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Most former Soviet republics have fallen into an economic and political under-reform trap. An intrusive state imposes high tax rates and drives entrepreneurs into the unofficial economy, which further aggravates the pressure on official businessmen. Tax revenues and public goods dwindle, further reducing incentives to register business activity. This economic under-reform trap has a political counterpart. Remarkably, Communist parties remain popular and opposed to establishing the rule of law precisely in those places where they were able to delay and derail reform. No electoral backlash prompts the reforms necessary to leave the under-reform trap. The best way out of the trap in countries such as Russia and Ukraine is increased economic and political competition among the elite.

International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper aims to take stock of key challenges and propose recommendations on how to address them. Mongolia has taken important steps to address these challenges, but more should be done to tackle remaining gaps and ensure effective enforcement. Improving governance is a crucial step for Mongolia to achieve sustainable and inclusive growth. In order to substantially reduce corruption, a stronger anti-corruption framework should be accompanied by governance reforms across a range of state functions. On rule of law, the Worldwide Governance Indicators (WGI) place Mongolia above peers in Asia but below regional averages, indicating room for improvement. Although Mongolia has developed a legal framework since the transition to a market economy, observers point out that there are often loopholes and unintended consequences. Weak revenue administration can undermine fiscal sustainability while uneven enforcement of tax rules can damage the investment climate. State-owned enterprises would benefit from better governance, particularly given their central role in output and potential for creating fiscal liabilities.
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.
Carmen M. Reinhart, Rodrigo Valdés, and Julio Velarde


GUILLERMO ORTIZ: So let me begin with you, Carmen. In your very distinguished academic career, you have focused on several subjects, but you have been really a student, an analyzer of Latin American economics and politics, and you are an expert on financial crises.

Guillermo Ortiz


Let me welcome you all to this Per Jacobsson panel. This is the last of the IMF-sponsored events in this very fruitful week. We just had a board meeting of the Foundation, and the Vice Chairman of the Foundation and the First Deputy Managing Director of the IMF, David Lipton, gave us a reflection. I had asked him a question: How do you feel leaving the meetings as opposed to when you had just come into the meetings? And he said, well, the IMF put out all these documents prior to the meeting. We were told that day that we were a little bit pessimistic, that we were a little bit somber. But then, he said, last night they went to a panel sponsored by Citi, and Willem Buiter, who is, as you know, the chief economist for Citi, said that the IMF had been extremely optimistic. So he leaves it somewhere in between, and that’s a good place to be.

International Monetary Fund. Asia and Pacific Dept

Adjusting to shocks. The Malaysian economy has faced a sequence of shocks since mid-2014, including declines in commodity prices, spillovers from China, volatility of capital flows, and domestic political controversy. The economy's adjustment is aided by its diversified production and export bases, deep financial markets, strong regulatory framework, strong external position, flexible exchange rates, and responsive fiscal policy and reforms. Outlook. The outlook for 2016 is shrouded in uncertainties, owing to a confluence of factors that include the global and regional trade slowdowns; China spillovers; the normalization path of U.S. interest rates; and the uneven strength of activity in Malaysia's other major trading partners. Nevertheless, growth should remain healthy at 4.4 percent.

International Monetary Fund. African Dept.

This 2013 Article IV Consultation highlights Nigeria’s poverty and income inequality that remain high and social and governance indicators that are below averages for sub-Saharan Africa. Growth is expected to remain strong, driven by agriculture, trade, and services. Inflation should continue to decline, in line with a tight monetary policy, and a lowering trend in food prices from higher rice and wheat production. Transparency and governance in the oil sector should be enhanced, including by strengthening the regulatory framework through the passage of a sound Petroleum Industry Bill featuring stringent enforcement clauses.