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International Monetary Fund. Middle East and Central Asia Dept.

Fourth Review Under the Extended Fund Facility Arrangement and Request for Modifications of Quantitative Performance Criteria-Press Release; Staff Report; and a Statement by the Executive Director for Georgia

International Monetary Fund. Asia and Pacific Dept

Eighteen months after Cyclone Pam struck Vanuatu, the economy continues to recover from the cyclone's extensive damages. Reconstruction efforts are beginning to yield positive results, allowing increasing use of Port Vila's international airport, the reopening of damaged hotels, and the return of tourists to the islands. These encouraging developments augur well for a full recovery in the near future.

International Monetary Fund. Middle East and Central Asia Dept.

The Syrian crisis and the associated inflow of refugees continue to dominate Lebanon’s short-term outlook, compounding long-standing policy weaknesses and vulnerabilities. Political paralysis has set in, with virtually no progress on the structural front. Growth has remained modest and insufficient to make a dent in rising poverty and unemployment. A welcome improvement in the primary fiscal position in 2014 was largely due to temporary factors, and will not be sustained absent adjustment efforts—implying that, without additional effort, Lebanon’s already-sizable public debt burden will only worsen. Financial conditions have nonetheless remained stable, as deposit inflows continue to fund the economy and sizeable buffers support the credibility of the exchange rate peg.

International Monetary Fund. Asia and Pacific Dept
This 2015 Article IV Consultation highlights that Vanuatu’s Real GDP is expected to decline by 2 percent in 2015 because of the cyclone damage to Vanuatu’s main export sectors—tourism and agriculture—which will be only partially offset by reconstruction activities and infrastructure investment. Risks to the outlook are biased to the downside since reconstruction may be constrained by availability of funding and by implementation capacity. Public sector recovery needs are estimated at about 20 percent of GDP. In 2016, a recovery in tourism and agriculture combined with further ramping-up of infrastructure projects is expected to propel growth to 5 percent.
International Monetary Fund

Sierra Leone’s economic activity is expanding, and the medium-term outlook is favorable. Real GDP growth picked up to about 5 percent in 2010–11, while the commencement of an iron ore megaproject in 2012 is expected to boost GDP and exports substantially. Fiscal tightening, through strengthening of revenue collection and containing domestically financed capital spending, along with reduced central bank direct credit to government, ensured that program ceilings for net credit to government and net domestic assets were met by substantial margins in June 2011.

International Monetary Fund

This 2010 Article IV Consultation highlights that growth in Peru decelerated sharply in 2009, owing to the global financial crisis, but remained positive at about 1 percent for the year, despite a few months in negative territory. Thanks to the strong buffers built in recent years, Peru was able to implement a significant monetary and fiscal policy response, which helped to avoid a credit crunch, support domestic demand, and sustain employment. The central bank injected substantial liquidity in the financial system and lowered the policy rate to an historic low of 1.25 percent.

International Monetary Fund

This paper discusses a request from Samoa's authorities for a Disbursement Under the Rapid-Access Component of the Exogenous Shocks Facility (ESF-RAC). The tsunami that hit Samoa on September 29, 2009 has undercut Samoa’s economic resilience and prospects for a quick recovery from the global recession. Real GDP is likely to contract in 2010. The authorities have requested a disbursement equivalent to 50 percent of quota (SDR 5.8 million) under the IMF’s ESF-RAC. IMF staff supports the request on Samoa’s low public debt and credible commitment to sound macroeconomic policies.

International Monetary Fund

Abstract

This paper discusses instruments and operating procedures of the conduct of monetary policy in the major industrial countries. The exchange rate mechanism of the European Monetary System (EMS) provides clear evidence of the role of exchange rates in influencing monetary policy; the commitment of EMS participants to maintain their exchange rates within agreed limits has often led them to undertake policy measures aimed at exchange rate objectives. The procedures for implementing monetary policy in the five countries examined here exhibit numerous common features; the dissimilarities that exist do not appear to be fundamental, but rather are attributable primarily to differences in institutional conditions. This paper describes the procedures employed by these monetary authorities so that changes in policy stances can be identified.

International Monetary Fund. External Relations Dept.
This paper highlights that agreement on an important package of reforms of vital significance to the future of the international monetary system was reached at a meeting of the Interim Committee of the Board of Governors of the IMF on the International Monetary System in Kingston, Jamaica, on January 7–8, 1976. The reforms include a substantial quota increase for almost all members, as well as an increase in access to the IMF’s resources for all member countries in the period prior to implementation of the increase in their IMF quotas, and some other amendments.
Shu-Chin Yang and Samuel Lipkowitz

This paper examines the importance of national planning for economic development of a country. The paper highlights that when World War II began, Soviet Russia was the only country engaged in systematic development planning, and then only since 1929, when its First Five-Year Plan was approved. At the end of the War, Asian countries that either had, or were about to, become independent, embraced planning to a much greater extent than countries in any other region.

International Monetary Fund

Abstract

With the increased integration of world financial markets, developments in these markets are exerting more influence on exchange rate movements. Indeed, models of exchange rate determination usually include interest rates as one of the primary explanatory variables.1 Consequently, an understanding of the operation of financial markets in general, and the factors determining interest rates in particular, is essential for analyzing the behavior of exchange rates. Furthermore, monetary policies in the major industrial countries have a significant impact on financial markets. It is thus important to be able to identify these monetary policy actions in order to interpret the economic and financial ramifications of the actions. This paper contributes to the understanding of financial and exchange market developments by examining and comparing the instruments and procedures for implementing monetary policy in the short run that are currently employed by the central banks of the five major industrial countries—France, the Federal Republic of Germany, Japan, the United Kingdom, and the United States. Such an investigation of the procedures for implementing monetary policy helps to distinguish movements in variables that reflect changes in the current stance of monetary policy from those that do not, and thereby provides a better understanding of monetary policy actions and their links to exchange market developments.

International Monetary Fund

Abstract

In January 1987, the French monetary authorities replaced the previous mechanism of monetary policy implementation that was based on credit restrictions, quantitative allocations, and administered interest rates with a more market-oriented approach based on instruments aimed at influencing the level of interest rates and on a wider use of reserve requirements. The reforms stemmed from the authorities’ desire to allow market forces to play a greater role in the determination of interest rates and overall credit conditions, complementing the gradual trend toward financial deregulation of the preceding few years.8

International Monetary Fund

Abstract

The Bundesbank Act of 1957 stipulates that the fundamental task of the central bank is to safeguard the currency by regulating “the amount of money in circulation and of credit supplied to the economy,” which has been considered a principal prerequisite for maintaining a high level of employment and adequate economic growth over the medium term. Since 1974, this broad objective has been pursued within a framework of monetary targeting in which the growth of key monetary aggregates has been regulated in accordance with a target set for each year.16 Until recently, the intermediate target was established in terms of the central bank money stock17 in view of its closer relationship with developments in nominal income and its limited responsiveness to cyclical movements in short-term interest rates, compared with more narrowly defined monetary aggregates. In early 1988, however, the central bank money stock was replaced by M3 as the intermediate target variable, mainly because of unexpected shifts in currency demand in response to changes in interest rates that had not been experienced by M3.18