Ms. Laure Redifer, Mr. Emre Alper, Mr. Neil Meads, Tunc Gursoy, Ms. Monique Newiak, Mr. Alun H. Thomas, and Samson Kwalingana
This paper explores some of the key factors behind Rwanda key successes, including unique institution-building that emphasized governance and ownership; aid-fueled and government-led strategic investment in people, infrastructure, and high-yield economic activity;
re-establishment and expansion of a domestic tax base; policies to reduce aid dependency by attracting private investment and bolstering exports; and a purposeful strategy to harness the economic power of gender inclusion.
This paper presents stylized facts on the quantitative and qualitative infrastructure gap in the West African Economic and Monetary Union (WAEMU), estimates the efficiency of public investment, and recommends how to improve it. The WAEMU countries face an important common challenge of creating sufficient fiscal space to finance ambitious growth, development, and poverty-reduction programs in individual countries. This paper also provides comparative evidence of the situation of WAEMU in several areas of financial development relative to groups of benchmark countries. The state of inclusion in the WAEMU along three dimensions—poverty, income inequality, and gender inequality—is also examined in this paper.
Since the IMFC last met in April, the Executive Board has taken up the full range of quota and other governance reforms. While there has been some movement on the many complex issues, discussions have been inconclusive, and no proposal has been able to command broad support. The concluding remarks that sum up these meetings lay out the various positions taken by members of the Board (attached). The debate is continuing, and we hope to make progress on finding the possible elements of a compromise acceptable to the membership.