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© 2000 International Monetary Fund
March 2000
IMF Staff Country Report No. 00/31
Belgium: 1999 Article IV Consultation
The 1999 Article IV consultation with Belgium resulted in the release of the following documents, included in this package:
- the staff report for the 1999 Article IV Consultation;
- the supplement to the staff report; and
- the Public Information Notice, summarizing the Executive Board views of the Article IV Consultation Report.
The staff report was prepared by a staff team of the International Monetary Fund following discussions with the officials of Belgium on economic development and policies. The supplement to the staff report gives an update on fiscal developments and policies since the issuance of the staff report. The views expressed in these reports are those of the staff team and do not necessarily reflect the views of the Executive Board of the IMF and the authorities of Belgium.
These reports were considered by the IMF’s Executive Board in the context of the IMF’s periodic consultation with Belgium, as required under the Article IV of the IMF Articles of Agreement. The views of the Executive Board as expressed in the discussion of the Article IV Consultation staff reports are summarized in the Public Information Notice (PIN).
The policy of publication of Article IV staff reports and PINs allow for the deletion of market sensitive information
Further background documentation prepared by IMF staff for the consultation may be published separately at a later date.
The Article IV staff report is published—both in hard copy and on the IMF’s website (http://www.imf.org)–as part of a pilot project To assist the IMF in evaluating the pilot project for release of Article IV staff reports, reader comments on the staff report are invited prior to October 5, 2000, and may be sent by e-mail to Pioltproiect@imf.org.
Copies of this report are available to the public from
International Monetary Fund • Publication Services
700 19th Street, N.W. • Washington, D.C. 20431
Telephone (202) 623-7430 • Telefax: (202) 623-7201
Telex (RCA): 248331 IMF UR
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Price: $15.00 a copy
International Monetary Fund
Washington, D.C.
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INTERNATIONAL MONETARY FUND
BELGIUM
Staff Report for the 1999 Article IV Consultation
Please note that since the main staff report was issued, additional information on economic and budgetary developments was received and staff projections were updated. This is reflected in a supplementary document entitled “Staff Report for the 1999 Article IV Consultation - Supplementary Information,” which is also included in this publication.
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INTERNATIONAL MONETARY FUND
BELGIUM
Staff Report for the 1999 Article IV Consultation
Prepared by the Staff Representatives for the 1999 Consultation with Belgium
Approved by C. M. Watson and G. Russell Kincaid
February 29, 2000
Contents
I. Introduction
II. Background to the Discussion
III. Policy Discussion
A. Fiscal Policy
B. Structural Reform
C. Other Issues
IV. Staff Appraisal
Text Boxes
1. Fiscal Decentralization
2. The 2000 Budget
3. Belgium’s Gray Economy
4. Labor Market Reforms in Denmark and the Netherlands
Figures
1. Real GDP and Contribution to GDP Growth
2. Monetary and Financial Conditions
3. Labor Market Indicators in Selected Countries
4. Price Developments
5. Fiscal Indicators
Tables
1. Public Finances, 1993–2000
Appendices
1. Basic Data
2. Fund Relations
3. Statistical Data Issues
4. Medium-Term Public Expenditure Programming in the Netherlands, the United Kingdom, and Finland
5. Four Scenarios for the Public Finances
Appendix Tables
2. Four Fiscal Scenarios, 1997–2030
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INTERNATIONAL MONETARY FUND
BELGIUM
Staff Report for the 1999 Article IV Consultation Supplementary Information
Prepared by the European I Department
(In Consultation with other Departments)
Approved by C. M. Watson and G. Russell Kincaid
February 24, 2000
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Public Information Notice (PIN) No. 00/16
FOR IMMEDIATE RELEASE
March 3, 2000
International Monetary Fund
700 19th Street, NW
Washington, D.C. 20431 USA
Telephone 202-623-7100 • Fax 202-623-6772 • www.imf.org
