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Abstract
Africa has made remarkable strides across many development metrics, significantly improving life expectancy, literacy, health, and education. With its population set to double to around 2 billion by 2050, Africa’s economic trajectory will increasingly shape global dynamics. Central to this growth story are Africa’s economic and financial linkages with China, reflected in robust trade, foreign direct investment, and financing flows. These connections are bolstered by institutional frameworks like the Forum on China-Africa Cooperation, which aim to strengthen and expand this partnership. This book delves into the evolving Africa-China economic relationship, examining its many facets and the potential impact of China’s current trends on Africa’s future. It offers a multidimensional analysis, including the role of policy frameworks, capacity building, and fintech in promoting sustainable development. One chapter provides a comprehensive overview of official financing, detailing the Chinese government agencies driving the China-Africa economic partnership. Another explores the rapid evolution of fintech in both regions, highlighting its role in enhancing financial inclusion, spurring growth, and reducing income inequality. This offers valuable insights for other emerging markets and developing countries. The book also dedicates a chapter to China’s economic ties with the Maghreb countries, while discussions on global experiences in strengthening policy frameworks and capacity building offer crucial lessons for bolstering Africa’s institutional structures. With China poised to contribute a quarter of global economic growth over the next five years, it will remain a key player in shaping Africa’s economic future. However, the slowing of China’s economy, and its ongoing structural changes, will present both challenges and opportunities for African nations. By focusing on this important and evolving driver of growth in Africa, this book complements the IMF’s ongoing policy dialogue and financial support to African countries. The IMF’s deep experience in analysing spillovers is particularly relevant for the book’s assessment of the channels through which developments in China affect Africa.
Abstract
La multiplication des échanges commerciaux internationaux, les progrès des nouvelles technologies et l’évolution des modèles commerciaux constituent de nouveaux enjeux pour les administrations douanières. Cet ouvrage analyse les nombreux changements et défis que connaissent aujourd’hui les administrations douanières, et propose des moyens de résoudre les difficultés qu’elles peuvent rencontrer. Il expose les problèmes que les décideurs doivent prendre en compte pour élaborer la feuille de route de leurs réformes de modernisation.
Abstract
ظهرت تحديات جديدة أمام الإدارة الجمركية مع تزايُد حجم التجارة الدولية، وتطورات التكنولوجيات الجديدة، والتغيرات في نماذج الأعمال. هذا الكتاب يحلل التغيرات والتحديات العديدة أمام الإدارات الجمركية في الوقت الراهن ويقترح طرقا لمعالجة القضايا المحتملة. ويحدد الكتاب المشكلات التي يجب أن يأخذها صناع السياسات في الاعتبار مع قيامهم بوضع خرائط الطريق الخاصة بهم للإصلاحات الرامية إلى التحديث.
The IMF Caribbean Regional Technical Assistance Centre (CARTAC) conducted a technical assistance (TA) mission in Curaçao and Sint Maarten from October 3 to October 12, 2023. The mission aimed to support the Central Bank of Curaçao and Sint Maarten (CBCS) in enhancing its Financial Stability Report (FSR) by improving financial stability assessments, strengthening the analytical framework, and refining credit risk modeling. The mission reviewed the latest available FSR and provided recommendations to improve its structure, analytical depth, and communication strategy. A key focus was on developing sectoral credit risk models to assess the impact of macroeconomic conditions on non-performing loans (NPLs) and overall financial stability. The mission also introduced the Bayesian Model Averaging (BMA) approach as a methodology for addressing model uncertainty and provided an initial estimation framework for sectoral credit risk modeling. In addition, discussions covered broader aspects of financial stability, including stress testing, interconnectedness, emerging risks such as climate and cyber risks, and the integration of financial stability indicators with regulatory frameworks. Several recommendations were made to further enhance the FSR and its underlying framework. The text of the report should be streamlined to avoid repetition and focus on key financial stability risks and vulnerabilities. The analytical toolkit should be made more forward-looking by incorporating stress testing results based on macroeconomic scenarios. The report should provide clearer communication of regulatory frameworks and financial stability indicators across all segments of the financial system, including banks, insurance companies, and pension funds. The CBCS should also strengthen its data management framework by consolidating all financial stability-related data into a centralized data warehouse and exploring the feasibility of establishing a credit register for more granular risk assessment. To ensure more effective communication, the FSR should be actively promoted as the CBCS’s flagship financial stability publication, supported by cross-departmental discussions during its development. The external communication strategy could be enhanced by organizing press briefings, media interviews, and online dissemination efforts. Additionally, emerging risks such as climate change and cybersecurity should be consistently covered in future reports. These enhancements will help improve the quality, transparency, and forward-looking nature of financial stability assessments in Curaçao and Sint Maarten, strengthening macroprudential oversight and risk management in the region.