flows and transparency is necessary.
International Monetary Fund
The key findings of Colombia’s 2010 Article IV Consultation on economic developments and policies are presented. The Colombian economy had begun to slow down in early 2008, as policies had been tightened to address overheating, but the global crisis caused private investment to collapse in the last quarter of 2008. The largely domestically owned and locally financed financial system did not experience major strains from the global crisis. Colombian banks did not have complex off-balance sheet financial instruments, and had limited cross-border linkages.
International Monetary Fund
This Selected Issues paper analyzes a study conducted by the International Labor Organization, which evaluates the Caja de Seguro Social or CSS's actuarial situation. The paper describes Panama's social security system, which consists of the Social Security Agency (Caja de Seguro Social or CSS) and several complementary schemes. The study reviews the basic characteristics of the system; the CSS's financial situation; the complimentary public pension scheme—Fondo Complementario de Prestaciones Sociales; and strategies for further reform. It also provides a statistical appendix for the country.