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International Monetary Fund. External Relations Dept.

In December 2006, Murilo Portugal of Brazil joined the IMF’s four-member management team as Deputy Managing Director, with broad responsibilities in running the IMF—including overseeing the technical assistance [TA] initiative. Portugal, who until recently was Brazil’s deputy finance minister, had previously served as an IMF Executive Director (1998–2005) representing a Latin American constituency and as a World Bank Group Executive Director (1996–2000). He shared his thoughts with Laura Wallace of the IMF Survey on Latin America’s economic outlook and the TA effort.

Martin Wolf, Mr. Prakash Loungani, Philippe Legrain, Franklin Foer, David Hawley, James Raymond Vreeland, and Mr. Rodney Ramcharan

This paper highlights that for the IMF, July 2004 marked the 60th anniversary of the conference in Bretton Woods, New Hampshire, when delegations from 44 allied countries drafted and agreed upon the IMF’s charter. The IMF’s role and work have evolved in response, but like any large organization, its ability to change has been limited by its own rules and mandate and has been held back by inertia. This year’s anniversary offers an opportunity to reflect on how gaps between the reality and the ideal might be closed in the coming years.

International Monetary Fund. External Relations Dept.

For 60 years now, the IMF’s evolution and effectiveness have been matters of passionate concern to Jacques Polak. A participant in the Bretton Woods conference that gave birth to the organization, a staff member for 33 years (and the head of IMF’s Research Department for 22 of those years), and an Executive Director from 1981 to 1986, Polak, a Dutch national, remains a keen commentator on the IMF and its global responsibilities. He speaks here with Sheila Meehan of the IMF Survey about the dangers posed by an eroding commitment to internationalism.

International Monetary Fund. External Relations Dept.

Most analysts see the IMF’s role in emerging market countries as being at a crossroads. In the mid- to late 1990s, when some of these countries experienced sudden reversals of capital inflows, they turned to the IMF for assistance. Mexico, for example, received a financial package in 1995 amounting to $17.49 billion and succeeded in getting its economy back on track. A handful of Asian countries subsequently succumbed to financial crisis in 1997–98, resolving their difficulties with IMF financial support.

Ms. Shari Boyce, Mr. Sergei Dodzin, Mr. Xuefei Bai, Ezequiel Cabezon, Mr. Fazurin Jamaludin, Mr. Yiqun Wu, and Ms. Rosanne Heller

Abstract

How involved is the IMF in the Pacific?

International Monetary Fund

surveillance would help in this respect, but there is room for improvement within the existing legal framework. The IMF's relationship with the EA should be redefined. The Fund should take notice of the EU's institutional constraints but should not be bound by them. It should gradually give up the role of a major player in the EA institutional game adopted at the height of the sovereign debt crisis and revert to its normal role of trusted external advisor, including on EA institutional reforms. IMF surveillance should be restructured in order to improve the consistency

International Monetary Fund

the short term. Transparency was an objective of the COA and, to a lesser extent, of the FMIS. Prioritization issues were not addressed by FAD. Because of the oil revenues, revenue collection was not a major issue. IMF/World Bank coordination was good. The USAID/IMF relationship was extensive although there were disagreements on the FMIS. Less than optimal coordination took place with DFID. No primary focus on taxes (see above). The two PFM first reports were focused on very basic tools and procedures This sequencing was applied in Iraq Applicable in Iraq only for

International Monetary Fund

request for the new PRGF arrangement with the IMF. Relationships with other external creditors remain broadly unchanged since the previous PRGF arrangement expired in June 2005. 21 The authorities have also made continued efforts to engage external commercial creditors and they are making goodwill payments to some of them ( Box 3 ). No new litigations have been initiated by commercial creditors since the last program review under the previous PRGF arrangement. Preparations are also under way for another IDA debt buyback operation. The staff considers that, in light of

International Monetary Fund. External Relations Dept.
This paper highlights that for the IMF, July 2004 marked the 60th anniversary of the conference in Bretton Woods, New Hampshire, when delegations from 44 allied countries drafted and agreed upon the IMF’s charter. The IMF’s role and work have evolved in response, but like any large organization, its ability to change has been limited by its own rules and mandate and has been held back by inertia. This year’s anniversary offers an opportunity to reflect on how gaps between the reality and the ideal might be closed in the coming years.
International Monetary Fund
This paper discusses Sierra Leone’s Request for a Three-Year Arrangement under the Poverty Reduction and Growth Facility (PRGF). Sierra Leone has made considerable progress during the last PRGF-supported program toward macroeconomic stability. Macroeconomic performance was generally strong, and structural reforms sought to establish a foundation for sound public finances and the effective conduct of macroeconomic policies. There were slippages in fiscal performance in 2005, but the government took corrective actions during the last quarter of the year to bring performance in line with the budget.