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International Monetary Fund

Tariff Gap (US$/MWh) 43 36 41 38 37 38 49 Electricity Generation Cost (US$/MWh) 174 183 186 183 181 180 186 Electricity from Non-Renewable Sources (percent of total) 68 66 67 68 70 71 75 Electricity Sector’s Oil Bill (percent of GDP) 4.9 5.0 5.0 4.8 4.7 4.6 4.4 Electricity Sector Debt (percent of GDP) 2.9 4.1 5.5 6.7 7.8 8.8 12.1 Transfer to Consumers 1.9 3.0 4.1 5.1 6.0 6.8 10.1 Net Debt to Generators 1.0 1.2 1.4 1.7 1.9 2.0 2

International Monetary Fund

186. A “tariff gap” has opened between Nigeria, on the one hand, and regional trade partners and selected oil exporters, on the other, as the latter have lowered tariffs more than Nigeria ( Figure VI-2 ). The tariff gap that has opened against ECOWAS and West African Economic and Monetary Union (WAEMU) partners results in part from progress in introducing common external tariffs in WAEMU and, to a lesser extent, in ECOWAS. For example, Benin has 4 tariff bands, at 0, 5, 10, and 20 percent. By comparison, Nigeria has more than 20 bands, rising to 150 percent. Both

Mr. Alexei P Kireyev and Mr. Gaston K Mpatswe

over recent years; despite significant budgetary transfers, its net income has been negative since 2005 (except in 2009). This situation culminated in a major power crisis in 2010–11, with regular power outages affecting the well-being of the population and economic activity. An emergency plan (“Takkal”) was put in place in 2011 to address the situation. Tariff Gap and Quasi-Fiscal Costs The setting of the tariff follows a well-defined regulatory process. SENELEC’s customers are billed based on the amount of kWh of electricity they consume. Prices are

International Monetary Fund

remain at current levels, these losses will remain high and require expenditure reallocation in 2012. Staff urges the authorities to accelerate reforms of SENELEC and to consider options to reduce the tariff gap. 19. Staff supports the authorities’ plans to continue improving the tax system and PFM . A major reform of the tax code should make it more efficient and broaden the tax base by reducing tax expenditures. While supporting the objective of strengthening revenue collection, staff regrets the hasty introduction of new ad hoc taxes or levies, which are likely

International Monetary Fund. African Dept.

Fund request to Bank Update on the implementation of prior actions for budget support Note December 2014 WB programs in the social sector and education Information sharing Continuous Energy sector reforms Information sharing, estimation of the tariff gap, expertise of the investment plan Continuous Bank request to Fund Set of macro tables Updates on macro developments Continuous C. Agreement on joint products and missions Joint products Debt sustainability analysis Debt management 2014

International Monetary Fund. African Dept.

/23/2015 FAD Fiscal reporting (pending approval of EC project) 1/12/2015 1/25/2015 FAD Cash management 2/1/2015 2/14/2015 FAD Budget process (pending approval of EC project) 3/2/2015 3/15/2015 B. Requests for work program inputs Fund request to Bank Update on the implementation of prior actions for budget support Note December 2014 WB programs in the social sector and education Information sharing Continuous Energy sector reforms Information sharing, estimation of the tariff gap, expertise of the

International Monetary Fund
The paper is an elaborated report on Nicaragua’s potential economic growth. The challenges and idiosyncratic shocks were immense but the policies of better education, labor contracts, and accomplishments in public investments paved the way for movement of the economy. The external competitiveness and exchange rate assessment also have an important hand. The achievements in the electricity sector and the improvement in reforming the pension system are the prominent aspects. On the whole, the Board considers this growth as a positive trial of development in the global panorama.
International Monetary Fund

.7 26.5 29.7 28.3 27.3 investment in autoroute 1.4 1.6 0.2 0.4 1.0 0.2 energy sector projects 0.0 0.0 0.0 3.1 2.0 2.0 tariff gap 0.0 0.0 0.0 0.7 0.5 0.4 leasing 0.0 0.0 0.0 0.4 0.3 0.0 investment by FSE 0.0 0.0 0.0 0.0 0.3 0.3 recapitalization of SENELEC 0.0 0.0 0.0 0.6 0.0 0.0 other investment 0.0 0.0 0.0 1.5 0.9 1.4 other expenditure 26.6 26.1 26.3 26.1 25.2 25.1 Overall fiscal balance

International Monetary Fund. African Dept.

generation capacity in more cost-effective technologies, will need to move forward without further delay. Increased private sector involvement could help improve service delivery and reduce costs to the state. The restructuring of the national electricity company, including actions to improve the quality of its services, while reducing tariff gaps and the ensuing fiscal costs, are urgent priorities. 17. The importance of other infrastructure projects is acknowledged but more details would be welcome . Several major infrastructure projects were launched by the previous

International Monetary Fund. African Dept.

in the medium term. MEFP ¶13-14 12. Improving the efficiency of the social safety nets is another important objective . Social safety nets remain very limited and as a result the authorities rely to a large extent on food and fuel price subsidies. 1 Staff recognized that these subsidies are easy to implement but they have the major drawback of being poorly targeted, which makes them very costly. Explicit subsidies to electricity consumption, as measured by the annual budgetary transfer to the power utility SENELEC to compensate for the tariff gap, are expected