Browse

You are looking at 1 - 10 of 23 items for :

  • International economics x
  • National Government Expenditures and Related Policies: General x
Clear All
International Monetary Fund. African Dept.

Abstract

Between 2002 and 2007 sub-Saharan Africa’s output grew annually by some 6½ percent—the highest rate in more than 30 years. But with the onset of the great recession, economic growth has faltered in many economies in the region; output is expected to expand by just 1 percent in 2009 (Table 1.1). This will cause per capita income in the region to decline by about 1 percent—the first such drop in a decade. Sobering as this picture is, it is ameliorated somewhat by the fact that prudent macroeconomic policies in recent years have given many countries some policy space to counter the effects of the slowdown. Provided this room is utilized and global economic growth recovers as currently expected, growth in sub-Saharan Africa should pick up to some 4 percent in 2010—although there are significant downside risks. Against this backdrop, IMF staff recommend that, wherever debt sustainability or already high inflation rates are not a binding constraint, fiscal and monetary policies should remain supportive until there are clear indications that the recovery is gaining momentum. In countries where financing is a problem, the focus should remain on containing macroeconomic imbalances lest these further undermine economic growth. For these countries, concessional financing is the most viable way to mitigate the impact of the slowdown on vulnerable groups.

International Monetary Fund. African Dept.

Abstract

The impact of the global financial crisis on sub-Saharan African (SSA) countries brings to the forefront the role of fiscal policy in stabilization and development. The fiscal impact of the crisis is large; in particular, revenues have suffered because of less economic activity and lower commodity prices. Because of their remarkable gains in raising growth and achieving economic stability, most sub-Saharan African countries are able to use available fiscal space to limit the impact of the crisis on growth and poverty, as recommended in the previous Regional Economic Outlook: Sub-Saharan Africa (IMF, April 2009).

International Monetary Fund

Abstract

One result of the IMF's move to increased openness are independent external evaluations of important IMF policies, to complement its own in-house evaluations. This paper, prepared by a team of evaluators, includes in addition to the external evaluation, a statement by Bernd Esdar, Chairman of the Executive Director's group concerned with external evaluations; the summing up by IMF Managing Director Michel Camdessus of the Executive Board's discussion of the report; the terms of reference; and the IMF staff's response to the evaluation.

International Monetary Fund. African Dept.

Abstract

Growth should reach 6 percent in 2007 (Table 1.1 and Figure 1.1), slightly lower than projected in the April Regional Economic Outlook: Sub-Saharan Africa but up from 5½ percent in 2006.1 The expansion partly reflects rising production in oil exporters and strong domestic investment in oil importers, fueled by continued progress with macroeconomic stability and reforms in most countries. The region also benefited from the external environment, including solid demand for commodities, increased capital inflows, and debt relief.

International Monetary Fund. African Dept.

Abstract

Many sub-Saharan African countries have been successful in their progress toward stabilizing their economies, thereby easing constraints on fiscal policy. The success in macroeconomic stabilization is reflected in strong growth, single-digit inflation, sustainable external current accounts, and high reserves, as outlined in Chapter 1 (Table 1.1). Debt relief has substantially improved debt sustainability. The G-7 countries have also promised to scale up aid to sub-Saharan Africa. Consequently, there is now less need to gear fiscal policy toward addressing macroeconomic imbalances.

International Monetary Fund

The macroeconomic outlook for 2010 on unchanged policies is daunting. Short-term risks are skewed to the downside and the medium-term outlook is bleak in the absence of significant improvement in policies. The macroeconomic outlook could significantly improve if policies are strengthened. Counting on a significant increase in donor financing and budget revenue, the approved 2010 budget ramped up both wages and capital expenditures. The recent increase in the wage bill has significant adverse macroeconomic implications. The medium-term fiscal position is clearly unsustainable.

Mr. Alfredo Cuevas

Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. In the context of the 2012 Article IV consultation with Zimbabwe, the following documents have been released and are included in this package

International Monetary Fund. African Dept.

Context. The authorities met all their commitments under the Staff-Monitored Program (SMP), despite economic and financial difficulties. Inadequate external inflows, lower commodity prices, the dollar appreciation, and the El-Niño-induced drought hurt economic activity. The authorities have started to rationalize civil service by exploiting opportunities for cost savings, amended the Public Financial Management and Procurement Acts for Parliament and Cabinet approval, respectively, and rid the financial sector of problem banks and reduced non-performing loans. They garnered broad support for their reengagement strategy from creditors and development partners, in particular their plans to clear arrears to the International Financial Institutions.

International Monetary Fund. African Dept.
This 2014 Article IV Consultation highlights that economic rebound in Zimbabwe experienced since the end of hyperinflation in 2009 has now ended. After averaging 10 percent over 2009–2012, growth fell to an estimated 3.3 percent in 2013, reflecting tight liquidity conditions, election-year uncertainty, weak demand for key exports, competitiveness pressures, and the impact of adverse weather conditions. Inflation continued its downward trend from 2.9 percent (year over year) at end-2012 to ?0.3 percent in April 2014. The medium-term outlook, under the baseline scenario, is for growth to average some 4 percent, as large mining sector investments reach full capacity.
International Monetary Fund
The macroeconomic outlook for 2010 on unchanged policies is daunting. Short-term risks are skewed to the downside and the medium-term outlook is bleak in the absence of significant improvement in policies. The macroeconomic outlook could significantly improve if policies are strengthened. Counting on a significant increase in donor financing and budget revenue, the approved 2010 budget ramped up both wages and capital expenditures. The recent increase in the wage bill has significant adverse macroeconomic implications. The medium-term fiscal position is clearly unsustainable.