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International Monetary Fund. External Relations Dept.

This paper focuses on the subject of development and income distribution, and suggests a method whereby economic development can be skewed in favor of the poor. The paper underscores that improvements in the distribution of income can be achieved by applying shadow cost significantly below money cost to determine the social cost of employing members of low-income groups and to use the social consolidation strategy in the choice of technology in the physical construction of projects. The application of this method would result in the more extensive use of labor instead of capital equipment.

International Monetary Fund
The East African Community (EAC) countries (Kenya, Tanzania, Uganda, and Rwanda) have been affected by the global financial crisis and global recession. The fall in global demand and inflows and tighter liquidity conditions abroad affected the countries in this region as elsewhere in sub-Saharan Africa. But how hard have countries in the EAC been hit? Have the spillovers from the global crisis affected countries in the region as much as other countries in the sub-Saharan region? Have the transmission channels or magnitudes of the spillovers been different across EAC countries? How can these countries return quickly to a path of sustained high growth? What is the role for policy? Would acceleration of regional integration and policy coordination help achieve this goal? Would it make the region less susceptible to shocks? This paper focus on the EAC countries and attempts to address these questions.
Ara Stepanyan, Agustin Roitman, Gohar Minasyan, Ms. Dragana Ostojic, and Mr. Natan P. Epstein
In the face of sharply lower oil prices and geopolitical tensions and sanctions, economic activity in Russia decelerated in late 2014, resulting in negative spillovers on Commonwealth of Independent States (CIS) and, to a lesser extent, on Baltic countries. The spillovers to eastern Europe have been limited. The degree of impact is commensurate with the level of these countries’ trade, remittances, and foreign direct investment (FDI) links with Russia. So far, policy action by the affected countries has focused on mitigating the immediate consequences of spillovers.
International Monetary Fund. External Relations Dept.
This paper highlights that the fight against worldwide inflation was the main theme of the Finance Ministers and central bank Governors from 138 member countries that participated in the 1979 Annual Meeting of the IMF’s Board of Governors in Belgrade in October 1979. Unlike the agenda for the 1978 Meeting, which contained a number of single issues, such as quota increases and special drawing rights allocations, requiring specific decisions and action, the 1979 Meeting was devoted principally to a wide-ranging discussion of the world’s economi