For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.
This paper reviews the self-help housing project in El Salvador. The paper highlights that projects like this one become community efforts in a real sense. The families participate in road building, construction, digging trenches, and pipe-laying, under supervision. The Fundación Salvadoreña de Desarrollo y Vivienda Mi'nima (FSVM) is the executing agency in this self-help project involving a US$6 million International Development Association (IDA) credit and a US$2.5 million loan from the World Bank to the government of El Salvador. The FSVM has already completed about 1,020 fully serviced lots for families with monthly incomes below US$120.
Articles, comparison of the impact of development projects on population dynamics and rural development trends in Sudan and other African countries - discusses rural urban disparity, social implications of internal migration and deliberate rural population geographic distribution, land settlement schemes to increase self reliance among refugees and nomads, forced population removals under Apartheid, etc.; examines changing agrarian structures and labour demand in response to drought vs. Increased water supply. Bibliography, graphs.
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.
This 2012 Article IV Consultation reports that fiscal and monetary policies have adapted to the economic recovery in the Republic of Kazakhstan. The authorities have appropriately responded to the upswing in the cycle by gradually tightening fiscal policy and sterilizing excess bank liquidity. Directors have commended the authorities’ policies that, together with high commodity prices, yielded a strong economic recovery. Directors have also appreciated the preparation of plans to deal with a possible protracted global slowdown and a decline in oil prices.
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.
This paper analyzes the IMF’s Convention for Settlement of Investment Disputes. In March 1965, the Executive Directors of the IMF approved a Convention for submission to governments, together with a report commenting on the Convention’s principal features. The Convention establishes the International Centre for Settlement of Investment Disputes as an autonomous international institution “to provide facilities for conciliation and arbitration of investment disputes.” It will “provide facilities,” because the Centre will not itself engage in conciliation or arbitration activities.
This paper discusses key issues related to Turkey’s economy. Economic growth of Turkey continues to show resilience despite several shocks. Growth remains based on domestic demand, in turn, supported by accommodative monetary and fiscal policies. With the economy projected to grow at 3.8 percent in 2015, output and unemployment gaps are practically closed. But, growth is still below both the historical average and the authorities’ long-term target. Potential growth is also slowing. The employment rate is low, especially among women. To tackle these issues, the government has announced ambitious program of reforms aiming to increase potential growth and reduce external imbalances.
Strong fiscal stimulus in Azerbaijan continued in 2011 triggered by unanticipated increases in global oil prices. The 2011 Article IV Consultation highlights that near and medium-term economic prospects are favorable and nonhydrocarbon growth could reach 6 percent in 2012. Executive Directors have endorsed that significant actions would be needed for Azerbaijan to maintain the record of high growth and significant poverty reduction. Given the limited horizon of hydrocarbon resources, the economy needs to be reoriented from its symbiotic dependence on natural resource revenues.
2013 Article IV Consultation and Fourth Review Under the Three-Year Arrangement Under the Extended Credit Facility, Request for Waiver of Nonobservance of a Performance Criterion, and Request for Modification of Performance Criteria—Staff Report; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Kyrgyz Republic
2013 Article IV Consultation and Fourth Review Under the Three-Year Arrangement Under the Extended Credit Facility, Request for Waiver of Nonobservance of a Performance Criterion, and Request for Modification of Performance Criteria—Staff Report; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Kyrgyz Republic
The shift to a parliamentary democracy in 2010 provided an impetus for the Kyrgyz Republic to reform the economy. Despite the recent progress, the Kyrgyz Republic faces significant economic challenges, which will require actions on many fronts. Improving the business climate, governance, and institutions remains a key pillar of sustainable and inclusive growth. Restoring fiscal sustainability will be essential, as the budget has become more dependent on external assistance since the 2009 global and 2010 domestic crises. Tight monetary policy continues to be warranted to keep inflation at bay.
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
First and Second Reviews Under the Stand-By Arrangement and Under the Standby Credit Facility Arrangement, and Request for Waiver of Nonobservance of Performance Criterion—Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Georgia
First and Second Reviews Under the Stand-By Arrangement and Under the Standby Credit Facility Arrangement, and Request for Waiver of Nonobservance of Performance Criterion—Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Georgia
The new government is committed to prudent macroeconomic policies and to enhancing Georgia’s business-friendly environment. Large external liabilities plus its high current account deficit remain the main sources of vulnerability, and reducing these in an orderly manner is a key macroeconomic challenge. Greater exchange rate flexibility should help align its monetary policy and exchange rate decisions more closely with its inflation. Maintaining central bank independence and increasing monetary policy transparency are welcomed by the Executive Directors. The impressive structural agenda aims at improving the business environment and at boosting competitiveness.
This paper discusses the Republic of Armenia’s Sixth reviews under the Extended Fund Facility Arrangement, and the Extended Credit Facility Arrangement. The Central Bank of Armenia has kept the policy rate at 8 percent since 2011, and has narrowed the corridor around the policy rate from 600 to 300 basis points while strengthening fine-tuning operations. Interbank interest rates have become less volatile. External adjustment slowed considerably in 2012, and external vulnerabilities persist. The current account deficit improved by just 0.3 percentage points of GDP as exports, and remittances grew at a healthy pace, as did imports.
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