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International Monetary Fund. Secretary's Department

Abstract

The period from May 2012 through April 2013—the IMF’s financial year 20131—saw the world dealing with the prolonged effects of a global crisis that had persisted well beyond initial expectations in an atmosphere of heightened global change. With economic activity remaining weak and the potential for renewed stresses still high, efforts to advance global stability and a secure future were as essential as ever.

International Monetary Fund. Secretary's Department

Abstract

As FY2013 came to a close, financial conditions had improved, but the road to a comprehensive and robust global recovery was expected to remain bumpy. Policy actions during the year addressed the gravest short-term risks, but growth prospects were little changed by the end of April 2013, and the global economy was evolving at different speeds—in various parts of the world improved financial conditions had not translated evenly into growth or other factors were acting as brakes.

International Monetary Fund. Secretary's Department

Abstract

As recent experiences in world economic and financial markets have underscored, countries have become more interconnected. Developments in one country or region can quickly spill across borders. In reviewing economic trends and developments that affect the health of the international monetary and financial system, the IMF has focused increasingly on the regional and international consequences of member countries’ economic and financial policies.

International Monetary Fund. Secretary's Department

Abstract

In October 2012, the Managing Director presented her first Global Policy Agenda to the IMFC during the Annual Meetings. The agenda outlined a set of actions needed across the membership to secure recovery from the ongoing global crisis and to lay the foundation for a more robust global financial architecture.39 It also detailed the IMF’s role in assisting the membership with these formidable tasks, building on reforms to buttress the institution’s framework.

International Monetary Fund. Secretary's Department

Abstract

Quota subscriptions (see Web Box 5.1) are the primary source of the IMF’s financial resources. The Board of Governors conducts general quota reviews at regular intervals (at least every five years), allowing the IMF to assess the adequacy of quotas in terms of members’ financing needs and to modify members’ quotas to reflect changes in their relative positions in the world economy. Quota reviews aim to ensure that the IMF is representative of its membership and the changing structure of the global economy. The most recent of these reviews, the Fourteenth General Review of Quotas, was concluded in December 2010, though the proposed reforms have not yet taken effect.

Mr. Saleh M. Nsouli and Justin B. Zulu

Abstract

This paper reviews recent experience of African countries in the design and implementation of adjustment programs supported by use of Fund resources.

Charles Humphreys and William Jaeger

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

Dilip Ratha

This paper reviews the resurgence of Latin America. The paper highlights that much of the region has witnessed a swift and robust recovery from the successive financial crises of 2001–02. Within two years, the region’s economic growth reached 5.6 percent in 2004, a 24-year high. Growth rates of about 4 percent in 2005 and 3¾ percent projected for 2006 are well above historical averages. Mexico and South American countries have gained, in particular, from the surge in fuel, food, and metals prices, and have generally been able to exploit these opportunities by expanding production.

International Monetary Fund. External Relations Dept.

This paper highlights that the IMF, as Trustee for the Trust Fund, held the first of its series of gold auctions on June 2, 1976, with the sale of 780,000 ounces of gold—the total amount offered—at a common price of US$126.00 a fine ounce. The first gold auction was a success from the point of view of both the market and the IMF. In all, a total of 25 million ounces of gold from the IMF’s holdings will be sold at auction over a four-year period.