Prez Mills' Speech To UN General Assembly Sep 25, 2009
Consequently, most of the countries remain susceptible to various external shocks which continue to pose threats to their growth. In fact, the over-reliance on high commodity prices and mineral exports has not lessened, but rather exposed the structural impediments to food security. (Ghana Web, Ghana)
Asias delicate balance Sep 24, 2009
That provides a buffer to external shocks. We need a balance a delicate balance to foster a regionally integrated, yet globally connected Asia. (The Star Online, Malaysia -- Business)
* Economists need to study bubbles, reinvent models Sep 22, 2009
For example, the Dynamic Stochastic General Equilibrium Model of the Euro Area, developed by Frank Smets of the European Central Bank and Raf Wouters of the National Bank of Belgium, is very good at giving a precise list of external shocks that are presumed to drive the economy, but nowhere are bubbles modeled. The economy is assumed to do nothing more than respond in a completely rational way to these external shocks. (Taipei Times, Taiwan -- World Business)
* The G20 summit and Asias delicate economic balancing act Sep 22, 2009
That provides a buffer to external shocks. We need a balance X a delicate balance X to foster a regionally integrated, yet globally connected, Asia. (Taipei Times, Taiwan -- World Business)
ADB raises Asian growth forecast after stimulus Sep 22, 2009
" onclick="Next();" src="/images/butt_next. "A protracted global slowdown or the hasty withdrawal of stimulus packages can degrade the region's ongoing recovery.". (Channelnewsasia.com)
East Africa: Region to Have a Common Currency By 2012 Sep 21, 2009
"The partner states should experience synchronous economic cycles, similar external shocks as well as similar inflation and growth rates. Income levels may also be important," said Mr Kingi. According to the minister, the talks on Monetary Union are progressing well among the member states. (allAfrica.com)
S. Korea said Thurs economy recovering but risks remain Sep 17, 2009
"Barring unforeseen external shocks, the Korean economy is likely to keep gathering steam," Minister of Strategy and Finance Yoon Jeung-hyun told reporters from foreign media organizations. He said the economy is likely to perform better than this year's target of a contraction of 1. (The Star Online, Malaysia -- Business)
Bank Group Approves Mauritius' 2009-2013 Country Strategy Paper Sep 12, 2009
As part of its recent reforms, the Mauritian government built a strong economy resilient to external shocks. But the recent financial crisis and global economic conditions had adverse effects particularly on the traditional sectors of the economy particularly, tourism, textiles and financial services. (allAfrica.com)
Rwanda: World Bank - Country Progress is Impressive Sep 11, 2009
Rwanda as a developing country is still struggling with external shocks of this crisis, what is the likely impact of the Doing Business Report. BROOK : Clearly right now we are in such a difficult environment. (allAfrica.com)
Slump threatens to shrink state capital expenditure Sep 9, 2009
Russia's oil and gas exports partly explain the external shocks it has been subjected to. Its comparatively undeveloped financial markets are also a negative. (Business Report, South Africa)
Shock tactics Sep 5, 2009
As Tanner says, this leaves us exposed to external shocks. Then again, no country has been able to insulate itself from external shocks in the past 18 months. (Sydney Morning Herald -- Opinion)
Tanner decries 'chronic weaknesses' in economy Sep 4, 2009
In unusually candid remarks, Finance Minister Lindsay Tanner told The Age the mining boom of the past decade had masked underlying problems that have left the economy vulnerable to external shocks and excessively dependent on overseas borrowing ... It does mean that [our economy is] vulnerable to external shocks and that is precisely what has happened,'' he said. (Sydney Morning Herald -- Business)
Government undertaking reforms against external economic shocks Sep 3, 2009
Dr Duffuor explained that prior to the crisis, Ghana's economy had already been exposed to external economic shocks and periods of relative stability and steady growth were often interrupted by severe external shocks. He said the impacts of these external shocks were sometimes compounded by poor domestic policies. (Ghana Web, Ghana)
Belarus—2009 Article IV Consultation, Concluding Statement of the IMF Mission Aug 28, 2009
The authorities willingness to widen the band in June and to allow flexibility of the exchange rate within the trading band has made the system better positioned to absorb further external shocks. Disciplined wage policy has also contributed to restoring external competitiveness, and future wage increases should be consistent with maintaining external competitiveness. (IMF News)
A new Governor in town Aug 25, 2009
External shocks at times deflected inflation from its intended target range, but their passing and vigilant policy application succeeded mostly in returning CPI to its target range over time. As regards the currency, a totally different approach prevailed under Governor Mboweni, best described as hands-off after the disaster of the late 1990s when the limits of managing the exchange rate were driven home rather painfully at the time of the Asian Contagion Crisis. (iAfrica.com)
Macquarie Airports loss widens on asset changes Aug 21, 2009
In May, the group provided distribution guidance for 2009 of 21 cents per security, subject to external shocks to the aviation industry and material changes to forecast assumptions. MAp remains on target to deliver 100 per cent coverage of regular distribution from sustainable earnings this year, with proportionate earnings per security of 10. (Sydney Morning Herald -- Business)
Part II of Duffuors Letter of Intent. Aug 16, 2009
Inflation rose on account of external shocks and strong domestic demand. After falling briefly to single-digits in 2006, inflation rose through 200708, reflecting global food and fuel price shocks, strong domestic demand, and the pass through from currency depreciation. (Ghana Web, Ghana)
* Academic says stimulus reduced impact on China Aug 13, 2009
The global financial crisis has had a limited impact on China because the government there introduced stimulus measures and exercised cautious control of the financial sector, but China should seek to depend less on exports to avoid external shocks, a visiting Chinese economist said yesterday. Ba Shusong (Q), deputy -director-general of the Institute of Financial Studies under the Development Research Center of the State Council, told an audience in Taipei that China managed to emerge from... (Taipei Times, Taiwan -- Sports)
Transcript of a Conference Call on the Completion of the Second Review of the Stand-By Arrangement for Pakistan Aug 12, 2009
The additional financing for Pakistan was approved to help Pakistan bolster its official foreign exchange reserves and help protect it against external shocks, such as a potential surge in oil prices. It will also help accelerate priority spending by the government, including by providing assistance to internally-displaced persons and strengthening the social safety net. (IMF News)
Setting the records straight: What Duffuor wrote to the IMF Aug 12, 2009
The macroeconomic situation deteriorated sharply on the back of both domestic and external shocks. In 200607, Ghana suffered a severe energy crisis as a result of severe drought, leading to a significant shift from a predominant hydro to thermal power generation at a time of rising crude oil prices, with adverse impacts on the economy. (Ghana Web, Ghana)
A world of difference Aug 10, 2009
The accumulation of foreign exchange reserves puts emerging economies in a much stronger position to weather external shocks with reserves. RUSSIA. (Sydney Morning Herald -- Business)
'Trees of life' are vital food source Aug 10, 2009
It can increase environmental security, diversify livelihood options and reduce the vulnerability of poor households to climate change and external shocks. It can bring real, sustainable long-term returns. (BBC News -- Science)
Press Release: IMF Completes Second Review Under Stand-By Arrangement for Pakistan and Increases Financial Support to US$11.3 billion Aug 8, 2009
The increased flexibility of the exchange rate and the timely elimination of the State Bank of Pakistan s provision of foreign exchange for imports of diesel and other refined products will improve the functioning of the foreign exchange market, make Pakistan s economy more resilient to external shocks, and will contribute to further strengthening of its international reserves position. The accelerated reforms to strengthen central bank independence and the legislative amendments to increase its... (IMF News)
IMF Says Australian Stimulus Buoyed Economy, Sees Room for More Spending Aug 8, 2009
The Australian dollar is broadly in line with medium- term fundamentals, the lender said and that directors considered that the flexible exchange rate policy provides a helpful buffer against external shocks. . (Bloomberg -- Australia & New Zealand)
Mexican Peso Jumps to Two-Month High After Moody's Affirms Credit Rating Aug 6, 2009
Mexicos need to repeatedly rely on spending containment measures will limit the governments ability to undertake countercyclical policies to mitigate the impact of external shocks on the economy, Leos wrote. Growth prospects will have a strong influence on Mexicos credit outlook. (Bloomberg -- Latin America)
Trees are 'crucial famine food' Aug 5, 2009
It can increase environmental security, diversify livelihood options and reduce the vulnerability of poor households to climate change and external shocks. " Global food production needs to double over the next 40 years if the world's population is to be fed, according to UN estimates. Jacques Diouf, director-general of the UN Food and Agriculture Organization (FAO), says the massive challenge will require a global effort. "For the first time in human history, we have more than one billion... (BBC News -- Science)
Africa: Continent's Banking Sector Resilient Jul 25, 2009
The Governor predicted that such external shocks would be creating budget crises in developing countries, as the low fiscal and current account deficits, created through the long period of successful reforms, were now being widened. He said, "Current account deficits are projected to worsen in a number of oil-exporting countries between 2008 and 2009, with some countries moving from surpluses to deficits. The impact of the crisis on the current account balances has been more pronounced in... (allAfrica.com)
Ghana to adopt prudent measures to tackle global economic recession Jul 24, 2009
Dr Joseph Amoako Tuffuor, a tax advisor at the Ministry for Finance and Economic Planning, who spoke on the policy measures government was undertaking to deal with the crisis, said because the country's economy was vulnerable to external shocks, there was the need to develop gate keeping measures to contain the weaknesses. As a solution, he suggested the need to streamline domestic tax revenue mobilisation measures in order to broaden the tax base and minimize tax deductions to resuscitate the... (Ghana Web, Ghana)
Public Information Notice: IMF Executive Board Concludes Article IV Consultation with Ghana Jul 19, 2009
Inflation rose on account of external shocks and strong domestic demand. After falling briefly to single-digits in 2006, inflation rose through 2007 08, reflecting global food and fuel price shocks, strong domestic demand, and the pass through from currency depreciation. (IMF News)
Brazil's Reserves Rise to Record as Central Bank Seeks to Stem Real's Gain Jul 18, 2009
The fact that Brazil got through the worst of the crisis without spending up its reserves clearly shows how strong the economy is against external shocks. . (Bloomberg -- Latin America)
* CIER nudges GDP forecast upward Jul 18, 2009
A local think tank yesterday nudged up its forecast for the nations GDP growth because of a better export outlook, but academics voiced concern about the deteriorating employment situation and the lack of international brand names among domestic makers, which they said renders the industry vulnerable to external shocks ... There must be reform, even though a drastic one is unlikely, or the nation will suffer when external shocks hit again, Wang Jiann-chyuan said. (Taipei Times, Taiwan -- World Business)
Press Release: IMF Executive Board Approves US$602.6 Million PRGF Arrangement for Ghana Jul 17, 2009
Efforts should continue to rebuild foreign exchange reserves in order to enhance Ghana s ability to weather future external shocks. ANNEX. (IMF News)
Poor countries 'need to change' Jul 17, 2009
The trade and development body warns that many of the world's poorest countries will be especially vulnerable to external shocks such as a collapse in commodity prices. The commodity-dependent African less developed countries (LDCs) will be hardest hit, it says. (BBC News -- Business)
S&P may lower India's rating Jul 9, 2009
Moreover, the cyclical deterioration in public finances could leave the authorities ill-equipped to deal with any further external shocks (should they occur). Aninda Mitra, VP r analyst, sovereign risk group, Moodys Investors Service, said, ``However, we also recognise that this government has the political scope to formulate a robust response to emerging challenges, and this is also incorporated into the stable outlook we maintain on the sovereign ratings. (India Times)
Ghana: World Bank Approves U.S. $535 Million Package Jul 4, 2009
The government is currently faced with a difficult macro-economic situation, the consequence of combination of domestic and external shocks (fuel and food crisis, droughts and floods in the North, financial crisis and global slowdown) which revealed and exacerbated a number of structural challenges in the public sector in general, and in the energy sector in particularly, and which, if left un-tackled, would undermine Ghana's growth and development prospects. The Government has indicated its... (allAfrica.com)
As US economy struggles, Mexico feels the pressure Jul 4, 2009
But a series of external shocks threaten to undo key gains on poverty. In January, the Finance Ministry predicted gross domestic product for 2009 would be flat. (Christian Science Monitor)
Press Release: IMF Executive Board Completes Fifth Review Under PRGF Arrangement for Haiti and Approves US$24.5 Million Disbursement and Extension of Arrangement Jul 3, 2009
The Haitian authorities are to be commended for maintaining macroeconomic stability and for their good performance under the PRGF-supported program, despite a succession of external shocks and the impact of the global crisis. The Haitian authorities are facing difficult challenges. (IMF News)
Mozambique: IMF Approves U.S. $176 Million Loan Jul 3, 2009
Takatoshi Kato, declared that "Mozambique continued with a strong macroeconomic performance in 2008. A flexible policy response to higher fuel and food import prices helped to mitigate the impact of internal and external shocks in a challenging external environment". Kato added that "Mozambique's strong track record of prudent macroeconomic policy implementation has provided room for an easing of fiscal and monetary policy in the near-term while remaining within its prudent medium-term strategy.... (allAfrica.com)
Press Release: IMF Executive Board Approves US$176 Million Exogenous Shocks Facility for Mozambique and Completes Fourth Review Under the Policy Support Instrument Jul 2, 2009
A flexible policy response to higher fuel and food import prices helped to mitigate the impact of internal and external shocks in a challenging external environment. As Mozambique remains vulnerable to the global economic slowdown, international and domestic developments will need to be closely monitored. (IMF News)
New model needed in Malaysia Jun 26, 2009
Officials maintained that the economy's underlying fundamentals were strong and that the country was well positioned to absorb any external shocks. This may have been true during the early stages of the crisis, which began in the US and Europe in 2007 and intensified in the first half of 2008 with scant statistical pass through to Malaysian growth. (Asia Times Online)
Press Release: IMF Executive Board Completes Fourth Review Under PRGF Arrangement for Sierra Leone, Approves Increase in Financial Support and US$18.8 Million Disbursement Jun 25, 2009
Keeping nominal exchange rate flexibility will facilitate the adjustment to external shocks. Structural reforms will be accelerated. (IMF News)
Press Release: IMF Supports Belarus's Decision to Widen the Exchange Rate Band Jun 23, 2009
The widening of the band increases the flexibility of the exchange rate regime, which will make it easier for Belarus to absorb external shocks. The recent gradual depreciation of the exchange rate within the band will improve Belarus s balance of payments. (IMF News)
Press Release: IMF Executive Board Completes Fourth Review Under PRGF Arrangement for Burkina Faso Jun 23, 2009
Structural reforms will be required to reduce the vulnerability of the economy to external shocks and promote sustainable growth. In the financial sector, better surveillance, supervision, and risk management will be key to enhance financial stability, and the preparation of a comprehensive financial sector action plan is welcome in that regard. (IMF News)
Press Release: Statement by an IMF Mission to Dominica Jun 19, 2009
The Government s determination to continue implementing economic policies aimed at reducing the public debt ratio and creating buffers against external shocks and natural disasters is commendable. The authorities sound macroeconomic policies should position the Dominica economy to accelerate growth when global economic conditions turn around while strengthening critical social and infrastructure needs. (IMF News)
Press Release: Statement by IMF Managing Director Strauss-Kahn at the Conclusion of his Visit to the Republic of Tajikistan Jun 19, 2009
In my meeting with President Rahmon, I welcomed his government s response to the severe external shocks ... President Rahmon stressed that these external shocks were being compounded by power shortages in the winter months, and the heavy rains and flooding in the spring that hurt the agriculture sector. (IMF News)
Moving Beyond the Crisis: Global Outlook and Policy Challenges, Keynote address by John Lipsky, First Deputy Managing Director, IMF, to Turkish Industrialists' and Businessmen's Association (TÜSIAD) Jun 19, 2009
The Central Bank of Turkey s inflation targeting framework and the floating exchange rate regime have worked well to absorb external shocks. Despite considerable volatility in the value of the lira and in interest rates, the banking sector has weathered the initial stages of the crisis, reflecting minimal net foreign currency exposures, robust profits, and strong capitalization with the average capital adequacy ratio above 18 percent at the end of this year s first quarter. (IMF News)
Public Information Notice: IMF Executive Board Concludes 2004 Article IV Consultation with Kenya Jun 16, 2009
Directors agreed that the current managed floating exchange rate system has served Kenya well in responding to external shocks, and should be maintained. A few Directors saw scope for increased flexibility in this regard. (IMF News)
Emerging market growth story Jun 16, 2009
The accumulation of foreign exchange reserves also puts emerging economies in a much stronger position to weather external shocks. Chinas reserves, for example, total nearly $2,000bn. (FT.com -- Markets)
Dollar's fate written in history Jun 4, 2009
Two external shocks, the Asian financial crisis that had begun in 1997 and the following declines in demand for (and thus price of) crude oil and nonferrous metals, had a negative impact on Russian foreign exchange reserves. A political crisis came to a head in March when Russian president Boris Yeltsin dismissed prime minister Viktor Chernomyrdin and his entire cabinet in March. (Asia Times Online)
The Global Economic and Financial Outlook and Challenges for Emerging Economies, Keynote Speech by Mr. Takatoshi Kato, Deputy Managing Director, IMF, 21st Meeting of the Central Bank Governors’ Club of the Central Asia, Black Sea Region, and Balkan Countries, Kazakhstan Jun 2, 2009
However, remittances appear to be generally more resilient to external shocks than private capital flows or official aid. The rate of increase of remittances to developing countries has slowed from 23 percent in 2007 to 9 percent in 2008. (IMF News)
Services next growth engine? Jun 1, 2009
The performance of the two sectors during the IMP2 period did not go according to plan because of external shocks like, for example, the Asian financial crisis of 1997-98 and the Sept 11 attacks on the United States in 2001. The manufacturing sector only managed to increase its GDP share by just 2. (The Star Online, Malaysia -- Business)
Public Information Notice: IMF Executive Board Concludes 2009 Article IV Consultation with the Kyrgyz Republic May 30, 2009
The NBKR has allowed continued exchange rate flexibility to absorb the large external shocks and limit foreign exchange reserve losses ... Although the current emphasis of the authorities policies is on addressing the impact of the external shocks, they continue to advance their broader structural reform agenda to ensure strong growth over the medium term. (IMF News)
Economic advisory council coming up with new growth strateggies May 29, 2009
Economic watchers cautioned against repackaging of old ideas and said more insights were needed on what exactly would be the focus, going forward, as Malaysia attempts to insulate herself from external shocks while at the same time, remain an open, trading economy. Many said it was a good idea to trim the size of the economic council to 8-12 members from the 40 in the current council. (The Star Online, Malaysia -- Business)
India's macro management a worry: Moody's May 28, 2009
India's poor fiscal fundamentals are a result of deeply entrenched framework of subsidies and the government's relatively weak expenditure restraint, although external shocks have also played a role, Mitra said, adding that the government's low financial strength is also due to its poor debt affordability. Also Read. (India Times)
Press Release: IMF Completes First Review Under Exogenous Shock Facility with the Kyrgyz Republic and Approves US$25.5 Million Disbursement May 24, 2009
The central bank will continue to pursue a flexible exchange rate policy to absorb external shocks and limit reserve losses. Provided that inflation continues to decline and exchange rate pressures abate, monetary policy could be eased gradually to provide additional support to the economy. (IMF News)
Public Information Notice: IMF Executive Board Concludes 2009 Discussion on Common Policies of Member Countries of the Eastern Caribbean Currency Union May 22, 2009
Directors considered that the currency board arrangement continues to serve the region well by fostering price and financial stability, including in the face of adverse external shocks. They observed the staff s assessment that, despite some recent appreciation, the real effective exchange rate appears to be in line with fundamentals. (IMF News)
* [MA YING-JEOU'S FIRST YEAR] : Economy slumps as unemployment soars to new high May 20, 2009
The increasing dependence on China X already our largest trade partner X will make Taiwan more vulnerable to external shocks, Yang said. Yang said the nation should rely more on domestic demand and bolster the service sector. (Taipei Times, Taiwan -- Taiwan)
Press Release: Statement by an IMF Staff Mission to the Republic of Mali May 20, 2009
Although the world crisis is yet to have a significant negative impact on Mali, the economy remains vulnerable to new external shocks. The balance of payments in 2009-10 is projected to strengthen as a result of a sharp improvement of the terms of trade. (IMF News)
Slower growth for biotech sector May 19, 2009
We still have a good measure of resilience from external shocks. Malaysia still has a good proposition to offer, he added. (The Star Online, Malaysia -- Business)
Sensex may top 20k by Dec if there are no external shocks May 19, 2009
If there are no major external shocks, then within the period from now and December, the Sensex could go to 00004000 18,000. It could also go to 20,000. (India Times)
* Nobel laureate warns of threats to globalization May 15, 2009
The financial crisis poses threats to globalization as nations take measures to shield their economies from external shocks, while struggling to recover from the worst recession since World War II, a visiting Nobel Prize-winning economist said yesterday. Paul Krugman, who won the Nobel Prize last year for his work on trade theory, told a forum in Taipei that the downturn had stabilized but that it may leave the world economy in near-stagnation for 10 years X similar to what happened in Japan in... (Taipei Times, Taiwan -- Business)
AfDB: Enabling Africa Cope With the Global Financial Crisis May 14, 2009
Dakar, Senegal Organized on the theme: Africa and the Financial Crisis: An Agenda for Action", the two-day event was formally declared open by Senegalese President Abdoulaye Wade in the presence of his Burkinabe counterpart, Blaise Compaore, Ghana's Vice President John Dramani Mahama, African Union Commission Chair, Jean Ping, African Development Bank (AfDB) President Donald Kaberuka and the UN Economic Commission for Africa Executive Secretary (UNECA), Abdoulie Janneh. President Kaberuka set... (allAfrica.com)
Press Release: IMF Completes First Review Under Stand-By Arrangement with Ukraine and Approves US$2.8 Billion Disbursement May 9, 2009
Adherence to this commitment is key to helping the economy adjust to external shocks, discouraging dollarization and excessive risk taking by unhedged borrowers, and allowing monetary policy to focus on inflation objectives. Given the potential negative balance sheet effects, the National Bank of Ukraine is prepared to tighten monetary policy if needed, to avoid excessive exchange rate depreciation. (IMF News)
Press Release: IMF Regional Economic Outlook Sees Latin America Recovering More Quickly from the Global Crisis Relative to Advanced Countries May 7, 2009
But the region has a much higher level of preparedness today in terms of stronger public finances and financial sectors, and policies that help cushion external shocks ... Mr. Eyzaguirre noted that, in contrast to past downturns, when policymakers in the region had to react defensively to external shocks with spending cuts and interest rate hikes to avoid a deeper downward spiral, this time around they have been able to respond in a very different way: with active policies to boost output and... (IMF News)
Press Release: IMF Sees Long Path to Asian Recovery May 6, 2009
These external shocks and stresses will make it difficult for the region to recover. As long as exports remain depressed, private investment will remain low. (IMF News)
