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Jeffrey A. Katz

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

International Monetary Fund. African Dept.

Mali’s territorial integrity is threatened, questioning its internal capacity to face challenges and especially to ensure the physical safety of goods and individuals. The government is committed to implement all measures to overcome this situation. More specifically, it will increase political and diplomatic actions for a quick and successful crisis outcome, maintain peace and security, revive economic activity, maintain social gains and target the poorest populations, fight against corruption and financial crime, and improve revenue mobilization to reduce dependence on aid.

International Monetary Fund

Niger’s medium-term fiscal policy aims to support the growth strategy by creating fiscal space for increasing development spending while maintaining external debt sustainability. Economic activity in recent years has been affected by large swings in agricultural production. The authorities’ program is aimed at maintaining macroeconomic stability while increasing resilience to shocks; strengthening public finance and debt management; and supporting private and financial sector development. Medium-term fiscal policy will aim at maintaining debt sustainability while creating room for increased development spending.

International Monetary Fund. African Dept.

Economic activity was buoyant in Niger thanks to a new oil project, contributing to a strengthened external account and a rebound in agricultural production. Economic developments, however, remained vulnerable to climatic shocks and the fragile security situation in the region. Fiscal developments were affected by shortfalls in oil and customs revenue credit to the private sector. The government budget has been made with the objective of maintaining macroeconomic stability while advancing development. The implementation of the financial sector development strategy and poverty reduction strategy is required.

International Monetary Fund. African Dept.

This paper discusses Niger's Sixth and Seventh Reviews Under the Extended Credit Facility Arrangement, Request for Waivers of Nonobservance of Performance Criteria (PC), Request for Augmentation of Access, and Extension of the Current Arrangement. Niger's growth slowed in 2015 owing to lower agricultural and natural resource sectors activity. Over the medium term, real economic growth is expected to pick up as major projects in oil and mineral extraction come to fruition. The IMF staff supports the authorities' request for waivers for the unmet PC on domestic financing and domestic arrears repayments at end-December 2014, and that of domestic financing at end-June 2015.

International Monetary Fund

Niger’s First Review Under the Poverty Reduction and Growth Facility, and Requests for Waiver of Nonobservance of Performance Criteria and Augmentation of Access are discussed. The sharp rise in food prices pushed up inflation in 2005, while the food shortage affected one-fourth of the population, resulting in malnutrition and the spread of diseases, especially among children. Increased drought-related imports and a significant deterioration in the terms of trade, mainly because of higher oil prices, have weakened Niger’s external position.

International Monetary Fund

This paper discusses key findings of the Third Review Under the Extended Credit Facility (ECF) for Niger. Program implementation to date is satisfactory and all quantitative performance criteria at end-June 2009 were met. The revenue performance is strong and domestic arrears repayment higher than anticipated. All indicative targets at end-September were observed, confirming these trends. On the structural front, the authorities have implemented measures to strengthen debt management, improve budget monitoring, and enhance the business environment.

International Monetary Fund. African Dept.
This paper reviews Mali’s 2012–2017 Poverty Reduction and Growth Strategy Paper. Mali’s GDP was CFAF 1,741.89 billion in 2012; real growth was ?1.2 percent, that is, excluding inflation (2.7 percent in 2011). The decline of 3.9 points in growth between 2011 and 2012 was finally stemmed, despite the major shocks that Mali had to face in 2012. The dual security and institutional shock had a negative impact on the entire economy, and more particularly on certain subsectors such as construction and public works, the hotel industry, and commerce. The GDP growth rate was ?1.2 percent in 2012, compared with 2.7 percent in 2011.
International Monetary Fund
This paper discusses the progress report on the National Economic Empowerment and Development Strategy (NEEDS) for Nigeria. The NEEDS 2004–07 is Nigeria’s reform based medium-term plan for economic recovery, growth, and development. Fiscal and monetary policies have been carefully managed in the implementation of NEEDS. A major budget reform introduced under NEEDS was the Oil Price Based Fiscal Rule and Medium Term Expenditure Framework (MFEF), which has enhanced macroeconomic stability by delinking government expenditure from the price of oil.
International Monetary Fund
This paper discusses key findings of the 2004 Status Report on Poverty Reduction Strategy Paper (PRSP) for Niger. The report assesses economic and financial performance, as well as progress in implementing sectoral policies and strategies in 2004. Analysis of the economic and financial situation in 2004 confirms the vulnerability of Niger’s economy to the vagaries of the weather, as reflected in a fluctuating rate of economic growth. The growth rate in 2004 was -0.6 percent, versus 3.8 percent in 2003, owing to a drop in agricultural output.