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International Monetary Fund. External Relations Dept.

During his recent trip to four African countries for discussions with political and financial leaders, IMF Managing Director Rodrigo de Rato also met with civil society organizations. In one case, in particular, the meeting was rather unusual. In a village on the outskirts of Niamey in Niger, de Rato visited the Women’s Dairy Cattle Project, a nongovernmental organization of women who raise cows for milk production. With children watching from the sidelines, the village leaders told de Rato about purchasing the cows with micro-financing from the

International Monetary Fund. External Relations Dept.
L’édition web du Bulletin du FMI est mise à jour plusieurs fois par semaine et contient de nombreux articles sur des questions de politique générale et de politique économique d'actualité. Accédez aux dernières recherches du FMI, lisez des interviews et écoutez des podcasts proposés par les principaux économistes du FMI sur des questions importantes de l'économie mondiale. www.imf.org/external/pubs/ft/survey/so/home.aspx
International Monetary Fund. External Relations Dept.
The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx
International Monetary Fund. External Relations Dept.
International Monetary Fund. External Relations Dept.

5-7 Organization of American States General Assembly, Fort Lauderdale, Florida

International Monetary Fund. External Relations Dept.

SDR interest rate, rate of charge on IMF nonconcessional loans outstanding, and dollars per SDR

International Monetary Fund. External Relations Dept.

After an initially slow recovery from the 1999 economic crisis—the worst in 30 years—Colombia’s economic growth saw a significant rebound in 2003-04, with declines in inflation, unemployment, and the public debt in proportion to GDP, the IMF said in its annual economic review. The balance of payments position has improved, aided by buoyant export growth, and confidence in the economy has strengthened as reflected in higher capital inflows, appreciation of the peso, and a lower country-risk premium. The IMF Executive Board welcomed the sound macroeconomic policies and structural reforms of recent years, but noted that unemployment, poverty, and public debt remain high.

International Monetary Fund. External Relations Dept.

In many countries—especially in Latin America—budget constraints have limited public investment and led to infrastructure bottlenecks in some places. To boost investment without causing destabilizing fiscal imbalances, many governments are turning to public-private partnerships (PPPs), but these are not without risks. At a recent seminar (see box), sponsored by the IMF and the government of Brazil, representatives from Latin American and industrial countries, international financial institutions, and academics discussed how to improve public investment quality.

International Monetary Fund. External Relations Dept.

“The United States and other donor nations should provide substantially greater economic assistance on terms that are more flexible and responsive to the priorities set by Africans themselves,” urged Nelson Mandela, former president of South Africa and former head of the African National Congress, on May 16 at the Brookings Institution in Washington, D.C.

International Monetary Fund. External Relations Dept.

Capital account liberalization has reemerged as a topic of intense debate in recent years. Some argue that rapid capital account liberalization caused much of the financial instability and economic distress that many emerging market countries experienced in the mid- and late 1990s. The IMF—which has always had a mandate to promote current account liberalization but no explicit mandate to promote capital account liberalization—has been part of the controversy, with some criticizing it for encouraging member countries to liberalize their capital accounts prematurely. On May 24, the IMF’s Independent Evaluation Office (IEO) released its report on the IMF’s approach to capital account liberalization. Shinji Takagi, IEO advisor and team leader for the report, spoke with Christine Ebrahim-zadeh of the IMF Survey about the report’s findings, which are based partly on the IMF’s experience in a sample of emerging market economies during 1990-2004.