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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.

(www.imf.org)

International Monetary Fund. External Relations Dept.

After several years of slow or negative growth, economic activity has picked up in the Republic of Palau, while inflation has remained low, according to the IMF’s latest economic review. Real GDP, driven by higher visitor arrivals and externally funded government projects, grew by 5 percent in FY2004 and 5½ percent in FY2005. Palau, a small island economy in the Pacific, relies heavily on tourism and on external assistance from its 50-year Compact of Free Association with the United States and grants from Japan and Taiwan Province of China to finance budget expenditure and infrastructure projects.

Mr. Adriaan M. Bloem and Cor Gorter

On February 16-20, the IMF’s Statistics Department hosted the first in a series of meetings to discuss updates to the System of National Accounts 1993. The manual sets standards for the measurement of GDP and serves as a reference guide for most economic and financial statistics. Impetus to update it stems from changes in the economic environment over the past decade, advancements in methodological research, and efforts to further harmonize various macroeconomic statistics.

International Monetary Fund. External Relations Dept.

We, the Group of Seven finance ministers and central bank governors, have today adopted an integrated Action Plan to increase predictability and reduce uncertainty about official policy actions in the emerging markets. The Action Plan is part of an overall endeavor whereby the sovereign debt of all countries would ultimately be investment grade, a rating that every country could eventually achieve with the right policies. The Action Plan would help prevent financial crises and better resolve them when they occur, thereby creating the conditions for sustained growth of private investment in emerging markets and helping raise living standards of the people in emerging market countries. We pledge to work together to carry out this Action Plan. The plan comprises the following elements that are complementary and reinforce each other.

Sabina Bhatia

Under the aegis of the Parliamentary Network on the World Bank, approximately 190 legislators from over 80 countries gathered in Paris on February 14-16 to discuss a wide range of development issues. This fifth annual meeting of the organization, which also drew governmerit officials, civil society I organizations, and representatives from the World I Bank and the IMF, I focused on rising concerns over the prospects for meeting the United Nations’ Millennium Development Goals (MDGs); continued frustration with trade and market access; the importance of improving the accountability of the international financial institutions; donor policies; and efforts to strengthen the role of parliamentarians in promoting development.

Ms. Patricia A Reynolds

In the wake of the 1990s’ experience with economic and financial crises, there has been considerable debate about the reforms needed to make the global financial system more stable. A key area of contention is the role played by financial liberalization. In a February 23 seminar at the IMF Institute, Joshua Aizenman, professor of economics at the University of California at Santa Cruz, examined the complex trade-off between liberalization’s adverse intermediate effects and its more arguable long-run benefits. He cautioned that successful reforms will need to factor in market imperfections.

International Monetary Fund. External Relations Dept.

04/121: “The Contingent Claims Approach to Corporate Vulnerability Analysis: Estimating Default Risk and Economywide Risk Transfer,” Dale F. Gray, Michael T. Gapen, Yingbin Xiao, and Cheng Hoon Lim

International Monetary Fund. External Relations Dept.

04/78: “Empirical Modeling of Contagion: A Review of Methodologies,” Mardi Dungey, Renee Fry, Brenda Gonzalez-Hermosillo, and Vance Martin

International Monetary Fund. External Relations Dept.

02/50: Primer on Reforms in a Second-Best Ambiguous Environment: A Case for Gradualism, Nuri S. Erbas