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International Monetary Fund. External Relations Dept.

Enduring poverty and conflict are so stark in Africa that it is sometimes difficult to see what else is happening. In April 2011, a study published by the Columbia Journalism Review titled “Hiding the Real Africa” documented how easily Africa makes news headlines in the West when a major famine, pandemic, or violent crisis breaks. But less attention is given to positive trends and underlying successes. In many cases, despite accelerated economic growth over the past 10 years, the rise of a middle class of consumers, and a more dynamic private sector

International Monetary Fund. Communications Department

benefits of its growing population. Elsewhere in the issue, we tackle topics dominating news headlines, with articles by IMF First Deputy Managing Director David Lipton on China’s need for bold fiscal reforms, IMF economists Paul Cashin and Mehdi Raissi on the economics of El Niño, and IMF Middle East Chief Masood Ahmed on plunging oil prices. Rabah Arezki, Frederick van der Ploeg, and Frederik Toscani break new ground in their article on the latest trend in natural resource finds. For those readers fascinated by the subtleties of central bank communications, former

Alassane D. Ouattara

converge on the single objective of building institutions to release and support the initiative of each and every African. But I am also all too aware that African news headlines often tell a different tale, one of terrifying ethnic strife, cynical corruption, and widespread misery and disease. How can this hopeful agenda be reconciled with these stark realities? The answer lies in the power of human creativity, once it is released in a secure environment. An African renaissance is unfolding before our eyes. Most countries, through most of their years of independence

International Monetary Fund

building institutions to release and support the initiative of each and every African. But I am also all too aware that African news headlines often tell a different tale, one of terrifying ethnic strife, cynical corruption, and widespread misery and disease. How can this hopeful agenda be reconciled with these stark realities? The answer lies in the power of human creativity, once it is released in a secure environment. An African renaissance is unfolding before our eyes. Most countries, through most of their independence years, have been ruled by autocratic leaders

Sophia Chen, Ms. Deniz O Igan, Mr. Nicola Pierri, Andrea F. Presbitero, Maria Soledad, and Martinez Peria

gradual increase in mobility before official reopening may be due to lockdown fatigue and lower perceived risk from infection (for instance, because daily case numbers start coming down, or the outbreak is no longer the top story in the news headlines, or people update their beliefs about the virus every day they or someone they know do not get infected). The dynamics of hours worked can be partially explained by the fact that some services started operating even before the reopening (e.g., food deliveries and curbside pick-up). In addition, small businesses may have

International Monetary Fund. African Dept.

anti-corruption efforts was at the forefront of president Nyusi 2014 presidential campaign and was emphasized in his inauguration speech, promising zero tolerance with government corruption. However, progress has been slow with momentum building up only recently. A new anti-corruption plan was adopted in November 2016 after the disclosure of hidden loans. 4 This was also followed by other corruption cases making it to the news headlines ( Box 1 ). While Mozambique has an updated anti-corruption framework, it faces the challenge of effective implementation and

Mr. Shafik Hebous and Vitor Gaspar

-shifting practices. The salience of the issue in the public eye reached an unparalleled level with leaked records such as Lux Leaks and other major news headlines (see, for example, Bergin 2012 ). During the COVID-19 pandemic, some countries (including Belgium, Denmark, France and Poland) denied, or invoked the possibly of denying, tax reliefs for companies registered (or doing businesses) in “tax havens”. This gesture reflects an attempt to respond to the general public dissatisfaction with the taxation of multinationals. 5 This chapter summarizes a set of empirical

Mr. Dominique M. Guillaume, Mr. Roman Zytek, and Mr. Mohammad Reza Farzin

news headlines. 4 The Iranian authorities were clear from the outset that the main reform objective was to reduce waste and rationalize consumption. By compensating households for the energy price increases, most consumers would be better off because the higher energy price would discourage some marginal gasoline consumption, while the cash compensation would allow consumers to buy more other goods and services. Box 1 uses a numerical example to discuss the consumer optimization problem and the substitution and income effects of a compensated price increases

International Monetary Fund. Western Hemisphere Dept.

, 2019 . LatAm turns to Mexico’s year-old fintech law as a model for regulation . https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/50081755 UNESCAP . 2018 . “ E-government Development Index 2018 ”. United Nations , New York . https://www.unescap.org/sites/default/files/E-Government%20Survey%202018_FINAL.pdf Urrutia , J . 1989 . “ The cost of deposit insurance: Derivation of a risk-adjusted premium ”. Insurance: Mathematics and Economics , Vol. 9 , pp. 281 – 290 Wezel T. , Chan-Lau J. A. and F

Mr. Shafik Hebous

-shifting practices. The salience of the issue in the public eye reached an unparalleled level with leaked records such as Lux Leaks and other major news headlines (see, for example, Bergin 2012 ). During the COVID-19 pandemic, some countries (including Belgium, Denmark, France, and Poland) denied, or invoked the possibility of denying, tax reliefs for companies registered (or doing businesses) in what they refer to as “tax havens.” This gesture reflects an attempt to respond to the general public dissatisfaction with the taxation of multinationals. 4 This chapter summarizes a