In direct response to the COVID-19 crisis the
International Monetary Fund (IMF) Executive Board has adopted some immediate enhancements to its Catastrophe Containment and Relief Trust (CCRT) to enable the Fund to
provide debt service relief for its poorest and most vulnerable members. The CCRT enables the IMF to deliver grants for debt relief benefiting eligible low-income countries in the wake of catastrophic natural disasters and major, fast-spreading public health emergencies.
We present estimates of welfare by country for 2007 and 2014 using the methodology of
Jones and Klenow (2016) which incorporates consumption, leisure, mortality and
inequality, and we extend the methodology to include environmental externalities. During
the period of the global financial crisis welfare grew slightly more rapidly than income per
capita, mainly due to improvements in life expectancy. This led to welfare convergence in
most regions towards advanced country levels. Introducing environmental effects changes
the welfare ranking for countries that rely heavily on natural resources, highlighting the
importance of the natural resource base in welfare. This methodology could provide a
theoretically consistent and tractable way of monitoring progress in several Sustainable
Development Goal (SDG) indicators.
This paper discusses Guinea’s Request for Debt Relief Under the Catastrophe Containment (CC) Window of the Catastrophe Containment and Relief (CCR) Trust. Since early 2014, Guinea has been experiencing an ongoing Ebola epidemic that has spread to several countries in the region. The immediate economic effect of the Ebola epidemic has been a pronounced slowdown in 2014. Performance under the Extended Credit Facility arrangement has been satisfactory, the difficult macroeconomic environment notwithstanding. The IMF staff supports the authorities’ request for assistance under the CC window of the CCR Trust given the nature of the public health disaster, and the ensuing financing needs to contain the disease and rehabilitate Guinea’s public health system.
This Poverty Reduction Strategy Paper (PRSP) highlights the progress report for Guinea. In order to strengthen the dynamics undertaken in the area of planning and implementing the poverty reduction strategy, with the support of its development partners, the government in September 2012 undertook the process of preparing its third PRSP, which covers 2013–2015. PRSP-3 implementation for the 2013 annual period registered disappointing results, explained by the unfavorable domestic as well as international context (political instability and falling commodities prices) and poor performance in growth sectors such as mining. Investments in infrastructures in support of growth increased substantially. Support and strengthening of the efforts made in this area will make it possible to ensure stable GDP growth rates of approximately 7.8 percent between 2013 and 2015. However, investments in the energy sector have yielded disappointing results as a result of the poor condition of the network, commercial management problems, and other factors.
The Fund’s existing facilities for low-income countries (LICs) provide a vehicle for the speedy provision of financial assistance to member countries hit by natural disasters, either through the Rapid Credit Facility (RCF) or through augmentation of the funding already being provided through other facilities such as the Standby or Extended Credit Facilities. The quick disbursement of funds strengthens national financial capacity, including external payments capacity, to tackle relief and recovery challenges.
To address catastrophic disasters, the Fund created a mechanism in 2010 to provide additional relief to its poorest and most vulnerable member countries to help meet their exceptional balance of payments needs. Under this mechanism, the Fund can provide grants from a trust fund—the Post Catastrophe Debt Relief (PCDR) trust—that are used to pay off debt service falling due to the Fund. These grants ease pressures on the member’s balance of payments and create financial space by reducing its debt service burden.
This paper proposes reforms to this mechanism to cover situations where the member is experiencing an epidemic of an infectious disease that constitutes a significant threat to lives, economic activity, and international commerce across countries.
This paper presents a Joint Staff Advisory Note on Guinea’s Poverty Reduction Strategy Paper (PRSP). Baseline economic growth is projected to accelerate to 5.2 percent in 2014 and beyond, up from just under 4 percent in 2012. This projection is based on an acceleration of economic growth in the construction sector in response to massive investment outlays by mining companies. Private investment is projected to increase from 17.8 percent of GDP in 2012 to more than 40 percent in 2014. The PRSP proposes a sharp increase in funding for education as a share of total public expenditures over the PRSP period, while total fiscal resources also increase.
This paper on Poverty Reduction Strategy Papers on Guinea explains medium-term development framework to achieve Millennium Development Goals and fulfill the authorities’ vision of Guinea as an emerging economy in 15 to 25 years, respectful of human rights and gender equality and supportive of the rule of law. It sets out medium-term policies that Guinea should implement to place itself on a path to development that would allow it to fulfill its ambition to become an emerging economy by 2035. This scenario foresees strong and lasting average annual growth, supported by ambitious policies for modernization of agriculture.
The attached Joint Staff Advisory Note (JSAN) on the Implementation of the Poverty Reduction Strategy Paper for Guinea, prepared jointly by the staffs of the World Bank and the IMF, was distributed with the member country’s Poverty Reduction Strategy Paper (PRSP) to the Executive Boards of the two institutions. The objective of the JSAN is to provide focused, frank, and constructive feedback to the country on progress in implementing its Poverty Reduction Strategy (PRS).
Poverty Reduction Strategy Papers (PRSPs) are prepared by member countries in broad consultation with stakeholders and development partners, including the staffs of the World Bank and the IMF. Updated every three years with annual progress reports, they describe the country’s macroeconomic, structural, and social policies in support of growth and poverty reduction, as well as associated external financing needs and major sources of financing. This country document for Guinea, dated May 2012 is being made available on the IMF website by agreement with the member country as a service to users of the IMF website.
Depuis plusieurs années, le FMI publie un nombre croissant de rapports et autres documents couvrant l'évolution et les tendances économiques et financières dans les pays membres. Chaque rapport, rédigé par une équipe des services du FMI à la suite d'entretiens avec des représentants des autorités, est publié avec l'accord du pays concerné.