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not have the capacity to carry them to the ports, lending priorities were relatively easy to assess. But once the railway could cope with the existing commodity-producing capabilities of the economy, new problems began to emerge. Lending could and did continue to allow the infrastructure to keep pace with the commodity-producing sectors. But beyond this, it became clear that help was also needed to accelerate growth in these sectors and to create new industries and new initiatives. A logical consequence was the creation of the IFC in 1956 to aid private

International Monetary Fund
This paper outlines reforms to increase the effectiveness of the Fund’s capacity development (CD) program. It builds on the 2008 and 2011 reviews of technical assistance (TA) and the 2008 review of training, which set in motion important changes to make CD more valuable to member countries. Reforms will involve Board endorsement in a few areas and implementation by staff of related next steps.
International Monetary Fund
This 2002 Article IV Consultation highlights that Nepal’s real GDP growth is estimated to have slowed to 0.8 percent in 2001/02 from 5 percent in the previous year (fiscal year ending mid-July). Agricultural growth slowed to less than 2 percent from more than 4 percent, reflecting irregular rainfall. The output of nonagricultural sectors was largely stagnant, with manufacturing and tourism sectors particularly hit hard by the domestic security situation as well as the global slowdown. Inflation was subdued at about 3 percent, reflecting weak domestic demand and stable Indian prices for most of the year.
International Monetary Fund. External Relations Dept.
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.
International Monetary Fund
A review of the experience of five developing countries in reforming their financial systems illustrates the benefits and risks, and provides lessons on the factors which contribute to successful financial sector reforms. Financial sector reforms need to be supported by active monetary policy, and the adoption of new monetary control procedures early in the reform program; reforms should be sequenced consistently with the broader program of macroeconomic adjustment. The pace of liberalization of interest rates and credit should also take account of the solvency of financial and nonfinancial firms. A minimal system of prudential regulation is an essential element of successful financial sector reform.
International Monetary Fund
Togo has made significant progress in advancing economic and political reforms under the Staff-Monitored Program (SMP). Important fiscal governance reforms have boosted tax revenues and helped expenditure control. The I-PRSP is designed to preserve macroeconomic stability while reviving economic growth and reducing poverty. The Poverty Reduction Growth Facility (PRGF) helped to consolidate macroeconomic stability, achieve fiscal and debt sustainability and pave the way for HIPC/MDRI debt relief. On account of a strong performance under the SMP, a fast reviving economy and achieving fiscal and debt sustainability, Togo requested a three-year arrangement with the IMF under the PRGF.