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Mr. Eduardo Borensztein, Mr. Peter Wickham, Mr. Mohsin S. Khan, and Ms. Carmen Reinhart

Abstract

This paper analyzes global commodity trends and concludes that the marked decline in real commodity prices of the past decade should be regarded as largely permanent and irreversible. The authors contend that the analysis of commodity prices should be extended to include the role of the breakdown of major international commodity agreements. In addition, the authors analyze how developments in the former Soviet Union have affected commodity supply conditions.

International Monetary Fund

This Selected Issues paper and Statistical Appendix analyzes economic developments over the past decade in the Central African Republic (CAR). It examines the regional integration efforts of the CAR in the context of the Central African Economic and Monetary Community (CEMAC). The paper presents an overview of the CEMAC customs union reform, and investigates the status of the implementation of the CEMAC trade reform in the CAR. The paper also evaluates the impact of the regional trade reform on the CAR’s trade performance, based on trade developments in the CAR during 1994–2002.

International Monetary Fund

This Selected Issues paper and Statistical Appendix analyzes economic developments over the past decade in the Central African Republic (CAR). It examines the regional integration efforts of the CAR in the context of the Central African Economic and Monetary Community (CEMAC). The paper presents an overview of the CEMAC customs union reform, and investigates the status of the implementation of the CEMAC trade reform in the CAR. The paper also evaluates the impact of the regional trade reform on the CAR’s trade performance, based on trade developments in the CAR during 1994–2002.

International Monetary Fund. Research Dept.

IN THE PAST TWO YEARS, all the countries of former French West Africa1 and of former French Equatorial Africa,2 and also Cameroon, the Malagasy Republic (Madagascar), and Togo, have become members of the International Monetary Fund. Except for Guinea, which established its own central bank and national currency on March 1, 1960, and Mali, which did the same on July 1, 1962, the currencies circulating in all these countries, as well as those circulating in the Comoro Islands, the Island of Réunion, and the islands of St. Pierre and Miquelon, bear the name CFA franc. (The initials formerly stood for Colonies Françaises d’Afrique and now stand for Communauté Financière Africaine.) In these various countries and territories, however, CFA francs are issued by six different central banks or institutes of issue, and the one issued by each of these is legal tender only in the area in which it is issued. It is possible therefore to distinguish six different CFA francs:

AVINASH BHAGWAT and YUSUKE ONITSUKA

A number of nonindustrial countries experienced balance of payments difficulties in the 1960s, resulting from overvalued currencies. To cope with these difficulties, they devalued their currencies and adopted policies to support the exchange rate changes by, inter alia, restraining demand so as to facilitate the transfer of resources to the external sector. Also other nonindustrial countries devalued their currencies following the devaluations of the United Kingdom in 1967 and France in 1969, mainly to avoid an appreciation of their currencies against their major trade partner’s currency. Many of these countries had historical, economic, and financial ties with the United Kingdom and France.

Shahid Javed Burki and T. J. Goering

Rising populations and inadequate progress in agricultural and rural development in the low-income countries will lead to enormous food deficits by the year 1985, unless corrective measures are taken soon. The authors of this article assess, on the basis of an analysis carried out in the World Bank, the impending food problems of these countries, and offer a strategy that they feel could counter this trend over the next several years.

International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
International Monetary Fund
The note provides statistical data on gross domestic product, supply and use of resources, consumer price index, cotton production, cost structure of cotton processing and marketing, government revenue, economic classification of central government expenditure, public investment program, and monetary survey of Chad. The summary accounts of the central bank, balance sheet of commercial banks, balance of payments, foreign trade indices, exchange rates, and other related economic indices of Chad along with indicators of fiscal balance, external balance, and external public debt of CEMAC have been given.
International Monetary Fund
In this study, the following statistical data are presented: GDP at current prices, agricultural production, cotton production and producer prices, production and exports of forestry products, electricity price structure, consumption of oil products, consumer price index, wholesale price index, central government operations and revenue, interest rate structure, monetary survey, supply and use of resources at current prices, producer prices of major agricultural commodities, costs and prices in the cotton sector, livestock population and slaughtering, industrial production index, composition of exports, and so on.