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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).

International Monetary Fund. External Relations Dept.

IMF Deputy Managing Director Eduardo Aninat announced on March 7 that he plans to leave his post in June 2003. In December 1999, he joined the IMF’s four-member management team with broad responsibilities in running the IMF, including chairing its Executive Board meetings.

International Monetary Fund. External Relations Dept.

Korea’s economic strength testifies to its success in adapting to the changing global economic landscape by pursuing forward-looking and prudent policies. While near-term economic prospects are generally favorable, risks are mainly to the downside.

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

International Monetary Fund. External Relations Dept.

The IMF released on September 14 the report of a group of independent experts: External Evaluation of IMF Surveillance. At a press conference accompanying the release of the report—whose conclusions were broadly welcomed by the IMF Executive Board, management, and staff—the chair of the Board’s Evaluation Group, Thomas Bernes of Canada, said that in selecting the topic of IMF surveillance, the Board “wanted to look at what is at the heart of the IMF’s mandate.” The aim was not to look at individual country programs, he said, but to examine how the whole process of surveillance was carried out—both bilateral reviews of individual economies and multilateral surveillance (as in the case of the IMF’s World Economic Outlook exercise).

International Monetary Fund. External Relations Dept.

No one quite knows how much money is laundered every year, but informed guesses estimate that the illicit economy could amount to as much as 2–5 percent of world GDP. National law enforcement agencies have been fighting financial crime for many years, and the terrorist attacks of September 11, 2001, made the fight against money laundering and the financing of terrorism a top priority also for the international community. The IMF has emerged as a key player because of its expertise in financial systems and near-universal membership of 184 countries. Camilla Andersen of the IMF Survey asked Barry Johnston, Assistant Director in the Monetary and Financial Systems Department, who leads the IMF’s financial sector work on anti-money laundering, and Jean-François Thony, Assistant General Counsel in the Legal Department, who is in charge of the legal aspects, about the progress made to date.

International Monetary Fund. External Relations Dept.

The Financial Stability Forum announced in a November 19 press release that it has created two ad hoc working groups.

Archana Kumar

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