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Algeria
This paper offers Algeria's recent experience with macroeconomic stabilization and systemic transformation from a centrally planned to a market economy. The analyses focuses on the period since 1994 when Algeria embarked on a comprehensive reform program that has benefitted from IMF support, first through a one-year Stand-by Arrangement, and from May 1995, through a three-year arrangement under the Extended Fund Facility. To better understand this experience, this paper provides some background information on Algeria's political history and economic developments during the period preceding the Stand-By arrangement.
Mali
In 2011, the economy of Mali is expected to stay on a robust growth trajectory with low inflation. Fiscal performance has been consistent with program targets during the first half of 2011. Money supply increased more than GDP during the first nine months of 2011. The authorities intend to continue the ongoing economic and financial reforms in cooperation with the IMF. Initiation of the new Extended Credit Facility program will coincide with the launch of the third growth and poverty reduction strategy (G-PRSP III) for 2012–17.
Recent Challenges to the Conduct of Monetary Policy in the
This paper discusses recent challenges in BCEAO monetary policy, from a recent spike in inflation, the persistent erosion of external reserves, and strains in the regional financial market. In response to these shocks, the BCEAO operated via both policy rates and liquidity management, including by shifting from fixed to variable rate auctions. The paper finds that the conduct of monetary policy became progressively more constrained by financial stability and external viability challenges, arguing for enhanced monetary-fiscal policy coordination to help the BCEAO meet its reserves objectives.
Tearing Down Walls
This volume--the fifth in a series of histories of the International Monetary Fund--examines the 1990s, a tumultuous decade in which the IMF faced difficult challenges and took on new and expanded roles. Among these were assisting countries that had long operated under central planning to manage transitions toward market economies, helping countries in financial crisis after sudden loss of support from private financial markets, adapting surveillance to reflect the growing acceptance of international standards for economic and financial policies, helping low-income countries grow and begin to eradicate poverty while staying within its mandate as a monetary institution, and providing adequate financial assistance to members in an age of limited official resources. The IMF's successes and setbacks in facing these challenges provide valuable lessons for an uncertain future.
Cote D'Ivoire
This paper discusses Côte D’Ivoire’s Requests for an Extended Arrangement Under the Extended Fund Facility (EFF) and an Arrangement Under the Extended Credit Facility (ECF). Extending the gains of 2015, solid economic and fiscal performance continued in 2016. Strong investment and private consumption contributed to real GDP growth estimated at about 9 percent in 2015. In 2016, booming extractive industries and rising domestic demand supported activity in the commercial sector, which should sustain GDP growth at about 8 percent. The macroeconomic outlook remains favorable, but structural bottlenecks pose challenges to sustained strong growth. The IMF staff supports the authorities’ request for the ECF and EFF arrangements.
The Economy of the Middle East and North Africa in 1997
The economy of the Middle East and North Africa improved considerably in 1996, and remained favorable in 1997. This paper, by Mohamed A. El-Erian and Susan Fennell, presents an assessment of the recent experience of the MENA economies and examines prospects for 1998 and beyond.
Arab Oil & Gas
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Economic Reform in Arab Countries
The paper reviews the main structural reform issues facing Arab countries in the remainder of the 1990s. While the nature, extent, and implications of the policy challenges differ among individual countries in the Arab region, several aspects are common to a large number of them. Accordingly, the paper identifies a framework consisting of a core of key reforms that would address these countries’ structural weaknesses and assist them in exploiting their considerable economic potential.
Economic Development of the Arab Countries
This volume, edited by Said El-Naggar, is the fifth in a series of seminars dealing with economic issues of particular importance to the Arab countries. Held in Manama, Bahrain, in February 1993, it covered topics pertaining to economic development of the Arab countries in the nineties. The seven papers that were presented comprised economic reform in the Arab countries, including particularly structural issues; investment policies and capital flows; inter-Arab labor movements; environment and development; development of human resources; and European economic integration. An overview of the topics is presented by the seminar moderator, Said El-Naggar.
A New Literary History of America
America is a nation making itself up as it goes along—a story of discovery and invention unfolding in speeches and images, letters and poetry, unprecedented feats of scholarship and imagination. In these myriad, multiform, endlessly changing expressions of the American experience, the authors and editors of this volume find a new American history. In more than two hundred original essays, A New Literary History of America brings together the nation’s many voices. From the first conception of a New World in the sixteenth century to the latest re-envisioning of that world in cartoons, television, science fiction, and hip hop, the book gives us a new, kaleidoscopic view of what “Made in A...
