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International Monetary Fund. Middle East and Central Asia Dept.
This 2019 Article IV Consultation with Djibouti discusses that large-scale infrastructure investments and a rapid expansion of trade and logistics activities have fueled strong growth in recent years. The government has in recent years implemented large-scale investments to develop transport and logistics infrastructures. Combined with business climate reforms, this development strategy has fueled strong growth and positioned Djibouti well to become a regional trade and logistics hub. The IMF staff’s baseline projections assume a significant reduction in debt financed public investment. Growth is nonetheless projected to remain strong, driven by the rapid expansion in Ethiopia’s trade and a pickup in private investment. Fostering higher and inclusive growth and bolstering the external position require addressing impediments to private sector investment and improving external competitiveness. Critical reforms include further enhancing the business environment, promoting competition, and improving the governance and efficiency of public enterprises to lower factor costs, particularly in the telecommunications and electricity sectors.
Mr. Alexei P Kireyev
This paper reviews the significant macro-fiscal challenges posed by climate change in Djibouti and the costs of mitigation and adaptation policies. The paper concludes that Djibouti is susceptible to climate change and related costs are potentially large. Investing now in adaptation and mitigation has large benefits in terms of reducing the related costs in the future. Reforms to generate the fiscal space are therefore needed and investment for mitigation and adaptation to climate change should be built into the long-term fiscal projections. Finally, concerted international efforts and stepping up regional cooperation could help moderate climate-related macro-fiscal risks.
International Monetary Fund. Middle East and Central Asia Dept.
This 2016 Article IV Consultation highlights Djibouti’s expansion of its transportation and utilities infrastructure to leverage its strategic location as a shipping hub and host to military bases. The authorities’ development strategy, Vision Djibouti 2035, aims to transform the country into a middle-income economy and a logistics and commercial hub for all of eastern Africa. Growth is estimated to have reached 6.5 percent in 2016, driven by major public sector projects: the railroad to Ethiopia, the construction of several new ports, and a water pipeline from Ethiopia. Inflation rose to 3 percent on average in 2016, reflecting increased food and service prices.
International Monetary Fund. Middle East and Central Asia Dept.
This 2015 Article IV Consultation highlights that Djibouti’s economic growth, driven by large investment projects, continued its rapid pace in 2014. Aggregate investment reached 44 percent of GDP in 2014 and is expected to peak at 57 percent in 2015–16. GDP growth is expected to rise from 6 percent in 2014 to about 6.5 percent in 2015–16 and to 7 percent in 2017–19. Inflation is projected at 3 percent in 2015 and about 3.5 percent in 2016–18 as a large amount of infrastructure spending increases the demand for housing and services. Central bank gross foreign assets are projected to remain strong, permitting full currency board coverage over the period 2015–20.
International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues paper discusses the fiscal reforms needed for fiscal sustainability and inclusive growth in Djibouti. Djibouti is experiencing a predominantly debt-financed scaling up of public investment, which the authorities consider vital to boost growth and reduce widespread poverty and unemployment. Fiscal reforms will be needed to support fiscal consolidation and open up space for propoor expenditures that promote inclusive growth. Reform of the investment incentive framework and overall tax regime is also required to support fiscal consolidation and to level the playing field for investors and enhance revenue mobilization.
International Monetary Fund. Middle East and Central Asia Dept.
This 2014 Article IV Consultation highlights that Djibouti is undergoing an investment boom that would accelerate economic growth. Aggregate investment is projected to rise from 26 percent of GDP in 2010–13 to 52 percent in 2014–16. GDP growth is expected to rise from 6 percent in 2014 to about 7 percent in 2015–19. Inflation is projected to pick up from 3 percent in 2014 to 3.3 percent in 2015–19 as the large investment spending fuels demand for housing and basic services. Central bank gross foreign assets are projected to remain strong, permitting full currency board coverage over the period 2015–19.
International Monetary Fund. Middle East and Central Asia Dept.
The article is a review on Djibouti’s Extended Credit Facility (ECF) program and the performance of economic development in the program. The ECF program helped Djibouti to maintain macroeconomic stability, and the period underwent a transformation in the Djiboutian economy. The country saw an economic increase, and the banking system boomed. A positive thought of economic growth is projected in 2012, so plans were targeted to pursue fiscal reforms to improve debt sustainability, strengthening the banking sectors. The authorities of the Executive Board expect another program similar to the ECF.
International Monetary Fund
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.
International Monetary Fund
The modern economy of the Republic of Djibouti is based on rents directly or indirectly originating from the international port of Djibouti and from the country’s strategic position. The Poverty Reduction Strategy Paper discusses that the growth recorded over the last five years is essentially driven by the increase in foreign direct investment—but especially by the activities of the Port of Djibouti. The informal economy constitutes a major proportion of the economic activities of Djibouti and provides a livelihood for much of the Djibouti population.
International Monetary Fund
This 2008 Article IV Consultation highlights that Djibouti’s macroeconomic performance improved significantly, but inflation pressures are intensifying. Real GDP growth accelerated to 5.3 percent in 2007, driven mainly by foreign direct investment concentrated in the construction and port services. Executive Directors have welcomed Djibouti’s strong economic growth driven by large foreign direct investments in the port and other key sectors of the economy. Directors have also emphasized the importance of maintaining the fiscal consolidation objective, with a view to controlling inflation and creating fiscal space to finance the poverty reduction strategy.