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International Monetary Fund
This paper concludes that the existing framework remains broadly appropriate, but proposes methodological refinements to improve the assessment of market access, clarifies how serious short-term vulnerabilities are assessed, and proposes a modest extension of the transition period before graduation decisions become effective.
International Monetary Fund. African Dept.

Abstract

The macroeconomic outlook for sub-Saharan Africa continues to strengthen. Growth is expected to increase from 2.7 percent in 2017 to 3.1 percent in 2018, reflecting domestic policy adjustments and a supportive external environment, including continued steady growth in the global economy, higher commodity prices, and accommodative external financing conditions. Inflation is abating; and fiscal imbalances are being contained in many countries. Over the medium term, and on current policies, growth is expected to accelerate to about 4 percent, too low to create the number of jobs needed to absorb anticipated new entrants into labor markets.

Mr. Andrea F Presbitero, Mr. Dhaneshwar Ghura, Mr. Olumuyiwa S Adedeji, and Lamin Njie
What determines the ability of low-income developing countries to issue bonds in international capital and what explains the spreads on these bonds? This paper examines these questions using a dataset that includes emerging markets and developing economies (EMDEs) that issued sovereign bonds at least once during the period 1995-2013 as well as those that did not. We find that an EMDE is more likely to issue a bond when, in comparison with non-issuing peers, it is larger in economic size, has higher per capita GDP, and has stronger macroeconomic fundamentals and government. Spreads on sovereign bonds are lower for countries with strong external and fiscal positions, as well as robust economic growth and government effectiveness. With regard to global factors, the results show that sovereign bond spreads are reduced in periods of lower market volatility.
Cheikh A. Gueye and Mr. Amadou N Sy
Post debt relief, the number of African countries considering accessing international capital markets, often to fund large infrastructure projects, is increasing. Potential risks of capital inflows are well known but the literature offers little help to estimate the cost of borrowing internationally for the first time. This paper proposes a two-step approach to estimate the sovereign credit rating and interest rate cost of a country considering borrowing externally. Estimates can be used to assess the costs and benefits of different financing options. The method can also be used to construct foreign currency as well as domestic local currency yield curves.
International Monetary Fund

Abstract

The Annual Report to the Board of Governors reviews the IMF’s activities and policies during any given year. There are five chapters: (1) Overview, (2) Developments in the Global Economy and Financial Markets, (3) Policies to Secure Sustained and Balanced Global Growth, (4) Reforming and Strengthening the IMF to Better Support Member Countries, and (5) Finances, Organization, and Accountability. The full financial statements for the year are published separately and are also available, along with appendixes and other supplementary materials.

International Monetary Fund

Abstract

El Informe Anual a la Junta de Gobernadores pasa revista a las actividades y políticas del FMI durante un ejercicio determinado. Consta de cinco capítulos: 1) Panorama general, 2) Evolución económica y financiera mundial, 3) Políticas para lograr un crecimiento mundial sostenido y equilibrado, 4) Reforma y fortalecimiento del FMI para poder respaldar a los países miembros y 5) Finanzas, organización y rendición de cuentas. Los estados financieros completos correspondientes al ejercicio se publican por separado y también están disponibles, junto con los apéndices y otros materiales complementarios.

International Monetary Fund

Abstract

This 2003 Annual Report highlights that during FY2003, the IMF held bilateral (country) discussions with 136 members. It also took a number of steps to enhance the effectiveness of its surveillance and crisis prevention work. Among these efforts, it continued to develop a system to assess countries’ vulnerability to balance-of-payments crises. The Executive Board proposed improvements to assessment exercises under the IMF’s standards and codes initiative and the joint IMF-World Bank Financial Sector Assessment Program (FSAP), and supported proposals to enhance data provision for surveillance.

International Monetary Fund

Abstract

Le rapport annuel au Conseil des gouverneurs examine les activités et les politiques du FMI au cours d'une année donnée. Il comporte cinq chapitres : (1) Vue d'ensemble, (2) Évolution de l’économie mondiale et des marchés financiers, (3) Pour une croissance mondiale soutenue et équilibrée, (4) Réformer et renforcer le FMI pour mieux servir les États membres, et (5) Finances, organisation et responsabilisation. Les états financiers complets de l'exercice sont disponibles séparément, de même que les appendices et d'autres informations complémentaires.

International Monetary Fund

Abstract

The Annual Report to the Board of Governors reviews the IMF’s activities and policies during any given year. There are five chapters: (1) Overview, (2) Developments in the Global Economy and Financial Markets, (3) Policies to Secure Sustained and Balanced Global Growth, (4) Reforming and Strengthening the IMF to Better Support Member Countries, and (5) Finances, Organization, and Accountability. The full financial statements for the year are published separately and are also available, along with appendixes and other supplementary materials.