Africa > Uganda
Abstract
The region's prospects continue to be promising, but global developments pose increased risks to the outlook. Growth in sub-Saharan Africa should again average about 6½ percent in 2008 with oil exporters leading the way; meanwhile, growth in oil importers is expected to taper off, though only modestly. With food and energy prices still rising, inflation is projected to average about 8½ percent this year for countries in the region, setting aside Zimbabwe. Risks in 2008 are tilted to the downside, but the region is better placed today to withstand a worsening of the global environment.
Abstract
Central banks and other public financial institutions act as agents of fiscal policy in many countries. Their "quasi-fiscal" operations and activities can affect the overall public sector balance without affecting the budget deficit as conventionally measured, may also have important allocative effects, and increase the effective size of the public sector. This paper analyzes the macroeconomic and financial effects of such quasi-fiscal activities, as well as the taxes, subsidies, and other expenditures that such activities introduce outside the budget. Measurement and accounting issues are addressed, and policy recommendations are offered.
Abstract
Over the past two decades, sub-Saharan Africa has lagged behind other regions in economic performance. The important overall indicators of performance, however, mask wide differences among countries. On the whole, countries that effectively implemented comprehensive adjustment and reform programs showed better results. Their experiences demonstrate that an expansion in private saving and investment is key to achieving gains in real per capita GDP. The four papers included in this publication provide a cross country analysis that assesses empirically the role of publlic policies in stimulating private saving and investment in the region in 1986-92 and describe the adjustment experiences of Ghana (1983-91), Senegal (1978-1993), and Uganda (1987-94).
Abstract
Cette brochure est le sixième exposé consacré aux changements intervenus, sur le plan international et national, dans la législation et dans la pratique monétaire, concernant les droits de tirage spéciaux (DTS), les monnaies et l'or. Ce document souligne le fait que la monnaie d'un pays membre détenu par le FMI dans des comptes autres que le compte des ressources générales n'est pas assujettie, selon les statuts du FMI, au principe du maintien de sa valeur en termes de DTS applicable aux monnaies détenues au compte des ressources générales. Le FMI est habilité, explicitement ou implicitement, à investir des avoirs dans des comptes auxquels ne s'applique aucune obligation de maintien de la valeur.
Abstract
This paper presents the sixth survey of developments in international and national monetary law and practice involving special drawing rights (SDRs), currencies, and gold. The paper highlights that a member’s currency held by the IMF in accounts other than the General Resources Account is not subject under the IMF’s Articles of Agreement to the principle of maintenance of value in terms of the SDR that applies to currency held in the IMF’s General Resources Account. The IMF has express or implied powers to invest holdings in accounts to which no obligation to maintain value is attached.