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International Monetary Fund. African Dept.


Le FMI publie deux fois par an des Perspectives économiques régionales pour cinq régions : Asie et Pacifique ; Europe ; Moyen-Orient et Asie centrale ; Afrique subsaharienne ; et hémisphère occidental. Chaque rapport aborde l'évolution économique récente et les perspectives de la région concernée, ainsi que pour certains pays. Les rapports comportent des données statistiques clés sur les pays de la région. Chaque rapport traite des politiques qui ont eu une incidence sur les résultats économiques régionaux et précise les enjeux auxquels les décideurs sont confrontés. Les perspectives à court terme, les principaux risques et les difficultés de politique économique afférentes sont analysés tout au long des rapports, qui examinent également l'actualité (par exemple, comment mettre fin progressivement à l'intervention publique tout en préservant une reprise économique mondiale qui reste fragile). Ces rapports précieux sont l'aboutissement d'études interdépartementales exhaustives, fondées pour l'essentiel sur les renseignements recueillis par les services du FMI dans le cadre de leurs consultations avec les pays membres.

International Monetary Fund. African Dept.


Sub-Saharan Africa continues to record strong economic growth, despite the weaker global economic environment. Regional output rose by 5 percent in 2011, with growth set to increase slightly in 2012, helped by still-strong commodity prices, new resource exploitation, and the improved domestic conditions that have underpinned several years of solid trend growth in the region's low-income countries. But there is variation in performance across the region, with output in middle-income countries tracking more closely the global slowdown and with some sub-regions adversely affected, at least temporarily, by drought. Threats to the outlook include the risk of intensified financial stresses in the euro area spilling over into a further slowing of the global economy and the possibility of an oil price surge triggered by rising geopolitical tensions.

International Monetary Fund
This 2010 Article IV Consultation highlights that real activity in Papua New Guinea was relatively unaffected by the global downturn, with growth easing to roughly 5 percent in 2009 from 7 percent in 2008. A number of factors contributed to this favorable outcome. The country’s financial sector was insulated from the turmoil in global capital markets and domestic credit continued to grow, albeit at a slower pace than in the preceding few years. Export demand also held up, as stimulus measures in other Asian countries supported demand for commodities, the country’s main export.
International Monetary Fund
This 2008 Article IV Consultation highlights that GDP per capita for Papua New Guinea remains low. An unattractive investment environment, primarily owing to weak infrastructure, problems with governance, and high crime curtails development. Executive Directors have commended the authorities for saving the bulk of recent windfall mineral revenues and repaying public debt to improve the external debt position. They have also acknowledged the authorities’ policy of slowing exchange rate depreciation to moderate inflationary pressures.
International Monetary Fund. Research Dept.
In this issue, authors from the IMF and from Argentine institutions team up to review how different banks behaved and were hurt during the country's crisis. Atsushi Iimi looks at how countries can escape from the resource curse in a comparative analysis that focuses on Botswana. John Cady and Jesus Gonzalez-Garcia examine the relationship between exchange rate volatility and the transparency of reserves. The issue also includes a comprehensive index of all Volume 54 papers by author, title, subject, and JEL classification.
Ms. Anita Tuladhar
This paper surveys decision-making roles of governing bodies of central banks that have formally adopted inflation targeting as a monetary framework. Governance practices seek to balance institutional independence needed for monetary policy credibility with accountability required to protect democratic values. Central bank laws usually have price stability as the primary monetary policy objective but seldom require an explicit numerical inflation target. Governments are frequently involved in setting targets, but to ensure operational autonomy, legal provisions explicitly limit government influence in internal policy decision-making processes. Internal governance practices differ considerably with regard to the roles and inter-relationships between the policy, supervisory, and management boards of a central bank.