Abstract
The Growth and Poverty Reduction Strategy Paper III (GPRS-III) will provide a framework for the government’s economic, financial, and sectoral policies for the period 2012–17. All performance criteria (PC) and indicative targets through end-December were observed, except for the indicative target on priority spending, which was missed by a small margin. All measures subject to end-year structural benchmarks were observed except one, on which the authorities are making good progress. The authorities plan to continue implementing stability-oriented macroeconomic policies and growth-enhancing and poverty-reducing policies. The Millennium Development Goals (MDGs) were achieved.
1. This statement provides information that has become available since the issuance of staff report on May 27, 2011. The new information does not alter the thrust of the staff appraisal.
2. Preliminary estimates indicate that the indicative target on tax revenue at end-March was missed by CFAF 18 billion (0.4 percent of GDP) owing to shortfalls mainly in indirect taxes. The indicative targets on the basic fiscal balance and the government bank and market financing were nonetheless met owing to lower-than-programmed spending.
3. The authorities have met the end-May 2011 structural benchmark on the presentation of an improved Central Government Consolidated Financial Operations Table (TOFE) at end-March (Memorandum of Economic and Financial Policies [MEFP], Table 4 and ¶25).