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International Monetary Fund. External Relations Dept.

IMF surveillance of national and global economic and financial developments has intensified in recent years. In today’s global economy, economic developments and policy decisions in one country are more likely than in the past to affect other countries significantly, and financial market information is transmitted around the world instantaneously. In such an environment, it is more important than ever before that developments and policies be monitored so that tensions and imbalances are identified before major problems or crises arise. The IMF fills this need by holding regular dialogues with its member countries about their economic and financial policies and by continuously monitoring and assessing economic and financial developments at the country, regional, and global levels. Through its surveillance operations, the IMF seeks to signal dangers on the economic horizon and enable its member countries to take early corrective policy action.

International Monetary Fund. External Relations Dept.
This paper describes the technical improvement in developing countries. It highlights that developing countries have relied heavily for their industrial development upon foreign enterprises as sources of technology and management systems. The paper underscores that through direct investment or under licensing arrangements, foreign corporations have supplied a vast array of industrial products and equipment and have exercised a major role in the design and construction of processing and manufacturing facilities in newly industrializing countries.
International Monetary Fund. External Relations Dept.

Following are edited extracts of an address given by IMF First Deputy Managing Director Stanley Fischer to the International Law Association Biennial Conference in London on July 26. The sections of the address reproduced here focus on the role of the private sector in helping to strengthen the international monetary system. The full text of the address is available on the IMF’s website (http://www.imf.org).

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. Independent Evaluation Office

Abstract

This evaluation assesses the IMF’s response to the global financial and economic crisis, focusing on the period September 2008 through 2013. It assesses the IMF’s actions to help contain the crisis and navigate a global recovery, assist individual economies to cope with the impact of the crisis, and identify and warn about future risks.

International Monetary Fund
The Pakistani authorities placed a request for a nine-month extension of the Stand-By Arrangement (SBA), to get sufficient time to complete the remaining fifth and sixth reviews under the SBA. The authorities believe that extending the arrangement will provide time to complete the reform of the general sales tax, implement measures to correct the course of fiscal policy, and amend the legislative framework for the financial sector. The IMF approved the extension, and emphasized to implement the IMF-supported program in accordance with the relevant IMF policies.
International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues paper provides an overview of social safety nets (SSNs) in Pakistan and uses a frontier analysis approach to assess their efficiency in reducing poverty and inequality. SSNs in Pakistan were significantly strengthened over time but remain small against regional and emerging markets’ averages. The analysis suggests that stepping up public expenditure in SSNs is needed to alleviate still high poverty and inequality. To this end, finalizing the update of the Benazir Income Support Program beneficiaries’ database, broadening its coverage, and stepping up educational transfers is key. In parallel, continuing the energy subsidies reform would create fiscal space to strengthen SSNs and priority social spending.
International Monetary Fund

This Selected Issues paper and Statistical Appendix on Pakistan looks at the worrisome trend of declining growth from a growth-accounting point of view. The paper provides considerable evidence that Pakistan’s striking “social gap” in education and health is indeed a main culprit for a weakening growth performance. It looks at the financial sector as an additional area that is central for growth and governance, and where reforms are well advanced. The paper also analyzes how to ensure a continuation of prudent fiscal policies in Pakistan that would reduce public debt to more sustainable levels.

International Monetary Fund. Middle East and Central Asia Dept.

Extended Arrangement under the Extended Fund Facility (EFF): A 36 month, SDR 4,393 million (216 percent of the new quota) Extended Arrangement under the EFF was approved by the Executive Board on September 4, 2013, and the eleventh review was completed on June 27, 2016, for a total disbursement of SDR 4.32 billion.1 The thirteenth and final tranche amounting to SDR 73 million will be available upon completion of this review. The authorities have not requested a follow-up arrangement. Fund engagement with Pakistan will continue, including through Post-Program Monitoring.

International Monetary Fund. External Relations Dept.

This paper discusses events related to creation of the IMF. The paper highlights that representatives of 45 countries met at Bretton Woods, New Hampshire, a summer resort in the northeastern part of the United States, to prepare the final texts of the Articles of Agreement of the IMF and of the International Bank for Reconstruction and Development. The paper also discusses activities of the IMF in Latin America, highlighting that the Latin American countries offer a rich variety of economic experience, ranging from examples of financial stability and sustained economic growth to chronic difficulty or acute crisis.