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International Monetary Fund. Asia and Pacific Dept

Macroeconomic conditions have improved recently. Growth appears to be picking up while inflation has declined to low single digits; foreign reserves have been increasing on the back of a strong financial account; the fiscal balance has recorded a surplus in the past two years; and credit growth remains moderate. Financial soundness indicators point to a modest improvement in the health of the financial sector.

Mr. Liam P. Ebrill and Michael Keen.

In a news brief issued on April 28, the IMF Executive Board announced it had reviewed data revisions and misreporting by Pakistan, along with the authorities’ commitment to promptly repurchase [repay] SDR 18.95 million in outstanding debt to the IMF and to voluntarily repurchase another SDR 22 million by May 31, 2000. IMF Deputy Managing Director Eduardo Aninat summarized the discussion. Extracts of his summary follow. The full text of News Brief No. 00/23 is available on the IMF’s website (

International Monetary Fund

India’s strong growth and macroeconomic stability is owed to its sound macroeconomic policies and past structural reforms. Swelling capital inflows have highlighted the key policy challenges: managing financial globalization and tackling the supply constraints to growth. Monetary operations and communications are adapting to financial globalization. The Reserve Bank of India maintains a strong focus on preserving financial stability. Further fiscal consolidation is essential to sustain inclusive growth and the financial globalization. Structural reforms to make the economy more flexible are key to competitiveness and inclusive growth.

International Monetary Fund

In this study, economic developments of India are discussed. Growth is among the fastest-growing in the world, social indicators are improving, and medium-term economic prospects are favorable. The Reserve Bank of India’s (RBI) efforts are used to tighten monetary conditions. The measures taken to increase the availability of long-term finance for infrastructure, especially, are helping to develop the corporate bond market. Executive Directors commended the introduction of the RBI’s financial stability report, the review of financial laws, and the creation of financial stability and development council.

International Monetary Fund. Asia and Pacific Dept

This 2014 Article IV Consultation highlights that the GDP growth in Bhutan has slowed from about 10 percent in FY2011 (July 1–June 30) to 5 percent in FY2013. Slower growth reflects policy efforts to contain overheating pressures in the form of restrictions on credit for construction and vehicle. Inflation has remained elevated, tracking closely that of India (Bhutan’s main trading partner). Social development indicators have improved steadily, and Bhutan is on track or has achieved most of its Millennium Development Goals. Growth is projected to recover to 6½ percent in FY2014, driven mainly by a pick-up in hydropower-related construction activities and domestic services.