R. Portes, A. Swoboda, W.M. Scammel, Robert Hormats, Bahram Nowzad, Philip Cagan, Frederick Ribe, Martin Feldstei, Lan Bovenberg, Sebastian Edward, Mr. Liaquat Ahamed, Anthony Lanyi, Susan Joeke, Masooma Habib, H.W. Arndt, and Robert Picciotto
This paper discusses the structural adjustment in low-income countries. In the first 20 months of its operations, the IMF’s structural adjustment facility (SAF) has provided concessional financial assistance to support the balance-of-payments adjustment efforts of 21 low-income member countries. Most SAF arrangements have supported policy reform programs that have also received support under other IMF facilities. The fundamental concept underlying the SAF is the notion that growth and adjustment are mutually reinforcing.
Ms. Era Dabla-Norris, Giang Ho, Ms. Kalpana Kochhar, Ms. Annette J Kyobe, and Mr. Robert Tchaidze
Fostering and sustaining robust economic growth is an imperative across advanced, emerging, and low-income countries alike. Countries will need to focus on supply-side reforms to raise their potential output and anchor medium-term growth prospects. This SDN will emphasize the role of structural reforms and supportive policy and institutional frameworks for boosting productivity–a key engine of economic growth–in the wake of the crisis. By examining a broad spectrum of reforms that eliminate impediments to growth, the paper will seek to highlight a differentiated policy agenda across countries.
Cambodia’s 2004 Article IV Consultation reports that the macroeconomic performance has been generally good, reflecting both favorable external developments and prudent fiscal policy. Exports soared following a bilateral trade agreement with the United States, and large aid inflows helped finance domestic investment and spurred construction activities. Prudent fiscal policy has been the key to ensuring price stability. Overall GDP growth has been robust mainly because of a strong rebound in agricultural production.
This study focused on the medium-term objectives, the 2004 government budget, and other policies and measures for the program period. The preparation of a full Poverty Reduction Strategy Paper (PRSP) will play a crucial role in the process, as this would provide a road map for the government's medium-term efforts. Sierra Leone's poverty reduction efforts would be significantly assisted by a medium- to long-term framework to develop the mineral sector. The IMF staff discussed with the authorities ways to achieve the monetary targets under the program.