This paper examines compensatory financing facility in the IMF. Compensatory financing facilities are easy to administer and can give immediate relief to primary exporting countries when their export earnings fall. The IMF’s compensatory financing facility was established in 1963, but only 57 drawings, totaling SDR 1.2 billion, were made during its first 13 years. A turning point was the liberalization of the facility in December 1975, which occurred when commodity prices were at their trough because of the severe recession in 1975. From January 1976 to March 1980, there were 107 drawings totaling SDR 4.0 billion under the facility.
International Monetary Fund. Secretary's Department
It was with feelings of confidence that at our last few Annual Meetings we have been able to turn our gaze backwards noting the positive achievements of the past and at the same time to look forward into the future with more justified expectations and hopes.
International Monetary Fund. External Relations Dept.
This paper reviews the procurement process under World Bank projects. The paper highlights that the World Bank’s interest in procurement under its loans stems directly from the “project” requirement of its Articles, which stipulates that it should lend for specific projects, except in special circumstances, and that it should ensure that the proceeds of the loan are used only for its specified purpose, with due attention to economy and efficiency. In 1951, the World Bank began introducing international competitive bidding as the normal procedure for procurement of the goods and works needed for its projects.
Arab financial assistance to developing - particularly Arab - countries rose sharply between 1973 and 1980 but fell gradually through the 1980s, owing mainly to weakening oil prices. As a percent of GNP, however, Arab contributions remain the largest among major donors. This paper surveys the volume and distribution of Arab financing from 1973 to 1989.
This paper reviews economic developments in Sudan during 1997–99. Sudan initiated reforms under the 1997 and 1998 Staff-Monitored Programs. Real GDP growth accelerated modestly to an annual average of about 6 percent during 1997–98. Inflation declined from an average of 133 percent in 1996 to 17 percent in 1998. Fiscal revenue buoyancy has increased markedly after years of stagnation at low levels and, coupled with an improvement in budget control, has succeeded in sharply reducing the overall budget deficit. Aided by positive real rates of returns, financial disintermediation has been halted.