Weathering the storm so far
Subtitle: the impact of the 2003-05 oil shock on low-income countries
By: prepared by Paolo Dudine ... [et al.]
Contributors: Dudine, P.; International Monetary Fund. Policy Development and Review Dept.
Series: IMF working paper -- WP/06/171
Publisher: International Monetary Fund, Policy Development and Review Dept.
Published: 2006
Place of publication: [Washington, D.C.]
Language: eng
Number of pages: 31
Subjects: International Monetary Fund -- Developing countries.; Balance of payments -- Developing countries.; Petroleum industry and trade -- Economic aspects -- Developing countries.; Petroleum products -- Prices.
Description: This paper examines the impact of the 2003-05 oil price increase on the balance of payments positions and IMF financing needs of low-income country oil importers. It finds that stronger exports reflecting favorable global conditions, a compression of oil import volumes due to the pass-through of world prices to domestic consumers, and a large increase in capital inflows helped low-income countries cope with the oil price shock. Preliminary data suggest that reductions in oil import volumes have not harmed growth. While fiscal balances generally improved, quasi-fiscal liabilities may be building. Lower demand for IMF assistance may reflect broader trends, but further oil price increases could put pressure on additional countries in 2006 and beyond.
Notes: Caption title.

"July 2006."

Includes bibliographical references.