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International Monetary Fund. External Relations Dept.
The IMF has added its voice to the debate over the euro area’s Stability and Growth Pact (SGP), urging the three largest countries—France, Germany, and Italy—to rein in their fiscal deficits. It also trimmed its economic growth forecasts for the 12-nation monetary union and urged the European Central Bank (ECB) to adopt a bias toward lowering interest rates.
International Monetary Fund. External Relations Dept.

On October 28, IMF Managing Director Horst Köhler extended his congratulations and best wishes to Brazil’s President-Elect Luiz Inacio Lula da Silva. The election, he said, affirms Brazil’s vibrant democracy and presents “an historical opportunity to meet the economic and social aspirations of the people of Brazil.” Citing the organization’s close working relationship with Brazil, Köhler also said that the IMF’s management and staff look forward in the coming months to working with the new government “to help create the conditions that would lead to sustained growth in Brazil.” In a letter to President-Elect da Silva, he added that he hoped to meet with the President-Elect and his economic team at the first convenient opportunity.

International Monetary Fund. External Relations Dept.

Timothy Geithner took up the reins as Director of the IMF’s Policy Development and Review Department in the fall of2001. Before coming to the IMF, he served from 1988-2001 in the U.S. Treasury, most recently as Under Secretary for International Affairs. Laura Wallace spoke with him about what it was like to be in the IMF after working closely with it during the financial crises of the 1990s. She also asked him for his thoughts on crisis prevention and resolution and on the role of the United States and other major industrial countries in international decision making.

International Monetary Fund. External Relations Dept.

Stressing the stimulus that regional economic integration can provide to the Maghreb’s development, IMF Managing Director Horst Köhler called upon the leaders of Mauritania, Algeria, and Tunisia to enhance cooperation. The October 14—19 trip, which he undertook at the invitation of the three countries, marked Köhler’s first visit to the area as IMF Managing Director. He hopes to visit Morocco in the foreseeable future. High on the agenda were steps the three countries could take to boost growth, create jobs, and reduce poverty and the role that the IMF could play in helping these countries achieve these goals.

International Monetary Fund. External Relations Dept.

When it comes to exchange rate regimes, what countries say they are doing may not be what they are doing. In a detailed examination, Exchange Rate Regimes and Foreign Exchange Markets—Developments and Issues, IMF staff took note of this and employed a new classification system that better reflected actual policies since 1990. The study points to important, but less polarized than expected, shifts in exchange rate regimes; diminished interest in liberalizing the capital account; and a key role being played by the organizational structure of foreign exchange markets.

International Monetary Fund. External Relations Dept.

Since the onset of the Asian crisis, many conferences have been held, mainly in the United States, to explore its causes, impact, and resolution. The crisis was largely over when David Coe moved to Seoul in the fall of 1999 to be the IMF’s Senior Resident Representative. He and a Korean colleague proposed holding another conference, one that would have a balanced participation of Korean and outside experts. The proceedings of the conference, held in 2001, have recently been published in a volume entitled Korean Crisis and Recovery. Coe talked with the IMF Survey about the findings and the lessons for other crisis-affected countries.

International Monetary Fund. External Relations Dept.

Foreign direct investment (FDI) has become an important source of growth for Cambodia, the Lao People’s Democratic Republic (PDR), and Vietnam. But what lessons can these countries learn from the investment strategies of other Asian countries? Policymakers and academics gathered in August in Hanoi to discuss how the three Mekong Delta states can compete more effectively for a larger piece of the investment pie.

International Monetary Fund. External Relations Dept.

Over the past two decades, microfinance institutions have expanded rapidly. A recent seminar at the IMF Institute—”Microfinance Institutions: Facilitating the Sound and Sustained Development of the Sector”—explored the growth of this sector. Participants Daniel Hardy (IMF), Joselito Gallardo and William Steel (World Bank), and Richard Rosenberg (Consultative Group to Assist the Poorest/World Bank) examined how this sector could best be supported and why the IMF is interested in its success.

International Monetary Fund. External Relations Dept.

02/157: Internal Models, Subordinated Debt, and Regulatory Capital Requirements for Bank Credit Risk, Paul H. Kupiec

International Monetary Fund. External Relations Dept.

The SDR interest rate and the rate of remuneration are equal to a weighted average of interest rates on specified short-term domestic obligations in the money markets of the five countries whose currencies constitute the SDR valuation basket. The rate of remuneration is the rate of return on members’ remunerated reserve tranche positions. The rate of charge, a proportion of the SDR interest rate, is the cost of using the IMF’s financial resources. All three rates are computed each Friday for the following week. The basic rates of remuneration and charge are further adjusted to reflect burden-sharing arrangements. For the latest rates, call (202) 6237171 or check the IMF website (http://0-www-imf-org.library.svsu.edu/cgi-shl/bur.pl?2002).