Back Matter

Back Matter

Author(s):
Bernardin Akitoby, and Sharmini Coorey
Published Date:
August 2012
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    Index

    [Page numbers followed by b, f, n or t refer to boxed text, figures, footnotes or tables, respectively.]

    A

    Accountability and transparency

    • in Cameroon’s oil wealth management, xx, 156, 160, 163–67

    • domestic revenue collection and, xix, 130

    • government failure and, 111–12, 115–16, 121–22

    • in microfinance operations, 12–13

    • rationale for non-oil revenue generation, 130–31

    • recommendations for Gabon, 211–12

    • in Republic of Congo governance, 194

    • strategies for financial sector deepening, 11–12

    • strategies for improving government oil wealth management, 122–23

    Alucam, 70, 71b

    B

    Banking sector

    • capital requirements, 10–11

    • central bank refinancing, 18–19

    • deposit insurance, 11, 12

    • excess liquidity, 19

    • lending practices transparency, 11–12

    • resolution framework, 11

    • supervision, 11

    Bank of Central African States

    • deposit insurance scheme, 11

    • foreign assets, 18–19, 33–34, 34f, 35

    • operations account, 18

    • policy instruments, 18–19

    • responsibilities and authorities, 18

    Bechtel, 10

    Bird-in-hand model of economic windfall management, 29, 30, 94, 95, 104–5, 106

    BRIC countries, CEMAC trade with, 13

    Business climate/environment

    • Cameroon’s, 10

    • Central African Republic’s, 9

    • CFA zone, 41f

    • current CEMAC ranking, 7–9

    • Gabon’s, 209, 212

    • infrastructure investment and, 57

    • investment climate indicators, 12f

    • for private sector infrastructure investment, 85

    • recent efforts to improve, 10

    • regional comparison, 41f

    • strategies for economic growth and poverty reduction, xvii, 3, 9, 10

    • transport infrastructure and, 60

    C

    Cameroon

    • accountability and transparency in oil wealth management, xx, 156, 160, 163–67

    • business environment, 10

    • colonial legacy, 113

    • commodity price movement, inflation and, 8b

    • corruption in, 164–65, 166–67

    • current infrastructure improvement efforts, 10

    • cyclical behavior of fiscal policies, 138, 146

    • demographics, 156

    • economic development experience, 156–59

    • fiscal convergence criteria, 22

    • fiscal policies, 116–17

    • fiscal sustainability indicators, 30

    • future challenges and opportunities, 167

    • governance quality, 165–66

    • gross domestic product, 157

    • gross national income per capita, 157, 157f

    • health sector, 158, 159

    • historical background, 112–13

    • information and communications infrastructure, 76, 79, 158

    • infrastructure financing, 82, 84–85

    • infrastructure investment outcomes, 57

    • infrastructure spending, 80

    • oil sector structure, 159–62, 163, 172

    • oil wealth, 111, 160–61

    • policy and IMF arrangement, 164, 165

    • political institutions, 159

    • power infrastructure and service, 67, 70, 71b, 72, 73

    • public spending, 119, 121

    • saving rate, 92

    • social indicators, 111, 113, 158–59

    • strategies for improving oil wealth management, xx, 156

    • taxation, 161–162

    • trade patterns, 158

    • transport system, 60, 62, 65, 66–67, 158

    • unaccounted oil revenue, 155–56, 166–67

    • water supply, 74, 76, 158

    • See also Central African Economic and Monetary Community (CEMAC);

      • CFA Zone oil-producing countries

    Capital market obstacles to effcient use of oil windfall, 95–97, 101–2f, 105

    Capital mobility, 18

    CEMAC. See Central African Economic and Monetary Community

    CEMAC Commission, 13–14

    Central African Banking Commission deposit insurance scheme, 11 staffing, 11

    Central African Economic and Monetary Community (CEMAC)

    • case studies, xx–xxi. See also specific country

    • current business environment, 7–9

    • demographic evolution, 113

    • diversity among, 55, 112–13

    • domestic revenue collection, 126–29, 127f, 128f

    • economic challenges, xvii, xx, 3, 4f, 55–56, 91–93, 95–98, 111

    • economic projections, 89–91, 91f, 92f

    • establishment, 18

    • evidence of procyclical bias in fiscal policies, 136–39, 143–50, 146t, 147t, 148f

    • fiscal balances and convergence criteria, 22–23, 22t

    • fiscal policy outcomes, 24–26, 24t, 26t, 28, 28f, 30–32

    • government revenues and expenditures, 116–18, 118f

    • historical infrastructure spending, 80–82, 80t, 81t

    • historical legacy, 113–14

    • human development index, 111, 112t

    • inflation patterns, 8b

    • information and communication infrastructure, 76–79

    • infrastructure investment outcomes, 56–57, 56f, 57f

    • membership, 17–18, 55

    • monetary policy, 18–19

    • natural resource endowments, 112

    • objectives, 18, 36

    • oil wealth, 3, 55, 89, 90t, 111

    • poverty patterns and trends, 113

    • power infrastructure and service, 67–74

    • rationale for strengthening nonresource revenue base, 125, 129–32

    • recent economic and financial indicators, 6t, 56f

    • reserves coverage among members of, 35, 36t

    • resource curse phenomenon, 40, 111

    • sanitation infrastructure, 74–76

    • saving rates, 92–93

    • social indicators, 4t

    • surveillance rationale, xviii, 17

    • trade patterns, 13, 13f

    • transport infrastructure, 60–67

    • water supply and access, 74

    Central African Power Pool, 67, 71–72

    Central African Republic

    • business climate, 9

    • civil conflict in, 115

    • colonial legacy, 113

    • cyclical behavior of fiscal policies, 146

    • diamond wealth, 19, 111, 115

    • ethnic and linguistic diversity within, 113

    • external current account balance, 33

    • fiscal policy outcomes, 22, 25

    • governance challenges, 115, 122

    • information and communications infrastructure, 76, 79

    • infrastructure spending, 80, 81

    • oil revenues, 89

    • power infrastructure and service, 67, 68, 72

    • recommendations for infrastructure investment, 79–80, 80t, 81f

    • sanitation infrastructure, 74

    • saving rate, 93

    • social indicators, 111

    • transport system, 62, 65, 67

    • water supply, 74–76

    CFA Zone oil-producing countries

    • business environment, 41f

    • corruption, 41f

    • economic performance, 40

    • infrastructure quality, 41f

    • members, 39n, 39n. See also specific country

    • modeling of non-oil growth factors in, 43–52

    • monetary policy, 18

    • non-oil growth performance in, 39, 40, 41f

    • private investment outcomes in non-oil growth, 52

    • public investment outcomes in non-oil growth, xviii, 39, 52

    Chad

    • absorptive capacity, 178–79

    • civil conflict in, 115–16, 171, 172, 176–77

    • current business environment, 9

    • debt sustainability, 179

    • economic challenges, xx, 172

    • economic development, 175, 180

    • ethnic and linguistic diversity within, 113

    • external competitiveness, 179–80

    • fiscal policy outcomes, 25, 178–79

    • fiscal sustainability indicators, 30

    • government revenues and expenditures, 117–18, 176, 178

    • health sector, 176

    • information and communications infrastructure, 76, 79

    • infrastructure spending, 80

    • lessons from oil resource experiences of, 180–81

    • non-oil economy, 178

    • oil revenues, 89, 111, 117, 119f, 128, 171, 173–74, 173f, 176, 177f

    • oil sector development, 171, 172

    • oil sector fiscal regime, 174–75

    • Petroleum Revenue Management Program, xx, 174–75, 176, 178, 181

    • political context of oil economy, 171, 172, 176–77

    • poverty reduction, 175

    • power infrastructure and service, 67–68, 73–74

    • procyclical fiscal policies, 138, 146–47

    • sanitation infrastructure, 74

    • social indicators, 111, 171–72, 175–76

    • strategies for improving oil wealth management, xx, 181

    • transport system, 60, 62–63, 65

    • water supply, 74

    • See also Central African Economic and Monetary Community (CEMAC);

      • CFA Zone oil-producing countries

    China, 82

    Civil conflict

    • in Central African Republic, 115

    • in Chad, 115–16, 171, 172, 176–77

    • in Congo, 116, 184, 191, 192

    Community integration tax, 14

    Congo, Republic of

    • accountability and transparency issues, 194

    • business environment, 10

    • civil conflict in, 116, 184, 191, 192

    • commodity price movement, inflation and, 8b

    • cyclical behavior of fiscal policies, 138, 146

    • economic development, 183–84, 187f, 189f

    • ethnic and linguistic diversity within, 113

    • fiscal convergence criteria, 22

    • fiscal policy outcomes, 25, 117

    • fiscal sustainability indicators, 30

    • future prospects, 183, 186, 194

    • governance and institutional capacity, 194

    • information and communications infrastructure, 76, 77

    • infrastructure investment outcomes, 57

    • infrastructure spending, 80

    • lessons from economic development experience, 194

    • oil production and revenues, 89, 111, 128, 184, 185–86, 185f, 186f, 188f

    • oil sector and economic development, 186–93

    • oil sector structure, 185

    • policy and IMF arrangement, 190, 191, 192, 193

    • political functioning, 184

    • power infrastructure and service, 67, 68, 72, 73–74

    • public spending, 121

    • sanitation infrastructure, 74

    • saving rate, 92

    • social indicators, 111, 183

    • strategies for improving economic development, xx–xxi

    • transport system, 60, 62, 67

    • water supply, 74, 76

    • See also Central African Economic and Monetary Community (CEMAC);

      • CFA Zone oil-producing countries

    Consumer protection, 12

    Convention on Monetary Cooperation, 18

    Convergence criteria

    • adoption of, 20

    • cyclicality of fiscal policies and, 135

    • enforcement, 20, 36

    • four main, 20, 20b

    • limitations of, as fiscal indicator, xviii, 21–23, 25, 33, 36, 135, 151

    • minimum reserve level, xviii

    • non-oil fiscal revenue, 129–30

    • policy objectives, 135

    • recommendations for improving, xviii

    • reserve coverage, 35, 37

    • secondary criteria, 20, 20b

    • strategies for strengthening fiscal surveillance, 36–37

    Corruption

    • in Cameroon, 164–65, 166–67

    • domestic revenue mobilization and, xix, 131–32

    • natural resource revenue and risk of, 131–32, 131f, 132f, 133f, 155

    • as obstacle to growth, 42

    • perceptions index, 41f, 131, 131f, 132, 132f

    Credit access, 11

    Customs administration, 13, 14

    Cyclicality, fiscal

    • challenges for CEMAC countries, xviii

    • data sources for assessment of, 142–43

    • determinants of, 147–50, 149t, 151

    • empirical model for assessment of, 139–42

    • evidence of procyclical bias, 136–39, 145, 146, 147–50

    • findings from generalized method of moments modeling, 143–50, 144t, 146t, 147t, 148f

    • fiscal impulse measurement and, 25

    • fiscal indicators of, 137b

    • fiscal stance measurement and, 23, 137b

    • government failures in managing oil wealth, 116–18

    • limitations of convergence criteria as fiscal indicator, xviii, 21–23, 135, 151

    • oil revenue volatility and, xx, 3, 19

    • procyclical public investment, xx

    • recommended policy response, 150–51

    D

    Doing Business Indicators, 7–9

    Dutch disease, 39, 40, 55, 93, 106–7, 126, 156, 179–80

    E

    Education

    • in Gabon, 210–11

    • patterns in Africa, 4t

    • public spending, 119, 120

    • strategies for economic growth and poverty reduction, xvii, 3, 9

    Employment. See Labor market

    Equatorial Guinea

    • business climate, 10

    • ethnic and linguistic diversity within, 113

    • fiscal sustainability indicators, 30

    • information and communications infrastructure, 76–77

    • infrastructure spending, 80

    • oil wealth, 128

    • power infrastructure and service, 68, 73–74

    • procyclical fiscal policies, 138

    • sanitation infrastructure, 74

    • saving rate, 92

    • social indicators, 111, 114

    • water supply, 74

    Ethnic and linguistic diversity, 112–13

    European Union, CEMAC trade with, 13

    Exchange rate

    • effects on economic growth, 39, 40

    • euro peg, 18

    • external competitiveness and, 5–7

    • historical patterns, 7f

    • modeling of non-oil growth outcomes, 45–46, 48–49

    • need for fiscal and monetary policy coordination, 19

    • recommendations for CEMAC convergence criteria, xviii

    External current account balance, 33–34, 37

    Extractive Industries Transparency Initiative, 165, 166–67, 181, 211–12

    F

    Fiber optic infrastructure, 76, 77–79

    • Financial sector

    • challenges for CEMAC countries, xvii

    • deepening, 11–13

    • strategies for improving economic growth—, xvii, 10–13

    • See also Banking sector

    Financial Sector Assessment Program, 10

    Financial Stability Committee, 11

    Fiscal policy

    • Chad’s, 25, 178–79

    • challenges for CEMAC countries, xvii, 19

    • comparison of findings from surveillance indicators, 24–26, 24t, 26t

    • dependence on oil revenue, 114–15

    • evolution in Gabon, 198–200

    • external balance outcomes, 33–34, 37

    • fiscal stance and fiscal impulse measures of, 23–26

    • monetary policy coordination, 19

    • objectives, 21

    • procyclical orientation, 25

    • recommendations for convergence criteria, xviii

    • recommendations for Gabon, 211

    • response to external shocks, 35

    • sustainability goals, 17

    • sustainability indicators, 26–32

    • See also Oil wealth management;

      • Surveillance, fiscal

    Fiscal stance and fiscal impulse measurement, 23–26, 37, 137b

    Fiscal sustainability indicators, 26–32

    Food prices, inflation and, 8b

    Foreign exchange reserves, 18–19, 33–34, 34f, 35, 37

    France, 18

    Fuel prices

    • inflation and, 8b

    • levies to support transport infrastructure improvement, 60–63, 63f

    • power generation costs, 68

    Funds for Future Generations, 18

    G

    Gabon

    • business climate, 7–9, 209, 212

    • current infrastructure improvement efforts, 10

    • cyclical behavior of fiscal policies, 146

    • economic and oil sector development, 198, 200–207, 201f, 204f

    • ethnic and linguistic diversity within, 113

    • exchange rate development in 1990s, 204–5, 205f

    • external current account balance, 33

    • fiscal oil regime, 198–200, 202f

    • fiscal sustainability indicators, 30

    • income inequality in, xxi

    • information and communications infrastructure, 76, 77, 79

    • infrastructure spending, 80, 82

    • natural resource wealth, 197

    • non-oil economy, 208, 208f, 212

    • oil wealth, 197, 198, 198f, 199f

    • outcomes of oil wealth management, 207–11

    • policy and IMF arrangement, 203, 205, 206

    • political functioning, 197, 205–7, 206f

    • poverty reduction, 197, 209–10

    • private sector, 209, 210f

    • procyclical fiscal policies, 138

    • public investments, 201–2, 208–9, 210

    • refinery operations, 200

    • sanitation infrastructure, 74

    • social indicators, 111, 197, 209–11, 210f

    • strategies for improving economic development, xxi, 197, 211–12

    • transport system, 60, 66–67

    • water supply, 74, 76

    • See also Central African Economic and Monetary Community (CEMAC);

      • CFA Zone oil-producing countries

    Generalized method of moments

    • modeling, 140–41, 141n, 143–50

    Ghana, 123

    Government failure, xix

    • contributing factors, 111–12, 114–22

    • definition, 111

    • dependence on oil revenue and, 114–15, 130

    • governance indicators, 115, 116f

    • ineffective allocation of oil revenues, 118–19

    • lack of transparency and, 115–16, 121–22

    • in procurement, 121

    • sources of civil conflict, 115

    • strategies for overcoming, 122–23

    • tax revenue and, 133f

    Government securities market, 12

    H

    Harwick rule, 105 Health sector

    Chad’s, 176

    • Gabon’s, 210–11

    • public spending, 119, 120

    • strategies for economic growth and poverty reduction, xvii, 3, 9

    Heavily Indebted Poor Countries (HIPC) facility, 164–65

    • Human Development Index, 111, 112t, 175–76

    I

    Income distribution

    • in CEMAC countries, 3

    • in Gabon, xxi

    Inflation, 8b

    • targets, 18

    Information and communications infrastructure costs, 59–60

    • current extent and quality, 58, 76–79, 77f, 78t, 79t

    • financing, 81–82

    • future prospects, 79

    • investment outcomes, 57

    Infrastructure, physical

    • business environment and, 57

    • cost reduction strategies, 83–84

    • costs, xviii, 10t, 59–60

    • economic growth and, xvii, 56–57, 56f, 57f

    • historical public sector spending, 80–82, 81t

    • human development and, 58

    • inefficiencies, 82–83

    • investment targets, 79, 80t

    • obstacles to non-oil sector growth, 7

    • oil pipeline, 172

    • oil revenue financing for, xix, 84

    • potential growth outcomes from investment in, 57, 58f

    • private sector investments, 84–85, 85f

    • as productivity factor, 57

    • public investment effects on growth, 42

    • public spending, 119

    • recent efforts to improve, 9–10

    • recommendations for public and private investment, 79–80, 80t, 81f, 84f, 85

    • regional comparison, 41f

    • shortcomings of CEMAC countries, xviii, 58–60

    • strategies for improving, xviii, 9

    • See also Information and

      • communications infrastructure;

      • Power infrastructure and service;

      • Transport

    Interest rates

    • capital scarcity and domestic investment in CEMAC, 95–97, 101–2f, 105

    • primary gap measure of fiscal sustainability and, 29

    International Monetary Fund, xx, 151

    • Cameroon policies and arrangements, 164, 165

    • Congo policies and arrangements, 190, 191, 192, 193

    • in creation of fiscal space, 142, 149

    • Gabon policies and arrangements, 203, 205, 206

    • Iraq, 89

    K

    Kenya, 123

    L

    Labor market

    • employment patterns in Africa and CEMAC, 3, 4t

    • shift to nontradable sector, 106–7

    • strategies for economic growth and poverty reduction, 3

    Legal system, financial sector deepening and, 12

    Life expectancy patterns, 4t

    M

    Macroeconomic policy and performance

    • challenges for CEMAC countries, xvii

    • fiscal sustainability and, 17

    • medium-term framework, xvii

    • projections, 92f

    • spending boom outcomes in oil-rich states, 116–18

    Malaysia, xx, 156–60

    Microfinance, 12–13

    Millennium Development Goals, 3, 14–15t, 55–56, 74, 171–72

    Mobile phone technology, 76–77

    Monetary policy

    • fiscal policy coordination, 19

    • instruments, 18–19

    • international reserves coverage, 18–19

    • objectives, 18

    Monetary Policy Committee, 18–19

    N

    • Natural Resources Charter, xx

    • Non-oil economy

    • Chad’s, 178

    • challenges for CEMAC countries, xvii, 3

    • current infrastructure shortcomings, 7

    • determinants of growth in oil-producing countries, 39

    • disincentives to taxation of, in resource-rich states, xix, 126–27

    • domestic revenue generation from, 127f, 128–29, 128f, 129f

    • external current account balance and, 33

    • fiscal balance surveillance criteria, 20, 37

    • fiscal impulse and, 25, 27f

    • fiscal surveillance, 25–26 Gabon’s, 208, 208f, 212

    • public investment outcomes, xviii, 5–7

    • recent performance, 3–5, 5f, 7, 9f, 39, 41f

    • recommendations for convergence criteria, xviii

    • strategies for raising growth in, xvii, 9–10

    • strategies for strengthening domestic revenue collection from, 132–33

    • taxation rationale, 125, 129–32

    O

    Official development assistance, 125

    • infrastructure financing, 81

    Oil wealth management

    • absorptive capacity problems, 93, 97–98, 106–7, 108

    • accumulation in sovereign wealth fund, 93, 94–95, 98–99, 104–5

    • bird-in-hand rule, 29, 30, 94, 95, 104–5, 106

    • case studies, xx–xxi. See also specific country

    • CEMAC revenues, 3, 89, 90t, 111

    • challenges, 39, 55–56, 89–93, 91f

    • consideration of individual country characteristics, 105

    • corruption risk, 131–32, 131f, 132f, 133f, 155

    • dependence on oil revenue, 114–15

    • disincentives to taxation of non-oil economy, xix, 126–29

    • domestic investment for economic growth, xix, 93, 99–103, 107–8

    • economic growth and, 91

    • external current account balance, 33

    • failure to reduce poverty, xix

    • fiscal cyclicality and, xx, 3, 19

    • fiscal surveillance indicators, 25–26, 36–37

    • global patterns, 89

    • governance capacity for, 56

    • governance failure outcomes, 111–12, 114–21, 130, 131

    • government revenues and expenditures and, 116–18, 118f

    • ineffective allocation of public resources, xix, 118–19, 121

    • infrastructure financing, 84

    • investing to invest, xix, 93, 103–5, 108

    • limitations of convergence criteria as fiscal indicator of, xviii, 21–23, 33

    • oil price patterns, 118f

    • permanent-income hypothesis model, xvii, xix, 5, 7, 94–95, 96f, 103–4, 105, 106

    • political use of, xix

    • poverty rate and, 111

    • resource curse phenomenon, 39, 40, 55, 91, 126

    • rules-based measures of fiscal sustainability, 29–32

    • structural obstacles to effectiveness in, 40–42, 91. See also Government failure

    • tax revenue, 127f, 128f

    Open Budget Index, 115, 115f

    P

    Paris Club, 206–7

    Permanent-income hypothesis model, xvii, xix, 5, 7, 94–95, 96f, 103–4, 105, 106

    Political functioning

    • in Cameroon, 159

    • capture of oil revenues, xix

    • in Chad, 171, 176–77

    • in Gabon, 197, 205–7, 206f

    • ineffective allocation of oil revenues, 118–19

    • in Republic of Congo, 184

    • in road freight shipping costs, 66

    • See also Corruption;

      • Government failure

    Poverty reduction

    • in Chad, 175

    • challenges for CEMAC countries, xvii, 3, 111

    • failures in effective use of oil revenues for, xix

    • in Gabon, 197, 209–10

    • oil wealth management and, 111

    • patterns and trends, 113

    • recommendations for CEMAC countries, 3

    Power infrastructure and service

    • business environment and, 57

    • costs, 59, 67–68, 70–71, 70t, 72t

    • current performance, 67, 69t

    • future challenges, 71–72

    • grid, 68f

    • growth outcomes from public investment, 57

    • human development and, 58

    • inefficiencies, 70–71, 71f, 82

    • regional power trading, 72–74, 73f, 84

    • tariffs and subsidies, 68–70, 70f, 71b

    Primary gap measure of fiscal

    • sustainability, 27–29

    Private sector

    • access to credit, 11

    • Gabon’s, 209, 210f

    • historical distrust of, in CEMAC, 113, 114

    • infrastructure funding, 81–82, 84–85, 85f

    • investment disincentives, 42

    • lending patterns, 12f

    • non-oil growth outcomes of investment from, 50, 52

    • productivity outcomes of infrastructure quality, 57

    • structural determinants of investment efficiency and quality, 42

    • See also Business climate;

      • Small and medium enterprises

    Procurement systems, 121

    Property registration and transfer, 12

    Public investment

    • absorptive capacity problems, xix, 93, 97–98, 106–7, 108

    • efficient use of oil windfalls for economic development, xix, 93, 99–103

    • for fiscal sustainability, 5

    • as growth determinant, 42

    • ineffective use of oil revenues, xix, 118–19, 121–22

    • medium-term expenditure framework, 122

    • modeling of non-oil growth outcomes, 43–45, 46–52

    • non-oil primary deficit and, 3–5, 5f

    • obstacles to effectiveness in, 40–42, 50–51, 52, 97

    • outcomes in CFA Zone oil-producing countries, xviii, 39, 52

    • private investment and, 42 process, 98

    • procyclical, xx, 145, 146, 147–50

    • rate of return, 5–7

    • recommendations for physical infrastructure spending, xviii, 9

    • spending booms in resource-rich states, 116–18

    • strategies for economic growth and poverty reduction, xvii, xviii, 3, 7, 9

    • strengthening governance capacity for, 122–23

    • transport infrastructure improvement, 60–63

    Public Investment Management Index, 97–98, 103, 208–9

    R

    Rail network, 66–67

    Regional Economic Program, 9–10

    Regional relations

    • CEMAC objectives, 18, 36

    • challenges for CEMAC countries, xvii

    • financial stability initiatives, 10–11

    • government securities market, 12

    • infrastructure development, 9–10

    • power trading, 72–74

    • trade barriers, xvii, 13, 14t

    • trade patterns, 13, 13f

    Regulatory and prudential framework

    • current shortcomings, 11

    • recent financial sector reforms, 10–11

    • strategies for improving economic growth—, xvii, 11

    Road freight shipping costs, 63, 65–66

    Rules-based measures of fiscal sustainability, 29–32, 30t, 31f, 31t

    S

    Sanitation infrastructure, 58, 74–76, 75f, 83–84

    Saving rate, 92–93

    Small and medium enterprises

    • access to credit, 11

    • in Gabon, 209

    • strategies for financial sector deepening, 12–13

    • strategies for improving economic growth—, xvii

    Sovereign wealth fund, xix, 89, 93, 94–95, 98–99, 104–5

    Sub-Saharan Africa

    • evidence of procyclical bias in fiscal policies, 143–50

    • non-oil growth, 7, 9f

    • revenue collection shortcomings in, 125

    Surveillance, fiscal

    • comparison of indicators, 24–26, 24t, 26t

    • fiscal stance and fiscal impulse measures, 23–26

    • indicators, 21

    • non-oil fiscal balances, 20

    • of oil-producing countries, 25–26

    • rationale, xviii, 17, 19–20

    • strategies for improving, 36–37

    • sustainability assessment, 26–32

    • See also Convergence criteria

    T

    Taxation

    • accountability and transparency in, xix, 130

    • Cameroon’s oil sector, 161–62

    • convergence criteria for non-oil revenue, 129–30

    • corruption and, xix, 131, 133f

    • current revenue sources, 126–29, 127f, 128f, 129f

    • disincentives in resource-rich countries, xix, 125–26

    • freight tariffs, 63, 65

    • Gabon’s oil revenue, 199

    • information technology for, 123

    • in oil-rich states, 114, 126–29

    • power tariffs and subsidies, 68–70, 70f, 71b

    • public scrutiny of public spending and, xix

    • rationale for nonresource-based, 125

    • rationale for strengthening nonresource base, 129–32

    • revenue collection shortcomings in sub-Saharan Africa, 125

    • strategies for strengthening non-oil revenue collection, 132–33

    • strengthening governance capacity for oil wealth management, 122–23

    • for transport infrastructure improvement, 60–63, 63f

    • water tariffs and subsidies, 76

    Trade patterns

    • determinants of fiscal policy cyclicality, 150

    • Dutch disease, 40

    • intraregional, 13, 13f

    • oil exports from CEMAC countries, 3

    • partners, 13, 13f

    • port operations, 66

    • projections, 89–91

    • regional road freight network and, 63–65, 65f

    • trends, 13, 13f

    Trade policy

    • challenges for CEMAC countries, xvii

    • common external tariffs, 13–14, 14t

    • fiscal policy response to external shocks, 35

    • intraregional trade barriers, xvii, 13, 14t

    • regional power trading, 72–74

    • strategies for improving economic growth—, xvii, 14

    • See also Trade patterns

    Transparency. See Accountability and transparency

    Transport

    • as business environment factor, 60

    • costs, 59, 65–66

    • current infrastructure quality, 60, 61t, 62f, 63–65, 64t

    • funding for infrastructure improvement, 60–63, 63f

    • port operations, 66

    • rail network, 66–67

    • regional corridors, 63–65

    • by river, 67

    • road traffic volumes, 60

    W

    Water supply, 74, 75f, 76t, 83–84

    West African Economic and Monetary Union, 3, 7

    World Bank, 10

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