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International Monetary Fund. Middle East and Central Asia Dept.

Djibouti is expanding its infrastructure to leverage its strategic location and foster growth, reduce poverty, and create jobs. The remarkable investments in ports and railways-started in 2015 and mostly debt-financed by financial institutions from China-presents opportunities as well as risks. With public debt rising from 50 to 85 percent of GDP in just two years, the authorities need to advance rapidly with critical reforms. Such reforms would aim at translating the investment boom into strong, inclusive, and job-creating growth to reduce poverty and return to a sustainable debt trajectory given the current high risk of debt distress. While there is strong ownership of such reforms under the authorities' Vision Djibouti 2035, close government coordination will be needed to ensure their effective implementation.

International Monetary Fund
The fourth review of Djibouti’s economic performance under the Extended Credit Facility (ECF) arrangement highlights that the authorities maintained fiscal discipline in 2010, but fiscal performance weakened in the first months of 2011. The authorities made progress toward tackling high input costs, which hinder the development of the private sector. The Djibouti authorities remain committed to the IMF program, especially in the areas of fiscal discipline and structural reforms in tax revenue, public financial management, bank supervision, and central bank governance.
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
International Monetary Fund. Middle East and Central Asia Dept.
This 2016 Article IV Consultation highlights Djibouti’s expansion of its transportation and utilities infrastructure to leverage its strategic location as a shipping hub and host to military bases. The authorities’ development strategy, Vision Djibouti 2035, aims to transform the country into a middle-income economy and a logistics and commercial hub for all of eastern Africa. Growth is estimated to have reached 6.5 percent in 2016, driven by major public sector projects: the railroad to Ethiopia, the construction of several new ports, and a water pipeline from Ethiopia. Inflation rose to 3 percent on average in 2016, reflecting increased food and service prices.
International Monetary Fund
This paper on the Staff-Monitored Program (SMP) on Djibouti explains economic developments and policy discussions. Djibouti faces important challenges to reduce widespread poverty. Since the mid-1990s, the government has been engaged in adjustment and reform programs to restore macroeconomic stability and achieve sustainable economic growth. The proposed policies and reforms should be sufficient to achieve the SMP’s objectives. Overall, the program will test the authorities’ resolve to implement policy reforms. Steps have been taken as part of prior actions to control the wage bill and improve transparency.
International Monetary Fund. Middle East and Central Asia Dept.

Djibouti is expanding its infrastructure to leverage its strategic location and foster growth, reduce poverty, and create jobs. The remarkable investments in ports and railways-started in 2015 and mostly debt-financed by financial institutions from China-presents opportunities as well as risks. With public debt rising from 50 to 85 percent of GDP in just two years, the authorities need to advance rapidly with critical reforms. Such reforms would aim at translating the investment boom into strong, inclusive, and job-creating growth to reduce poverty and return to a sustainable debt trajectory given the current high risk of debt distress. While there is strong ownership of such reforms under the authorities' Vision Djibouti 2035, close government coordination will be needed to ensure their effective implementation.