{ "title": "The Commodities Roller Coaster: A Fiscal Framework for Uncertain Times -- October 2015", "publication": "Fiscal Monitor, September 7, 2015", "sourceUrl": "https://www.imf.org/en/publications/fm/issues/2016/12/31/the-commodities-roller-coaster", "canonical": "https://www.imf.org/en/publications/fm/issues/2016/12/31/the-commodities-roller-coaster", "overlayPath": "/en/publications/fm/issues/2016/12/31/the-commodities-roller-coaster/index.md", "summary": "Natural resource-rich countries experienced an exceptional commodity price boom during the 2000s, with metal and oil prices reaching historic highs.", "publishDate": "2015-09-07", "series": "Fiscal Monitor", "sections": [ { "heading": "Overview", "content": "- Natural resource-rich countries experienced an exceptional commodity price boom during the 2000s, with metal and oil prices reaching historic highs.\n- The more recent reversal in commodity prices demonstrates that commodity prices are volatile, unpredictable, and subject to long-lasting shocks.\n- Commodity exporters face a need to adjust to a—possibly protracted—period of lower export and fiscal revenues.\n- This Fiscal Monitor issue examines the conduct of fiscal policy under the uncertainty caused by dependence on natural resource revenues, drawing on past research on commodity-price behavior and IMF technical assistance to resource-rich economies." }, { "heading": "Key findings on commodity cycles and fiscal outcomes", "content": "- Commodity booms provided a substantial fiscal windfall for resource-rich developing countries during the 2000s, supporting opportunities for economic transformation and development.\n- Subsequent commodity price reversals have translated into lower export and fiscal revenues, with potentially prolonged effects.\n- Commodity-price volatility implies significant uncertainty for fiscal planning and macroeconomic stability." }, { "heading": "Fiscal policy implications and recommendations", "content": "- Fiscal policy for resource-rich countries should adopt a risk-based, comprehensive approach to manage uncertainty from natural resource revenues.\n- Policy frameworks need to balance short-term stabilization with long-term fiscal management under uncertainty.\n- Strengthening institutions and transparency is essential for successful long-term management of natural resource wealth.\n- Fiscal management should prepare for prolonged periods of lower revenues and incorporate precautionary measures and buffers appropriate to countries’ risk tolerance." }, { "heading": "Analytical scope and tools", "content": "- The analysis draws on extensive past research on commodity-price behavior and implications for macroeconomic outcomes.\n- The issue incorporates lessons from IMF technical assistance to resource-rich economies aiming to improve management of natural resource wealth.\n- Emphasis on designing fiscal policies that manage volatility, support growth-enhancing public investment where appropriate, and avoid procyclical spending patterns.\n\nItalic source attribution: The Commodities Roller Coaster: A Fiscal Framework for Uncertain Times — October 2015 (Fiscal Monitor, IMF).\n\n---\n\n Content in this bundle\n\n- تقرير الراصد المالي: ملخص وافٍ -- أكتوبر 2015\n - تقرير الراصد المالي: ملخص وافٍ -- أكتوبر 2015 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - تقرير الراصد المالي: ملخص وافٍ -- أكتوبر 2015 (PDF){rel=\"external\" type=\"application/pdf\"}\n- نشرة صندوق النقد الدولي — الراصد المالي\n - نشرة صندوق النقد الدولي — الراصد المالي (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - نشرة صندوق النقد الدولي — الراصد المالي (PDF){rel=\"external\" type=\"application/pdf\"}\n- 2015年10月《财政监测报告》概要\n - 2015年10月《财政监测报告》概要 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 2015年10月《财政监测报告》概要 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Moniteur des finances publiques : Résumé analytique; octobre 2015\n - Moniteur des finances publiques : Résumé analytique; octobre 2015 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Moniteur des finances publiques : Résumé analytique; octobre 2015 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 財政モニター 2015年10月: 要約\n - 財政モニター 2015年10月: 要約 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 財政モニター 2015年10月: 要約 (PDF){rel=\"external\" type=\"application/pdf\"}\n- The Commodities Roller Coaster: A Fiscal Framework for Uncertain Times, Fiscal Monitor, October 2015\n - The Commodities Roller Coaster: A Fiscal Framework for Uncertain Times, Fiscal Monitor, October 2015 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - The Commodities Roller Coaster: A Fiscal Framework for Uncertain Times, Fiscal Monitor, October 2015 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Infographicfiscal Monitorv3\n - Infographicfiscal Monitorv3 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Infographicfiscal Monitorv3 (PDF){rel=\"external\" type=\"application/pdf\"}\n- The Commodities Roller Coaster: A Fiscal Framework for Uncertain Times, Fiscal Monitor, October 2015\n - The Commodities Roller Coaster: A Fiscal Framework for Uncertain Times, Fiscal Monitor, October 2015 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - The Commodities Roller Coaster: A Fiscal Framework for Uncertain Times, Fiscal Monitor, October 2015 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Assumptions and Conventions, Fiscal Monitor, October 2015\n - Assumptions and Conventions, Fiscal Monitor, October 2015 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Assumptions and Conventions, Fiscal Monitor, October 2015 (PDF){rel=\"external\" type=\"application/pdf\"}\n- IMF Executive Board Discussion Summary, Fiscal Monitor, October 2015\n - IMF Executive Board Discussion Summary, Fiscal Monitor, October 2015 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - IMF Executive Board Discussion Summary, Fiscal Monitor, October 2015 (PDF){rel=\"external\" type=\"application/pdf\"}\n- fmc1pdf — CHAPTER 1 The COMMOdITIeS ROLLeR COASTeR: A FISCAL FRAMewORk FOR UNCeRTAIN TIMeS\n - fmc1pdf — CHAPTER 1 The COMMOdITIeS ROLLeR COASTeR: A FISCAL FRAMewORk FOR UNCeRTAIN TIMeS (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - fmc1pdf — CHAPTER 1 The COMMOdITIeS ROLLeR COASTeR: A FISCAL FRAMewORk FOR UNCeRTAIN TIMeS (PDF){rel=\"external\" type=\"application/pdf\"}\n- Fmc1spdf\n - Fmc1spdf (PDF){rel=\"external\" type=\"application/pdf\"}\n- COUNTRY ABBREVIATIONS\n - COUNTRY ABBREVIATIONS (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - COUNTRY ABBREVIATIONS (PDF){rel=\"external\" type=\"application/pdf\"}\n- EXECUTIVE SUMMARY\n - EXECUTIVE SUMMARY (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - EXECUTIVE SUMMARY (PDF){rel=\"external\" type=\"application/pdf\"}\n- EXECUTIVE SUMMARY\n - EXECUTIVE SUMMARY (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - EXECUTIVE SUMMARY (PDF){rel=\"external\" type=\"application/pdf\"}\n- FURTHER INFORMATION AND DATA\n - FURTHER INFORMATION AND DATA (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - FURTHER INFORMATION AND DATA (PDF){rel=\"external\" type=\"application/pdf\"}\n- fmglossarypdf\n - fmglossarypdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - fmglossarypdf (PDF){rel=\"external\" type=\"application/pdf\"}\n- fmprefacepdf\n - fmprefacepdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - fmprefacepdf (PDF){rel=\"external\" type=\"application/pdf\"}\n- FISCAL MONITOR—THE COMMODITIES ROLLER COASTER: A FISCAL FRAMEWORK FOR UNCERTAIN TIMES\n - FISCAL MONITOR—THE COMMODITIES ROLLER COASTER: A FISCAL FRAMEWORK FOR UNCERTAIN TIMES (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - FISCAL MONITOR—THE COMMODITIES ROLLER COASTER: A FISCAL FRAMEWORK FOR UNCERTAIN TIMES (PDF){rel=\"external\" type=\"application/pdf\"}\n- fmstatapppdf\n - fmstatapppdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - fmstatapppdf (PDF){rel=\"external\" type=\"application/pdf\"}\n- IMF Fiscal Monitor Background Notes, October 2015\n - IMF Fiscal Monitor Background Notes, October 2015 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - IMF Fiscal Monitor Background Notes, October 2015 (PDF){rel=\"external\" type=\"application/pdf\"}\n- TOC, 2015 IMF Fiscal Monitor\n - TOC, 2015 IMF Fiscal Monitor (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - TOC, 2015 IMF Fiscal Monitor (PDF){rel=\"external\" type=\"application/pdf\"}\n- Как справляться с взлетами и падениями цен на биржевые товары, Витор Гаспар, 7 октября 2015 года\n - Как справляться с взлетами и падениями цен на биржевые товары, Витор Гаспар, 7 октября 2015 года (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Как справляться с взлетами и падениями цен на биржевые товары, Витор Гаспар, 7 октября 2015 года (PDF){rel=\"external\" type=\"application/pdf\"}\n- Аналитическое резюме - Бюджетный вестник, октябрь 2015 года\n - Аналитическое резюме - Бюджетный вестник, октябрь 2015 года (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Аналитическое резюме - Бюджетный вестник, октябрь 2015 года (PDF){rel=\"external\" type=\"application/pdf\"}\n- fm1502s\n - fm1502s (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - fm1502s (PDF){rel=\"external\" type=\"application/pdf\"}\n- fmc1s\n - fmc1s (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - fmc1s (PDF){rel=\"external\" type=\"application/pdf\"}\n- fmprefaces\n - fmprefaces (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - fmprefaces (PDF){rel=\"external\" type=\"application/pdf\"}\n- Resumen Ejecutivo\n - Resumen Ejecutivo (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Resumen Ejecutivo (PDF){rel=\"external\" type=\"application/pdf\"}\n- Fmdata\n - Fmdata (XLSX){rel=\"external\" type=\"text/html; charset=utf-8\"}\n\n---\n\n References\n\n- Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.\n- Modify your profile\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/publications/fm/issues/2016/12/31/the-commodities-roller-coaster" } ], "bullets": [ "[Markdown version](/en/publications/fm/issues/2016/12/31/the-commodities-roller-coaster/index.md)", "[Structured JSON version](/en/publications/fm/issues/2016/12/31/the-commodities-roller-coaster/index.json)", "[Bundle manifest](/en/publications/fm/issues/2016/12/31/the-commodities-roller-coaster/bundle-manifest.json)", "Published: September 7, 2015", "Series: Fiscal Monitor", "Natural resource-rich countries experienced an exceptional commodity price boom during the 2000s, with metal and oil prices reaching historic highs.", "The more recent reversal in commodity prices demonstrates that commodity prices are volatile, unpredictable, and subject to long-lasting shocks.", "Commodity exporters face a need to adjust to a—possibly protracted—period of lower export and fiscal revenues.", "This Fiscal Monitor issue examines the conduct of fiscal policy under the uncertainty caused by dependence on natural resource revenues, drawing on past research on commodity-price behavior and IMF technical assistance to resource-rich economies.", "Commodity booms provided a substantial fiscal windfall for resource-rich developing countries during the 2000s, supporting opportunities for economic transformation and development.", "Subsequent commodity price reversals have translated into lower export and fiscal revenues, with potentially prolonged effects.", "Commodity-price volatility implies significant uncertainty for fiscal planning and macroeconomic stability.", "Fiscal policy for resource-rich countries should adopt a risk-based, comprehensive approach to manage uncertainty from natural resource revenues.", "Policy frameworks need to balance short-term stabilization with long-term fiscal management under uncertainty.", "Strengthening institutions and transparency is essential for successful long-term management of natural resource wealth.", "Fiscal management should prepare for prolonged periods of lower revenues and incorporate precautionary measures and buffers appropriate to countries’ risk tolerance.", "The analysis draws on extensive past research on commodity-price behavior and implications for macroeconomic outcomes.", "The issue incorporates lessons from IMF technical assistance to resource-rich economies aiming to improve management of natural resource wealth.", "Emphasis on designing fiscal policies that manage volatility, support growth-enhancing public investment where appropriate, and avoid procyclical spending patterns.", "**تقرير الراصد المالي: ملخص وافٍ -- أكتوبر 2015**", "**نشرة صندوق النقد الدولي — الراصد المالي**", "**2015年10月《财政监测报告》概要**", "**Moniteur des finances publiques : Résumé analytique; octobre 2015**", "**財政モニター 2015年10月: 要約**", "**The Commodities Roller Coaster: A Fiscal Framework for Uncertain Times, Fiscal Monitor, October 2015**", "**Infographic_fiscal Monitor_v3**", "**The Commodities Roller Coaster: A Fiscal Framework for Uncertain Times, Fiscal Monitor, October 2015**", "**Assumptions and Conventions, Fiscal Monitor, October 2015**", "**IMF Executive Board Discussion Summary, Fiscal Monitor, October 2015**", "**fmc1pdf — CHAPTER 1 The COMMOdITIeS ROLLeR COASTeR: A FISCAL FRAMewORk FOR UNCeRTAIN TIMeS**", "**Fmc1spdf**", "**COUNTRY ABBREVIATIONS**", "**EXECUTIVE SUMMARY**", "**EXECUTIVE SUMMARY**", "**FURTHER INFORMATION AND DATA**", "**fmglossarypdf**", "**fmprefacepdf**", "**FISCAL MONITOR—THE COMMODITIES ROLLER COASTER: A FISCAL FRAMEWORK FOR UNCERTAIN TIMES**", "**fmstatapppdf**", "**IMF Fiscal Monitor Background Notes, October 2015**", "**TOC, 2015 IMF Fiscal Monitor**", "**Как справляться с взлетами и падениями цен на биржевые товары, Витор Гаспар, 7 октября 2015 года**", "**Аналитическое резюме - Бюджетный вестник, октябрь 2015 года**", "**_fm1502s**", "**_fmc1s**", "**_fmprefaces**", "**Resumen Ejecutivo**", "**Fmdata**", "[Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.](https://www.imf.org/en/email-subscription/index)", "[Modify your profile](https://www.imf.org/en/email-subscription/login)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "related": [ { "title": "تقرير الراصد المالي: ملخص وافٍ -- أكتوبر 2015", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/fm/2015/02/pdf/fmexsa.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/fm/2015/02/pdf/fmexsa.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/fm/2015/02/pdf/fmexsa.pdf", "mime": "application/pdf" } }, { "title": "نشرة صندوق النقد الدولي — الراصد المالي", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/survey/so/2015/_res100715aa.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/survey/so/2015/_res100715aa.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/survey/so/2015/_res100715aa.pdf", "mime": "application/pdf" } }, { "title": "2015年10月《财政监测报告》概要", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/fm/2015/02/pdf/fmexsc.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/fm/2015/02/pdf/fmexsc.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/fm/2015/02/pdf/fmexsc.pdf", "mime": "application/pdf" } }, { "title": "Moniteur des finances publiques : Résumé analytique; octobre 2015", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/fm/2015/02/pdf/fmexsf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/fm/2015/02/pdf/fmexsf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/fm/2015/02/pdf/fmexsf.pdf", "mime": "application/pdf" } }, { "title": "財政モニター 2015年10月: 要約", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/fm/2015/02/pdf/fmexsj.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/fm/2015/02/pdf/fmexsj.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/fm/2015/02/pdf/fmexsj.pdf", "mime": "application/pdf" } }, { "title": "The Commodities Roller Coaster: A Fiscal Framework for Uncertain Times, Fiscal Monitor, October 2015", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/fm/2015/02/pdf/_fm1502.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/fm/2015/02/pdf/_fm1502.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/fm/2015/02/pdf/_fm1502.pdf", "mime": "application/pdf" } }, { "title": "Infographic_fiscal Monitor_v3", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/fm/2015/02/pdf/_fm1502infopdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/fm/2015/02/pdf/_fm1502infopdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/fm/2015/02/pdf/_fm1502infopdf.pdf", "mime": "application/pdf" } }, { "title": "The Commodities Roller Coaster: A Fiscal Framework for Uncertain Times, Fiscal Monitor, October 2015", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/fm/2015/02/pdf/_fm1502pdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/fm/2015/02/pdf/_fm1502pdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/fm/2015/02/pdf/_fm1502pdf.pdf", "mime": "application/pdf" } }, { "title": "Assumptions and Conventions, Fiscal Monitor, October 2015", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/fm/2015/02/pdf/_fmassumconvpdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/fm/2015/02/pdf/_fmassumconvpdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/fm/2015/02/pdf/_fmassumconvpdf.pdf", "mime": "application/pdf" } }, { "title": "IMF Executive Board Discussion Summary, Fiscal Monitor, October 2015", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/fm/2015/02/pdf/_fmboardsumpdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/fm/2015/02/pdf/_fmboardsumpdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/fm/2015/02/pdf/_fmboardsumpdf.pdf", "mime": "application/pdf" } }, { "title": "fmc1pdf — CHAPTER 1 The COMMOdITIeS ROLLeR COASTeR: A FISCAL FRAMewORk FOR UNCeRTAIN TIMeS", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/fm/2015/02/pdf/_fmc1pdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/fm/2015/02/pdf/_fmc1pdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/fm/2015/02/pdf/_fmc1pdf.pdf", "mime": "application/pdf" } }, { "title": "Fmc1spdf", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/fm/2015/02/pdf/_fmc1spdf.pdf", "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/fm/2015/02/pdf/_fmc1spdf.pdf", "mime": "application/pdf" } }, { "title": "COUNTRY ABBREVIATIONS", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/fm/2015/02/pdf/_fmcountryabrevpdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/fm/2015/02/pdf/_fmcountryabrevpdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/fm/2015/02/pdf/_fmcountryabrevpdf.pdf", "mime": "application/pdf" } }, { "title": "EXECUTIVE SUMMARY", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/fm/2015/02/pdf/_fmexs.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/fm/2015/02/pdf/_fmexs.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/fm/2015/02/pdf/_fmexs.pdf", "mime": "application/pdf" } }, { "title": "EXECUTIVE SUMMARY", "role": "document", "sourceUrl": 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