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The econometric results show that it is feasible to estimate robust price and inflation equations for Georgia. The long-term price equation expresses prices as a function of money, the exchange rate, and real income and may be interpreted as portraying equilibrium in the goods market. The paper also represents statistical data of transportation indicators, population and employment, personal income tax, monetary survey, average monthly wages, developments in commercial banking, interest rates, prudential indicators of commercial banks, balance of payments, and so on.

Banks and Banking --- Investments: Energy --- Exports and Imports --- Macroeconomics --- Industries: Energy --- International Lending and Debt Problems --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Electric Utilities --- Energy and the Macroeconomy --- Trade: General --- Financial Institutions and Services: Government Policy and Regulation --- International economics --- Banking --- Investment & securities --- Petroleum, oil & gas industries --- Electricity --- External debt --- Energy sector --- Commercial banks --- Commodities --- Economic sectors --- Financial institutions --- Stress testing --- Financial sector policy and analysis --- Banks and banking --- Debts, External --- Electric utilities --- Energy industries --- Foreign exchange --- Financial risk management --- Georgia

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This paper assesses Romania’s Third Review Under the Stand-By Arrangement and a Request for Waiver of Performance Criterion. Romania’s macroeconomic performance continued to be favorable, but slippages in wage policy and privatization delayed the completion of the third review. Robust GDP growth continued throughout 2002, and progress in reducing inflation and the current account deficit was better than targeted. However, financial discipline in the state-owned sector remained weak, and the end-September performance criterion on the wage bill in monitored state-owned enterprises was not observed.

Labor --- Macroeconomics --- Money and Monetary Policy --- Taxation --- Industries: Energy --- Inflation --- Wages, Compensation, and Labor Costs: General --- Energy and the Macroeconomy --- Comparison of Public and Private Enterprises and Nonprofit Institutions --- Privatization --- Contracting Out --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Business Taxes and Subsidies --- Price Level --- Deflation --- Monetary economics --- Labour --- income economics --- Petroleum, oil & gas industries --- Excise taxes --- Wages --- Energy sector --- Credit --- Excises --- Economic sectors --- Money --- Prices --- Energy industries --- Excise tax --- Romania

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This 2002 Article IV Consultation highlights that since mid-2001, a combination of budget restraint, ambitious energy price adjustments, and prudent monetary policy moderated domestic demand and reduced the current account deficit in Romania. At the same time, export and GDP growth were among the highest in the region, reflecting the fruits of private investments in export-oriented consumer goods industries over the last few years, and the gains in competitiveness from the 1999 adjustment in the real effective exchange rate. Rising productivity, complemented by moderate economy-wide wage growth, has preserved competitiveness.

Exports and Imports --- Labor --- Macroeconomics --- Money and Monetary Policy --- Industries: Energy --- Energy and the Macroeconomy --- International Lending and Debt Problems --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Wages, Compensation, and Labor Costs: General --- Monetary economics --- Petroleum, oil & gas industries --- International economics --- Labour --- income economics --- Banking --- Privatization --- Energy sector --- External debt --- Credit --- Currencies --- Wages --- Economic sectors --- Money --- Energy industries --- Debts, External --- Romania

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This paper evaluates the Republic of Armenia’s Third Review Under the Poverty Reduction and Growth Facility (PRGF) and a Request for Waiver of Performance Criterion. The PRGF-supported program remains on track. All but one of the December 2002 quantitative performance criteria were met, and all structural measures envisaged for implementation up until February 2003 have been carried out or implemented as a prior action for the third review. The targets on tax revenue, stock of domestic arrears, fiscal deficit, and net international reserves were met with comfortable margins.

Banks and Banking --- Exports and Imports --- Public Finance --- Social Services and Welfare --- Industries: Energy --- International Lending and Debt Problems --- National Government Expenditures and Related Policies: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Taxation, Subsidies, and Revenue: General --- Government Policy --- Provision and Effects of Welfare Program --- Energy and the Macroeconomy --- International economics --- Public finance & taxation --- Banking --- Social welfare & social services --- Petroleum, oil & gas industries --- External debt --- Arrears --- Expenditure --- Revenue administration --- Energy sector --- Economic sectors --- Debts, External --- Expenditures, Public --- Banks and banking --- Revenue --- Poverty --- Energy industries --- Armenia, Republic of

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Trinidad and Tobago has enjoyed positive growth, low inflation, and a steady decline in unemployment, but challenges remain. Executive Directors commended the prudent management, and stressed the need for a macroeconomic framework underpinned by a three-year rolling budget and pension reform. They welcomed Trinidad and Tobago's role as a regional financial center, the soundness of the banking system, and structural reforms. They emphasized the need to tighten fiscal and monetary policies, and encouraged Trinidad and Tobago to participate in the general data dissemination system.

Banks and Banking --- Macroeconomics --- Public Finance --- Industries: Energy --- Industries: Financial Services --- Debt --- Debt Management --- Sovereign Debt --- Public Enterprises --- Public-Private Enterprises --- Nonprofit Organizations and Public Enterprise: General --- Energy: Demand and Supply --- Prices --- Energy and the Macroeconomy --- Fiscal Policy --- Public finance & taxation --- Civil service & public sector --- Public ownership --- nationalization --- Petroleum, oil & gas industries --- Public debt --- Public sector --- Public enterprises --- Government debt management --- Oil prices --- Economic sectors --- Fiscal stance --- Fiscal policy --- Public financial management (PFM) --- Debts, Public --- Finance, Public --- Government business enterprises --- Energy industries --- Trinidad and Tobago