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International Monetary Fund. African Dept.

This paper discusses Côte d'Ivoire's Eighth Review Under the Extended Credit Facility (ECF) Arrangement. The macroeconomic outlook remains strong with high projected growth rates supported by sustained improvements in the business climate and rising private investment, including in large private-public infrastructure projects. Risks to the near-term growth outlook are moderately tilted to the downside. Adverse weather owing to El Niño could lower output, and the failure to contain fiscal risks could weaken the fiscal accounts. The IMF staff supports the authorities' request for completion of the eighth ECF review.

International Monetary Fund
New commitments under programs supported by the Poverty Reduction and Growth Trust (PRGT) amounted to SDR 0.6 billion during the first nine months of 2014, and disbursements on existing arrangements amounted to about SDR 0.3 billion through end-August. While this level of demand is low by historical standards, new commitments for 2014 as a whole could still exceed SDR 1 billion. These projections are, however, subject to considerable uncertainty regarding progress with ongoing program negotiations.
International Monetary Fund. African Dept.
Côte d’Ivoire's government decided on the National Development Plan to give a new impetus to its development policy. This new strategy is based on an ambitious and realistic recovery and development program centered on private and public investment. The institutional monitoring framework for the implementation of the 2012–15 NDP includes five organs working together for a vibrant, sustained, inclusive, and all-embracing economic growth. The total cost of investments arising out of the proactive scenario, “the Triumph of the Elephant,” stands at 11,076 billion with equal share given to public and private sectors.
Mame Astou Diouf and Mr. Francois Boutin-Dufresne
The West African Economic and Monetary Union (WAEMU) regional securities market saw increasing activity in the last decade, but still fell short of supplying sufficient long-term financing for growth-enhancing public and private investment projects. In addition to providing an institutional background, this paper studies recent developments and the determinants of interest rates on the market—using yield curve and principal component analyses. It also identifies challenges and prospective reforms that could help the region reap the full benefits of a more dynamic securities market and assesses the potential systemic risk the market may pose for the region’s banking system.
Mr. Montfort Mlachila and Mr. Tidiane Kinda
With the exception of Burkina Faso and Mali, the growth experience for WAEMU countries has been disappointing, even when compared to other sub-Saharan African (SSA) countries. The main objective of the paper is to investigate why the quest for a growth takeoff has been more elusive in the WAEMU countries compared to other SSA countries. To do this, the paper focuses on the determinants of growth accelerations and decelerations in SSA and the WAEMU. It finds that the variables most closely associated with growth accelerations and decelerations in SSA are changes in terms of trade, private investment, civil tension, real exchange rates, and inflation. Second, as found elsewhere in the literature, there is a certain asymmetry between accelerations and decelerations, in both frequency and determinants, and that the WAEMU region is quite different from the rest of SSA.
International Monetary Fund


This paper provides an analysis of the Tribunal’s jurisprudence for the period is provided in an introductory chapter, “Developments in the Jurisprudence of the International Monetary Fund Administrative Tribunal: 2003–2004.” The standard of review, understood as describing the relationship between the Administrative Tribunal and the decision maker responsible for the contested decision, represents the degree of deference accorded by the Tribunal to the decision maker’s judgment. The standard of review is designed to set limits on the improper exercise of power and represents a legal presumption about where the risk of an erroneous judgment should lie. In defining the Tribunal’s standard of review in disability retirement cases, the Tribunal clarified its relationship to the channels of administrative review as follows. The Tribunal confirmed its authority to make both findings of fact and conclusions of law, and therefore to review de novo the legality of an administrative act of the IMF.

International Monetary Fund
This paper discusses implementation of the Poverty Reduction Strategy (PRS) in Liberia. Liberia’s PRS articulates the government’s overall vision and major strategies for moving toward rapid, inclusive, and sustainable growth and development during the period 2008–11. This paper provides the context for the PRS by describing the conflict and economic collapse, the transition beyond conflict, and the initial progress achieved during the past two years. It stresses that Liberia must create much greater economic and political opportunities for all its citizens and ensure that growth and development are widely shared.
Mr. Amadou N Sy
This study assesses the degree of financial integration in the West African Economic and Monetary Union (WAEMU). The structure of the financial sector and its institutional arrangements indicate that financial integration is well advanced in some aspects. Common and foreign ownership of banks is very high and cross-border transactions are frequent in the government securities markets. Common institutions help achieve a high degree of similarity of rules. There is nonetheless scope for further financial integration as indicated by persistent deviations from the law of one price, limited cross-border bank transactions, and differences in treatment. Policy measures could therefore help achieve greater financial convergence.
Dorothy Engmann, Mr. Ousmane Dore, and Benoít Anne
This paper evaluates the impact of the sociopolitical crisis in Côte d'Ivoire on the economies of its neighbors. Using a nonsubjective weighted index of regional instability in cross-country time-series regressions, it shows that the increase in regional instability caused by domestic instability in Côte d'Ivoire had a negative effect on the growth performance of its most direct neighbors, but no significant effect on the subregion as a whole including the West African Economic and Monetary Union (WAEMU). The paper also examines the channels through which such spillover effects took place.