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Funke Norbert

More than a year after the creation of the New Partnership for Africa’s Development (NEPAD), ministers, governors, and other senior officials from some 20 African countries met in Dakar, Senegal, in mid-December to discuss the challenges confronting the initiative. Participants at the high-level seminar, hosted by the IMF Institute and the Joint Africa Institute, included donor representatives, academics, and staff of regional and international institutions.

Alassane D. Ouattara, Mr. Saleh M. Nsouli, Evangelos Calamitsis, Mr. Ernesto Hernández-Catá, Mr. Robert L. Sharer, Papa Ousmane Sakho, and Alexandre Barro Chambrier

For the first time in a generation, sub-Saharan Africa’s economic performance has shown substantial improvement in recent years, based largely on improved policies. Nevertheless, the overall economic situation is fragile, as evidenced by the slowdown in economic growth and the increase in financial imbalances in 1998, owing to poor weather, weak commodity prices, and armed conflicts. More fundamentally, sub-Saharan Africa still has a long way to go to make a real dent in pervasive poverty, begin catching up with other developing regions, and integrate itself fully into the global economy.

International Monetary Fund

This Selected Issues paper analyzes the competitive threats to the tourism sector in the Eastern Caribbean Currency Union (ECCU). The paper concludes that the ECCU countries have lost competitiveness globally and vis-à-vis newly emergent Caribbean tourist destinations as a result of both price and nonprice factors. The short-term measures implemented by the countries seem to have been insufficient to prevent further declines in 2002. The paper also describes strengthening fiscal discipline through fiscal benchmarks.

International Monetary Fund. External Relations Dept.

This paper presents highlights of the 1964 annual meetings of the IMF and the International Bank for Reconstruction and Development. The paper underscores that the charters of these organizations provide that they shall hold annual meetings of their Governors, who constitute the highest authority of each body. Although there are two principal institutions involved, and the special business of each is transacted separately, their annual meetings have always been held at the same time, and these joint meetings are in many respects a single and unified event.

International Monetary Fund

This paper discusses Bangladesh’s Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF) and Requests for Waiver of Performance Criteria. Bangladesh’s macroeconomic policies have been prudent. December 2003 quantitative targets and March 2004 performance criteria were met. Progress on structural reforms has been mixed owing to delays in implementation, with slippages in meeting most of the structural performance criteria and benchmarks. However, remedial actions have been taken, with respect to both tax administration and the process of strengthening bank management and adopting bank-by-bank resolution strategies.

International Monetary Fund

Biennial Review of the Implementation of the Fund's Surveillance and of the 1977 Surveillance Decision - Overview, Modalities of Surveillance, and Content of Surveillance

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

This Background Paper examines the medium-term economic outlook (1997–99) for Norway. The central feature of Norges Bank’s reference case projection for the medium term is that the expansion of mainland output will slow from 3.3 percent in 1995 and 2.8 percent in 1996 to an annual average of 2 percent in 1997–99. Overall GDP growth will also slow from about 4 percent in each of 1995 and 1996 to 2 percent in 1997–99. Inflation is forecast to remain low, at 2 percent in 1996 and on average 2.3 percent per year in 1997–99.

International Monetary Fund. External Relations Dept.

On September 26 in Washington, D.C., Dr. Willem F. Duisenberg, President of the European Central Bank (ECB), delivered the 1999 Per Jacobsson address, “The Past and Future of European Integration: A Central Banker’s Perspective.” His remarks are summarized here; the full text is available on the IMF’s website (www.imf.org).