The report was prepared by a staff team comprised of Messrs. Matungulu (head) and Fontaine (AFR), Ms. Simard (FAD) and Mr. Walsh (PDR).
On January 12, 1994, the exchange rate was realigned from CFA 50 to CFA 100 per French franc.
A Stand-By Arrangement (SBA) in an amount equivalent to SDR 18.596 million (38.5 percent of quota) was approved on March 4, 1994.
The number of taxes levied on imports was reduced to two (customs duty and statistical tax) and the range of taxes brought down to three (10 percent for essential goods, 15 percent for intermediate and capital goods, and 35 percent for consumer goods; all inclusive of the statistical tax).
The change in government followed a military coup in February 1995.
The Fund actively supported the programmed reforms in the public enterprise and labor market areas, which were viewed as essential to enhancing the overall competitiveness of the economy.
All major stakeholders were involved in the preparation of the poverty reduction strategy; they contributed in the analysis and in determining the actions to be undertaken to reduce or alleviate poverty. The people were consulted from village communities’ right up to the national level.
Such as adopting a supplementary budget law for 2000, increasing the price of petroleum products and liberalizing their transportation, auditing the 1997 Treasury accounts, verifying whether expenditures undertaken at end-1999 were in conformity with budget procedures, and closing the accounts for fiscal years 1998 and 1999 (Table 3).
The financial requirements for rehabilitation and expansion are estimated at between US$60 and US$110 million for the low- and high-case scenarios, respectively.
NEPA, itself under a privatization plan in Nigeria, is in an extremely weak financial position; its role in the privatization of NIGELEC has yet to be determined.
The primary sector contributes nearly half of GDP; mining (mostly uranium) accounts for about 7 percent of GDP, compared with a mere 1 percent for manufacturing. Under these conditions, and in the face of rudimentary irrigation facilities and extension services, performance in the key sectors of agriculture, livestock breeding, forestry and fishing, which are the backbone of the economy, has been extremely vulnerable to changes in weather conditions.
The lower the ranking on the 10-point scale, the higher the level of trade openness.
One loan in violation of this PC was contracted in 2002. The authorities elected not to draw from the loan until new terms had been agreed.
In the form of contingency revenue-enhancing and expenditure-reducing measures.
Niger’s poverty reduction strategy is built on four pillars: (i) a macroeconomic framework ensuring economic and financial stability while promoting sustainable and robust growth; (ii) the development of productive sectors, especially in rural areas; (iii) improvement in the access for the poor to quality social services; and (iv) the promotion of good governance and the strengthening of institutional and individual capacity.
As a result of the topping up of enhanced HIPC relief granted to Niger, debt service, in terms of both exports of goods and nonfactor services and government revenue, would decline to below 10 percent starting in 2004, despite the ratio of NPV of debt-to-GDP remaining relatively high.
In these projections, grants are assumed to represent 60 percent of total needed external financing (including project assistance). The remaining external assistance requirement is assumed to be covered with loans contracted with a 60 percent grant element (see IMF Country Report No. 04/161).
The total financing gap is projected at about SDR 120 million (at end-2003 exchange rates) for the period 2004–06, equivalent to 199 percent of quota.