I would like to thank the Independent Evaluation Office (IEO) for preparing this informative and timely report, which provides an update on the IMF's progress in its approach to exchange rate policy advice since 2007. I am pleased with its main finding that the IMF has substantially overhauled...

This paper presents the staff report on the Republic of Mozambique’s Third Review under the policy support instrument. Mozambique is vulnerable to the global financial crisis and economic slowdown. Lower import prices will help reduce inflation and likely benefit the trade balance. Lower...

This paper analyzes the strategic role of investment from a debtor country’s perspective. The framework is one in which, if the debtor country is unable to meet debt obligations, a bargaining regime determines the amount of debt repayment. In the context of a two-country real trade model, debt...

Inflation-forecast targeting is state of the art for monetary policy. This book explores first principles, including managing short-term policy trade-offs. The book also outlines efficient operational procedures and reviews the experiences of Canada, the Czech Republic, and India. The analysis...

Public investment supports the delivery of key public services, connects citizens and firms to economic opportunities, and can serve as an important catalyst for economic growth. After three decades of decline, public investment has begun to recover as a share of GDP in emerging markets (EMs)...

The quota database has been updated by one year through 2014. Overall, the results of the update continue the broad trends observed in previous updates, but the shifts between the main country groups are generally smaller. Using the current quota formula, the calculated quota share of Emerging...