In light of the multilateral effort to ensure the adequacy of the financial resources available to the International Monetary Fund (the “Fund”), and with a view to supporting the Fund’s ability to provide timely and effective balance of payments assistance to its members, the Oesterreichische Nationalbank (“OeNB”) agrees to lend to the Fund an SDR-denominated amount up to the equivalent of EUR 2.18 billion, on the terms and conditions set out in this paper
The staff report for the 2007 Article IV Consultation highlights the Russian Federation’s long-term perspective, economic developments, and macroeconomic policies. Russia’s economic growth remains robust. High oil prices and sound fiscal policy underlie Russia’s long spell of robust growth. Executive Directors noted that Russia continues to face tensions in the policy mix designed to reduce inflation while preserving exchange rate stability. Raising investment levels is particularly important in light of the projected decline in the labor force and the declining prospect for continued high productivity gains over the medium term.
Propelled by large terms-of-trade gains, GDP growth has accelerated and is running close to potential. The demand pressures associated with the large terms-of-trade gains are reflected in a fast real appreciation of the ruble, although more of this has come through nominal appreciation during the last year. IMF staff welcomed the greater focus on inflation control, but cautioned that additional exchange rate flexibility would be needed to meet the end-2006 target. The authorities agreed that structural reforms are behind.
This Selected Issues paper estimates a dynamic model of foreign currency loans to households in Austria to analyze their behavior and assess the effectiveness of measures intended to stem their rise. This paper also studies the developments in Austria’s economic linkages with Germany and the Central and Eastern European countries (CEECs). It finds that there has been delinking from Germany, albeit measured, while economic relationships with key CEEC trading partners have become stronger. The paper also discusses the dynamics of Austria’s economic linkages with Germany, and examines these linkages with the CEECs.
This report on the Russian Federation’s Article IV Consultation highlights Data Module and response by the authorities. Russia’s statistical system has made good progress in adopting international statistical methodologies in response to the need to capture in the statistics the country’s transition to a market economy. These improvements have been achieved notwithstanding the statistical challenges posed by extraordinary economic events during the transition, including the financial crisis of 1998. Appropriate measures are taken in the assessment and validation of source data, intermediate data, and statistical outputs.
This 2002 Article IV Consultation highlights that after two years of subdued domestic activity, strong private domestic demand and expansionary fiscal policy in the Slovak Republic buoyed economic growth, which recovered to over 3 percent in 2001. Increased profitability, enterprise restructuring, and reduced corporate income tax boosted fixed investment. Rising real wages and employment, personal income tax reduction, and the redemption of National Property Fund bonds underpinned vigorous growth in private consumption. The general government deficit widened by a half percentage point of GDP to 4 percent of GDP in 2001.
This paper assesses Bulgaria’s 2002 Article IV Consultation, First Review Under the Stand-By Arrangement (SBA), and a Request for Waiver of Non-observance and Waiver of Applicability. The authorities’ structural reform program is ambitious, but implementation needs to be stepped up. In particular, although the energy sector reform program aims appropriately at privatization and increased competition, delays in restructuring district heating companies and increasing energy prices toward cost-recovery levels need to be overcome. The IMF staff supports the authorities’ request for completion of the first program review under the SBA.
This paper is based on an internal report prepared by the IMF staff in connection with the application of the Czech and Slovak Federal Republic (Czechoslovakia) for membership in the IMF. The paper surveys the economic system that had developed up to the time of the reforms begun in 1987 and outlines the economy's performance during 1945–1985. It then discusses the economic developments of 1985–1990, with separate sections on output, prices, public finance, money, and the balance of payments. Prices served mainly as an instrument of central planning: each price was set independently and a change in one price had no influence on other prices. The annual foreign exchange plan, derived from the state plan, strictly controlled foreign exchange transactions. It specified imports and exports of goods and services by enterprises for the convertible and nonconvertible area. The exact modalities of the denationalization scheme have not yet been determined. However, consideration is being given to a scheme whereby state enterprises would be transformed into joint stock companies, and “ownership vouchers” would be distributed to the population which would entitle their holders to purchase stock in these companies.