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International Monetary Fund

This report assesses the Observance of Standards and Codes on Fiscal Transparency for the Republic of Kazakhstan. Kazakhstan has made rapid progress recently in improving its fiscal legislation, simplifying intergovernmental fiscal relations, establishing a new treasury system, and achieving basic accounts transparency. Fiscal reporting and dissemination of information has already achieved a sound level of practice, and can be built upon with relatively little further effort. Promising work has also begun in establishing a disciplined medium-term budget framework.

International Monetary Fund

This report assesses the Observance of Standards and Codes on Fiscal Transparency for the Republic of Kazakhstan. Kazakhstan has made rapid progress recently in improving its fiscal legislation, simplifying intergovernmental fiscal relations, establishing a new treasury system, and achieving basic accounts transparency. Fiscal reporting and dissemination of information has already achieved a sound level of practice, and can be built upon with relatively little further effort. Promising work has also begun in establishing a disciplined medium-term budget framework.

International Monetary Fund

This Selected Issues paper and Statistical Appendix focuses on two analytical approaches for judging whether the current account for Australia is sustainable. The paper implements the first approach, by asking how Australia’s net external liability position is likely to evolve over time, based on assumptions of future growth and interest rates. The paper implements the second approach by exploring the implications of a model of optimal external borrowing and lending. The main conclusions are also discussed in the paper.

International Monetary Fund

Austria’s 2004 Article IV Consultation reports that the economy has continued to perform relatively well, unemployment is among the lowest in the European Union, and competitiveness remains strong. Also, a gradual recovery is under way and short-term economic prospects are positive, although risks remain. There are areas of potential risk stemming primarily from exposure of Austrian banks in central and eastern European countries and foreign currency loans to households; and there is scope for strengthening supervision and reviewing the current deposit insurance system over the medium term.

International Monetary Fund

This Selected Issues paper and Statistical Appendix for Azerbaijan aims to provide a guide to the management of Azerbaijan’s expected natural resource-generated windfall. The paper provides information on Azerbaijan’s endowment of oil and gas deposits and the projected revenue stream, and highlights the common characteristics of policies leading to the mismanagement of natural resource wealth in natural resource-abundant countries. It also outlines a medium- and long-term policy strategy for oil wealth management in Azerbaijan.

International Monetary Fund

This Selected Issues Paper on Belgium provides an overview of the extent of trade and financial openness of Belgium and the links to particular countries. With an export-to-GDP ratio of 79 percent, Belgium belongs to the most open economies in Europe and also globally. Its exports are highly concentrated with a share of three-fourths of total merchandise exports accounted for by the European Union, of which close to two-thirds go to Germany, France, and the Netherlands.