La politique budgétaire influe sur le développement durable par les effets qu'elle exerce sur la croissance économique, sur l'environnement et sur la mise en valeur des ressources. Quelles sont les relations entre la politique budgétaire et le développement durable, et comment le FMI s'efforce-t-il de promouvoir le développement durable dans ses recommandations ? Quel est le bilan de l'expérience acquise à ce jour, et par quels moyens les pouvoirs publics, la communauté internationale et les institutions financières internationales peuvent-ils promouvoir plus efficacement le développement durable ?
Cet ouvrage examine comment l'UEMOA, union monétaire au parcours historique long et varié, peut atteindre ses objectifs de développement et de stabilité, améliorer les conditions de vie de ses citoyens et assurer une meilleure répartition des bienfaits de la croissance économique tout en préservant sa stabilité financière, en rehaussant sa compétitivité et en maintenant les taux de change fixes actuels.
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.
The Democratic Republic of the Congo is suffering directly from the COVID-19 pandemic with 215 confirmed cases and 20 deaths as of April 9. The economic impact, chiefly through lower commodity prices, was being felt even before the first confirmed case was reported on March 10. The authorities’ policy response to the pandemic has been firm, scaling up health care spending and putting in place measures to help contain and mitigate the spread of the disease. The pandemic is also dampening domestic revenue mobilization and putting significant pressures on foreign exchange reserves.
Although the pandemic has remained fairly contained in Senegal, its economic impact has been severe. Strong fiscal and monetary policy support has helped bolster the health system and cushion the economic shock, with additional fiscal spending exceeding 3 percent of GDP. The IMF disbursed US$442 million (100 percent of quota) under the RFI/RCF in April to support the crisis response. An ambitious 2021–23 economic recovery plan aims to build a more resilient economy and support inclusive and private sector-led growth. WAEMU Finance Ministers agreed to return to the 3 percent of GDP fiscal deficit anchor more gradually (by 2023) owing to the pandemic’s impact and the security challenges in the Sahel.
The economic shock associated with the COVID-19 pandemic is set to have long-lasting effects on the economic outlook for CEMAC. The pandemic itself seems to be now broadly under control in the region, and the policy response from national and regional authorities, supported by significant emergency financing by the Fund, helped mitigate the initial economic fallout. With lower medium-term oil prices, the outlook projects that CEMAC’s fiscal and external adjustments will be slower than previously envisaged, entailing large external financing needs (around €6.6 billion for 2021–23). Gross international reserves will now reach the equivalent of 5 months of imports by 2025 vs. 2022 pre-pandemic, while net foreign assets (NFA) will be below previous expectations. Public debt would remain at elevated levels, albeit on a declining trend after the increase in 2020. This outlook is highly uncertain and contingent on the evolution of the pandemic and its impact on oil prices. Other significant risks include: delayed implementation of the ongoing or a second phase of new Fund-supported programs, difficulties in filling large external financing needs, and a deterioration in the security situation.
International Monetary Fund. Middle East and Central Asia Dept.
This paper focuses on the Islamic Republic of Mauritania’s Request for Disbursement Under the Rapid Credit Facility. The economic and social impact of the pandemic is rapidly unfolding, with a contraction of output expected in 2020. The authorities have responded swiftly with measures to contain the pandemic and alleviate its fallout. Going forward, prioritizing health spending and targeted support to the most vulnerable households and sectors in the economy remains critical. The authorities are committed to full transparency and reporting of resources deployed for the emergency response, to audit crisis-mitigation spending once the crisis abates, and to publish the results. At the same time, they remain committed to the economic reform program supported by the ongoing ECF arrangement with the IMF. The program aims at using the fiscal space to increase priority spending on education, health and social protection and infrastructure, while mobilizing domestic revenues and maintaining prudent borrowing policies to preserve debt sustainability.
Côte d’Ivoire has shown strong resilience to the pandemic, owing to the authorities’ swift policy reaction and to a decade of sound macroeconomic policies, as well as the support of the international community including the IMF.
International Monetary Fund. Middle East and Central Asia Dept.
The COVID-19 pandemic is having a severe human, economic, and social impact on Mauritania. The economy is estimated to have contracted by about 2 percent in 2020 and the crisis generated large financing needs. The authorities responded swiftly to mitigate the impact of the pandemic while international partners provided grants, loans, and debt service suspension. This, compounded by higher commodity exports (iron ore and gold) and some delays in emergency spending, resulted in unexpected fiscal surpluses and an accumulation of international reserves, which may now be used to support the recovery in 2021–22. The outlook remains highly uncertain and dependent on volatile commodity markets, with sizable downside risks in case new waves of the pandemic spill over into Mauritania.
Cameroon, the largest economy in the Central African Economic and Monetary Union (CEMAC), continues to face the repercussions of the COVID-19 pandemic. Since the onset of the pandemic, the IMF’s Executive Board has approved two disbursements under the Rapid Credit Facility (RCF) totaling SDR 276 million, about US$ 382 million or 100 percent of Cameroon’s quota. Cameroon’s last arrangement under the Extended Credit Facility (ECF) ended in September 2020, without completion of the sixth and final review. The authorities have requested new arrangements from the IMF to help maintain external sustainability, implement their ambitious reform agenda—laid out in the National Development Strategy for 2020-30 (SND30)—and catalyze financial support from other donors.