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This paper examines Zambia’s progress under the Enhanced Initiative for Heavily Indebted Poor Countries. Zambia has met all but three of the completion point conditions, as specified in the decision point document. It made satisfactory progress in implementing and monitoring its Poverty Reduction Strategy Paper for at least one year, and maintained a stable macroeconomic environment as evidenced by satisfactory performance under a program supported by the Poverty Reduction and Growth Facility. Zambia has met the completion point targets in the social sectors, has undertaken important structural reforms, and strengthened public expenditure management.

Poverty --- Budgeting --- Exports and Imports --- Financial Risk Management --- Public Finance --- Debt --- Debt Management --- Sovereign Debt --- International Lending and Debt Problems --- National Budget --- Budget Systems --- Finance --- International economics --- Public finance & taxation --- Budgeting & financial management --- Debt relief --- Debt service --- Government debt management --- External debt --- Budget planning and preparation --- Asset and liability management --- Public financial management (PFM) --- Debts, External --- Debts, Public --- Budget --- Zambia

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The paper presents a simple model for discussing the effects of deficit limits and budget rules on fiscal policy. I find that limits on deficit-output ratios provide incentives to implement procyclical policies when the economy is in intermediate states, and countercyclical policies only in very "good" and very "bad" economic times. As a result, fiscal "reaction functions" are not monotonically related to the state of the economy. Deficit limits are found to exert discipline only provided the limit is tight and the expected sanction large, albeit at a relatively large welfare cost. Moreover, when fiscal choices are made under a veil of ignorance about the output gap, an increase in volatility is likely to raise the level of the budget deficit. Finally, concerning the design of fiscal frameworks, when excessive deficits arise from a political bias, deficit limits should be symmetric and not state-contingent.

Budget deficits -- Econometric models. --- Economic stabilization -- Econometric models. --- Electronic books. -- local. --- Fiscal policy -- Econometric models. --- Budgeting --- Macroeconomics --- Public Finance --- Production and Operations Management --- Fiscal Policy --- National Budget --- Budget Systems --- Macroeconomics: Production --- Debt --- Debt Management --- Sovereign Debt --- Budgeting & financial management --- Public finance & taxation --- Budget planning and preparation --- Output gap --- Fiscal policy --- Government debt management --- Fiscal rules --- Budget --- Production --- Economic theory --- Debts, Public --- United Kingdom --- Budget deficits --- Economic stabilization --- Econometric models.

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This paper discusses Bolivia’s Fifth Review Under the Stand-By Arrangement (SBA), Request for Waiver of Nonobservance of Performance Criteria (PC), and Rephasing, Augmentation, and Extension of the SBA. The 2004 program was on track. All quantitative PCs were met, with the exception of the end-September PC on central bank credit to the nonfinancial public sector. Macroeconomic developments have been positive, largely reflecting the favorable global environment, although the economy is still vulnerable. Real GDP growth is estimated to have reached 3¾ percent in 2004, and is projected to reach 4.5 percent in 2005.

Banks and Banking --- Exports and Imports --- Money and Monetary Policy --- Public Finance --- Taxation --- Debt --- Debt Management --- Sovereign Debt --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Trade: General --- Fiscal Policy --- Business Taxes and Subsidies --- Monetary Policy --- Public finance & taxation --- Macroeconomics --- Monetary economics --- International economics --- Banking --- Public debt --- Government debt management --- Credit --- Exports --- Fiscal policy --- Public financial management (PFM) --- International trade --- Money --- Debts, Public --- Foreign exchange reserves --- Bolivia

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This 2005 Article IV Consultation highlights that Hungary’s economy achieved valuable gains in 2004 with GDP growth recovering to 4 percent. The growth was supported by strong investment and robust export growth. Consumption slowed in response to rising unemployment, a moderation in wage growth and a tightening of the housing subsidy scheme. Despite these favorable developments, risks associated with the twin deficits remained. Although some fiscal consolidation has taken place, the twice upward-revised fiscal deficit target was not met.

Exports and Imports --- Inflation --- Labor --- Macroeconomics --- Public Finance --- Debt --- Debt Management --- Sovereign Debt --- Current Account Adjustment --- Short-term Capital Movements --- Price Level --- Deflation --- International Lending and Debt Problems --- Fiscal Policy --- International economics --- Public finance & taxation --- Labour --- income economics --- Current account deficits --- Public debt --- External debt --- Government debt management --- Balance of payments --- Prices --- Public financial management (PFM) --- Debts, Public --- Debts, External --- Fiscal policy --- Hungary --- Income economics

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The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx.

Banks and Banking --- Exports and Imports --- Foreign Exchange --- Macroeconomics --- Public Finance --- Taxation --- Debt --- Debt Management --- Sovereign Debt --- Trade Policy --- International Trade Organizations --- Fiscal Policy --- International Lending and Debt Problems --- Currency --- Foreign exchange --- International economics --- Public finance & taxation --- Finance --- Real exchange rates --- Exchange rates --- External debt --- Public debt --- Globalization --- Government debt management --- Public financial management (PFM) --- Debts, External --- Debts, Public --- Fiscal policy --- Commercial policy --- United States