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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’s evolving role in the international monetary system is expected to be a main focus of the first meeting of the International Monetary and Financial Committee (IMFC), which is to be held in Washington on April 16. In addition to considering issues in the reform of the IMF, the IMFC is also expected to review the continued strengthening of growth in the world economy and progress in the Initiative for the Heavily Indebted Poor Countries (HIPC) and the Poverty Reduction and Growth Facility (PRGF).

International Monetary Fund
This paper discusses the evaluation of technical assistance (TA) and training provided by the Statistical Department (STA) of the IMF to Peru during 1993–2011. The results showed that TA was reasonably effective, especially in the areas of government finance statistics, and responded well to the demands expressed by the Peruvian authorities. Many constraints to capacity were overcome through TA and training. The evaluation also found that the quality of TA reports, backstopping, and report management in STA were generally adequate.
International Monetary Fund
This paper discusses findings of the Technical Assistance Evaluation Report for the former Yugoslav Republic of Macedonia. Overall, the authorities indicated that technical assistance (TA) and training had been very useful in improving its statistical systems and statistics. The approach to provide subject-specific TA following the Data Module Report on the Observance of Standards and Codes (ROSC) was effective as the ROSC assessment was helpful in setting the context for future TA. The authorities emphasized the usefulness of training. They noted that despite the slow pace of implementation of TA missions’ recommendations in some cases, training had contributed to their understanding of international standards.
Mr. Philip Liu, Rafael Romeu, and Mr. Troy D Matheson
Macroeconomic policy decisions in real-time are based the assessment of current and future economic conditions. These assessments are made difficult by the presence of incomplete and noisy data. The problem is more acute for emerging market economies, where most economic data are released infrequently with a (sometimes substantial) lag. This paper evaluates "nowcasts" and forecasts of real GDP growth using five alternative models for ten Latin American countries. The results indicate that the flow of monthly data helps to improve forecast accuracy, and the dynamic factor model consistently produces more accurate nowcasts and forecasts relative to other model specifications, across most of the countries we consider.
Mrs. Ewa Gradzka and Mr. Shaun K. Roache
We use a range of methods and remittance data from 1990 to 2007 to assess the strength and significance of linkages between remittance flows to Latin America and the U.S. business cycle. All of the evidence suggests that remittance flows are relatively insensitive to fluctuations in the U.S. cycle, underlining their role as a stable source of external financing, in good times and bad. A number of factors, notwithstanding uncertainties related to official remittance data reliability, might explain this result, including remittance smoothing and flexible immigrant labor markets.
International Monetary Fund. External Relations Dept.

There is work still to be done, but an increasing number of countries are providing the IMF with data of the quality it needs to provide effective oversight of members’ economic policies. According to the recently released staff report, Data Provision to the IMF for Surveillance Purposes, and a summary of the Executive Board discussion of it, poor data remain a problem in one-third of the IMF’s member countries. But the number has been declining and there has been progress on many fronts, notably with data on international reserves.

International Monetary Fund

The coverage, periodicity, and timeliness for macroeconomic data in Peru are summarized and compared with Special Data Dissemination Standard (SDDS) specifications. The human, financial, and computing resources allocated to the existing program of statistics at the Central Reserve Bank of Peru (CRBP) are adequate and are used efficiently. The CRBP has well-established recruitment and training programs, and the salaries are competitive compared with those of the private sector. Efforts are being made to upgrade the computer systems, including the recent acquisition and implementation of new software to manage the macroeconomic databases.

International Monetary Fund

The coverage, periodicity, and timeliness for macroeconomic data in Peru are summarized and compared with Special Data Dissemination Standard (SDDS) specifications. The human, financial, and computing resources allocated to the existing program of statistics at the Central Reserve Bank of Peru (CRBP) are adequate and are used efficiently. The CRBP has well-established recruitment and training programs, and the salaries are competitive compared with those of the private sector. Efforts are being made to upgrade the computer systems, including the recent acquisition and implementation of new software to manage the macroeconomic databases.

International Monetary Fund

The coverage, periodicity, and timeliness for macroeconomic data in Peru are summarized and compared with Special Data Dissemination Standard (SDDS) specifications. The human, financial, and computing resources allocated to the existing program of statistics at the Central Reserve Bank of Peru (CRBP) are adequate and are used efficiently. The CRBP has well-established recruitment and training programs, and the salaries are competitive compared with those of the private sector. Efforts are being made to upgrade the computer systems, including the recent acquisition and implementation of new software to manage the macroeconomic databases.