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FDI and the Investment Climate in the CIS Countries

  • Clinton R. Shiells
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    In view of disappointing levels of inward foreign direct investment (FDI), this paper examines capital flows into the Commonwealth of Independent States (CIS) countries and investigates the main impediments to a more favorable investment climate. Direct investment inflows have generally been related to natural resource extraction or energy transportation infrastructure projects, large privatization transactions, and debt/equity swaps to pay for energy supplies. Low FDI inflows despite strengthening macroeconomic performance has reflected a weak investment climate particularly owing to incomplete structural reforms. IMF staff working on the countries concerned cited burdensome tax systems, widespread corruption, extensive state intervention coupled with weak legal and regulatory frameworks, and incomplete structural reforms as the main impediments.

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    Paper provided by International Monetary Fund in its series IMF Policy Discussion Papers with number 03/5.

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    Length: 35
    Date of creation: 01 Nov 2003
    Date of revision:
    Handle: RePEc:imf:imfpdp:03/5
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