Policy Papers
2005
September 27, 2005
Asia-Pacific Regional Outlook
Description: Looking ahead, prospects are relatively bright. Regional growth is expected to amount to 6 percent both this year and next, propelled by vigorous exports and strong domestic demand in China and India. Meanwhile, headline inflation is expected to remain around 3—3½ percent, as lower food prices offset the impact of higher oil prices. At the same time, the region’s current account balance is forecast to remain around 3 percent of GDP, albeit with large changes in its distribution.
September 22, 2005
Report of the Managing Director to the International Monetary and Financial Committee on the IMF's Policy Agenda
Description: This report provides an update on the work and direction of the Fund since the 2005 Spring Meetings. Since that time, the global economy has enjoyed strong growth--albeit with significant regional differences--and an absence of major financial crises, even though growing imbalances and rising oil prices have clouded the outlook. Although some steps the Fund has been advocating for some time have been taken--for example, increased flexibility in exchange rate regimes in Asia—decisive action to reduce global imbalances has remained elusive. At the same time, progress toward the Millennium Development Goals MDGs) remains slow and uneven,1 highlighting the need for concerted action by all countries. Further impetus is also urgently needed to move the Doha Round of trade negotiations toward an ambitious conclusion.
September 21, 2005
Progress Report on Crisis Resolution
Description: Describes progress in the inclusion of CACs in international sovereign bonds. Provides an update of efforts to broaden the consensus on the Principles. Reports on developments in recent sovereign debt restructuring cases. Discusses progress in the Evian Approach and other Paris Club issues. Provides a summary of the aforementioned paper on the determinants and prospects for regaining market access.
September 21, 2005
The Structure of the Oil Market and Causes of High Prices
Description: This note examines how crude oil, futures, and petroleum product markets interact to determine market outcomes. It discusses: (a) the structure of the global crude oil market and the fundamental forces behind the higher prices; (b) the futures market, and the role of new entrants and speculators; and, (c) refinery bottlenecks, and the relationship between crude and wholesale gasoline prices.
September 21, 2005
Managing Director's Statement to the Development Committee
Description: Our meeting takes place at an important juncture in the international community’s efforts towards achieving the Millennium Development Goals (MDGs). It is now five years since we took up this enormous challenge, and there is a sense of renewed urgency. The recent UN World Summit on Implementing the Millennium Declaration reaffirmed the commitments made in Monterrey, but stressed the need for more progress, particularly in Sub-Saharan Africa. In addition, at the African Union and G-8 Summits, African leaders and their counterparts in the G-8 committed themselves to intensify their efforts.
September 19, 2005
Trade Progress Report - Doha Development Agenda and Aid for Trade
Description: Updates the Board on progress in the WTO negotiations under the Doha Development Agenda in the run-up to the Hong Kong SAR Ministerial in December, and presents proposals on aid for trade to be submitted to the Development Committee and International Monetary and Finance Committee in September as requested during the spring meetings.
September 19, 2005
2005 Review of the Poverty Reduction Strategy Approach - Balancing Accountabilities and Scaling Up Results - Synthesis
Description: In December 1999, the World Bank (the Bank) and the International Monetary Fund (the Fund) introduced a new approach to their relations with low-income countries, centered around the development and implementation of poverty reduction strategies (PRS) by the countries as a precondition for access to debt relief and concessional financing from both institutions. These strategies were also expected to serve as a framework for better coordination of development assistance among other development partners.
September 19, 2005
2005 Review of the Poverty Reduction Strategy Approach - Balancing Accountabilities and Scaling Up Results
Description: In December 1999, the World Bank (the Bank) and the International Monetary Fund (the Fund) introduced a new approach to their relations with low-income countries, centered around the development and implementation of poverty reduction strategies (PRS) by the countries as a precondition for access to debt relief and concessional financing from both institutions. These strategies were also expected to serve as a framework for better coordination of development assistance among other development partners.
September 19, 2005
The G-8 Debt Cancellation Proposal and Its Implications for the Fund - Further Considerations
Description: The G-8 has proposed that the Fund, the International Development Association, and the African Development Fund cancel 100 percent of their claims on countries having reached, or upon reaching, the completion point under the enhanced Heavily Indebt Poor Country (HIPC) Initiative. The proposal was initially presented to the G-8 Finance Ministers' Conclusions on Development issued on June 11, 2005, and reaffirmed in the statement on Africa signed by G-8 Heads of State and Government at the Gleneagles Summit on July 8, 2005.
September 15, 2005
The Managing Director's Report on the Fund's Medium-Term Strategy
Description: This paper brings together the many formal and informal discussions over the past year between the staff, management, and the Executive Board on the strategic direction of the Fund. Some ideas have also been discussed with country authorities and with outside observers, as part of the Fund’s normal outreach and consultation. While not comprehensive in scope, the paper does aim for a shared vision that could inform the day-to-day work and decisions of the Fund.