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Ms. Caroline M Kende-Robb and Mrs. Alison M Scott
This paper reviews some early interim and full PRSPs for countries with which the authors worked during 1999-2000 (Uganda, Burkina Faso, Tanzania, Mozambique, Mali and The Gambia). The purpose of the review is to compare and contrast how the PRSP process was established there. It finds that rapid progress was made in implementing the initiative in all the countries, increasing commitment to poverty reduction amongst government and donors and encouraging broader participation in the policy dialogue. However, there was considerable variation between the cases, reflecting different local contexts and capacities.
Ms. Yin-Fun Lum and Mr. Calvin A McDonald
This paper discusses the main operational issues involved in the implementation of interbank foreign exchange systems in selected African countries. The countries considered are The Gambia, Ghana, Kenya, Mozambique, Nigeria, and Sierra Leone. The paper finds that exchange rates in these markets tend to be determined through transactions between dealers and clients at the retail level, for the most part, rather than through wholesale interdealer transactions. Additionally, many factors continue to limit the full development of these markets. In particular, informational problems limiting “real time” quotes, inadequate competition in the market, and insufficient regulations to reduce exchange rate risk and encourage “true” interdealer transactions. Despite these limitations, the markets studied have improved the efficiency of foreign exchange allocation and substantially narrowed exchange rate differentials between the official and parallel markets.