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Cover IMF Working Papers
Socio-Economic Spillovers from Special Economic Zones: Evidence from Cambodia
Mariya Brussevich

rising property prices offsetting potential wage gains whereas labor market gains in targeted areas are shown to come at an expense of areas not participating in SEZ programs. Empirically, causality is difficult to establish, given that SEZ locations are generally not selected at random. While a number of studies have employed various identification techniques to disentangle the impact of place-based policies, predominantly in advanced country settings, there is no clear consensus on the overall effectiveness of place-based policies in supporting local labor markets

Keywords:
WP; SEZ program; SEZ entry; SEZ firm; program participation; SEZ district; SEZ location; Employment; Wages; Income; Income inequality; Labor markets; SEZ effect; SEZ developer; SEZ trend; tagged SEZ database; SEZ program participation; SEZ intensity
Cover IMF Working Papers
Socio-Economic Spillovers from Special Economic Zones: Evidence from Cambodia
Mariya Brussevich
This study examines the socio-economic impact of special economic zones (SEZs) in Cambodia---a prominent place-based policy established in 2005. The paper employs a database on existing and future SEZs in Cambodia with matched household surveys at the district level and documents stylized facts on SEZs in a low-income country setting. To identify causal effects of the SEZ program, the paper (i) constructs an alternative control group including future SEZ program participants and districts adjacent to SEZ hosts; and (ii) employs a propensity score weighting technique. The study finds that entry of SEZs disproportionately benefits female workers and leads to a decline of income inequality at a district level. However, the findings also suggest that land values in SEZ districts tend to rise while wage levels remain largely unchanged relative to other districts. In addition, the paper tests for socio-economic spillovers to surrounding areas and for agglomeration effects associated with clusters of multiple SEZs.
Keywords:
WP; SEZ program; SEZ entry; SEZ firm; program participation; SEZ district; SEZ location; Employment; Wages; Income; Income inequality; Labor markets; Special Economic Zones; Place-Based Policy; Low-Income Country; Foreign Direct Investment; SEZ effect; SEZ developer; SEZ trend; tagged SEZ database; SEZ program participation; SEZ intensity; propensity score weighting technique; Policy implication; impact of special economic zones; Women
Cover IMF Working Papers
Front Matter
Mariya Brussevich
Keywords:
WP; SEZ program; SEZ entry; SEZ firm; program participation; SEZ district; SEZ location; Employment; Wages; Income; Income inequality; Labor markets; Special economic zones
Cover IMF Staff Country Reports
IMF Executive Board Concludes 2013 Article IV Consultation with the Republic of Congo
International Monetary Fund. African Dept., International Monetary Fund. Strategy, Policy, &amp, and Review Department

programs are well implemented. As regards the SEZs program, the government should avoid granting special fiscal incentives that create distortions and often give rise to abusive practices, focusing instead on revamping infrastructure and advancing administrative facilitation. While the medium-term prospects are generally favorable, the authorities should be vigilant to risks related to downward pressures on world oil prices. Despite anticipated fluctuations in oil production over the next years, real GDP growth should remain robust and inflation would be contained

Keywords:
ISCR; CR; windowtext 0.1pt; GDP; solid windowtext 0.1pt; real GDP; IMF staff estimate; debt relief; World oil price; authorities of the Republic of Congo; oil revenue; financial situation; Oil; gas and mining taxes; Fiscal stance; Oil prices; Sub-Saharan Africa; Global; staff appraisal; real gross domestic product; executive board assessment; initiative completion point; CFA franc; Oil production
Cover IMF Staff Country Reports
Cambodia: 2019 Article IV Consultation; Press Release; Staff Report; and Statement by the Executive Director for Cambodia
International Monetary Fund. Asia and Pacific Dept
This 2019 Article IV Consultation with Cambodia discusses stable macroeconomic environment, strong growth and ongoing structural reforms have contributed to significant progress toward Sustainable Development Goals (SDGs). However, uncertainties including slower global growth and potential suspension of preferential market access under the Everything but Arms (EBA) scheme highlight the importance of maintaining macroeconomic stability while meeting still large development needs, addressing elevated financial sector vulnerabilities, and accelerating structural reforms. Continued strong revenue mobilization efforts and a prudent fiscal stance supported by restraining nondevelopment current spending will allow additional spending to address development needs. Expenditures should be oriented toward supporting inclusive growth through priority infrastructure investment, as well as health and education spending. Policies should be geared toward addressing sizeable spending needs to reach SDG targets in health, education and infrastructure, with support from the private sector and international donors. Accelerated implementation of structural reforms is needed to remove structural constraints to growth, correct external imbalances, address governance and corruption weaknesses and promote sustainable and inclusive development.
Keywords:
ISCR; CR; debt; authority; deficit; expenditure prioritization; financing vulnerability; broad money; headline inflation; debt stock; PPG debt; Public investment and public-private partnerships (PPP); Infrastructure; Public investment spending; Global; Asia and Pacific
Cover IMF Staff Country Reports
Republic of Congo: 2013 Article IV Consultation
International Monetary Fund. African Dept., International Monetary Fund. Strategy, Policy, &amp, and Review Department
This paper assesses the Republic of Congo’s discussions in 2013 Article IV Consultation. Though having abundance of natural resources, notably oil and iron ore, Congo has achieved limited progress in poverty alleviation, and remains vulnerable to external shocks. Weak governance and business conditions are significant constraints to private sector development and growth inclusiveness. The IMF report shows that Congo’s main challenge is to ensure long-term macroeconomic stability in the face of oil revenue volatility and exhaustibility, and to make growth more inclusive.
Keywords:
ISCR; CR; windowtext 0.1pt; GDP; solid windowtext 0.1pt; real GDP; IMF staff estimate; debt relief; World oil price; authorities of the Republic of Congo; oil revenue; financial situation; Oil; gas and mining taxes; Fiscal stance; Oil prices; Sub-Saharan Africa; Global; staffs IMF; Policy discussion; policy coordination
Cover IMF Staff Country Reports
Nepal: 2010 Article IV Consultation and Request for Disbursement Under the Rapid Credit Facility: Staff Report; Staff Supplements; Public Information Notice on the Executive Board Discussion; Press Release on the Executive Board Discussion; and Statement by the Alternate Executive Director and Advisor for Nepal.
International Monetary Fund
After years of macroeconomic stability, the global crisis is having a substantial, albeit somewhat delayed, impact on Nepal’s economy and exposing its structural weaknesses. Although the Nepalese rupee appears modestly overvalued, maintaining the peg should remain a key near-term policy objective. Risks in the financial sector are coming to a head and need to be addressed urgently. The Nepal Rastra Bank (NRB)’s recent directives are welcome, but enforcement is crucial to their effectiveness. Bank licensing policy needs to be tightened, banking sector consolidation incentivized, and state-controlled bank reform tackled.
Keywords:
ISCR; CR; fund staff; balance of payments position; article; restriction; authority; liquidity crunch; fiscal policy stance; approval of retention; Remittances; Credit; Financial sector; Global; South Asia
Cover Departmental Papers
The Development Path Less Traveled: The Experience of Rwanda
Ms. Laure Redifer, Mr. Emre Alper, Mr. Neil Meads, Tunc Gursoy, Ms. Monique Newiak, Mr. Alun H. Thomas, and Samson Kwalingana
This paper explores some of the key factors behind Rwanda key successes, including unique institution-building that emphasized governance and ownership; aid-fueled and government-led strategic investment in people, infrastructure, and high-yield economic activity; re-establishment and expansion of a domestic tax base; policies to reduce aid dependency by attracting private investment and bolstering exports; and a purposeful strategy to harness the economic power of gender inclusion.
Keywords:
DPPP; DP; development partner; exchange rate; Rwandan authorities; government intervention; development framework; District government; donor government; economic planning; growth story; insurance coverage; life expectancy; Rwandan franc; real GDP; private sector; direct tax; foreign direct investment; income tax; trade balance; labor force; maternity leave; Women; Public investment and public-private partnerships (PPP); Public investment spending; Gender inequality; Global; Sub-Saharan Africa; Africa; East Asia
Cover IMF Staff Country Reports
Staff Report for the 2010 Article IV Consultation and Request for Disbursement Under the Rapid Credit Facility
International Monetary Fund

. Finally, IFC has raised donor support to continue broad investment climate reforms in three key areas: (i) strengthening Public-Private Dialogue on investment climate issues, (ii) Regulatory Reforms to reduce the cost of doing business, and (iii) development of effective SEZ program catalyzing FDI and domestic investment. The Next Steps Include : On PPD, operationalizing the mechanism and put in place effective Secretariat and the Working Groups; on Regulatory Reforms, finalizing the scope of assistance and commence specific diagnostic of business procedures and

Keywords:
ISCR; CR; fund staff; balance of payments position; article; restriction; authority
Cover IMF Staff Country Reports
Cambodia: 2019 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for Cambodia
International Monetary Fund. Asia and Pacific Dept

anti-corruption framework and address shortcomings in the AML/CFT regime. 5 The AML/CFT regime could also be leveraged to support anti-corruption efforts. Strengthening economic governance through capacity development, modernization of government services and improving data transparency will help narrow the space for corruption. Box 4. The Role of Special Economic Zones 1 SEZ program is aimed at promoting diversification and generating socio-economic spillovers in local communities. Investment in infrastructure and human capital will help spread the

Keywords:
ISCR; CR; debt; authority; deficit; broad money; price index; trade preference; trade diversion; dots reoresent Cambodia; Sustainable Development Goals (SDG); Global