Guinea-Bissau: 2006 Article IV Consultation Review of Developments Under the 2005 Staff-Monitored Program and New Staff-Monitored Program for 2006 Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Guinea-Bissau PDF Download
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Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451815808
Category : Business & Economics
Languages : en
Pages : 94
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Book Description
Despite abundant natural resources and arable land, Guinea-Bissau is ranked at the lowest end of the UN human development index, mainly because of the civil war of 1998–99 and the ensuing prolonged political instability and serious governance deficiencies thereafter. Since mid-2004, Guinea-Bissau has made a major effort to address the political and economic problems of recent years. The fiscal balance improved, but cash flow problems persisted throughout 2005. Higher imports and strengthened tax and customs administration helped buoy tax revenue.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451815808
Category : Business & Economics
Languages : en
Pages : 94
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Book Description
Despite abundant natural resources and arable land, Guinea-Bissau is ranked at the lowest end of the UN human development index, mainly because of the civil war of 1998–99 and the ensuing prolonged political instability and serious governance deficiencies thereafter. Since mid-2004, Guinea-Bissau has made a major effort to address the political and economic problems of recent years. The fiscal balance improved, but cash flow problems persisted throughout 2005. Higher imports and strengthened tax and customs administration helped buoy tax revenue.
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1484324072
Category : Business & Economics
Languages : en
Pages : 42
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Book Description
This paper analyzes the effect of an IMF Staff-Monitored Program for Chad to enhance economic development. Weak institutional capacity and governance concerns have limited economic development and donor support in Chad. It is highlighted that the reduction in the nonoil primary deficit envisaged in the 2013 budget appears appropriate, but expenditures linked to the regional security situation and lower than anticipated oil revenues imply large financing needs. There are significant economic and political risks to program implementation,; the regional security situation remains volatile, and the economy is highly dependent on volatile oil revenue.
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Category : Guinea-Bissau
Languages : en
Pages : 104
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Book Description
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 145181576X
Category : Business & Economics
Languages : en
Pages : 60
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Book Description
This 2004 Article IV Consultation highlights that Guinea-Bissau’s economic performance has weakened substantially in recent years. Real GDP declined by 7 percent in 2002 and was flat in 2003. Structural reforms stalled after the war; the private sector remained incapacitated because of the destruction of equipment and infrastructure caused by the conflict, and the loss of stocks owing to confiscating and looting. In 2003, the external current account deficit, excluding official transfers, halved relative to the previous year, to 6.7 percent of GDP, reflecting higher cashew nut exports and stagnating imports.
Author: International Monetary
Publisher: International Monetary Fund
ISBN: 151358779X
Category : Business & Economics
Languages : en
Pages : 111
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Book Description
While the non-mining sector was severely impacted by the COVID-19 crisis, overall growth in Guinea remains strong, reaching 7 percent in 2020, driven by booming mining production. Inflation exceeded 12 percent as a result of COVID-related supply disruptions and the ongoing monetary and fiscal response. The already weak social indicators have deteriorated further.
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1484333160
Category : Business & Economics
Languages : en
Pages : 110
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Book Description
This 2017 Article IV Consultation highlights that Guinea-Bissau’s commitment to the Extended-Credit-Facility-supported program is strong and the results are apparent. The economy is growing strongly and the fiscal position has improved markedly. Supported by favorable terms of trade, real GDP growth averaged almost 6 percent in 2015–16, with a surplus on the external current account and inflation below 2 percent a year. Public financial management has improved and the 2017 fiscal deficit is projected to fall under 2 percent of GDP. The outlook is broadly favorable, with growth projected at 5 percent over the medium term.
Author: International Monetary
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 135
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Book Description
After years of political turmoil and delayed reforms, the authorities started implementing in 2021 an ambitious fiscal consolidation and reform program to ensure debt sustainability, create fiscal space to address developmental needs and strengthen state capacity. A Rapid Credit Facility (RCF) disbursement of SDR 14.2 million (50 percent of quota) was approved in January 2021 to provide urgent financing to support critical spending in health. A 9-month Staff-Monitored Program (SMP) with three quarterly reviews was approved in July 2021 to support the government’s reform program aimed at stabilizing the economy, strengthening governance, and building track record of policy implementation to underpin the authorities’ request for an Extended Credit Facility (ECF) arrangement. The August 2021 SDR 27.2 million allocation and the reforms underpinned by the SMP have helped address the adverse impact of the pandemic, improve government spending transparency, mitigate debt vulnerabilities.
Author: International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 4
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Book Description
List of IMF Member Countries With Delays In Completion of Article IV Consultations or Mandatory Financial Stability Assessments over 18 Months
Author: International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
ISBN: 1498346758
Category : Business & Economics
Languages : en
Pages : 58
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Book Description
The Fund provides considerable support to low-income countries (LICs). This includes concessional financing from the Poverty Reduction and Growth Trust (PRGT), which currently carries an interest rate of zero percent. Since 2010, over half of Fund-supported arrangements have involved a PRGT facility. Support for poverty reduction is a core objective of arrangements supported by these facilities. This paper examines how PRGT-supported programs safeguard spending on poor and vulnerable groups within the broader framework of promoting inclusive growth. In some cases, national poverty reduction programs seek to shift expenditures toward social programs in the context of generally higher spending supported by domestic revenue mobilization, grants, or debt financing. In other cases, the goal is to safeguard poor and vulnerable groups from fiscal adjustment and reform measures that could adversely affect them by adopting countervailing policy measures to strengthen social safety nets. In discussing social safeguards, this paper focuses on how and if these objectives are reflected satisfactorily in the design of PRGT and PSI-supported programs. The effectiveness of social spending in improving social outcomes, including by durably reducing poverty, is beyond the scope of the paper.
Author: Paul R. Masson
Publisher: Rowman & Littlefield
ISBN: 9780815797531
Category : Business & Economics
Languages : en
Pages : 248
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Book Description
Africa is working toward the goal of creating a common currency that would serve as a symbol of African unity. The advantages of a common currency include lower transaction costs, increased stability, and greater insulation of central banks from pressures to provide monetary financing. Disadvantages relate to asymmetries among countries, especially in their terms of trade and in the degree of fiscal discipline. More disciplined countries will not want to form a union with countries whose excessive spending puts upward pressure on the central bank's monetary expansion. In T he Monetary Geography of Africa, Paul Masson and Catherine Pattillo review the history of monetary arrangements on the continent and analyze the current situation and prospects for further integration. They apply lessons from both experience and theory that lead to a number of conclusions. To begin with, West Africa faces a major problem because Nigeria has both asymmetric terms of trade—it is a large oil exporter while its potential partners are oil importers—and most important, large fiscal imbalances. Secondly, a monetary union among all eastern or southern African countries seems infeasible at this stage, since a number of countries suffer from the effects of civil conflicts and drought and are far from achieving the macroeconomic stability of South Africa. Lastly, the plan by Kenya, Tanzania, and Uganda to create a common currency seems to be generally compatible with other initiatives that could contribute to greater regional solidarity. However, economic gains would likely favor Kenya, which, unlike the other two countries, has substantial exports to its neighbors, and this may constrain the political will needed to proceed. A more promising strategy for monetary integration would be to build on existing monetary unions—the CFA franc zone in western and central Africa and the Common Monetary Area in southern Africa. Masson and Pattillo argue that the goal of a creating a s
