Back Matter

Author(s):
Saleh Nsouli, and Justin Zulu
Published Date:
April 1985
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    Bibliography

      de Larosière, J.,Economic Adjustment in the Developing Countries and the Industrial Countries: The Need for Complementarity,IMF Survey,International Monetary FundWashington Vol. 11(April5,1982), pp. 97–102.

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      Nsouli, S.M.,and Y.Ishiyama,The Relative Income Costs of Balance of Payments Adjustment through Monetary and Fiscal Policies(unpublished, International Monetary Fund,1979).

    Appendix I: Targets Compared with Previous Year1

    Chart 1:Economic Growth

    Chart 2:Consumer Price Index

    (Percentage Change)

    Chart 3:Current Account as a Ratio of GDP

    Chart 4:Overall Balance of Payments as a Ratio of GDP

    Chart 5:Savings as a Ratio of GDP

    Chart 6:Investment as a Ratio of GDP

    Chart 7:Government Revenue (Excluding Grants) as a Ratio of GDP

    Chart 8:Government Expenditure as a Ratio of GDP

    Chart 9:Government Deficit (Excluding Grants) as a Ratio of GDP

    Chart 10:Net Credit to Government

    (Growth Rate)

    Chart 11:Credit to Private Sector

    (Growth Rate)

    Chart 12:Net Domestic Credit

    (Growth Rate)

    Chart 13:Domestic Liquidity

    (Growth Rate)

    Chart 14:External Debt as a Ratio of GDP

    Appendix II: Actuals Compared with Targets1

    Chart 1a:Economic Growth

    Chart 2a:Consumer Price Index

    (Percentage Change)

    Chart 3a:Current Account as a Ratio of GDP

    Chart 4a:Overall Balance of Payments as a Ratio of GDP

    Chart 5a:Savings as a Ratio of GDP

    Chart 6a:Investment as a Ratio of GDP

    Chart 7a:Government Revenue (Excluding Grants) as a Ratio of GDP

    Chart 8a:Government Expenditure as a Ratio of GDP

    Chart 9a:Government Deficit (Excluding Grants) as a Ratio of GDP

    Chart 10a:Net Credit to Government

    (Growth Rate)

    Chart 11a:Credit to Private Sector

    (Growth Rate)

    Chart 12a:Net Domestic Credit

    (Growth Rate)

    Chart 13a:Domestic Liquidity

    (Growth Rate)

    Chart 14a:External Debt as a Ratio of GDP

    Appendix III: Actuals Compared with Previous Year1

    Chart 1b:Economic Growth

    Chart 2b:Consumer Price Index

    (Percentage Change)

    Chart 3b:Current Account as a Ratio of GDP

    Chart 4b:Overall Balance of Payments as a Ratio of GDP

    Chart 5b:Savings as a Ratio of GDP

    Chart 6b:Investment as a Ratio of GDP

    Chart 7b:Government Revenue (Excluding Grants) as a Ratio of GDP

    Chart 8b:Government Expenditure as a Ratio of GDP

    Chart 9b:Government Deficit (Excluding Grants) as a Ratio of GDP

    Chart 10b:Net Credit to Government

    (Growth Rate)

    Chart 11b:Credit to Private Sector

    (Growth Rate)

    Chart 12b:Net Domestic Credit

    (Growth Rate)

    Chart 13b:Domestic Liquidity

    (Growth Rate)

    Chart 14b:External Debt as a Ratio of GDP

    Unless otherwise noted, the countries discussed in this paper are those covered by the African Department of the International Monetary Fund. They exclude Egypt, the Socialist People’s Libyan Arab Jamahiriya, Sudan, and South Africa. The paper does not attempt to draw a distinction between stand-by and extended arrangements. Rather, it focuses on the calendar year during which adjustment programs were implemented.

    For a discussion of the relative income costs of adjustment of different trajectories defined by various policy approaches, see Nsouli and Ishiyama (1979).

    See Makalou (1982, 1983) and Nsouli (1982).

    The dots on the zero point of the target axis in the charts indicate that no targets were set.

    The case studies were prepared by Nur Calika and Lelde Schmitz, respectively.

    Somalia has no official national income accounts data. Data used in this article are based on rough estimates by the Fund staff.

    In the face of mounting pressures on official foreign exchange reserves and inadequate supplies of imported consumer goods, the Government had authorized importers to obtain imports with their own foreign exchange. The parallel market that had evolved during the 1970s as a consequence was supplied with foreign exchange by emigrant Somali workers and by exporters who underinvoiced livestock exports.

    The tax was levied on a lower price than the actual export price.

    The only salary adjustment during the period was due to the abolition of the development levy on government salaries, which resulted in an effective average increase of 10 percent in wages of government employees. During 1980–83 civil service salaries declined by about 46 percent in real terms.

    This figure excludes obligations to Italian suppliers whose terms of rescheduling were under ongoing discussions during 1982 and 1983.

    At the end of 1982, the exchange rate was CFAF 287 per US$1; at the end of 1983, it was CFAF 336 per US$1.

    Charts show actual outcome for the previous year on the horizontal axis. The targeted values for the subsequent annual program are on the vertical axis. Points above the 45 degree line represent a higher targeted value than the actual outcome in the previous year.

    Charts show the targeted values for the program year on the horizontal axis. The actual outcome for the same program year is on the vertical axis. Points above the 45 degree line represent higher actual values than the targeted values.

    Charts show the actual outcome for the previous year on the horizontal axis. The actual outcome for the program year is on the vertical axis. Points above the 45 degree line represent higher actual values in the program year than those in the previous year.

    Occasional Papers of the International Monetary Fund

    *1. International Capital Markets: Recent Developments and Short-Term Prospects, by a Staff Team Headed by R.C. Williams, Exchange and Trade Relations Department. 1980.

    2. Economic Stabilization and Growth in Portugal, by Hans O. Schmitt. 1981.

    *3. External Indebtedness of Developing Countries, by a Staff Team Headed by Bahram Nowzad and Richard C. Williams. 1981.

    *4. World Economic Outlook: A Survey by the Staff of the International Monetary Fund. 1981.

    5. Trade Policy Developments in Industrial Countries, by S.J. Anjaria, Z. Iqbal, L.L. Perez, and W.S. Tseng. 1981.

    6. The Multilateral System of Payments: Keynes, Convertibility, and the International Monetary Fund’s Articles of Agreement, by Joseph Gold. 1981.

    7. International Capital Markets: Recent Developments and Short-Term Prospects, 1981, by a Staff Team Headed by Richard C. Williams, with G.G. Johnson. 1981.

    8. Taxation in Sub-Saharan Africa. Part I: Tax Policy and Administration in Sub-Saharan Africa, by Carlos A. Aguirre, Peter S. Griffith, and M. Zühtü Yücelik. Part II: A Statistical Evaluation of Taxation in Sub-Saharan Africa, by Vito Tanzi. 1981.

    9. World Economic Outlook: A Survey by the Staff of the International Monetary Fund. 1982.

    10. International Comparisons of Government Expenditure, by Alan A. Tait and Peter S. Heller. 1982.

    11. Payments Arrangements and the Expansion of Trade in Eastern and Southern Africa, by Shailendra J. Anjaria, Sena Eken, and John F. Laker. 1982.

    12. Effects of Slowdown in Industrial Countries on Growth in Non-Oil Developing Countries, by Morris Goldstein and Mohsin S. Khan. 1982.

    13. Currency Convertibility in the Economic Community of West African States, by John B. McLenaghan, Saleh M. Nsouli, and Klaus-Walter Riechel. 1982.

    14. International Capital Markets: Developments and Prospects, 1982, by a Staff Team Headed by Richard C. Williams, with G.G. Johnson. 1982.

    15. Hungary: An Economic Survey, by a Staff Team Headed by Patrick de Fontenay. 1982.

    16. Developments in International Trade Policy, by S.J. Anjaria, Z. Iqbal, N. Kirmani, and L.L. Perez. 1982.

    17. Aspects of the International Banking Safety Net, by G.G. Johnson, with Richard K. Abrams. 1983.

    18. Oil Exporters’ Economic Development in an Interdependent World, by Jahangir Amuzegar. 1983.

    19. The European Monetary System: The Experience, 1979-82, by Horst Ungerer, with Owen Evans and Peter Nyberg. 1983.

    20. Alternatives to the Central Bank in the Developing World, by Charles Collyns. 1983.

    21. World Economic Outlook: A Survey by the Staff of the International Monetary Fund. 1983.

    22. Interest Rate Policies in Developing Countries: A Study by the Research Department of the International Monetary Fund. 1983.

    23. International Capital Markets: Developments and Prospects, 1983, by Richard Williams, Peter Keller, John Lipsky, and Donald Mathieson. 1983.

    24. Government Employment and Pay: Some International Comparisons, by Peter S. Heller and Alan A. Tait. 1983. Revised 1984.

    25. Recent Multilateral Debt Restructurings with Official and Bank Creditors, by a Staff Team Headed by E. Brau and R.C. Williams, with P.M. Keller and M. Nowak. 1983.

    26. The Fund, Commercial Banks, and Member Countries, by Paul Mentré. 1984.

    27. World Economic Outlook: A Survey by the Staff of the International Monetary Fund. 1984.

    28. Exchange Rate Volatility and World Trade: A Study by the Research Department of the International Monetary Fund. 1984.

    29. Issues in the Assessment of the Exchange Rates of Industrial Countries: A Study by the Research Department of the International Monetary Fund. 1984

    30. The Exchange Rate System—Lessons of the Past and Options for the Future: A Study by the Research Department of the International Monetary Fund. 1984

    31. International Capital Markets: Developments and Prospects, 1984, by Maxwell Watson, Peter Keller, and Donald Mathieson. 1984.

    32. World Economic Outlook, September 1984: Revised Projections by the Staff of the International Monetary Fund. 1984.

    33. Foreign Private Investment in Developing Countries: A Study by the Research Department of the International Monetary Fund. 1985.

    34. Adjustment Programs in Africa: The Recent Experience, by Justin B. Zulu and Saleh M. Nsouli. 1985.

    International Monetary Fund, Washington, D.C. 20431, U.S.A.

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