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International Monetary Fund. Monetary and Capital Markets Department
Brazil has a large and diverse investments funds sector which is subject to a robust regulatory framework. The competent authority, the Comissão de Valores Mobiliários (CVM), requires high standards of the entities it oversees and makes good use of the extensive data it receives from market participants on an ongoing basis. Fiduciary administrators play an important role as the main gatekeeper for investment funds and, despite the highly concentrated nature of the industry, there is evidence that they make a significant contribution to the safety and soundness of the sector as a whole.
International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues paper on Iran focuses on the Targeted Subsidy Reform Law (TSRL). This is the basic law governing the implementation of the subsidy reform in Iran. The TSRL envisaged bringing subsidized prices close to international levels over a five-year period. The paper reviews the implementation of the first phase of the subsidy reform, with a particular emphasis on macroeconomic management. The sharp depreciation of the exchange rate and high inflation significantly undermined progress under the reform. High inflation partially reversed the relative price change under the reform.
International Monetary Fund

agreed in principle to form a common market, which envisaged the free movement of goods, services, labor, and capital—the “four freedoms.” The founding document of the European Economic Community (EEC)—the EEC Treaty, signed in March 1957—embodied a vision for broadly based economic integration going well beyond simple cooperation on trade issues. Talks on a larger Western European free trade zone—instigated by the United Kingdom—failed in 1958, partly because of British insistence on preferential treatment of its Commonwealth ties and its special relationship with

International Monetary Fund. Middle East and Central Asia Dept.

). Norway offers good lessons for managing NDFI’s external assets. Singapore and Malaysia’s funds are examples of development funds to learn from. Some other funds offer lessons of what does not work. 26. The available interdisciplinary research offers some important lessons. In particular: Setting clear objectives . SWFs routinely face multiple objectives. This is unavoidable due to their public nature and exposure to diverse stakeholders. However, ensuring clarity and prioritizing the objectives can help guide daily operations. The NDFI’s founding documents

Mr. Alexei P Kireyev

, coordination is developing at two levels: ensuring convergence of countries in fiscal policies and coordination between fiscal policies and the common monetary policy. After the adjustment of the parity of the CFA franc in 1994, WAEMU countries adopted the Covenant on Convergence, Growth and Solidarity between Member States, which formally expanded monetary integration to the economic sphere and introduced formal provisions for coordination of economic policies. Provisions for coordination between fiscal and monetary policies are included in the founding documents of the

International Monetary Fund

. 65 For example, the evaluation team in Congo concluded that almost all MFIs had weak procedures for approving loans, did not coordinate meetings of different departments involved in the decision making, and often had no internal control mechanism, even though such mechanisms were envisaged in the MFIs’ founding documents. Many MFIs had serious deficiencies in accounting; for example, the MFIs’ financial, commercial, and service activities all had different accounting practices. Finally, the majority of MFIs were financially unviable, with their capital falling