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Pakistan
Monetary developments in the first half of 2003 were largely in line with expectations, except for credit to the private sector, which has accelerated significantly in recent months. The overall deficit of the consolidated government was 4.5 percent of GDP in 2002–03, lower than the program ceiling, and the Central Board of Revenue (CBR) collection exceeded the target by a small margin. Pakistan's macroeconomic performance has strengthened substantially over the past few years, with the 2002–03 outcome largely exceeding the Poverty Reduction and Growth Facility (PRGF) targets.
Sudan
The macroeconomic objectives of the 1999 Staff-Monitored Program (SMP) have been broadly achieved in Sudan. The macroeconomic situation at the end of 1999 was modestly more expansionary than programmed. Budget expenditure was maintained below the program level throughout the year and a surge in oil prices in late 1999 has increased oil revenue above budgeted amounts. Broad money growth at end-December was roughly in line with the 1999 program. Both oil and non-oil revenue were strong in the first two months, and expenditure was below trend, allowing the government to build up deposits at the central bank.
Recent Economic Developments, Prospects, and Progress in Institution Building in the West Bank and Gaza Strip
Since the Declaration of Principles on Interim Self-Governing Arrangements between the Palestine Liberation Organization and Israel, which outlined the gradual future transfer of responsibility to the Palestinian Authority in the West Bank and Gaza Strip, the IMF has provided a wide range of technical assistance to the Palestinian Authority. This publication, by the Middle Eastern Department, reviews economic and institution building developments in the West Bank and Gaza Strip in 1996 and assesses briefly the prospects for 1997. Individual chapters describe fiscal, monetary, and external developments; trade policy; and IMF technical assistance.
Macroeconomic Policies in Indonesia
This book gives insight on the dynamics and route of economic policies that have been taken and implemented since the point of institutional reforms in 1998 that were triggered from the context of the financial crisis in 1997/1998. The condition brought a different paradigm on the landscape of economic and development policies, especially in the case of the monetary and financial structure, the international trade sector, the manufacturing sector, the taxes administration policy and the evolved context of decentralization and development of public sector policies in general. Given state of current economic development, this book offers suggestions to address economic issues that require improvements. This book is unique as: 1) it is about Indonesia, a country mostly affected by 1997/1998 financial crisis, which also lead to a change in regime; 2) it covers a broad range of thematic topics on sectors development and institutional changes from major policies that have been taken; and 3) it posits both existing and future challenges on monetary and financial sectors, trade, manufacturing and competitiveness, as well as on development of decentralization policies.
The Economy of West Bank and Gaza
The economy of the West Bank and Gaza Strip faces a difficult external environment in 1997. This paper, by Steven Barnett, Nur Calika, Dale Chua, Oussama Kanaan, and Milan Zavadijil, presents an assessment of the recent experience of the Palestinian economy and examines prospects for 1998 and beyond.
Are Emerging Asia’s Reserves Really Too High?
Empirical analysis does not suggest that reserves are "too high" in the majority of Asian countries, though China may be a special case. Much of the reserve increase in Asia can be explained by an optimal insurance model under which reserves provide a steady source of liquidity to cushion the impact of a sudden stop in capital inflows on output and consumption. Moreover, the benefits of reserves in terms of reduced spreads on privately held external debt further explains the observed growth in reserves since 1997-98. Using threshold estimation techniques, the paper shows that most of Asia can still benefit from higher reserves in terms of reduced borrowing costs.
Cambodia
Despite the global slowdown, Cambodia’s economy has been holding up, driven by resilient exports and tourism and a strong real estate recovery. Fiscal policy has remained anchored in rebuilding government deposits and maintaining long-term fiscal debt sustainability, while providing adequate financing for Cambodia’s vast development needs. Executive Directors identified greater mobilization of fiscal revenues imperative to rebuild government deposits, and maintained that focus should be on measures that would generate substantial additional revenue and create strong positive externalities.
Monetary and Financial Integration in East Asia
This book looks at East Asia's monetary and financial integration from both Asian and European perspectives. It analyses the Euro area's framework for monetary policy implementation, introduced in 1999. It reviews the efforts to foster regional monetary and financial integration and relates them to Europe's own evolution. It highlights successes and failures in both cases and offers a careful assessment of the state of play. A central theme of the volume is that the East Asian reliance on markets is not enough to promote the kind of deep integration that Europe has achieved and that provides protection against exchange rate turbulence. The implications of the recent global crisis are also examined. Written by two of the foremost monetary experts on Asia and Europe, this book will be an invaluable aid to students and academics interested in the relevance of the European experience to the debates about monetary integration in East Asia.
Indonesia
The Indonesian economy proved resilient during the global financial crisis, and has since continued to grow at a robust rate. Increases in both foreign and domestic investment are expected to offset lower growth contributions from net exports as import demand rises. A key risk is deterioration in growth for advanced economies. Continued exchange rate flexibility will be important in managing volatile capital flows, and the build-up in reserves. Fiscal developments are consistent with the government’s firm commitment to sustainability and strong public finances.
Indonesia
Over the past decade, Indonesia has developed into an important regional and global economy, as well as an active participant in the G20. The chapters in this book document the substantial improvements in the quality of macroeconomic policy that Indonesia has achieved, while also clearly laying out an agenda of measures that should be taken to safeguard these gains and further lower vulnerabilities going forward. Rather than just demonstrating progress in key macroeconomic indicators, the contributors have delved into the ways that global volatility, especially since 2008, has affected Indonesia and how that country has adjusted its policies to meet the new challenges.
