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Mr. Brad J. McDonald, Rob Gregory, and Ms. Katrin Elborgh-Woytek

and Consistent 21. Benefits for LDCs from EM preference schemes are handicapped by RoO similar to those employed by the advanced market countries ( Box 4 ). Despite complexities, the preference schemes of EMs have certain positive attributes that can be replicated in other schemes. Under China’s scheme, for example, origin (and thus preference benefits) can be conferred on a product based either on a minimum local value added threshold or a change in tariff heading. India’s low 30 percent value added threshold gives potential LDC exporters flexibility in

Mr. Brad J. McDonald, Rob Gregory, and Ms. Katrin Elborgh-Woytek
The actions proposed here focus on trade integration, substantially increasing exports of the poorest countries and helping them to meet the Millennium Development Goals. As the foundation for these ambitions, we emphasize the role of a secure, open global trading environment—strengthened further by concluding the WTO Doha Round. From this base, the poorest countries also need better trade preferences from the advanced and major emerging market countries (EMs). Building the capacity to take advantage of trade opportunities will require support from the international community and policy reforms—such as to trade regimes—by the poorest countries themselves. The Fifteen Point Action Plan proposed here could increase annual exports of the least-developed countries (LDCs) by $10 billion or more, with additional benefits for other Low-Income Countries (LICs).
Ms. Katrin Elborgh-Woytek and Rob Gregory

liberal rules of origin allow producers to source inputs flexibly. Such rules implicitly acknowledge LDCs’ low capital intensity and lack of horizontal or vertical integration. Under China’s preference program, for example, origin (and thus preference benefits) can be conferred on a product based either on a minimum local value-added threshold or a change in tariff classification—implicit acknowledgment that the product is different and the LDC has added value. India’s low 30 percent value-added threshold gives potential LDC exporters flexibility in sourcing their

Mr. Brad J. McDonald, Rob Gregory, and Ms. Katrin Elborgh-Woytek
International Monetary Fund
This Selected Issues paper analyzes the reforms in the energy sector in Bangladesh. It assesses the fiscal position of Bangladesh and examines its fiscal sustainability using a simple measure based on the debt dynamics. It concludes that although Bangladesh has so far maintained its sustainability mainly owing to the large portion of foreign financing with highly concessional interest rates, the potential fiscal burdens related to the structural problems in the banking sector and state-owned enterprises might threaten sustainability.
International Monetary Fund. External Relations Dept.
This issue of F&D looks at the growing role of emerging markets. Analysis by the IMF's Ayhan Kose and Eswar Prasad, professor of trade policy at Cornell University, argues that their economic ascendance will enable emerging markets such as Brazil, China, India, and Russia to play a more significant part in global economic governance and take on more responsibility for economic and financial stability. And Vivek Arora and Athanasios Vamvakidis measure how China's economy is increasingly affecting the rest of the world not just its neighbors and main trading partners. In addition, F&D examines a variety of topics that are particularly relevant as the world struggles to shake off the crisis. Alan Blinder and Mark Zandi look at the positive effects of stimulus in the United States. Without it, they say, the United States would still be in recession. IMF researchers look at how countries can get debt under control, and what happens when government debt is downgraded. Other articles examine the human costs of unemployment, how inequality can lead over time to financial crisis, and what changes in the way banks do business could mean for the financial system. Two articles look at Islamic banking, which was put to the test during the global crisis and proved its mettle, and in Faces of the Crisis Revisited, we continue to track how the recession affected several individuals around the world. This issue of F&D profiles Princeton economic theorist Avinash Dixit in the regular People in Economics feature, and Back to Basics looks at externalities.
International Monetary Fund

export financing should be removed to allow exporters flexibility to borrow from domestic and foreign sources. This includes, in particular, the lifting of the back-to-back usance import L/C requirement for RMG in the medium term. In the short run, the interest rate ceiling on export loans should be abolished as it provides a disincentive for local banks to lend to exporters and potential exporters. Provide effective information on markets abroad 135. The role of the EPB could be further strengthened toward information collection and data dissemination. Such