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Bryn Battersby and Mr. Ian Lienert
This paper examines the institutional arrangements of the macro-fiscal function in 16 African countries. Most ministries of finance (MoFs) have established a macro-fiscal department or unit, but their functions, size, structure and outputs vary considerably. Based on a survey, we present data on staff size, functional scope and the forecasting performance of macro-fiscal departments and identify common challenges in the countries reviewed. Some MoFs perform many macro-fiscal functions, but actions of various kinds are needed to strengthen their macro-fiscal departments. This paper provides some guidance for policy-makers in the region for enhancing the quality and scope of macro-fiscal outputs.
International Monetary Fund. Fiscal Affairs Dept.
This Technical Assistance Report discusses the technical advice and recommendations of the IMF mission to the authorities of Mauritius regarding implementation of an accrual accounting framework and the adoption of international standards. It is recommended that the International Public Sector Accounting Standards be applied by all public sector entities unless the primary objective of the entity is return on investor equity. This will simplify the framework and the implementation effort and will lead to efficiencies in the preparation of consolidated financial statements. Moreover, the accrual financial statements should be compared and reconciled with budget and budgetary reports.
International Monetary Fund. African Dept.
This paper discusses key issues related to Senegal’s economy. Government proposals for constitutional reforms were approved by 63 percent of the vote in a referendum held on March 20, 2016. Growth was robust at 6.5 percent in 2015 and is projected to continue at a similar level this year. Although the economic outlook remains favorable, downside risks remain. Economic policies and structural reforms are needed to sustain growth and continued fiscal consolidation to meet regional convergence criteria. To keep growth buoyant, steadfast action is needed in following three areas: (1) improving business environment to open economic room for small- and medium-sized enterprises and foreign direct investment; (2) strengthening public financial management and governance; and (3) rebuilding government's fiscal space.
International Monetary Fund. African Dept.
This paper discusses Senegal’s Request for a Three-Year Policy Support Instrument (PSI). Performance under the two previous PSIs was mixed. The new PSI aims to support a three-year program of macroeconomic reforms designed to advance the authorities’ growth strategy—Plan Senegal Emergent (PSE). The growth goals enshrined in the PSE are achievable provided reforms are successfully implemented. Early signs indicate positive momentum owing to observed progress in reform implementation and favorable external factors. However, more remains to be done to solidify this momentum. Also, there are significant but manageable risks, which include sluggish implementation of reforms and election-driven pressures in 2016 and 2017. The IMF staff supports the authorities’ request for a PSI.
Mr. Alexei P Kireyev and Mr. Ali M. Mansoor
Cette publication du département Afrique dresse le bilan des réalisations du Sénégal au cours des dernières années dans le cadre de programmes appuyés par le FMI et indiquent des domaines de réforme essentiels pour l'avenir. Les services du FMI analysent la nouvelle stratégie de développement du Sénégal, le « Plan Sénégal émergent », qui vise à faire du Sénégal un pays émergent d'ici 2035.
Mr. Alexei P Kireyev and Mr. Ali M. Mansoor
This Departmental Paper takes stock of Senegal’s achievements in the past few years under IMF-supported programs and identifies key reform pillars for the future. IMF staff analyses Senegal's new development strategy, Plan Sénégal Emergent, which aims to make Senegal an emerging market economy by 2035.
International Monetary Fund. African Dept.
International Monetary Fund. African Dept.
This Selected Issues paper on Senegal revisits the challenges of emergence by tapping on the experience of other countries across the world that became emerging economies in the past two decades. It then looks at the preconditions needed for growth acceleration in Senegal. The paper also discusses options for strengthening Senegal’s fiscal framework to support Plan Sénégal Emergent (PSE) implementation while keeping risks of debt distress low. It provides an assessment of Senegal’s external stability and explores how to improve the structure of the Senegalese economy to make it more competitive with more diversified exports. The paper describes the electricity problem as a major impediment to growth acceleration. Improved revenue performance and expenditure composition are critical for creating the fiscal space to support the PSE. There is an opportunity cost for development spending, as the economy still faces bottlenecks from high electricity costs and insufficient electricity production. The share of the population living below the poverty line and its exposure to shock remains unacceptably high.
International Monetary Fund
The proposed FY 14–16 Medium-Term Budget was formulated within the Fund’s strengthened strategic planning framework and seeks to align the allocation of resources to the delivery of institutional priorities. Despite the additional resources that have been provided to meet crisis demands, crisis related work and overall work pressures remain elevated. At the same time, available resources are not being fully utilized. Therefore, the budget strategy—instead of asking for further additional resources—is geared toward making more efficient use of existing resources to reduce work pressures and meet new demands.