International Monetary Fund. Strategy, Policy, & Review Department
This note presents key results from the surveys of country authorities, IMF Executive Directors (EDs), and mission chiefs (MCs) to inform the Comprehensive Surveillance Review (CSR). Key takeaways and cross-cutting themes that emerge are Trends, Policy Challenges, Surveillance Priorities, Surveillance modalities and Traction.
International Monetary Fund. External Relations Dept.
standards. Trying to meet this double objective has at times generated tensions that have slowed the reform process. Nevertheless, experience has shown that a “stop-go” reform and adjustment policycombination may prove to be more painful in the long run.
The past five years have taught a great deal about the way institutions and policies have to be fashioned for a fully fledged market economy to emerge. We now have a better idea of what works and what does not. Completing the transition will be a long process, but through it those who have always lived under a market
enhancing insolvency processes.
19. Our authorities reiterate their commitment to entrenching macroeconomic stability and enhancing governance to achieve higher, more inclusive and sustainable growth. In pursuit of these objectives, they will continue to implement an appropriate policycombination of prudent fiscal and monetary policies, accompanied by growth enhancing structural reforms. They also wish to express their appreciation to the international community including, the World Bank and the African Development Bank, for their assistance in
redistribution policies generate less future growth than those policies that expand the economic opportunities of poor people—but they reduce poverty immediately. They also alleviate social tensions and may thus free growth constraints in the case of excessive inequality. On the other hand, policies that enhance opportunities for the poor do less to reduce inequality today, essentially through taxation, but result in faster growth, less poverty, and greater equality tomorrow.
It is up to governments to choose their preferred policycombination. The choice is difficult