This Selected Issues paper reviews West African Economic and Monetary Union’s (WAEMU) regional macroeconomic surveillance framework to control all sources of debt accumulation and ensure debt sustainability. WAEMU’s regional surveillance framework aims at ensuring the sustainability of national fiscal policies and their consistency with the common monetary policy. While fiscal deficits have been the main driver of public debt across WAEMU member countries, the size of residual factors has varied greatly among these countries. The WAEMU Macroeconomic Surveillance Framework would benefit from adjustments to more effectively set the region’s public debt on a sustainable path. In addition, beyond adhering to the WAEMU fiscal deficit rule, member countries must curb below-the-budget-line operations. This would require improved monitoring of fiscal risks and the building of adequate budget provisions to address such risks before they materialize. Improved Treasury practices would also help eliminate the recourse to pre-financing arrangements and tighten control over expenditure. Public dissemination of the WAEMU progress report and strengthened peer-to-peer learning among member countries could improve the momentum for reforms.
The West African Economic and Monetary Union (WAEMU) has a long and varied history, and this book examines how the WAEMU can achieve its development and stability objectives, improve the livelihood of its people, and enhance the inclusiveness of its economic growth, all while preserving its financial stability, enhancing its competitiveness, and maintaining its current fixed exchange rates.
The paper examines Senegal’s growth performance from the perspective of its povertyreducing and distributional characteristics, and discusses policies that might help make growth more inclusive. The main findings are that poverty has fallen in the last two decades, but poverty reduction has slowed in recent years. Although available indicators sometimes give conflicting signals on distributional shifts, people in the middle of the income distribution have received the most benefit, mainly in urban areas. Further progress in poverty reduction and inclusiveness would require sustained high growth and exploration of growth opportunities in the sectors with high earning potential for the poor. Better-targeted social policies and more attention to the regional distribution of spending would also help reduce poverty and improve inclusiveness.
The NDP aims at transforming Côte d’Ivoire into an emerging market and halving the poverty rate. The framework for poverty reduction can be improved by developing a program of targeted interventions to support growth in key strategic sectors, public investment management, maintaining fiscal and debt sustainability and implementation of energy sector reforms. The fiscal strategy focuses on scaling up public investment and sustainability. The public sector investment program and the macroeconomic projections of the PND are a good strategy. Risks to successful implementation are exogenous shocks, resistance to structural reforms, and sociopolitical instability in the country.
En Janvier 2009, le gouvernement de la Côte d’Ivoire a publié son premier document complet de stratégie de réduction de la pauvreté (DSRP), s’étendant sur la période allant de 2009 à 2015. Le DSRP a été discuté par les Conseils d’Administration de l’IDA et du FMI respectivement les 27 et 31 Mars 2009. Il est axé autour de 4 conclusions :(i) rétablissement et raffermissement des fondements de la République; (ii) transformation de la Côte d’Ivoire en un pays émergent; (iii) amélioration du bien-être pour tous; (iv) transformation de la Côte d’Ivoire en un acteur dynamique de la scène régionale et mondiale. En février 2011, le gouvernement de la Côte d’Ivoire a publié un Rapport d’Avancement du DSRP, sur la période s’échelonnant de 2009 à 2011. Aucun rapport annuel d’avancement n’a été élaboré en 2010 ou 2011.
This Joint Staff Advisory Note focuses on the progress report (PR) of the Poverty Reduction Strategy Paper (PRSP) for Côte d’Ivoire. The PR notes the difficulty of implementing the PRSP in a period of continued political crisis and civil conflict. It emphasizes that economic performance was affected by various domestic shocks. The PR highlights efforts to strengthen public financial management (PFM) and reform the cocoa sector. It also notes several actions undertaken to build and consolidate peace and strengthen social cohesion in the country.
This paper discusses key findings of the Poverty Reduction Strategy Paper (PRSP) for Côte d’Ivoire. The paper reveals that poverty is more acute in rural areas than in urban areas of Côte d’Ivoire. The increase of poverty is greater in the city of Abidjan, with about a 50 percent increase, compared with other towns where the rate of increase is slightly below 20 percent. As at the national level, poverty increased considerably at the level of development poles (regions) and differed from one pole to the other.
This Joint Staff Advisory Note focuses on the Poverty Reduction Strategy Paper (PRSP) for Côte d’Ivoire, and discusses poverty trends, the PRSP’s strategic pillars, and key outcomes sought, including a sound macroeconomic framework, and monitoring and evaluation arrangements. IMF staff supports the