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International Monetary Fund. External Relations Dept.

(www.imf.org)

Ms. Zuzana Murgasova

Over the past decade, the Polish economy has generally retained its external competitiveness, and, overall, exports have boomed. But movements in the real exchange rate have not made for a smooth path, and substantial structural changes have left the country with high and persistent unemployment. A recent IMF study took a closer look at Poland’s competitiveness and its implications for policymakers.

Mr. Alfred Schipke, Aliona Cebotari, and Ms. Nita Thacker

Abstract

The Eastern Caribbean Economic and Currency Union (OECS/ECCU) is one of four currency unions in the world. As in other parts of the world in the aftermath of the global economic and financial crisis, the region is at a crossroads, facing the major challenges of creating jobs, making growth more inclusive, reforming the banking system, and managing volatility, while grappling with high public debt and persistent low economic growth. Policymakers have the critical task of implementing strong reforms to strengthen the monetary union while also laying the foundation for accelerating growth. This Handbook provides a comprehensive analysis of the key issues in the OECS/ECCU, including its organization and economic and financial sector linkages, and provides policy recommendations to foster economic growth.

International Monetary Fund. External Relations Dept.

This paper reviews the 1975 Annual Meetings of the Boards of Governors of the IMF and the World Bank that were held in Washington, D.C., from September 1–5. The paper highlights that three separate but related themes dominated the discussion at the Annual Meetings. The first was the need to combat recession without aggravating inflation. The second was the immediate needs of developing countries in the present situation. And the third was the urgency of making further progress toward reform of the international monetary system.

International Monetary Fund. Western Hemisphere Dept.

This 2014 Article IV Consultation highlights that Grenada’s economy continues to face significant headwinds after a decade of natural disasters and economic shocks coalesced into a deep economic crisis by 2011–2012. Economic activity declined by more than 8 percent of GDP from peak to trough (2008–2012) as tourism and construction collapsed. After almost four years of decline, real GDP grew by 1.5 percent in 2013. To address the fiscal crisis, the authorities have initiated fiscal adjustment as part of their 2014 budget, and have subsequently approved a large package of revenue measures needed for the targeted consolidation.

International Monetary Fund. Western Hemisphere Dept.

Extended Credit Facility Arrangement. The arrangement was approved on June 26, 2014 and the third review completed on November 25, 2015. Disbursements equivalent to SDR 8.04 million (about US$11.5 million) have been made to Grenada so far under the arrangement and the equivalent of SDR 2 million (about US$2.9 million) will be made available upon Executive Board completion of the fourth review. Debt Restructuring. Grenada's comprehensive public debt restructuring is nearing completion. The debt exchange with Grenada's largest private creditor group was implemented and an agreement reached with Paris Club creditors. The authorities have also made important progress restructuring domestic debt.

Mr. Prakash Loungani

Grenada suffered a direct hit from Hurricane Ivan on September 7. A Category 3 hurricane with winds of nearly 200 km/hour, Ivan claimed several lives and left a trail of devastation estimated at twice the country’s annual income. Approximately 90 percent of the island’s houses were damaged or destroyed, and 30 percent of the population was rendered homeless. A wave of international support, including emergency assistance from the IMF, is helping the country recover.

International Monetary Fund. Western Hemisphere Dept.

The arrangement was approved on June 26, 2014 and the fourth review completed on May 18, 2016. Disbursements equivalent to SDR 10.04 million (about US$14.3 million) have been made to Grenada so far under the arrangement and the equivalent of SDR 2 million (about US$2.9 million) will be made available upon Executive Board completion of the Fifth Review. Grenada's comprehensive public debt restructuring is nearing completion. Agreements implementing the 2015 Paris Club Agreed Minute were signed with two creditors and the authorities have reached agreement with a domestic bank holding T-bills and government-guaranteed debt. Overall program implementation remains solid. All quantitative performance criteria for the Fifth Review were met. There have been delays with some of the structural benchmarks, but corrective actions have been taken. The authorities advanced reforms to strengthen tax administration, improve public finance management, and strengthen the business environment.

International Monetary Fund. Western Hemisphere Dept.

2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Grenada