International Monetary Fund

World Bank

Michel Chossudovsky

Michel (Professor of Economics Chossudovsky (University of Ottawa, Canada))

Overview of macroeconomic disaster in the making

Impacts of IMF and World Bank Reforms

The Globalisation of Poverty

Peter Wickham

Mohsin S. Khan

Eduardo Borensztein

Characteristics of commodity price behavior; determinants of commodity price movements; Policy issues.

The Behavior of Non-oil Commodity Prices

Trade was also initially undermined by a severe recession. Kazakhstan is facing increased challenges from higher global commodity prices. Against this background, an encompassing policy response is needed to control inflation and mitigate the scope for second-round price effects. The increase of trade openness in the 2000s coincided with Kazakhstan becoming a major oil producer and exporter. A number of issues still need to be resolved to achieve free trade of goods and services within the borders of the union.

Selected Issues

Republic of Kazakhstan

Financial Statements of the General Account and Special Drawing Account, Quarter Ended ...

Financial Statements of the General Account and Special Drawing Account

This Selected Issues report on Thailand discusses the rapid growth years of the country before and after the 1997 balance-of-payments crisis. The report discusses development of the crisis and the steps taken to normalize the situation; credit growth before and after the crisis; public debt dynamics in the aftermath of the crisis; export performance before and after the crisis; and an analysis of the role of fiscal policy that led to the 1997 crisis. The report also highlights weaknesses that were threatening the sustainability of Thailand's economic growth.

Thailand

This Selected Issues paper and Statistical Appendix describes economic developments in the Republic of Kazakhstan during 1996–99. The paper provides information on the magnitude of large external shocks felt by Kazakhstan during 1998, describes the policy approach taken by the Kazakh authorities in response to these shocks, and summarizes developments in the real, monetary, fiscal, and external sectors in 1998 and the first quarter of 1999. The paper also contains a brief account of progress on structural reforms.

Selected Issues and Statistical Appendix

The paper provides information on recent economic developments in Kazakhstan. Adoption of the new budget system law was an important step toward a more transparent and stable system of intergovernmental fiscal relations in Kazakhstan. Good progress has been made by the government to implement the key elements of the legal framework for an efficient financial sector. The paper focuses on two of the shocks, the fall in the terms of trade and the real effective appreciation of the Tenge. The statistical data are also presented.

This Selected Issues paper analyzes the optimal policy response on the part of the Kazakhstan authorities to the prospective oil inflows. It surveys the literature on the so-called natural resource curse and offers an analysis of Kazakhstan’s petroleum potential. The paper analyzes the impact of the oil boom on the non-oil sector, based on a general equilibrium model. It provides an analysis of fiscal rules and fiscal sustainability and assesses the possible role of fiscal policies in addressing the “natural resource curse.”

This Selected Issues paper analyzes Kazakhstan's recent trends in the fiscal position of general government; the fiscal and oil price vulnerabilities; the fiscal framework; and tax administration. The paper also describes the development of activity in capital markets, the growth of pension funds, and examines the trade movements, exchange rate, and presents an evaluation of external competitiveness of the country. It also provides a statistical appendix report for the Republic of Kazakhstan.

International Financial Statistics

Small Developing States (SDS) face substantial challenges in achieving sustainable development. Many of these challenges relate to the small size and limited diversification of their economies. SDS are also among the most vulnerable countries to the impact of climate change and natural disasters. Meeting SDS sustainable development goals goes hand-in-hand with building their climate resilience. But the additional costs to meet development and resilience objectives are substantial and difficult to finance. This work adapts the IMF SDG Costing methodology to capture the unique characteristics and challenges of climate-vulnerable SDS. It also zooms into financing options, estimating domestic tax potential and discussing the possibility of accessing ‘climate funds.’

Meeting the Sustainable Development Goals in Small Developing States with Climate Vulnerabilities: Cost and Financing

This Selected Issues paper and Statistical Appendix presents a number of studies designed to probe in more depth issues of fiscal adjustment, the public sector’s creditworthiness as judged by foreign lenders, and the banking system in Greece. The paper highlights that fiscal adjustment in Greece has followed a gradual path, relying to a significant extent on revenue enhancement and eschewing primary expenditure reduction. The paper also examines the evolution and tax determinants of the most widely followed indicator of the health and competitiveness of a banking system—the lending-deposit spread.

Greece

This paper focuses on the Medium-Term Development Program for the Kyrgyz Republic. The aim of this program is to put the economy of the country into a sustainable vector of development and improve the budget status to prevent social effects, increase living standard, and reduce poverty in the country. Implementation of the reforms anticipated by the Program will help to reduce the State budget deficit, enhance the fight against corruption, improve living standards, and decrease social tension in the society.

Medium-Term Development Program: Poverty Reduction Strategy Paper

Kyrgyz Republic

This 2006 Article IV Consultation highlights that Libya has made efforts to liberalize its economy and foreign trade, achieving increasing economic growth while maintaining macroeconomic stability. In 2006, economic conditions continued to be satisfactory. Real GDP grew about 51⁄2 percent, reflecting an increase of 41⁄2 percent in the value added of the hydrocarbon sector. In 2006, structural reform continued with the implementation of a wide range of measures covering fiscal management and taxation, banking and payments systems, trade, and the business environment.

2006 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for The Socialist People's Libyan Arab Jamahiriya

The Socialist People's Libyan Arab Jamahiriya

This report of the Debt Sustainability Analysis (DSA) indicates that the envisaged strategy of a partial substitution of domestic debt by increased inflows of external grants and concessional loans, as well as a rescheduling of external debt by the Paris and London Clubs, would facilitate the achievement of debt sustainability. The DSA also confirms that such a debt rescheduling could constitute an appropriate exit strategy for Kenya. The DSA also shows that debt sustainability would improve significantly with a concessional rescheduling, particularly under the Naples terms.

Debt Sustainability Analysis

Kenya

Maintenance of the Gold Value of the Fund's Assets

This paper reviews economic developments in Myanmar during the 1990s. The economic performance of Myanmar in the 1990s has fallen short of other countries in the region. The Asian crisis has had an unexpectedly limited impact on Myanmar. Following the floating of the Thai baht in June 1997, the free market exchange rate depreciated rapidly, leading to a surge in inflation. Other effects of the crisis have included a slowing in growth of tourist arrivals and delayed receipt of gas export revenues.

Recent Economic Developments

Myanmar

This 2007 Article IV Consultation highlights that the Republic of Korea is enjoying its longest uninterrupted period of economic expansion since the Asian crisis. Growth reached 5 percent in 2006, buoyed by strong exports, and is only expected to slow marginally to 43⁄4 percent this year. The current account is expected to remain broadly in balance. The impact of the ongoing global financial turbulence has so far been manageable but downside risks to the outlook have increased, with the nascent consumption recovery vulnerable to a downturn in asset markets.

2007 Article IV Consultation: Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Korea

Republic of Korea

This paper analyzes Rwanda’s Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on Monetary and Financial Policy Transparency, Banking Supervision, and the Financial Action Task Force Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism. Rwanda’s economic performance is vulnerable to shocks, in particular a sharp fall in aid flows. The domestic financial sector still faces a poor environment with economic activity concentrated in a few sectors and a weak credit culture. There are serious shortcomings in the accounting and auditing systems and the institutional, legal, and judicial frameworks.

Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on the following topics: Monetary and Financial Policy Transparency, Banking Supervision, and the FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

International Monetary Fund

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