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International Monetary Fund. External Relations Dept.
Spring Meetings preview, world outlook, global financial stability, U.S. subprime mortgages, labor globalization, external imbalances, IMF and Africa, wage bill ceilings, policy support instrument, modernizing IMF surveillance, India, Bulgaria, PNoWB.
International Monetary Fund
This 2006 Article IV Consultation highlights that an acute electricity crisis threatens Uganda’s macroeconomic performance. The regional drought in 2005/06 reduced Uganda’s already inadequate hydropower-generating capacity, resulting in a production gap of nearly one-half of demand. The authorities have requested a new three-year policy support instrument in support of their near- and medium-term policies. The authorities’ main objectives are to sustain macroeconomic stability while tackling the ongoing electricity crisis and addressing other infrastructure deficiencies to alleviate existing constraints on growth.
Mr. Antonio Spilimbergo
Research summaries on (1) measuring inflation, and (2) strengthening Poverty Reduction and Growth Facility (PRGF) programs through poverty and social impact analysis (PSIA); country study on Spain; listing of contents of Vol. 53, Special Issue of IMF Staff Papers, summary of recently published IMF book entitled "IMF-Supported Programs: Recent Staff Research"; listings of recent external publications by IMF staff members, IMF Working Papers, and visiting scholars at the IMF during January-August 2006.
Boriana Yontcheva
,
Mr. Peter Isard
,
Mr. Leslie Lipschitz
, and
Mr. Alex Mourmouras

Abstract

Relatively slow progress toward meeting the Millennium Development Goals (MDGs) by their 2015 target date has added urgency to the challenge of reducing global poverty. The authors of this new book--who include scholars from the IMF, World Bank, Oxford University, and the Center for Global Development--argue that the MDGs cannot be achieved without a substantial scaling up of foreign aid. They show how such increased aid flows must be managed effectively to ensure the greatest benefit. And they offer analysis and insight on a variety of macroeconomic policy implications that both donors and recipients should consider.

Mr. Kevin J Carey
,
Mr. Sanjeev Gupta
, and
Ms. Catherine A Pattillo

Abstract

Growth in sub-Saharan Africa has recently shown signs of improvement, but is still short of levels needed to attain the Millennium Development Goals. Economists have placed increasing emphasis on understanding the policies that promote sustained jumps in medium-term growth, and the paper applies this approach to African countries. The evidence presented finds an important growth-supporting role for particular kinds of institutions and policies, but also highlights aspects of growth that are still not well understood. The paper includes policy guidance for ensuring that the poor benefit from growth.

International Monetary Fund
This paper discusses Uganda’s Sixth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF), Request for Waiver of Performance Criteria, and Request for a Policy Support Instrument (PSI). Performance relative to the sixth and final PRGF review was satisfactory. The authorities request waivers for two performance criteria that were not observed by small margins. Corrective measures will be undertaken during 2006. The authorities have also requested a PSI to begin immediately after the current PRGF arrangement expires.
International Monetary Fund
This paper focuses on Uganda’s Fifth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF), Request for Waiver of Performance Criterion, and Extension of Arrangement. Performance relative to the program performance criteria and benchmarks has generally been satisfactory. All quantitative performance criteria for December 2004, with the exception of that on the accumulation of domestic arrears, were observed. The structural performance criterion and two of the four benchmarks through March 2005 were also met.
International Monetary Fund
This paper examines Uganda’s 2004 Article IV Consultation, Fourth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF), and a Request for Waiver of Performance Criteria. The performance under the program supported by the PRGF was mixed. Four quantitative performance criteria for end-June 2004 were missed. Although two structural performance criteria for June and September were met, eight out of ten benchmarks were missed. The authorities are requesting waivers for nonobservance of the four performance criteria based on corrective actions, including eight prior actions.
International Monetary Fund
The Fourth Review Under the Poverty Reduction and Growth Facility and Requests for Waiver of Nonobservance of Performance Criteria for Rwanda are analyzed. The implementation of policies improved considerably in 2004, although economic performance has been adversely affected by exogenous shocks. Strong activity in construction, transport, and communication raised growth to 4 percent, despite major electricity shortages. Macroeconomic and structural policies will aim at enhancing private sector development and accelerating productivity-enhancing strategies. Fiscal policies will focus on supporting macroeconomic stability and improving the quality of spending through a sizable reallocation to priority areas.
International Monetary Fund
This paper assesses Uganda’s Third Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF) and Request for Waiver of Performance Criteria. The fiscal program was broadly on track in 2003/04. Performance under the PRGF-supported program was mixed. Despite some slippages, most quantitative performance criteria were observed for December 2003, and there has been progress in the implementation of structural measures. The authorities are requesting waivers for nonobservance of four performance criteria based on corrective actions taken.