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International Monetary Fund. External Relations Dept.
IMF Managing Director Michel Camdessus visited Moscow from March 27 to March 29 and met with Russian Prime Minister Yevgeny Primakov and other senior officials. On March 29, Camdessus and Primakov issued a joint communique, the text of which follows.
International Monetary Fund

Abstract

The financial structure and operations of the IMF are described in this pamphlet, as well as the sources of IMF financing, the policies associated with the use of IMF resources, and the role of the IMF as trustee to various accounts that are administered by it.

International Monetary Fund

Abstract

This Volume contains decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the IMF, as well as selected documents relating to current activities of the Fund.

International Monetary Fund

Abstract

This paper discusses the financial organization and operations of the IMF. The policies and activities of the IMF are guided by its charter, known as the Articles of Agreement. The IMF is unique among intergovernmental organizations in its combination of regulatory, consultative, and financial functions, which derive from the purposes for which it was established. The IMF is concerned with not only the problems of individual countries but also the workings of the international monetary system as a whole. Its activities focus on promoting policies and strategies through which its members can work together to ensure a stable world financial system and sustainable economic growth.

Goohoon Kwon
This paper discusses the timing of monetary integration and supporting economic policies during a rapid and largely uncontrolled process of Korean unification. The paper concludes that the transitory use of a separate currency in each region and supporting economic policies would help limit the initial costs of unification although the extent of the eventual cost reduction would depend critically on the success of ensuing economic reforms in the North during the transition. Maintaining the competitiveness of the northern economy would need to be a primary policy objective in the case of an early introduction of a common currency.
International Monetary Fund

Abstract

This volume contains decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the IMF, as well as selected documents relating to current activities of the Fund.

Ms. Susan M Schadler
,
Mr. Louis Dicks-Mireaux
, and
Mr. Mauro Mecagni
This paper examines whether ESAF-supported programs during 1986-91 had significant independent effects on growth, inflation and the external debt service ratio. Econometric estimates of the Generalized Evaluation Estimator (GEE) identify statistically significant beneficial effects on output growth and the debt service ratio but no effects on inflation. The robustness of these estimates is also examined. Diagnostic tests cast doubt on the applicability of the GEE framework to the ESAF-eligible countries, and the results obtained using it.
International Monetary Fund

Abstract

This paper analyses several IMF’s selected decisions of the Executive Board and selected documents. The Executive Board has reviewed the procedures relating to the IMF's surveillance over members' exchange rate policies. Whenever the Managing Director considers that important economic or financial developments are likely to affect a member's exchange rate policies or the behavior of the exchange rate of its currency, he shall initiate informally and confidentially a discussion with the member. A staff report will be circulated to the Executive Directors under cover of a note from the Secretary specifying a tentative date for Executive Board discussion which will be at least 15 days later than the date upon which the report is circulated. The bicyclic consultation procedure shall be terminated and each member currently on the bicyclic procedure shall be immediately placed on the standard 12-month cycle; the first consultation with each such member that is completed after the adoption of this decision shall be conducted in accordance with the procedures that apply to consultations under the standard 12-month cycle, and the deadline for completion that applied under the bicyclic procedure shall continue to apply to such consultation.

Mr. Johannes Mueller
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Mr. P. van den Boogaerde

Abstract

Arab financial assistance to developing - particularly Arab - countries rose sharply between 1973 and 1980 but fell gradually through the 1980s, owing mainly to weakening oil prices. As a percent of GNP, however, Arab contributions remain the largest among major donors. This paper surveys the volume and distribution of Arab financing from 1973 to 1989.