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Business and Economics > Banks and Banking

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Cover Gender Equality and Economic Development in Sub-Saharan Africa
Gender Equality and Economic Development in Sub-Saharan Africa
Lisa L Kolovich
and
Monique Newiak

Abstract

Efforts to achieve gender equality will not only help sub-Saharan Africa revive its inclusive growth engine but also will ensure progress towards the Sustainable Development Goals and help address the main disruptive challenges of this century. This book explores the progress made in gender equality in the region, highlighting both the challenges and successes in areas such as legal reforms; education; health; gender-based violence; harmful practices, such as child marriage; and financial inclusion. It takes stock of initiatives towards integrating gender into core macroeconomic and structural reforms, such as through implementing gender budgeting and examines the role that fiscal and other policies can play in closing gender gaps when they are mindful of distributional impacts. Drawing from extensive research across different institutions, the book underscores the macroeconomic significance of gender equality, emphasizing its potential to drive GDP growth, enhance economic stability, reduce income inequality, and foster sustainable development. It lays out how gender gaps interact with emerging challenges, such as digitalization, and explores the impact of global megatrends, such as climate change, on gender inequality, offering strategies for inclusive policy responses—including in a context where women and girls are still carrying a disproportionate care burden that is often not captured in economic measurement. The book aims to serve as a roadmap for policymakers, stakeholders, and advocates seeking to harness the untapped potential of gender equality—for its own sake and for the region's inclusive, sustainable, and green development. It calls for concerted efforts to dismantle structural barriers, transform social norms, and prioritize gender-responsive policies to unlock the full economic potential of sub-Saharan Africa.

Keywords:
gender equality macroeconomics fiscal policies legal rights structural policies financial access sub-Saharan Africa gender analysis; child marriage; care work; female-to-male labor force participation ratio; completion rate; social media usage; Women; Gender inequality; Gender budgeting; Sub-Saharan Africa; Africa; Global; Middle East and Central Asia; Asia and Pacific
Cover Policy Papers
Interim Review of Access Limits Under the Poverty Reduction and Growth Trust and Initial Considerations for Access Limits under the General Resource Account
International Monetary Fund. Strategy, Policy, & Review Department
The interim review on PRGT access limits follows the call from the Executive Board in March 2023 and confirmed by the IMFC in October 2023. Low-income countries (LICs) face high economic uncertainty and pressures, while grappling with limited policy space and a funding squeeze. In March 2023, access limits under the General Resources Account (GRA) were temporarily increased for 12 months to give space for countries to face such economic pressures. The IMF Executive Board emphasized the importance of the alignment of the Poverty Reduction and Growth Trust (PRGT) access limits with those of the GRA that was achieved in 2021. The Board also agreed that, once substantial progress with PRGT fundraising toward the SDR 2.3 billion first-stage target for subsidy resources agreed in 2021 has been made—with total pledges of SDR 2 billion or more—access limits under the PRGT would be reviewed at an ad hoc interim review. This target has now been reached, paving the way for the review, also called for by the IMFC during the Annual Meetings in October 2023, in a context where the LICs’ economic challenges have further increased, including due to the risk of additional negative spillovers on the global economy stemming from the current geopolitical tensions and conflicts.
Keywords:
Poverty Reduction and Growth Trust; PRGT; low-income countries; LICs; General Resources Account (GRA); PRGT resource; PRGT financing strategy; PRGT lending; PRGT access norm; PRGT commitment; Concessional external borrowing; Debt sustainability; Poverty reduction strategy; Balance of payments need; Credit risk; Global
Cover IMF Staff Country Reports
Cabo Verde: Request for an Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Cabo Verde
International Monetary Fund. African Dept.
Cabo Verde’s economy is facing significant economic challenges associated with the lingering effects of the pandemic, as well as rising food and fuel prices triggered by the war in Ukraine. Climate change is also creating new difficulties after a fourth consecutive drought year. The economy rebounded strongly in 2021 following the COVID-19 induced recession in 2020, due in part to the authorities’ effective policy response, including one of the most successful vaccination programs in sub-Saharan Africa. However, the spillover effects of the Ukraine war are likely to weaken the economic recovery, worsen the fiscal and external positions, lead to higher inflation, and result in a substantial decline in international reserves. As a result, strong policy measures are needed to shore up international reserves, preserve debt sustainability, increase resilience to shocks, including climate change adaptation and mitigation, and make growth more inclusive.
Keywords:
central bank of Cabo Verde; Cabo Verdean authorities; ECF arrangement; government securities market; fiscal consolidation plan; transmission mechanism; Debt sustainability; Debt service; Debt sustainability analysis; Global; Sub-Saharan Africa; Africa
Cover IMF Staff Country Reports
Cabo Verde: Request for an Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Cabo Verde
International Monetary Fund. African Dept.
This paper presents Cabo Verde’s Request for an Arrangement under the Extended Credit Facility. Cabo Verde’s economy is facing significant challenges associated with the lingering effects of the global pandemic, as well as rising food and fuel prices due to the war in Ukraine and the impact of the ongoing five-year drought. The financing package will help mitigate the lingering impact of the coronavirus disease 2019 pandemic and the spillover effects of the war in Ukraine; reduce the fiscal deficit and preserve debt sustainability; protect vulnerable groups; and support a reform agenda that leads to higher and more inclusive growth. Key policy actions under the program include measures to boost revenue and improve the efficiency of spending, strengthen state-owned enterprises to mitigate fiscal risks, as well as measures to continue modernizing the monetary policy framework and safeguarding financial stability. Steadfastly implementing the authorities’ development plan will improve the business environment and help support private sector-led growth. Considering Cabo Verde’s high vulnerability to the effects of climate change, the planned bold steps to climate adaptation will be key to boost the economy’s resilience and growth potential.
Keywords:
central bank of Cabo Verde; Cabo Verdean authorities; ECF arrangement; government securities market; fiscal consolidation plan; transmission mechanism; Debt sustainability; Debt service; Debt sustainability analysis; Global; Sub-Saharan Africa; Africa
Cover IMF Staff Country Reports
Cabo Verde: Technical Assistance Report-Monetary and Financial Statistics Mission
International Monetary Fund. Statistics Dept.
At the request of the IMF’s African Department (AFR) and the Bank of Cabo Verde (BCV), a monetary and financial statistics (MFS) remote technical assistance (TA) mission from the IMF’s Statistics Department (STA) took place during January 18-29, 2021. The main objective of the mission was to assist the BCV in (i) reconciling the monetary accounts disseminated by the BCV with the monetary statistics submitted to STA for dissemination through International Financial Statistics and for internal use, in particular within AFR; (ii) improving the collection of data on sectoral distribution of credit by economic activity; and (iii) implementation of the IMF’s 2016 Monetary and Financial Statistics Manual and Compilation Guide (MFSMCG).The work of the mission was facilitated by the excellent collaboration of the BCV’s staff, in particular the Statistics and Economic Studies Department (DEE). The officials met during the mission are listed in Appendix I.
Keywords:
depository corporations survey; IMF's Statistics Department; central bank survey; BCV data; Statistics Department of the IMF; Offshore financial centers; Nonbank financial institutions; Commercial banks; Insurance companies; Monetary statistics
Cover IMF Staff Country Reports
Cabo Verde: Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Cabo Verde
International Monetary Fund. African Dept.
This paper presents Cabo Verde’s Request for Disbursement Under the Rapid Credit Facility (RCF). Mitigating measures taken by the authorities are aimed at preventing an extensive spread of the pandemic, and helping the private sector, households and vulnerable groups mitigate the fallouts of the pandemic. However, important challenges remain in view of the existing uncovered financing gaps and uncertainties on the duration of the pandemic, calling for financial support from Cabo Verde’s development partners. IMF financing under the RCF will provide additional foreign exchange and much-needed budget support. While addressing the impact of the coronavirus disease 2019 pandemic, the authorities should stand ready to resume reforms and policies needed to return the economy to its pre-pandemic medium-term trajectory, anchored in sustained growth, stronger external and fiscal positions, and declining ratio of public debt to gross domestic product. Beyond the crisis, the medium-term outlook remains broadly favorable, under the assumption of a recovery of the global economy, resumption of tourism and capital inflows, and the growth-enhancing reforms envisaged under the authorities’ Plan for Sustainable Development.
Keywords:
ISCR; CR; financing; authority; development partner; pandemic; emergency financing request; IMF lending tracker; Cabo Verde's economy; Banco de Cabo Verde; COVID-19; International reserves; Fiscal stance; Global; Western Europe
Cover IMF Staff Country Reports
Cabo Verde: First Review Under the Policy Coordination Instrument and Request for Modification of Targets
International Monetary Fund. African Dept.
This paper highlights Cabo Verde’s First Review Under the Policy Coordination Instrument (PCI) and Request for Modification of Targets. Performance under the PCI-supported program has been strong. All reform targets were met, with some measures put in place ahead of schedule; and all end-September 2019 quantitative targets were met, except for the floor on tax revenue, missed by a narrow margin due to lower-than-projected taxes on international trade. Economic prospects for 2020 are clouded by the expected impact of coronavirus disease 2019 (COVID-19), resulting from the global economic downturn and travel restrictions which adversely affect tourism flows, foreign direct investment and remittances. Coordinated support from Cabo Verde’s development partners will be needed to support the authorities’ efforts in addressing the economic and social impact of COVID-19. The medium-term outlook remains positive although risks are tilted to the downside. Growth is expected to rebound in 2021 and return to the pre-COVID-19 medium-term trajectory of about 5 percent as the global economy recovers, and the authorities maintain their structural reform efforts to improve the business environment and build the economy’s resilience to adverse shocks.
Keywords:
ISCR; CR; Cabo Verde's economy; development partner; Cabo Verde diaspora; economy; financial support; PCI program; macroeconomic performance; Cabo Verde's performance; PCI-supported program; Structural reforms; Global; Sub-Saharan Africa
Cover IMF Staff Country Reports
Democratic Republic of São Tomé and Príncipe: Selected Issues
International Monetary Fund. African Dept.
Selected Issues
Keywords:
ISCR; CR; food inflation; STP tourism receipts; inflation dynamics; STP's economy; food price inflation
Cover IMF Staff Country Reports
Democratic Republic of São Tomé and Príncipe: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper focuses on the prospects of growth in São Tomé and Príncipe (STP). This case study seeks explanations for STP’s relative under-performance and draws lessons for the future. It compares past economic developments in the islands and recommends policies that could most effectively foster future growth in STP. Country-specific characteristics as well as weak institutions contributed to STP’s relative underperformance since independence. Initial conditions, particularly regarding human capital and natural resources, contributed to STP’s relative underperformance, especially in the first decade after independence. Experience in the four island-states suggests that fiscal discipline, revenue mobilization, and a more active private sector, particularly in the tourism sector, may be key to tap STP’s growth potential. Fiscal discipline is needed to contain the fiscal deficit and bring the debt to a sustainable level. Continuing to strengthen public financial management, including implementing multiannual fiscal framework as recommended by the IMF technical assistance, would help.
Keywords:
ISCR; CR; food inflation; STP tourism receipts; inflation dynamics; STP's economy; food price inflation; Loans; Inflation; Nonperforming loans; Arrears; Tourism; Africa; Sub-Saharan Africa; Pacific Islands; Caribbean
Cover Policy Papers
The IMF’s Annual Macroprudential Policy Survey— Objectives, Design, and Country Responses
International Monetary Fund
As use of macroprudential policy tools is growing, the IMF has initiated an annual survey on macroprudential policy with its membership. The resulting new database provides information on policy measures taken by IMF member countries as well as on the institutional arrangements in place to support macroprudential policy. This paper provides detail on the design of the survey and a description of the results from the first edition of the survey, based on responses received from 141 jurisdictions. It reviews institutional arrangements in place across the membership, provides an initial description of the types of measures reported across regions, and describes recent changes in macroprudential policy settings reported by member countries.
Keywords:
PP; country; country response; nonbank; country submission; liquidity; countries indicating; multilateral analysis; countries in the Western Hemisphere; Macroprudential policy; Macroprudential policy instruments; Institutional arrangements for revenue administration; Systemic risk; Global; Western Hemisphere; Africa; Asia and Pacific; Europe