IMF Names New Administration Department Head
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On December 28, the IMF announced that IMF Managing Director Michel Camdessus has named Brian C. Stuart, a national of Canada, as Director of the IMF's Administration Department, effec-tive January 4, 1999. Stuart succeeds K. Burke Dillon, who has been appointed Executive Vice-President of the Inter-American Development Bank.
Stuart was educated at the University of Calgary and Queen's College, Kingston, Ontario, and joined the IMF as an economist in 1973, holding various positions in the European, Exchange and Trade Relations (now Policy Development and Review), and Western Hemisphere Departments prior to his appointment as Assis-tant Director of the Exchange and Trade Relations Department in 1990. He was appointed a Senior Advisor in the Western Hemisphere Department in 1992, and Deputy Director of that department in 1995. Since 1995, Stuart has chaired the Interdepartmental Information Policy Committee, which is helping to strategic plan for information technology at the IMF
Followingare excerpts of recent IMF press releases. Full texts are avail-able on the IMF's website (http://www.imf.org) under "news" or on requestfrom the IMF's Public Affairs Division (fax: (202) 623-6278).
St. Kitts and Nevis: Emergency Assistance
The IMF approved St. Kitts and Nevis's request for emergency financial assistance related to natural disasters. The assistance, equivalent to SDR 1.625 million (about $2.3 million), will support the government's economic recovery program and associated relief and rehabilitation efforts in the aftermath of Hurricane Georges.
The devastation caused by Hurricane Georges reflects damage to all major infrastructure services and tourism facilities, including several major hotels. About one-fourth of the nation's sugarcane crop may also have been destroyed, according to preliminary estimates.
Current estimates by the authorities indicate hurricane damage overall amounted to about $400 million, or 150 percent of GDP in 1997. Real GDP growth is projected to slow to about 3.5 percent in 1998 and decelerate further to 2 percent in 1999, compared with recent pre-hurricane growth,which averaged about 5 percent a year.
St. Kitts and Nevis joined the IMF on August 15, 1984, and its quota is SDR 6.5 million (about $9.2 million). Press Release No. 98/62, December 17
Malawi: ESAF
The IMF approved the third annual arrangement for Malawi under the Enhanced Structural Adjustment Facility...
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