Mr. Masahiro Nozaki, Mr. Tobias Roy, Mr. Pawel Dyczewski, Mr. Bernhard Fritz-Krockow, Ms. Fanny M Torres Gavela, Mr. Gamal Z El-Masry, and Mr. Rafael A Portillo
This paper analyzes the economic growth and stability in Suriname. The paper highlights that in recent years, the outlook has turned substantively more positive. The favorable external environment and the stability-oriented policies of the Venetian administration have boosted confidence in the economy, leading to increased investment, domestic economic activity, and employment. The recent boom in commodity prices has helped boost growth, while increased gold production and investment in the mineral industry are projected to support continued growth in the coming years.
Mr. Jan Kees Martijn, Gabriel Di Bella, Mr. Shamsuddin Tareq, Mr. Benedict J. Clements, and Mr. Abebe Aemro Selassie
Macroeconomic outcomes in low-income countries (LICs) have improved markedly in recent years, but important questions remain regarding possible adjustments in the design of IMF-supported programs in such countries. This paper draws on a review of the literature as well as the experience of 15 LICs that have attained some degree of macroeconomic stability to discuss, for example, the appropriate target range for inflation in shock-prone LICs; whether countries should use fiscal space to cut excessive tax burdens, reduce high debt levels, or raise public spending; and how the effectiveness of public expenditures can be improved.
THE EVOLUTION of the monetary and exchange system that has come to be known as the sterling area dates back to a time when almost all the territories outside Great Britain and Ireland in which this system operates were British colonial dependencies.1 For later stages of its history, as the concept of Dominion status crystallized and the number of territories to which it was applied increased, the distinction can be made, for convenience, between the Dominions, which now have complete control of their national currency and exchange policies, and other parts of the British Commonwealth which have not yet attained that status—leaving aside altogether members of the sterling area which are outside the British Commonwealth. The process of growth has been continuous throughout; it is, moreover, not yet complete. A sketch of the earlier stages of its history will contribute to a proper understanding of the sterling area as it operates today and, in particular, of the position in the sterling area of the territories which operate under the Colonial Sterling Exchange Standard.
International Monetary Fund. External Relations Dept.
The paper discusses development of smallholder tea cultivation and a new breed of planters in Kenya. As the work of land consolidation and registration progressed in Kenya, tea planting in areas that were ecologically suitable became increasingly popular. The paper highlights that with the help of some US$3 million from the International Development Association, about 900 miles of tea collection and factory access roads are being constructed in the various tea-growing areas of Kenya, and some 15 small road maintenance units are being established and equipped.
International Monetary Fund. External Relations Dept.
This paper examines some dimensions of the problem of income inequality. The conventional approach to income inequality is to define the problem in purely relative terms. A familiar technique for this purpose is to measure inequality by the extent to which the income share of groups of individuals or households differs from their population share. The paper examines the problem in terms of income shares of the lowest 40 percent, the middle 40 percent, and the top 20 percent of households ordinally ranked by income.
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.
Guyana has weathered the impact of the global crisis well by regional and global standards. The current account deficit declined by 5 percent of GDP (to 8.5 percent of GDP), largely led by a reduction in imports, particularly of fuel. Macroeconomic policies have remained prudent. Monetary policy tightened somewhat in 2009, supporting the decline in inflation and external stability. Structural reform has continued to focus on further reducing vulnerabilities and entrenching long-term growth. The authorities have consolidated insurance and bank supervision at the central bank.
This paper focuses on economic developments in Guyana during the 1990s. By 1991, economic performance had turned around in response to the shift in economic policies and the improved incentive framework. Following sizable reductions in 1989–90, real GDP grew by about 7 percent a year in 1991 and 1992, mainly owing to a recovery of export-related production and new foreign investments in the bauxite, gold, and forestry sectors. By 1992, inflation had declined markedly; the fiscal and external deficits were reduced substantially; and private and official capital inflows had risen significantly.
Despite external and domestic shocks, the Guyanese economy demonstrated resilience and registered a fifth consecutive year of robust growth in 2010. The authorities started making payouts to Colonial Life Insurance Company (CLICO) policyholders, in line with their plans to minimize fiscal costs. Efforts to improve the Guyana Revenue Authority (GRA) continued. Its new functional organization was consolidated, improving further the integrated tax information system (TRIPS), the profiling of taxpayers, and on-site inspections at the country’s ports of entry. Executive Directors endorsed the authorities’ Low Carbon Development Strategy.