International Monetary Fund (IMF)
IMF reinvents itself - latest
At their Spring annual meetings in Washington DC, the IMF has released a paper "The IMF in the Process of Change" on the Fund's progress in reinventing itself as a financial sector crisis manager.
Germany cuts growth forecast
GERMANY - The German government has joined its European neighbours by slashing its growth forecasts. Economic expansion in Europe's largest economy is expected to be only 2% in 2001, 0.75% less than previously forecast.
UK growth hit by global slowdown
UK - Fears of a sharp slowdown in the British economy have grown after official figures showed output was weaker than expected in the first three months of the year.
IMF's Koehler says he didn't intend to pressure EC
GERMANY - International Monetary Fund Managing Director Horst Koehler said he had never intended to put pressure on the European Central Bank to cut rates, but reiterated that a cut would help world and European growth.
IMF urges Indonesia to maintain tight mon policy
INDONESIA - An IMF official has suggested that Bank Indonesia should be more flexible in adopting tight monetary, which is aimed at curbing the inflation and reducing pressure on the rupiah.
New Kenya cbank governor to focus on inflation
KENYA - Kenya's new central bank governor said on Apr 24 the bank's focus would remain on controlling inflation and addressing supply side constraints hindering economic growth.
Britain will escape global slowdown
UK - Details revealed in a leaked IMF report suggest that Britain will escape the worst of the global economic slowdown and will fare better than its european rivals.
IMF consultation approves Canada inflation target
CANADA - The International Monetary Fund said in a statement following its annual article IV consultation that there appeared to be no compelling reason for the Bank of Canada to change its inflation target.
Malaysia concedes IMF role in Asia forex swap deal
MALAYSIA - Malaysia will bow to a majority decision on whether the IMF plays any role in an Asia-wide currency swap safety net aimed at protecting countries facing balance of payments problems, Prime Minister Mahathir Mohamad said.
Bank Indonesia governor says he can't be replaced
INDONESIA - Bank Indonesia Governor Syahril Sabirin said that President Wahid would not be successful in removing him from office because regulations prevented it.
Fed surprises by reducing rates to 4.5%
UNITED STATES - The US Federal Reserve on Apr 18 continued its agressive easing of monetary policy by cutting interest rates by 0.5% for the fourth time this year.
Best practice in debt management-IMF guidelines
ARTICLE - The IMF and World Bank have published a final version of their report "Guidelines for Public Debt Management". The IMF drew up the guidelines to assist governments "build capacity for managing their debt" which would consequently "reduce their…
IMF forecasts 3% growth in Czech Republic
CZECH REPUBLIC - The International Monetary Fund said on Apr 17 it expected the Czech economy to grow by around three percent 2001 after 3.1 percent in 2000.
Expanded monetary union in West Africa
ARTICLE - In an article published in the IMF's quarterly magazine, IMF economists R.D. Asante and Paul Robert Masson talk with Jacqueline Irving of the IMF's external relations department about the pros and cons of expanded monetary union in West Africa.
BIS Stability Forum's 'to do list'
ARTICLE - The Financial Stability Fourm (FSF), following its meeting on 22/23 March in Washington DC, has released a paper revealing the progress of dozens of initiatives now underway to bolster financial system soundness.
Central bank should be more accountable - panel
INDONESIA - The independent panel set up to review Bank Indonesia Law recommended amendments to increase the accountability of the central bank's board of governors, a government official said on Apr 9, 2001.
Asian countries agree currency swap network
ASIA - Asia's leading governments have put the finishing touches to plans for a network of currency swap arrangements to guard against a repeat of the 1997 regional economic crisis as concerns of a new global slowdown grow.
Euro-area banking at the crossroads-IMF paper
RESEARCH - This IMF working paper by the European I department looks at the institutional arrangements for euro-area banking supervision. The authors endorse stronger cross-border coordination among supervisory authorities but notes that more formal…
IMF articles on reform and restructuring in Asia
ARTICLES - The International Monetary Fund has published the March issue of its quarterly magazine Finance and Development. There are six articles on reform and restructuring in Asia. Other articles on the role of capital in development, the effect of…
IMF Koehler urges ECB to cut interest rates
EUROPE - International Monetary Fund Managing Director Horst Koehler called on the European Central Bank on Apr 2, 2001 to cut interest rates in order to help a slowing euro-zone economy.
Pakistan cbank announce measures to boost reserves
PAKISTAN - Pakistan's central bank on Mar 31, 2001 announced measures to boost its foreign exchange reserves, a day after the International Monetary Fund released fresh money under a standby credit agreement.
IMF is 'well equipped to tackle crises'
ARTICLE - In a letter to the editor of The Straits Times, the IMF's director of external relations, Thomas Dawson, hits back at the newspaper's suggestions that the IMF's policies in Asia, Russia and now Turkey have been failures.
Oman central bank to host supervision seminar
OMAN - The Central Bank of Oman will host a regional seminar on banking supervision organised by Switzerland's Financial Stability Institute of the Bank for International settlements.
Role of subordinated debt in market discipline
IMF RESEARCH - This new working paper by the IMF puts the last nail in the coffin regarding the use of mandatory subordinated debt in enhancing market discipline in emerging markets. It says the preconditions for its success are not fulfilled in emerging…