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Business and Economics > Public Finance

You are looking at 1 - 10 of 196 items for :

  • Type: Journal Issue x
  • Côte d'Ivoire x
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Cover IMF Staff Country Reports
Côte d'Ivoire: Second Reviews Under Extended Arrangement Under the Extended Fund Facility and Under the Arrangement Under the Extended Credit Facility, and Request for Modification of Quantitative Performance Criteria, and the First Review Under the Resilience and Sustainability Facility Arrangement-Press Release; and Staff Report
International Monetary Fund. African Dept.
This paper discusses Côte d'Ivoire’s Second Review under Extended Arrangement under the Extended Fund Facility and under the Arrangement under the Extended Credit Facility, and Request for Modification of Quantitative Performance Criteria, and the First Review under the Resilience and Sustainability Facility Arrangement. Côte d’Ivoire’s economy remains resilient against a still difficult global backdrop. Notwithstanding lower than expected cocoa production, the medium-term outlook remains favorable and has been boosted by still strong consumption and investment demand, as well as new activity in the hydrocarbon exploration and production sector. The authorities remain firmly committed to boosting tax revenue into the medium term, and to implementing the medium-term revenue strategy (MTRS) approved in May 2024. Adoption of a comprehensive MTRS is a significant reform, which provides an overall vision for tax policy and administration reforms to ensure that domestic revenue mobilization is self-sustaining and commands broad public support. The debt management operation has been instrumental in ensuring that debt sustainability risks remain within the moderate rating of debt distress. Maintaining momentum on structural reforms under the program will be critical to support the objectives of the national development plan.
Keywords:
Ivorian authorities; debt sustainability risk; EFF review; exchange rate; RSF objective; ECF arrangement; reform implementation; administration reform; Debt sustainability; Climate finance; Global; West Africa
Cover Selected Issues Papers
Securing Fiscal Discipline and Credibility in WAEMU: WAEMU
Ljubica Dordevic
and
Olivia Y Ibrahim
Fiscal consolidation and the reintroduction of the WAEMU fiscal framework is crucial for maintaining debt sustainability, external viability, and financial stability. The 3 and 70 percent of GDP deficit and debt ceilings envisaged by the expired rule remain appropriate, while addressing the stock-flow adjustments will help rebuild fiscal buffers. Convergence to a fiscal deficit of 3 percent of GDP should be ensured by 2025— barring exceptional circumstances—with focus on domestic revenue mobilization, while controlling expenditure. To secure fiscal discipline and credibility, it is essential to revamp the fiscal rule with a credible debt correction mechanism and exogenous escape clauses.
Keywords:
monetary union; fiscal policy; fiscal consolidation; fiscal rules; debt; stock flow adjustment; stock-flow adjustment; credibility in WAEMU; deficit ceiling; deficit target; deficit rule; Debt sustainability; Fiscal space; Global
Cover IMF Staff Country Reports
Côte d’Ivoire: Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Côte d’Ivoire
International Monetary Fund. African Dept.
This paper presents Côte d’Ivoire’s Request for an Arrangement under the Resilience and Sustainability Facility (RSF). Côte d’Ivoire is exposed and vulnerable to climate change. Rising temperatures, rainfall disruptions, flooding, rising sea levels and coastal erosion are major challenges and represent recurring risks for resilient, sustainable, and inclusive economic growth. The authorities have made strong commitments to reduce the adverse effects of climate change and have developed several government initiatives with development partners’ involvement. The end-December 2023 structural benchmarks (SBs) to adopt a timeline to close government accounts with commercial banks and end-December 2023 SB on the use of e-procurement have also been met. The RSF arrangement will support the reforms of the Ivorian authorities to strengthen adaptation and mitigation, particularly in the areas of agriculture, transport, infrastructure, and public financial management. The strong collaboration with development partners should ensure complementarity of all actors’ programs to support the country’s reform agenda.
Keywords:
RSF arrangement; ECF arrangement; Ivorian authority; RSF program; ECF review; RSF request; Climate change; Climate finance; Greenhouse gas emissions; West Africa; Global
Cover IMF Staff Country Reports
West African Economic and Monetary Union: Staff Report on Common Policies for Member Countries-Press Release; Staff Report; and Statement by the Executive Director for the West African Economic and Monetary Union
International Monetary Fund. African Dept.
This paper presents 2024 discussions on Common Policies of Member Countries of the West African Economic and Monetary Union (WAEMU). The WAEMU has proved resilient amid significant adverse shocks, maintaining strong growth estimated at 5.1 percent in 2023. Inflation has fallen rapidly from its 2022 peaks and is now back within the 1–3 percent target range. Fiscal policy needs to ensure a credible medium-term commitment to debt sustainability, while keeping deficits consistent with available financing. The financial sector has been resilient so far, but the banking sector’s exposures to governments require a medium-term plan to address the sovereign-bank nexus, while avoiding disruptions in the regional debt market. WAEMU’s prosperity will also depend on maintaining political cohesion, deepening economic integration, and strengthening the institutional framework, and infrastructure. Regional growth prospects would be enhanced by continued efforts to increase common productive capacity in energy, infrastructure, and food resilience, as called for in the WAEMU Commission’s Regional Development Strategy.
Keywords:
WAEMU convergence pact; policy advice; WAEMU institution; WAEMU member country; WAEMU member; Financial sector stability; Anti-money laundering and combating the financing of terrorism (AML/CFT); Fiscal consolidation; Credit; Sub-Saharan Africa; West Africa
Cover IMF Staff Country Reports
Côte d'Ivoire: First Reviews Under the Extended Arrangement Under the Extended Fund Facility and Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Côte d'Ivoire
International Monetary Fund. African Dept.
This paper presents Côte d’Ivoire’s First Review under the Extended Arrangement under the Extended Fund Facility and Arrangement under the Extended Credit Facility. The Ivorian economy has faced adverse spillovers from the war in Ukraine and global monetary tightening. Indirect and direct subsidies to curb price pressures, higher security spending, and worsening terms-of-trade amid robust domestic demand had led to a widening of macroeconomic imbalances in 2022. Program implementation has been strong so far with all quantitative criteria and structural benchmarks met. Côte d’Ivoire pursues its commitment for a revenue based fiscal consolidation to ensure fiscal and debt sustainability and to create fiscal space and implement its ambitious structural reforms’ agenda. The Ivorian authorities have taken measures to strengthen macroeconomic stability and reverse widening fiscal and external imbalances as the economy has been hit hard by the triple shock of the coronavirus disease 2019 pandemic, global financial tightening, and adverse spillovers from Russia’s war in Ukraine.
Keywords:
government program; Ivorian authorities; EFF arrangement; IMF staff estimate; IMF team; Government debt management; Debt sustainability; Global; West Africa
Cover IMF Staff Country Reports
West African Economic and Monetary Union: Financial Sector Assessment Program-Technical Note on Anti-Money Laundering and Combating the Financing Terrorism (AML-CFT) Supervision of the Banking Sector
International Monetary Fund. African Dept.
This technical note discusses anti-money laundering and combating the financing terrorism (AML-CFT) supervision of the banking sector in West African Economic and Monetary Union (WAEMU). The decision to focus on the AML/CFT supervision of the WAEMU banking sector was based on the remit of the regional authorities; the importance to the regional economy of a well-integrated and well-functioning banking sector; and the results of money laundering and terrorist financing national risk assessments conducted to date in West Africa, which identify banks as relatively high-risk financial institutions. The AML/CFT off-site supervision program feeds into the risk-rating process but is not itself risk-based and communication with supervised entities is insufficient. Feedback to banks as part of off-site supervision should be enhanced, the on-site inspection methodology should be sharpened, and the risk-based approach should be fully implemented. The observations and recommendations in this report are based on discussions with regional and national authorities and the private sector as well as a review of relevant templates.
Keywords:
IMF-World Bank Financial Sector Assessment Program; IMF finance competitiveness; staff team of the International Monetary Fund; TF risk; World Bank staff; FSAP's finding; Anti-money laundering and combating the financing of terrorism (AML/CFT); Commercial banks; Financial Sector Assessment Program; Internal controls; Bank supervision; West Africa; Global
Cover IMF Staff Country Reports
Côte d'Ivoire: Requests for an Extended Arrangement Under the Extended Fund Facility and a 40-Month Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Côte d'Ivoire
International Monetary Fund. African Dept.
This paper presents Côte d'Ivoire’s request for an Extended Arrangement Under the Extended Fund Facility (EFF) and a 40-Month Arrangement Under the Extended Credit Facility (ECF). IMF Board approves 40-month arrangements under the EFF and ECF for Côte d’Ivoire to help support the country’s transformation toward upper-middle income status through the implementation of the authorities’ national development plan while preserving macroeconomic stability. The key reform agenda under the arrangements is domestic revenue mobilization, which is central in preserving fiscal and debt sustainability and along with increased spending efficiency should generate fiscal space to help finance investment needs and critical spending in health and education to allow for deeper economic transformation. Structural reforms should further deliver improvements in business climate, private sector investments and financial inclusion to foster the necessary conditions for inclusive growth, through strengthening governance and human capital investments, especially amongst youth and women.
Keywords:
financing support; revenue mobilization strategy; debt ratio; Côte d'Ivoire vision; Ivoirian authorities; Debt sustainability; Government debt management; Global; West Africa
Cover IMF Staff Country Reports
Côte d'Ivoire: Requests for an Extended Arrangement Under the Extended Fund Facility and a 40-Month Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Côte d'Ivoire
International Monetary Fund. African Dept.
Consecutive global shocks have led to a widening of macroeconomic imbalances, put a serious strain on public finances as well as regional reserves, and further exposed longstanding constraints to economic transformation. Notwithstanding record growth in the past decade and significant poverty reduction, large social priority and investment spending needs remain, while comparatively weak domestic revenue mobilization poses significant financing constraints. Against this backdrop, the authorities have requested Fund support of 400 percent of quota (SDR 2,601.6 million) for an economic program aimed at meeting pressing financing needs, preserving macroeconomic stability, and anchoring the National Development Plan (NDP) in key structural reforms to support Côte d’Ivoire’s transformation towards upper-middle income status.
Keywords:
financing support; revenue mobilization strategy; debt ratio; Côte d'Ivoire vision; Ivoirian authorities; Debt sustainability; Government debt management; Global; West Africa
Cover Selected Issues Papers
Revamping the West African Economic and Monetary Union (WAEMU) Fiscal Framework
Can Sever
and
Athene Laws
This paper aims to provide a broad perspective on the WAEMU fiscal framework. Based on backward looking exercises and forward looking scenarios, it shows that (i) repeated fiscal slippages and historically large stock flow adjustments contributed to the surge in the WAEMU public debt, and (ii) stock flow adjustments can have significant effects on the WAEMU debt dynamics going forward. This paper also discusses that it is essential and urgent to reintroduce the fiscal rules and the Convergence Pact and to enhance the rules. Revamping the fiscal rules should focus on introducing a correction mechanism (which could contain surges in debt in the future) and an escape clause (which would enhance fiscal discipline and predictability), as well as capturing the extensive extra-budgetary and below-the-line operations and strengthening the enforcement mechanism. Any consideration to changing the fiscal deficit target should also encompass addressing extra-budgetary and below-the-line transactions (for example by changing the definition of the deficit). It is not appropriate to increase the debt ceiling.
Keywords:
Fiscal policy; fiscal rules; fiscal governance; PFM; fiscal coordination; monetary unions; WAEMU; stock flow adjustments; flow adjustment; debt dynamics scenario; deficit target; scenario assumption; deficit measure; deficit combination; so called SFA; Government debt management; Debt sustainability analysis; Debt limits; Global
Cover IMF Staff Country Reports
West African Economic and Monetary Union: Staff Report on Common Policies for Member Countries-Press Release; Staff Report; and Statement by the Executive Director for West African Economic and Monetary Union
International Monetary Fund. African Dept.
This paper presents West African Economic and Monetary Union’s (WAEMU) report on Common Policies for Member Countries. The WAEMU’s post-coronavirus disease 2019 recovery has withstood the new global and regional shocks, partly due to supportive macroeconomic policies and favorable initial macroeconomic conditions. Growth prospects remain favorable and the financial system appears resilient. However, the WAEMU faces important risks and challenges associated with rising inflation, more limited access to international capital markets, eroding external reserve buffers, and regional security issues, in the presence of elevated global risks. It is urgent to design a credible fiscal strategy anchoring debt sustainability, based on clear and adequate deficit and debt regional ceilings. Further monetary tightening seems warranted unless large risks that second-round effects may derail inflation dissipate. Progress in regional reforms and development projects should be accelerated. Structural reforms to foster productivity growth and private investment are crucial to counteract possible scarring effects of the Covid-shock and facilitate intra-regional transactions, particularly in the areas of energy, digital and physical infrastructure, and food resilience. More coordination and pooled resources to implement regional development projects are essential.
Keywords:
inflation expectation; authorities of the West African Economic and Monetary Union; WAEMU economy; policy decision making; monetary policy mix; WAEMU population; Inflation; Government debt management; Fiscal consolidation; Global