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International Monetary Fund. External Relations Dept.
This paper highlights the sources of payments problems in less developed countries. Growth in the industrial countries has a direct impact on the current account of the developing countries through its influence on both the prices and volumes of their exports. An increase in the real effective exchange rate is clearly a fundamental determinant of a deteriorating current account since, other things being equal, it tends to raise domestic demand for imports and to reduce foreign demand for exports.
International Monetary Fund. External Relations Dept.

fertilizer in place of imports, but did not make deliveries when fertilizer was needed and a year later dealer and cooperative warehouses were full of fertilizer hardened in the bags and totally useless. The fertilizer factory, which had no salesmen on the road, could not understand the reluctance of the peasants to use the fertilizer and complained that the factory was forced to dump products in the export market. Concurrently, farm-to-market roads were neglected and little effort was made to improve distribution beyond periodic campaigns against profiteering. There

Turto Turtiainen and J.D. Von Pischke

, marketing. Prominent examples of such cooperative enterprises are fertilizer factories in India, cold storage in Egypt, dairies in Kenya, and fish-processing factories in South Korea. For instance, the third cooperative fertilizer plant in India, completed a couple of years ago, cost over $220 million, of which one half was borrowed from the World Bank. A national role Governments in developing countries use cooperatives for many noneconomic reasons, for example, to benefit certain groups or to operate in areas when other organizations are absent, or, where

Bruce Fitzgerald

countertrade The array of countertrade transactions reported in the trade press is intriguing. Coca Cola has traded its syrup for cheese from a factory it built in the Soviet Union, for oranges from an orchard it planted in Egypt, for tomato paste from a plant it installed in Turkey, for Polish beer, and for soft drink bottles from Hungary. A Swedish band was paid in coal for its concerts in Poland. Boeing exchanged ten 747s for 34 million barrels of Saudi Arabian oil. Argentina awarded a fertilizer factory contract to Czechoslovakian firms with the stipulation that

C. J. Martin

natural resources or other special circumstances that would permit the production of a commodity at a relatively low cost or to meet domestic demand, either unsatisfied or satisfied through imports. In these circumstances, the desirability of the project being examined is determined, not by comparing it with other possible projects, but by measuring it against the estimated real marginal rate of return on other newly invested capital in the country. But a proposal that merely suggests that it would be useful for a country to build a fertilizer factory, grow groundnuts

International Monetary Fund. African Dept.

during 2022–42. 1 Manufacturing production will be boosted by ongoing imports substitution policies (expansion of cement and fertilizer factories) and food and beverage production increases. The expansion will be financed by strong private sector credit, supported by the BRB’s special refinancing measures and newly created banks. 2 The baseline assumes that the central bank will advance to the government the equivalent of half of the SDR allocation in FY2023 (2.8 percent of GDP) to boost public investment and the remainder of the SDR allocation in 2024 (about 3

International Monetary Fund. African Dept.

started to gather information on SOEs liabilities, using their financial statements. 3 In line with the DSA guidance note, this is a “de minimus case” (arrears are less than 1 percent of GDP) that does not trigger the rating of “in debt distress”. 4 The grant element of a loan declines over time as the loan is repaid, even when the loan is initially concessional (i.e. with a grant element of 35 percent or above). 5 Stronger manufacturing production will be supported by ongoing imports substitution policies (expansion of cement and fertilizer

International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.