Scotland Lures Wealth Managers as Salmond Presses on With Independence Bid Oct 3, 2009
Macroeconomic policies such the currency, as well as foreign affairs, defense and energy are reserved for the U.K. Parliament at Westminster in London. Should lawmakers in Edinburgh reject his referendum bill next year, Salmond said it would become a major issue in the 2011 Scottish parliamentary election campaign. (Bloomberg -- UK)
Press Release: IMF Says European Economic Recovery to be Fragile and Calls for Policy Action to Secure a Solid Rebound Oct 3, 2009
Macroeconomic policies also need to sustain the upswing while preparing for an exit ... In emerging Europe, resuming convergence will depend on restoring sustainable capital inflows by ensuring a business-friendly environment, strengthening policy frameworks to reduce uncertainty, and implementing sound macroeconomic policies ... Chapter 3 of the REO, entitled Implications of the Fall in Potential Output for Macroeconomic Policies, concludes that the decline in potential output and the... (IMF News)
Making the Most of an Historic Opportunity: Three Principles for Reshaping the Global Economic and Financial Framework Oct 3, 2009
Such preparations are essential for ensuring the credibility of macroeconomic policies going forward, and in particular for addressing legitimate concerns about fiscal sustainability. International Policy Collaboration is Critical. (IMF News)
The Pittsburgh G-20 summit has it worked? Oct 3, 2009
The Pittsburgh G-20 summit has it worked (The Star Online, Malaysia -- Business)
transcript of Press Briefing on the International Monetary Fund's World Economic Outlook by Olivier Blanchard, IMF Economic Counsellor and Director of the Research Department Oct 2, 2009
The rebound that we are predicting for Latin America will be helped by recovery in commodity prices and the rebound in demand on account of the support of policies in Latin America and abroad, including macroeconomic policies and financial policies. In terms of rebalancing, Latin America had a small current account surplus before entering this crisis on account of strong commodity prices. (IMF News)
World eco to grow by 3% in 2010: IMF Oct 1, 2009
The key policy requirements remain to restore financial sector health while maintaining supportive macroeconomic policies until the recovery is on a firm footing. However, policymakers need to begin preparing for an orderly unwinding of extraordinary levels of public intervention, the WEO said. (India Times)
Public Information Notice: IMF Executive Board Reviews Experience with the Financial Sector Assessment Program, Options for the Future, and Complementary Reforms in Surveillance and the Assessment of Standards and Codes Sep 30, 2009
With regard to financial sector coverage in low-income countries, closer attention should be paid to the impact of underdeveloped financial markets on the effectiveness of macroeconomic policies and the economy s ability to absorb shocks. A new IMF-World Bank Low-Income Country Financial Group, under the auspices of the Financial Sector Liaison Committee, would help identify macro-financial stability issues and market development needs for Article IV discussions. (IMF News)
Regaining their balance Sep 30, 2009
There was also agreement that macroeconomic policies should be harmonised to avoid the imbalances America s spendthrift ways and deficits; Asia s savings glut that made the financial crisis so much worse. But strengthening co-operation, through the snappily named Framework for Strong, Sustainable and Balanced Growth, will not be easy, even with the International Monetary Fund (IMF) knocking heads together, as is envisaged. (The Economist)
Press Release: IMF Team Concludes Article IV Consultation Mission to the State of Eritrea Sep 30, 2009
The mission reviewed economic developments since the last consultation and discussed the authorities macroeconomic policies against the backdrop of a severe drought in 2008, the international food and oil price crises, and the global recession. In the wake of these exogenous shocks, Eritrea s economic performance has weakened, with growth remaining elusive, while inflation has accelerated and progress in fiscal consolidation, stalled. (IMF News)
Press Release: IMF-Supported Programs Help Countries Weather the Worst of the Global Crisis, Says Internal Review Sep 30, 2009
Key factors this time include rapid provision, large-scale, and front-loaded IMF financing channeled to sectors facing the tightest financing constraints; accommodative macroeconomic policies; emphasis on protecting the financial sector from liquidity squeezes; more focused conditionality; and stronger country ownership. The study notes that outcomes and policies in program countries are broadly similar to those of non-program emerging market countries, once controlling for pre-existing... (IMF News)
Press Release: IMF Announces Staff-Level Agreement with Tajikistan on First Review under PRGF Arrangement Sep 25, 2009
The mission reached agreement on a set of macroeconomic policies, with a view to enable the IMF Executive Board to consider the completion of the first review, following completion of the annual external audit of the National Bank of Tajikistan (NBT) ... Despite some improvement in the global economy, the external climate for Tajikistan remains difficult, and macroeconomic policies will need to be set with a view to maintaining balance of payments sustainability, while continuing to increase... (IMF News)
US to push for new economic order Sep 22, 2009
"But the most difficult question is still open: Europe, America, China, are they ready to modify their macroeconomic policies in the future, by following the advice of the IMF and under pressure from their peers, for the common good, and world economic stability?" he said. G7 sources told Reuters there was a renewed determination to act to stem the global imbalances because the crisis had underlined the interconnectedness of the financial system and how joint action could be more effective. (India Times)
Efforts to contain financial crisis continue Sep 21, 2009
Now many eyes are on G20 leaders to see if they can make new progress in Pittsburgh toward strengthening coordination on macroeconomic policies, reforming international financial institutions, promoting common development and working against protectionism. EFFORTS BY BOTH DEVELOPING, DEVELOPED NATIONS. (Xinhuanet, China)
CPC Central Committee closes plenum, vows to enhance democracy, fight corruption Sep 19, 2009
"Macroeconomic policies will remain stable and mechanisms will be upgraded to cope with the global financial crisis.". It said more efforts would be put into restructuring, innovation, reducing energy consumption and environmental protection. (Xinhuanet, China)
The Global Financial Crisis and Low-Income Countries -- Domestic and International Policy Responses, Remarks by Dominique Strauss-Kahn, Managing Director, International Monetary Fund at the Resources for the Future Sep 18, 2009
And as countries eased macroeconomic policies, IMF financing provided some much-needed breathing space. This policy response, coupled with the dawning of a global recovery, leads me to be hopeful. (IMF News)
Press Release: Low-income countries need increased financing to cope with crisis, says IMF Managing Director Strauss-Kahn Sep 18, 2009
This has helped provide poorer countries with the necessary room to ease macroeconomic policies. Mr. Strauss-Kahn added that the Fund had gone above and beyond what the G20 asked at the London summit in April. (IMF News)
Press Release: IMF Mission Reaches Staff-Level Agreement on Second Review Of Stand-By Arrangement with Armenia Sep 17, 2009
The authorities have implemented a broad range of policies to address these challenges, described in their Letters of Intent of March and June 2009, and macroeconomic policies are on track. Fiscal policy continues to be appropriately expansionary in light of the ongoing deep contraction of the Armenian economy. (IMF News)
Public Information Notice: IMF Concludes 2009 Article IV Consultation with South Africa Sep 11, 2009
Executive Directors noted that the economy has weathered the immediate effects of the global crisis well mainly due to sound macroeconomic policies underpinned by consistent and transparent policy frameworks, the floating exchange rate regime, and a well supervised financial system ... They saw the immediate challenge as supporting domestic demand with well-calibrated counter cyclical macroeconomic policies, while preserving price and external stability. (IMF News)
PM speech to G20 finance ministers Sep 6, 2009
sound macroeconomic policies which deliver balanced global growth. open economies without harmful protectionism. (10 Downing Street)
PM urges coordinated action at G20 Sep 6, 2009
The Prime Minister proposed a series of principles during his speech, including a financial system based on responsibility, transparency and integrity; sound macroeconomic policies; open economies; environmentally sustainable production; and fair distribution of the benefits of growth. Gordon Brown said G20 leaders in Pittsburgh needed to agree to an international plan for durable growth. (10 Downing Street)
Press Release: Statement at the Conclusion of an IMF Staff Mission to Niger Sep 5, 2009
Based on the experience of other resource-rich countries, the mission underscored the importance of pursuing sound macroeconomic policies, strengthening public financial management and transparency, and diversifying the economy. The mission wishes to thank the authorities for their warm hospitality and the high quality of the technical discussions. (IMF News)
Ghana on track to halving poverty before 2015 Sep 4, 2009
On Macroeconomic policies and framework, the report noted that key structural constraints be addressed to accelerate growth, while maintaining macroeconomic stability. The main areas it highlighted include; closing the infrastructure gap, raising productivity in agriculture and strengthening further the investment climate in the country. (Ghana Web, Ghana)
Press Release: IMF Managing Director Dominique Strauss-Kahn Sees Renewed Stability But Remains Cautious About Global Economic Recovery, Notes Need For Continued Policy Actions Sep 4, 2009
Mr. Strauss-Kahn underlined that international policy coordination has been an essential part of the response to the crisis and that "coordination of exit strategies will be just as important. Thanks to concerted and forceful policy actions, the crisis had been contained, he said. He focused on three policy areas essential to ensure a sustainable recovery: 1. Identifying New Sources of Growth On the demand side, the baton will eventually need to be passed from the public to the private sector,... (IMF News)
Could the Recession be Good for Your Health? Sep 1, 2009
Ruhm of the University of North Carolina says the data linking recessions to drops in mortality are not yet strong enough to influence macroeconomic policies. However, he believes there are elements of the research that could prove useful to lawmakers and individuals. (Time.com)
Ghana's trade deficit drop in first half of the year Aug 26, 2009
These notable achievements have come about not by accident but by the prudent macroeconomic policies being pursued by Government, he said. Source:GNA. (Ghana Web, Ghana)
Bernanke's re-nomination as U.S. Fed chief boosts confidence, challenges remain Aug 26, 2009
In last week's annual meeting on macroeconomic policies, Bernanke also noted that the U.S. economy is "leveling out.". Still, the nascent recovery needs cautious nurturing. (Xinhuanet, China)
Structural transformation Aug 22, 2009
Part One sets the tone and explores the reasons leading up to the rapid growth of the 1990s, that is, high saving rates, high percentage of working age population, the willingness to invest in education, relative political stability, sound macroeconomic policies as well as the values and work ethics of East Asian workers that are impossible to measure but also matters a great deal. The original East Asian model of capitalism was touted to be different from the conventional American or European... (The Star Online, Malaysia -- Business)
Crisis Reshapes Role of Sovereign Wealth Funds Aug 22, 2009
The GAPP covers legal framework, objectives, and coordination with macroeconomic policies; institutional framework and governance structure; and investment and risk management framework. The GAPP's purpose is to have in place a transparent and sound governance structure that: provides for adequate operational controls, risk management and accountability; ensures compliance with applicable regulatory and disclosure requirements in the countries in which SWFs invest; ensures SWFs invest on the... (BusinessWeek)
Africa: IMF Helps 22 Countries Build Data Centres Aug 20, 2009
Better statistics is expected to help in the formulation, implementation, and monitoring of sound macroeconomic policies and in making of prudent investment decisions ... "In the wake of the severe international financial crises that began in 1994, there was heightened awareness that the ready availability of comprehensive, reliable, and timely data would facilitate the formulation, implementation, and monitoring of sound macroeconomic policies and investment decisions, thereby reducing the... (allAfrica.com)
IMF Executive Board Completes Third Review Under the Stand-by Arrangement with Georgia Aug 8, 2009
The SBA was approved on September 15, 2008 (see ) to support the Georgian authorities macroeconomic policies, rebuild gross international reserves, and bolster investor confidence. In view of the weaker economic and external financing prospects, the augmentation and extension of the SBA aims at facilitating an orderly exit from high public and external deficits, and the associated dependence on official financial support. (IMF News)
Public Information Notice: IMF Executive Board Concludes 2009 Article IV Consultation with Australia Aug 8, 2009
Sound macroeconomic policies and structural reforms, together with a stable external environment, delivered 17 years of continuous economic growth. National income was boosted in recent years by a commodity price boom, which pushed the terms of trade to its highest level in more than half a century. (IMF News)
US official regards dialogue with China as harmonious Aug 2, 2009
In an interview with Xinhua Thursday, the U.S. Department of Treasury's economic envoy to China, David Dollar, said both sides were able to explain their macroeconomic policies in detail. They agreed- U.S. needs to increase savings as well as reduce the fiscal deficit. (Xinhuanet, China)
Japan's ruling LDP lays out its campaign platform Aug 1, 2009
" Sales tax pitch The DPJ has promised not to raise the sales tax for the next four years. While the LDP concedes the sales tax has to be raised from 5 percent, it says it will not do so until after 2011 and only if the economy recovers. LDP members and critics have questioned how the DPJ will pay for these measures. "Their drawback is they have few macroeconomic policies" in their platform, says Waseda's Mr. Kitagawa. The problem, Mr. Morita argues, is "the DPJ has yet to recognize that the... (Christian Science Monitor)
Public Information Notice: IMF Executive Board Concludes 2009 Article IV Consultation on Euro Area Policies Jul 31, 2009
The Executive Directors welcomed the broad arsenal of macroeconomic policies and financial sector interventions deployed by euro area authorities and Member States to address the crisis. Directors emphasized that further decisive policy action, especially in the financial sector, is essential to achieve a recovery and return to self-sustaining growth. (IMF News)
Launch of the African Economic Outlook 2009-Positive Prospects for Lesotho Jul 29, 2009
Nonetheless, Lesotho's prudent macroeconomic policies, investment in ICT, and its commitment to regional co-operation offer prospects for future growth and poverty reduction. The launch has been hosted by the Governor of the Central Bank of Lesotho, Dr. M.P. Senaoana, distinguished policy makers and other key stakeholders in Lesotho were in attendance. (allAfrica.com)
Arab Republic of Egypt -- IMF Staff Visit, Concluding Statement Jul 28, 2009
Near-term macroeconomic policies should continue to be geared toward supporting growth, while reducing inflation and maintaining a sustainable external position. In an uncertain global environment, the risks to the outlook remain tilted to the downside. (IMF News)
CPC Central Committee to convene key plenary session in September Jul 24, 2009
The country should continue to exercise macroeconomic policies. It should also improve policies to stimulate national economy, maintain the good momentum of economic recovery, and realize this year's target of social and economic development. (Xinhuanet, China)
More private capital is needed Jul 24, 2009
The country should consider how to raise people's income while mapping out macroeconomic policies for the later half of this year. Relevant government departments should, without further loss of time, work out viable measures to push forward the country's income distribution reform. (Xinhuanet, China)
China to stick to proactive fiscal policy in second half Jul 24, 2009
He pledged to maintain the current macroeconomic policies and fully implement its four-trillion yuan stimulus package. Xie said the government will implement the fiscal policy "at full swing" in the second half of this year and speed up allocation of investment from government, which, Xie hoped, would stimulate private investment. (Xinhuanet, China)
Hu urges sticking to macroeconomic policies Jul 24, 2009
Chinese president urges adherence to macroeconomic policies in second half_English_Xinhua. Chinese president urges adherence to macroeconomic policies in second half ... The macroeconomic policies should be maintained to consolidate the current recovery. (Xinhuanet, China)
Press Release: IMF Executive Board Backs US$250 Billion SDR Allocation to Boost Global Liquidity Jul 21, 2009
In supporting the allocation proposal, the Executive Board stressed that it should not weaken the pursuit of prudent macroeconomic policies, and should not substitute for a Fund-supported program or postpone needed policy adjustments. IMF EXTERNAL RELATIONS DEPARTMENT. (IMF News)
* Roubini says recessions worst has passed Jul 18, 2009
After 10 years of sound macroeconomic policies and reduction in public debt levels, he said, many emerging economies were able to implement counter-cyclical policies for the first time, which will result in faster economic recovery. Today people are worrying more about sovereign risk in advanced economies than in emerging markets, Roubini said, calling it a shift in paradigm. (Taipei Times, Taiwan -- World Business)
China GDP growth seen quickening Jul 14, 2009
China's economic rebound is still fragile, so any drastic change to macroeconomic policies would be a spring frost that freezes the green shoots,'' said Fan Jianping, head of the economic forecast department of the State Information Center, an affiliate of the nation's top economic planning agency. Record lending may inflate bubbles in stocks and property and add to bad-debt risks. (Sydney Morning Herald -- Business)
Peru's President Garcia Appoints a New Cabinet Chief After June Protests Jul 12, 2009
Perus BBB long-term foreign and local currency sovereign ratings are stable, firmly supported by the countrys sound macroeconomic policies, low debt burden and strong economic growth potential, McCormick wrote. To contact the reporter on this story: in Lima at. (Bloomberg -- Latin America)
Transcript of a Press Conference on the Updates of the International Monetary Fund's World Economic Outlook and Global Financial Stability Report Jul 11, 2009
So, in view of these risks, it's clear that policies must be put in place to address the problems of banks in financial markets in addition to the macroeconomic policies report that continues. And as regard banks, credible stress testing exercises can serve as a foundation for ensuring that banks are properly capitalized. (IMF News)
World leaders agree to reform IFIs, boost development | Key facts about G8 summit Jul 10, 2009
Traditionally, the summit mainly concerned economic issues and the coordination of macroeconomic policies of member states. However, political issues were put on the agenda in the late 1980s. (Xinhuanet, China)
No end in sight toUS jobless rise Jul 10, 2009
Politicians would prevent interest rates from rising above zero or any return to stable macroeconomic policies. The US Treasury is building the highest US public debt and would oppose any rise in interest rates. (Asia Times Online)
Debate over whether to nationalise needs airing Jul 10, 2009
The interventionist macroeconomic policies drafted by the ANC's macroeconomic research group were also ditched and the ground was laid for the neo-liberal growth employment and redistribution (Gear) framework. Over the years since then, there has been plenty of grumbling about Gear, but little mention of nationalisation. (Business Report, South Africa)
Press Release: IMF Executive Board Completes Second Review Under PRGF Arrangement for Mali Jul 7, 2009
The authorities remain committed to prudent macroeconomic policies. The revised fiscal stance for 2009 appropriately targets a reduction in the payment float and the elimination of value-added-tax credit arrears, while maintaining a strong fiscal impulse to support economic growth. (IMF News)
The 2009 Budget is not Growth Aggressive Jul 4, 2009
It is, however, not clear how this growth objective can be achieved without consequent promotion of the private sector or as the short-term macroeconomic policies in the budget purports to accomplish it, through just encouraging the private sector to participate in our accelerated growth agenda through Public Private Partnerships (PPPs). It is similarly vague to expect government commitment and the 2009 policy thrust to implement a growth agenda through the government... (Ghana Web, Ghana)
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
It is aimed at consolidating macroeconomic stability and at achieving sustained economic growth and poverty reduction through the pursuit of prudent macroeconomic policies as well as promoting structural reforms. The strategy to achieve this goal remains set in the Mozambican authorities' national poverty reduction strategy, Plano de Ac. (IMF News)
Ghana-Presentation of the 2009 African Economic Outlook Jun 29, 2009
Sound macroeconomic policies and structural reforms underscore this bright prospects. However, more efforts are needed to manage the widening fiscal and current account deficits- the twin deficits. (allAfrica.com)
* Fed offers cautious hope, South Korea upgrades outlook Jun 26, 2009
We will maintain expansionary policy for a while as uncertainties linger internally and externally, and strive to normalize the macroeconomic policies over time when the recovery becomes visible, it said. The ministry left its forecast for 4 percent growth next year unchanged. (Taipei Times, Taiwan -- World)
Australia -- 2009 Article IV Consultation Concluding Statement Jun 25, 2009
Following a prolonged expansion, reflecting sound macroeconomic policies and favorable terms of trade, global events have slowed Australia s economic growth well below trend ... However, this is highly unlikely given the low level of public debt and track record of sound macroeconomic policies. (IMF News)
Chinese FM calls for int'l co-op on development to address global financial crisis Jun 25, 2009
First, coordinate macroeconomic policies ... The IMF should be fair, just and balanced in supervising the macroeconomic policies of its members. (Xinhuanet, China)
Press Release: IMF Completes First Review Under Stand-By Arrangement with Armenia and Approves Increase in Financial Support to US$822.7 Million Jun 23, 2009
The sharp contraction in economic activity, the fall in remittances, an increase in unemployment, and difficult conditions in credit markets require an easing of macroeconomic policies and the implementation of several measures to stimulate domestic demand and create new jobs. The main policies under the revised program are. (IMF News)
Africa: Vast Stretch of Savannah Ripe for Commercial Farming - UN Jun 23, 2009
In both Thailand and Brazil, governments helped spur agricultural growth "characterized by favourable macroeconomic policies, adequate infrastructure, a strong human capital base, competent government administration, and political instability," the study noted. Africa, it argued, is better placed to reach its targets due to its use of new technologies; economic, population and urban growth; improved business climates in many countries; and stepped up foreign and domestic investment in... (allAfrica.com)
* Talks on shared Asian currency can start: ADB chief Jun 23, 2009
These include the need to have a common market, some harmonization of macroeconomic policies, a regional central bank that would require regional countries give up their currencies and independent monetary policies, he said. Kuroda said he was quite confident that talks on expanding the so-called Chiang Mai Initiative will be completed by the end of this year. (Taipei Times, Taiwan -- Sports)
Press Release: IMF Executive Board Completes Fourth Review Under PRGF Arrangement for Burkina Faso Jun 23, 2009
1 percent in June 2008, but has fallen since then as a result of lower commodity prices and prudent macroeconomic policies. However, economic growth is expected to decline in 2009, mostly because of the global economic slowdown and lower cotton prices. (IMF News)
Press Release: IMF Executive Board Completes the First Review of Djibouti's PRGF and Approves US$2.3 Million Disbursement Jun 19, 2009
Adherence to the program s medium-term macroeconomic policies will be crucial. Observance of the fiscal consolidation path is particularly important. (IMF News)
Welcome to the G-8world of illusion Jun 19, 2009
Without stable macroeconomic policies, it is nonsense to conclude that economic stabilization has been achieved. The US, the leading member of G-8, has for about a decade consistently followed overly expansionary fiscal and monetary policies, finally destabilizing the global financial system and the world economy. (Asia Times Online)
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
Second, for the time being, macroeconomic policies in most countries should continue to support demand to insure that the risks of a deeper and more prolonged recession are capped. Fiscal policy in advanced and many emerging market economies should remain expansionary, at least through 2010. (IMF News)
South Africa: No Retail Recovery 'Until End of Year' Jun 18, 2009
Its credit analyst, Remy Salters, said the affirmation of SA's rating reflected the country's prudent macroeconomic policies, a moderate debt burden, and stable political institutions ... Last month's Cabinet appointments by President Jacob Zuma have backed his pledge that SA's prudent macroeconomic policies would remain in place. (allAfrica.com)
Slovak Republic -- 2009 Article IV Consultation, Concluding Statement of the IMF Mission Jun 17, 2009
Strong economic fundamentals, prudent macroeconomic policies, and a sound financial sector contributed to maintaining the country s high growth throughout 2008. But the magnitude and extent of the global slump, particularly the pronounced economic weakening in the euro area, led to a sharp decline in Slovak economic activity in the first quarter of 2009. (IMF News)
Concluding Statement of the IMF Mission on Euro-Area Policies Jun 16, 2009
The risk of deflation, though not unimportant, is small because of supportive macroeconomic policies, nominal rigidities, and the recent upticks in commodity prices. Importantly, inflation expectations have so far remained well anchored. (IMF News)
