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International Monetary Fund. Fiscal Affairs Dept.
Political instability has limited the development of Guinea-Bissau’s institutional capacity. For example, tensions between the President and the leadership of the country’s largest political party led to six changes of government between the 2014 and 2019 parliamentary elections. Previous IMF capacity development reports, ECF program reviews staff reports, and other diagnosis undertaken by the World Bank and the European Union have pointed to structural governance weaknesses and proposed corrective measures, in some cases, similar to those highlighted in this report. Regrettably, traction has been limited.
International Monetary Fund. African Dept.
This paper explains the cashew economy and the unfolding of the 2017 campaign. At least half of all households are thought to be engaged in production, commercialization, or exportation of cashew nuts. The activity has at least four macroeconomic impacts: one, it injects liquidity to producers; two, owing to producers’ high propensity to consume, it impacts the price level; third, it is the main provider of foreign exchange via exports; and fourth, it is an important source of fiscal revenues. Despite streamlining of marketing arrangements over the years, cashew production is still subject to significant government intervention. Vested interests have traditionally permeated public policies, with nontransparent issuance of licenses and permits used in some instances to block competition. Cashew production started to expand during the 1980s and yearly output has over the years increased to currently about 200,000 tons. Native of north Brazil, cashew trees were introduced by the Portuguese during the colonial period but output remained negligible through to the country’s independence in 1973.
International Monetary Fund. African Dept.
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.
International Monetary Fund
This paper presents the Joint Staff Advisory Note on Guinea-Bissau’s Second National Poverty Reduction Strategy Paper (PRSP II) covering 2011–15. The PRSP II, adopted by the government in July 2011, provides the framework for the implementation of a comprehensive strategy aimed at consolidating macroeconomic stabilization and strengthening recent improvements in economic governance. Its successful implementation would help the country enhance its economic growth conditions, strengthen the rule of law, and accelerate progress toward the achievement of the Millennium Development Goals.
International Monetary Fund
This paper reports on the economic and financial reforms in Guinea-Bissau. After a long period of recession since the beginning of 2000 followed by a slight recovery in 2007, the economy of Guinea-Bissau has entered a new growth spurt in 2008. The budget deficit, which averaged 10 percent of GDP between 2005 and 2007, has been reduced to 3.2 percent in 2008 and 3.0 percent in 2009 by raising more revenue domestically and by controlling expenses.
International Monetary Fund
In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for selected Fund activities (the “SFA Instrument”). The financing of activities under the terms of the SFA Instrument is implemented through the establishment and operation of a subaccount within the SFA. The subaccount for the West Africa Regional Technical Assistance Center (AFRITAC West) would be the fourth one under the SFA. This paper requests Executive Board approval to establish the AFRITAC West subaccount under the terms of the SFA Instrument.
International Monetary Fund
This Joint Staff Advisory Note reviews the first full Poverty Reduction Strategy Paper (PRSP) prepared by the government of Guinea-Bissau. The PRSP was prepared within a participatory process, and builds on grassroots consultations at the national level that involved all segments of society. The PRSP highlights broad areas of intervention for each strategic pillar but lacks a clear prioritization of activities and programs. IMF staff agrees with the PRSP’s emphasis that high unemployment rates and heavy reliance on agriculture as the main source of employment are major concerns for poverty reduction.
International Monetary Fund
This paper presents an overview of the National Poverty Reduction Strategy Paper (NPRSP) for Guinea-Bissau. The paper discusses the phenomenon of poverty, its dimensions, extent, and distribution by category and region. It provides a background analysis of developments in poverty based on the diagnostic of past economic policies. The paper presents the priority goals in the fight against poverty by articulating a long-term and medium-term vision as well as strategic actions. The operational strategies and strategic actions of the NPRSP are also presented in the paper.
Mr. Kadima D. Kalonji, Mr. Boileau Loko, Raj Nallari, and Mr. Montfort Mlachila
This paper explores the relationship between external debt and poverty. A number of observers have argued that high external indebtedness is a major cause of poverty. Using the first-differenced general method of moments (GMM) estimator, the paper models the impact of external debt on poverty, measured by life expectancy, infant mortality, and gross primary enrollment rates, while duly taking into account the impact of external debt on income. The paper thus endeavors to bring together the literature that links external debt with income growth and poverty. The main conclusion is that once the effect of income on poverty has been taken into account, external indebtedness indicators have a limited but important impact on poverty.