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Norman K. Humphreys

This year’s Annual Meetings of the Boards of Governors of the World Bank and the International Monetary Fund—the thirty-fourth—were held in Belgrade from October 2 to 5. The participants were faced with a difficult international economic situation as they met to discuss and chart the future direction of the world economy. This article reports on the main themes of the Fund Meeting.

International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues paper discusses the designing and implementing of Kuwait’s fiscal policy for the medium term. Fiscal policy has a major role to play in supporting macrostability and diversification. The fiscal strategy design and implementation on a yearly basis are based on a few key areas such as determining targets or ceilings for major fiscal parameters for a three-year rolling framework with binding next budget year and indicative two outer years, establishing a clear process for expressing policy objectives and their link to expenditure, etc. The illustrative budget sequencing with the fiscal strategy spearheading medium-term fiscal policymaking and linked to the annual budget process would support fiscal policy implementation.
Mr. Ian S McCarthy

Accompanying the explosive growth of the Eurocurrency market, there has been a proliferation of offshore banking centers. This article briefly analyzes why this proliferation has occurred and discusses the benefits to and costs for such centers.

International Monetary Fund. External Relations Dept.

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.