Fiscal Policy Responses in African Countries to the Global Financial Crisis
|
|
- Juliet Townsend
- 5 years ago
- Views:
Transcription
1 Fiscal Policy Responses in African Countries to the Global Financial Crisis Sanjeev Gupta Deputy Director Fiscal Affairs Department International Monetary Fund
2 Outline Global economic outlook Growth prospects for SSA Fiscal impact of the crisis in SSA Fiscal transmission channels Considerations guiding fiscal policy responses in SSA Policy responses Conclusion References 2
3 Global Economic Outlook World economic activity is projected to fall by 1.3 percent in 2009 the first such decline since WW II A gradual recovery is projected for 2010 All countries have been affected, although the magnitude of the impact is different across regions 3
4 Global Economic Outlook WEO Growth Projections (in percent) -6 World Advanced Economies Emerging and Developing Economies
5 Growth prospects for SSA Growth is projected to slow to 1.5 percent in 2009 a a decline of 5 percentage points from recent trend growth Per capita GDP will decline in 2009 by 0.6 percent for the first time in 15 years Aggregate projections, however, mask stark differences across countries Growth in Africa has slowed more gradually than in Latin America but slightly more than in developing Asia 5
6 Growth prospects for SSA Sub-Saharan Africa: Real GDP Growth (in percent) All Countries Oil Exporters Oil Importers
7 Growth prospects for SSA 10 Real GDP Growth Comparison 2008 to Developing Asia Sub-Saharan Africa Latin America 7
8 Fiscal impact of the crisis in SSA SSA fiscal positions are being hit hard by the crisis Sub-Saharan Africa: Overall Balance (excluding grants) Sub-Saharan Africa Oil-importing countries Oil-exporting countries 8
9 Fiscal transmission channels A. Revenues will decline due to: Slower economic activity (lower trade taxes and reduced tourism) Decline in remittances Lower FDI flows Decline in commodity prices and external demand Tighter financing prospects (foreign aid and borrowing) 9
10 Fiscal transmission channels B. Spending pressures will increase: Need to expand safety nets and pro-poor poor spending Currency depreciation and rising interest rates Higher subsidies to domestic producers of exports Contingent liabilities Public-Private Private partnerships Support for SOEs Bail out depositors and financial institutions 10
11 Considerations guiding fiscal policy responses in SSA Two factors determine the nature of fiscal policy response to the crisis: A. Nature of the shock Mainly external in nature Fiscal policy can aim at limiting the spillover effects of lower external demand Temporary vs. permanent 11
12 Considerations guiding fiscal policy responses in SSA B. Country characteristics Exchange rate regimes Debt sustainability considerations Scope for monetary policy actions Capacity to implement social programs 12
13 Policy Responses Countries have scope for expansionary fiscal policy if they have: Output gaps Sustainable debt position Financing options 13
14 Policy Responses Sub-Saharan African Oil Importers: Output Gap, 2009 (in percent of potential real GDP) 14 Seychelles Namibia Lesotho Eritrea South Africa DRC Swaziland Sierra Leone Kenya Madagascar Comoros Guinea Sao Tome and Principe Senegal Togo Burkina Faso Guinea Bissau Tanzania Cape Verde Mali Zambia Gambia Mozambique CAR Niger Cote d'ivoire Burundi Ghana Mauritius Benin Liberia Ethiopia Uganda Rwanda Malawi
15 Policy Responses SSA: Debt vulnerability, 2009 (number of countries, 44 total) out of 9 have not reached the HIPC Completion Point Low Moderate High In distress 15
16 Policy Responses In these countries, fiscal expansion can be implemented through: Letting automatic stabilizers work Accommodating declines in commodity-related revenues, and Discretionary policy action, i.e. fiscal stimulus 16
17 Policy Responses Letting automatic stabilizers work Allow non-commodity revenues to decline with slow down in economic activity Letting expenditures adjust to economic slowdown As a result, fiscal balances (excluding commodity- revenues) will worsen However, automatic stabilizers are typically small in SSA countries 17
18 Policy Responses Automatic Stabilizers by Country, / (in percent of GDP) 18 Seychelles Lesotho Namibia South Africa Cape Verde Madagascar Swaziland Niger Ethiopia Rwanda Congo, Dem. Rep. of Mozambique Ghana Mauritius Guinea-Bissau Zambia Gambia, The Kenya Tanzania Uganda Eritrea São Tomé & Príncipe Burkina Faso Sierra Leone Burundi Malawi Mali.Central African Rep Togo Comoros Senegal Benin Côte d'ivoire 1/ Exclude s cou ntries whe re comm odity reven ues exce ed 2 0 percent of to tal reven ues, in cluding o il exp orters.
19 Policy Responses Accommodate the cyclical decline in commodity revenues Countries with fiscal cushions can maintain spending (e.g., Angola, Republic of Congo, Nigeria) If there is a need to adjust, these countries can do so gradually However, if they are financially constrained, then countries will have to adjust (e.g. Chad) 19
20 Policy Responses Implementing fiscal stimulus: Should be timely, targeted and reversible Primary focus should be on the expenditure side as tax reductions will benefit primarily the rich and are difficult to reverse Infrastructure spending (projects already approved) Protecting social sector spending Scaling up existing social safety nets For example, Tanzania and Mozambique can implement fiscal stimulus Spending plans should ensure that fiscal sustainability is not jeopardized 20
21 Policy Responses Some countries will have to adjust The need for adjustment will be less if additional aid is forthcoming Policy measures include: Broadening the revenue base Rationalizing expenditure and increasing spending efficiency 21
22 Conclusion Fiscal effects of the crisis can be large Countries with output gaps, sustainable fiscal position and financing options (including commodity producers) have scope for fiscal expansion The focus will be on the expenditure side Other countries will need to adjust, but additional donor support can mitigate these pressures Priority should be given to expanding social safety nets Policy responses in 18 countries are consistent with this framework 22
23 References Berg, et. al., 2009, Fiscal Policy in Sub-Saharan Saharan Africa in Response to the Impact of the Global Crisis, IMF Staff Position Note 09/10. Available via the Internet at IMF,, 2009, The Implications of the Global Financial Crisis for Low-Income Countries. Available via the Internet at obalfin.pdf IMF, 2009, Regional Economic Outlook: Sub-Saharan Saharan Africa (April). Available via the Internet at o0409.pdf IMF, 2009, World Economic Outlook (April). Available via the Internet at 23
Building Resilience in Fragile States: Experiences from Sub Saharan Africa. Mumtaz Hussain International Monetary Fund October 2017
Building Resilience in Fragile States: Experiences from Sub Saharan Africa Mumtaz Hussain International Monetary Fund October 2017 How Fragility has Changed since the 1990s? In early 1990s, 20 sub-saharan
More informationAfrican Financial Markets Initiative
African Financial Markets Initiative African Domestic Bond Fund Feasibility Study Frankfurt, November 2011 This presentation is organised into four sections I. Introduction to the African Financial Markets
More informationAfrica: An Emerging World Region
World Affairs Topical Series Africa: An Emerging World Region (Table of Contents) July 18, 2018 TABLE OF CONTENTS Evolution of Africa Markets.. Early Phase... Maturation Phase... Stumbles Phase.... Population...
More informationImproving the Investment Climate in Sub-Saharan Africa
REALIZING THE POTENTIAL FOR PROFITABLE INVESTMENT IN AFRICA High-Level Seminar organized by the IMF Institute and the Joint Africa Institute TUNIS,TUNISIA,FEBRUARY28 MARCH1,2006 Improving the Investment
More informationHIPC DEBT INITIATIVE FOR HEAVILY INDEBTED POOR COUNTRIES ELIGIBILITY GOAL
GOAL To ensure deep, broad and fast debt relief with a strong link to poverty reduction. ELIGIBILITY IDA-Only & PRGF eligible Heavily indebted (i.e. NPV of debt above 150% of exports or above 250% of government
More informationHIPC HEAVILY INDEBTED POOR COUNTRIES INITIATIVE MDRI MULTILATERAL DEBT RELIEF INITIATIVE
GOAL To ensure deep, broad and fast debt relief and thereby contribute toward growth, poverty reduction, and debt sustainability in the poorest, most heavily indebted countries. GOAL To provide additional
More informationMDRI HIPC. heavily indebted poor countries initiative. To provide additional support to HIPCs to reach the MDGs.
Goal To ensure deep, broad and fast debt relief and thereby contribute toward growth, poverty reduction, and debt sustainability in the poorest, most heavily indebted countries. HIPC heavily indebted poor
More informationBuilding resilience and reducing vulnerability in small states
Building resilience and reducing vulnerability in small states Jeffrey D. Lewis Director, Economic Policy, Debt and Trade Department World Bank Why makes small states different from other countries High
More informationPension Patterns and Challenges in Sub-Saharan Africa World Bank Pensions Core Course April 27, 2016
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Pension Patterns and Challenges in Sub-Saharan Africa World Bank Pensions Core Course April 27, 2016 Mark C. Dorfman
More informationMDRI HIPC MULTILATERAL DEBT RELIEF INITIATIVE HEAVILY INDEBTED POOR COUNTRIES INITIATIVE GOAL GOAL
GOAL To ensure deep, broad and fast debt relief and thereby contribute toward growth, poverty reduction, and debt sustainability in the poorest, most heavily indebted countries. HIPC HEAVILY INDEBTED POOR
More informationChallenges and opportunities of LDCs Graduation:
Challenges and opportunities of LDCs Graduation: UNDP as a Strategic Partner in the Graduation Process Ayodele Odusola, PhD Chief Economist and Head Strategy and Analysis Team UNDP Regional Bureau for
More informationAssessing Fiscal Space and Financial Sustainability for Health
Assessing Fiscal Space and Financial Sustainability for Health Ajay Tandon Senior Economist Global Practice for Health, Nutrition, and Population World Bank Washington, DC, USA E-mail: atandon@worldbank.org
More information30% DEPOSIT BONUS FOR OUR TRADERS IN AFRICA PROMOTION. Terms and Conditions
30% DEPOSIT BONUS FOR OUR TRADERS IN AFRICA PROMOTION Terms and Conditions INTRODUCTION FXTM 1 is running the 30% Deposit Bonus for Our Traders in Africa Promotion (hereinafter referred to as the Promotion
More informationin Africa since the early 1990s.
Revenue Administration Reforms in Africa since the early 1990s..and Tax Administration Benchmarking David Kloeden IMF Fiscal Affairs Department Francophone & Anglophone Sub-Saharan Africa with apologies
More informationLessons learnt from 20 years of debt relief
International Monetary Fund Strategy, Policy and Review Department Lessons learnt from 20 years of debt relief Hervé Joly DMF stakeholders forum 2011 Overview Debt relief initiatives: what has been achieved?
More informationFinancial Development, Financial Inclusion, and Growth in Africa
International Monetary Fund African Department Financial Development, Financial Inclusion, and Growth in Africa ECOWAS Regional Conference, Dakar, Senegal, Roger Nord Deputy Director African department
More informationPARIS CLUB RECENT ACTIVITY
PARIS CLUB RECENT ACTIVITY 1/13 OUTLINE 1. Quick review of Paris Club recent activity 2. Prepayment by Russia of its Paris Club debt 2/13 Key events in June 2006-May 2007 1. Implementation of the HIPC
More informationNEPAD-OECD AFRICA INVESTMENT INITIATIVE
NEPAD-OECD AFRICA INVESTMENT INITIATIVE 1 Presentation outline 1. CONTEXT 2. GOALS & DESIGN 3. ACTIVITIES & WORK METHODS 4. EXPECTED IMPACT 5. GOVERNANCE 2 1. CONTEXT Investment is a driver of economic
More informationRECENT ECONOMIC DEVELOPMENTS AND THE MACROECONOMIC OUTLOOK: FY 2019/ /23 MEDIUM TERM BUDGET PERIOD
RECENT ECONOMIC DEVELOPMENTS AND THE MACROECONOMIC OUTLOOK: FY 2019/20-2022/23 MEDIUM TERM BUDGET PERIOD Presentation During the Launch of the Preparation of FY 2019/20 and the Medium-Term Budget at KICC,
More informationREGIONAL MATTERS ARISING FROM REPORTS OF THE WHO INTERNAL AND EXTERNAL AUDITS. Information Document CONTENTS BACKGROUND
2 June REGIONAL COMMITTEE FOR AFRICA ORIGINAL: ENGLISH Sixty-seventh session Victoria Falls, Republic of Zimbabwe, 28 August 1 September Provisional agenda item 19.9 REGIONAL MATTERS ARISING FROM REPORTS
More informationHow the financial crisis is affecting Sub Saharan Africa. Sophie Chauvin and Marc Lantéri
How the financial crisis is affecting Sub Saharan Africa Sophie Chauvin and Marc Lantéri Introduction I. The crisis has been transmitted to SSA mainly through the impact of the global economic slowdown
More informationRegional Economic Outlook for sub-saharan Africa. African Department International Monetary Fund November 30, 2017
Regional Economic Outlook for sub-saharan Africa African Department International Monetary Fund November 3, 217 Outline 1. Sharp slowdown after two decades of strong growth 2. A partial and tentative policy
More informationThe Landscape of Microinsurance Africa The World Map of Microinsurance
Published by Study conducted by MICRO INSURANCE CENTRE Developing partnerships to insure the world s poor The Landscape of Microinsurance Africa 2015 Preliminary Briefing Note The World Map of Microinsurance
More informationSmall States - Performance in Public Debt Management
Small States - Performance in Public Debt Management Jeffrey D. Lewis Director Economic Policy, Debt and Trade Department World Bank Small States Forum October 12, 2013, Washington DC Outline 1. The small
More informationPerspectives on Global Development 2012 Social Cohesion in a Shifting World. OECD Development Centre
Perspectives on Global Development 2012 Social Cohesion in a Shifting World OECD Development Centre Perspectives on Global Development Trilogy through the lens of Shifting Wealth: 1. Shifting Wealth 2.
More informationFAQs The DFID Impact Fund (managed by CDC)
FAQs The DFID Impact Fund (managed by CDC) No. Design Question: General Questions 1 What type of support can the DFID Impact Fund provide to vehicles selected through the Request for Proposals ( RFP )?
More informationShockwatchBulletin: Monitoring the impact of the euro zone crisis, China/India slow-down, and energy price shocks on lower-income countries
ShockwatchBulletin: Monitoring the impact of the euro zone crisis, China/India slow-down, and energy price shocks on lower-income countries Isabella Massa DSA Conference London, 3 November 2012 Outline
More informationPaying Taxes 2019 Global and Regional Findings: AFRICA
World Bank Group: Indira Chand Phone: +1 202 458 0434 E-mail: ichand@worldbank.org PwC: Sharon O Connor Tel:+1 646 471 2326 E-mail: sharon.m.oconnor@pwc.com Fact sheet Paying Taxes 2019 Global and Regional
More informationInternational Comparison Programme Main results of 2011 round
1. Introduction International Comparison Programme Main results of 2011 round The 2011 International Comparison Program (ICP) is a global statistical program managed and coordinated by the World Bank.
More informationBackground Note on Prospects for IDA to Become Financially Self-Sustaining
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Background Note on Prospects for IDA to Become Financially Self-Sustaining International
More informationWorld Bank Group: Indira Chand Phone:
World Bank Group: Indira Chand Phone: +1 202 458 0434 E-mail: ichand@worldbank.org PwC: Rowena Mearley Tel: +1 646 313-0937 / + 1 347 501 0931 E-mail: rowena.j.mearley@pwc.com Fact sheet Paying Taxes 2018
More informationWorking Group on IMF Programs and Health Expenditures Background Paper April 2007
Working Group on IMF Programs and Health Expenditures Background Paper April 2007 What Has Happened to Health Spending and Fiscal Flexibility in Low Income Countries with IMF Programs? By David Goldsbrough,
More informationPaying Taxes An African perspective. Paying Taxes An African perspective 1
Paying Taxes 2010 An African perspective Paying Taxes 2010 - An African perspective 1 2009 PricewaterhouseCoopers. All rights reserved. PricewaterhouseCoopers refers to the network of member fi rms of
More informationSDT 413. Debt Sustainability in Sub- Saharan Africa: Unraveling Country-Specific Risks. Autores: Bill Battaile F. Leonardo Hernández Vivian Norambuena
SDT 413 Debt Sustainability in Sub- Saharan Africa: Unraveling Country-Specific Risks Autores: Bill Battaile F. Leonardo Hernández Vivian Norambuena Santiago, Noviembre de 2015 DEBT SUSTAINABILITY IN SUB-SAHARAN
More informationIFAD s participation in the Heavily Indebted Poor Countries Debt Initiative. Proposal for the Comoros and the 2010 progress report
Document: EB 2010/101/R.16 Agenda: 12 Date: 16 November 2010 Distribution: Public Original: English E IFAD s participation in the Heavily Indebted Poor Countries Debt Initiative Proposal for the Comoros
More informationInnovative Financing for Energy Projects
Innovative Financing for Energy Projects ABOUT COFIDES The Spanish Financing Company for Development, COFIDES, S.A., S.M.E., is a state-owned company incorporated by: ICEX 25,74% ICO BBVA BANCO BANCO BANCO
More informationAFRICAN MINING: POLITICAL RISK OUTLOOK FOR 2017
AFRICAN MINING: POLITICAL RISK OUTLOOK FOR 2017 10 th Annual Investing in African Mining Barnaby Fletcher, Analyst, Control Risks 28 November 2016 www.controlrisks.com Control Risks Group Limited Risk
More informationDomestic Resource Mobilization in Africa
Domestic Resource Mobilization in Africa Yiagadeesen (Teddy) Samy Associate Professor Norman Paterson School of International Affairs and Institute of African Studies Carleton University March 12, 2015
More informationLet s look at the life cycle of a gold project from discovery to closure
Risks and rewards of gold mining i in Africa Indaba 2011 Let s look at the life cycle of a gold project from discovery to closure Production value Discovery Feasibility Capital Recoupment Reinvestment
More informationWorking Party on Export Credits and Credit Guarantees
Unclassified TAD/ECG(2008)1 TAD/ECG(2008)1 Unclassified Organisation de Coopération et de Développement Economiques Organisation for Economic Co-operation and Development 11-Jan-2008 English - Or. English
More informationTHE GLOBAL FINANCIAL CRISIS: IMPLICATIONS FOR THE HEALTH SECTOR IN THE AFRICAN REGION. Report of the Regional Director CONTENTS
16 June 2010 REGIONAL COMMITTEE FOR AFRICA ORIGINAL: ENGLISH Sixtieth session Malabo, Equatorial Guinea, 30 August 3 September 2010 Provisional agenda item 7.9 THE GLOBAL FINANCIAL CRISIS: IMPLICATIONS
More informationWorld Meteorological Organization
WMO World Meteorological Organization Working together in weather, climate and water REGIONAL WORKSHOP ON IMPLEMENTATION OF WEATHER- AND CLIMATE- RELATED SERVICES IN THE LEAST DEVELOPED COUNTRIES (LDCs)
More information53 rd UIA CONGRESS Seville - Spain October 27-31, 2009 FOREIGN INVESTMENT COMMISSION INVESTING IN SUB-SAHARAN AFRICA: DEVELOPMENT AND OR PROTECTIONISM
53 rd UIA CONGRESS Seville - Spain October 27-31, 2009 FOREIGN INVESTMENT COMMISSION Date of the session: Friday, October 30, 2009 INVESTING IN SUB-SAHARAN AFRICA: DEVELOPMENT AND OR PROTECTIONISM AFRICA'S
More informationPart One: Chapter 1 RECENT ECONOMIC TRENDS
UNCTAD/LDC/2004 UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT Geneva THE LEAST DEVELOPED COUNTRIES REPORT 2004 Part One: Chapter 1 RECENT ECONOMIC TRENDS UNITED NATIONS New York and Geneva, 2004 Recent
More informationEstablished in July 1989, extended, current closing date July 31, 2017.
DEBT REDUCTION FACILITY (DRF) and external commercial debt buyback operations Annual Meeting of Multilateral Development Banks on Debt Issues Washington, DC - July 10-11, 2012 THE WORLD BANK Plan 1. DRF
More informationPart One RECENT ECONOMIC TRENDS AND UNLDC III DEVELOPMENT TARGETS
Part One RECENT ECONOMIC TRENDS AND UNLDC III DEVELOPMENT TARGETS Recent Economic Trends A. Overall growth trends The real GDP of the LDCs as a group grew by an annual average of 4.5 per cent over the
More informationThe State of the World s Macroeconomy
The State of the World s Macroeconomy Marcelo Giugale Senior Director Global Practice for Macroeconomics & Fiscal Management Washington DC, December 3 rd 2014 Content 1. What s Happening? Growing Concerns
More informationFINANCIAL INCLUSION IN AFRICA: THE ROLE OF INFORMALITY Leora Klapper and Dorothe Singer
FINANCIAL INCLUSION IN AFRICA: THE ROLE OF INFORMALITY Leora Klapper and Dorothe Singer OVERVIEW Global Findex: Goal to collect comparable cross-country data on financial inclusion by surveying individuals
More informationThe African Development Bank Group. Financial Products and Services. BOS Presentation. March 22, 2018
The African Development Bank Group Financial Products and Services BOS Presentation March 22, 2018 OUTLINE OF THE PRESENTATION 1 2 3 The Bank Group Syndications, Co-financing and Client Solutions Department
More informationDebt Management: The Alphabet Soup
Debt Management: The Alphabet Soup DSF MTDS DeMPA Leonardo Hernández Economic Policy and Debt Department The World Bank Outline I. Why is Debt Management Important? II. III. IV. The Debt Management Facility
More informationSECURED TRANSACTIONS AND COLLATERAL REGISTRIES PEER TO PEER LEARNING EVENT
SECURED TRANSACTIONS AND COLLATERAL REGISTRIES PEER TO PEER LEARNING EVENT Presentation Title: Overview of Credit Reporting Worldwide Moyo Violet Ndonde Accra, Ghana - 3-5 July, 2012 -Session no. 2 Summary
More informationInnovative Approaches for Accelerating Connectivity in Africa. - One Stop Border Post (OSBP) development-
High Level Side Event At the 1st TICAD V Ministerial Meeting Innovative Approaches for Accelerating Connectivity in Africa - One Stop Border Post (OSBP) development- Saturday, 3 May 2014 @Palais des Congres,
More informationSotiris A. Pagdadis, Ph.D.
www.pwc.com Leveraging PPPs for Airport Management and Development ACI 21 st African Region Annual Assembly, Conference and Exhibition: Overcoming the challenges of Airport development in Africa 28 August,
More informationFinancial Market Liberalization and Its Impact in Sub Saharan Africa
Financial Market Liberalization and Its Impact in Sub Saharan Africa Hamid Rashid, Ph.D. Senior Adviser for Macroeconomic Policy UN Department of Economic and Social Affairs, New York This does not represent
More informationDebt Limits Review: Main Findings and Options for Reform
Debt Limits Review: Main Findings and Options for Reform Reza Baqir Division Chief, Debt Policy Division Strategy, Policy, and Review Department April 2013 Key Features of Current Policy 2 Debt limits
More informationERSU scholarships academic year
ERSU scholarships academic year 2017-18 To apply for scholarship, 1) International students living abroad must produce the following documents: the composition of the household unit (the conventional household
More informationThese notes are circulated for the information of Members with the approval of the Member in charge of the Bill, the Hon W.E. Teare, MHK.
HEAVILY INDEBTED POOR COUNTRIES (LIMITATION ON DEBT RECOVERY) BILL 2012 EXPLANATORY NOTES These notes are circulated for the information of Members with the approval of the Member in charge of the Bill,
More informationPart One Introduction
Part One Introduction 1. Background The International Comparison Program (ICP) is a global statistical initiative set up on the recommendation of the United Nations Statistical Commission to enable international
More informationLDC Services Exports and Export Potentials Brainstorming meeting of the LDC Group 3-4 October 2013 WMO, Geneva
LDC Services Exports and Export Potentials Brainstorming meeting of the LDC Group 3-4 October 2013 WMO, Geneva Jane Drake-Brockman Senior Services Adviser What is ITC? 2 ITC is a trade-related technical
More informationRéunion de Reconstitution 14 th ADF Replenishment Meeting. Economic Outlook of ADF Countries
Réunion de Reconstitution 14 th ADF Replenishment Meeting Economic Outlook of ADF Countries GDP growth (%) ADF countries showed resilience despite weakening global economy Medium-term economic growth prospects
More informationOpportunities in Africa Financial Services
Opportunities in Africa Financial Services 7 May 2013 Ronak Gadhia analyst, Exotix Limited Contact: ronak.gadhia@exotix.co.uk Tel: +44 (0)20 7725 1080 Agenda 1 2 3 Sub-Saharan Africa: the fundamentals
More informationMonitoring the impact of the financial crisis on national education financing: A cross country study
2011/ED/EFA/MRT/PI/04 Background paper prepared for the Education for All Global Monitoring Report 2011 The hidden crisis: Armed conflict and education Monitoring the impact of the financial crisis on
More informationIDA15 MULTILATERAL DEBT RELIEF INITIATIVE (MDRI): UPDATE ON DEBT RELIEF BY IDA AND DONOR FINANCING TO DATE
IDA15 MULTILATERAL DEBT RELIEF INITIATIVE (MDRI): UPDATE ON DEBT RELIEF BY IDA AND DONOR FINANCING TO DATE Resource Mobilization (FRM) February 2007 Selected Abbreviations and Acronyms AfDF FRM FY HIPC
More informationEffects of Transfer Pricing in developing countries: Cases in Africa
ACCOUNTANTS ANNUAL CONFERENCE 2016 Effects of Transfer Pricing in developing countries: Cases in Africa APC- Bunju 3 rd December, 2016 CPA Ahmad Mohamed (MARLA, ADA, Dip-Edu) Disclaimer This presentation
More informationPROGRESS REPORT NATIONAL STRATEGIES FOR THE DEVELOPMENT OF STATISTICS. May 2010 NSDS SUMMARY TABLE FOR IDA AND LOWER MIDDLE INCOME COUNTRIES
NATIONAL STRATEGIES FOR THE DEVELOPMENT OF STATISTICS PROGRESS REPORT NSDS SUMMARY TABLE FOR IDA AND LOWER MIDDLE INCOME COUNTRIES May 2010 The Partnership in for in the 21 st Century NSDS STATUS IN IDA
More informationCommission Participation in the HIPC Initiative 2004 Status Report
EUROPEAN COMMISSION DEV/B/2*2 D(03) Commission Participation in the HIPC Initiative 2004 Status Report DG DEV DG RELEX EUROPAID 1. Background The Highly Indebted Poor Countries (HIPC) Initiative was proposed
More informationFINANCING THE FIGHT FOR AFRICA S TRANSFORMATION
FINANCING THE FIGHT FOR AFRICA S TRANSFORMATION A young woman fetches water at a borehole in the village of Bilinyang, near Juba, South Sudan. Photo: Arne Hoel/World Bank EXECUTIVE SUMMARY he Millennium
More informationReport on Countries That Are Candidates for Millennium Challenge Account Eligibility in Fiscal
This document is scheduled to be published in the Federal Register on 04/09/2012 and available online at http://federalregister.gov/a/2012-08443, and on FDsys.gov BILLING CODE: 921103 MILLENNIUM CHALLENGE
More informationThe Changing Wealth of Nations 2018
The Changing Wealth of Nations 2018 Building a Sustainable Future Editors: Glenn-Marie Lange Quentin Wodon Kevin Carey Wealth accounts available for 141 countries, 1995 to 2014 Market exchange rates Human
More informationTrade Note May 16, 2005
Trade Note May 16, 2005 The World Bank Group www.worldbank.org International Trade Department By Paul Brenton and Takako Ikezuki These notes summarize recent research on global trade issues. They reflect
More informationPresented for participation in The Council for the Development of Social Science Research in Africa (CODESRIA) 11th General Assembly
Presented for participation in The Council for the Development of Social Science Research in Africa (CODESRIA) 11th General Assembly Paper Title : Poverty Reduction In Africa Through The Poverty Reduction
More informationRegional Profile: Sub-Saharan Africa (SSA)
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Regional Profile: Sub-Saharan Africa (SSA) 2 2013 The International Bank for Reconstruction
More informationG20 Leaders Conclusions on Africa
G20 Leaders Conclusions on Africa 2008-2010 Zaria Shaw and Sarah Jane Vassallo G20 Research Group, August 8, 2011 Summary of Conclusions on Africa in G20 Leaders Documents Words % of Total Words Paragraphs
More informationCLEAN TECHNOLOGY FUND ELIGIBILITY OF GUARANTEES FINANCED FROM THE CLEAN TECHNOLOGY FUND FOR SCORING AS OFFICIAL DEVELOPMENT ASSISTANCE
CTF/TFC.3/4 April 24, 2009 Meeting of the CTF Trust Fund Committee Washington, D.C. May 11, 2009 Agenda Item 4 CLEAN TECHNOLOGY FUND ELIGIBILITY OF GUARANTEES FINANCED FROM THE CLEAN TECHNOLOGY FUND FOR
More informationw w w. k u w a i t - f u n d. o r g
w w w. k u w a i t - f u n d. o r g Introduction A few months after gaining independence, the State of Kuwait established Kuwait Fund for Arab Economic Development on st December 96 to assist other
More informationINTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT BOARD OF GOVERNORS. Resolution No. 612
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT BOARD OF GOVERNORS Resolution No. 612 2010 Selective Increase in Authorized Capital Stock to Enhance Voice and Participation of Developing and Transition
More informationIncident Response. We ve had a privacy breach now what?
Incident Response We ve had a privacy breach now what? The threat of information breaches is well known and much discussed. The classification of the breach as a privacy breach may very well introduce
More informationPart I The Design and Negotiation of Economic Partnership Agreements (EPAs)
Economic Partnership Agreements between Africa and the European Union: What to do Now? Full Report on Implementing Interim EPAs Part I The Design and Negotiation of Economic Partnership Agreements (EPAs)
More informationInternational Investment Arbitration in Africa: Year in Review 2016
INTERNATIONAL ARBITRATION TEAM International Investment Arbitration in Africa: Year in Review 2016 International investment arbitration also known as investment treaty arbitration or investor- State arbitration
More informationDevelopment Effectiveness: New Ideas, New Challenges
Development Effectiveness: New Ideas, New Challenges Tony Addison Miguel Niño Zarazúa Danielle Resnick Ministry for Foreign Affairs Helsinki, Finland January 19, 2012 Overview of Presentation Tony Economic
More informationSubject: UNESCO Reformed Field Network in Africa
The Director-General DG/note/14/2 3 January 2014 Original: English Deputy Director-General Assistant Directors-General Directors of Bureaux, Offices and Divisions at Headquarters Directors and Heads of
More informationTABLe A.1 Countries and Their Financial System Characteristics, Averages, Accounts per thousand adults, commercial banks
GLOBAL financial DEVELOPMEnT REPORT 2013 statistical appendix 161 Statistical appendix TABLe A.1 Countries and Their Financial System Characteristics, Averages, 2008 2010 Private credit to Financial institutions
More informationPwC Tax Calendar 2016
www.pwc.com/ng PwC Tax Calendar 2016 The PwC experience Our brand The PwC brand is the major unifying force for our network across the world. A clear indication of the value and reputation of the global
More informationH. R. To provide for the cancellation of debts owed to international financial institutions by poor countries, and for other purposes.
[0hih]... (Original Signature of Member) 0TH CONGRESS ST SESSION H. R. To provide for the cancellation of debts owed to international financial institutions by poor countries, and for other purposes. IN
More informationAfrica Business Forum, Energy Industry Session
African Development Bank Energy Financial Solutions, Policy & Regulation Africa Business Forum, Energy Industry Session May 3 rd, 2018 OUTLINE THE ENERGY SECTOR, A STRATEGIC PRIORITY FOR THE AFRICAN DEVELOPMENT
More informationReport to Donors Sponsored Delegates to the 12th Conference of the Parties Punta del Este, Uruguay 1-9 June 2015
Report to Donors Sponsored Delegates to the 12th Conference of the Parties Punta dell Este, Uruguay 1-9 June 2015 1 Contents Details of sponsorship Table 1. Fundraising (income from donors) Table 2. Sponsored
More informationWorld Bank Lending to Borrowers in Africa by Theme and Sector Fiscal
World Bank Lending to Borrowers in Africa by Theme and Sector Fiscal 2007 2012 Theme 2007 2008 2009 2010 2011 2012 Economic Management 95 139 183 285 109 23 Environment and Natural Resources Management
More informationWIPO s Cooperation With LDCs In Appropriate Technology Project Harare, Zimbabwe October, 2014
Workshop on Access To Scientific and Technical Information For Technological Capacity Building and Product Branding: WIPO s Cooperation With LDCs In Appropriate Technology Project Harare, Zimbabwe October,
More informationRoad Maintenance Financing in Sub-Saharan Africa: Reforms and progress towards second generation road funds
Sub-Saharan Africa Transport Policy Program, SSATP Road Maintenance Financing in Sub-Saharan Africa: Reforms and progress towards second generation road funds M. BENMAAMAR, SSATP WB Transport Learning
More informationAfrica Power Reform and Prices
Africa Power Reform and Prices Tjaarda P. Storm Van Leeuwen, AFTEG Vivien Foster, AFTSN Maria Shkaratan, AFTSN Energy Week, March 31-April 2, 2009 Word Bank Washington, DC Africa Infrastructure Country
More informationTrade and Development Board, 58 th executive session Geneva, December 2013
UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT Trade and Development Board, 58 th executive session Geneva, 12 13 December 2013 Item 2: Growth with employment for inclusive and sustainable development
More informationCapital Markets Development. Frankfurt, Germany. 12 th April 2018
Capital Markets Development Frankfurt, Germany. 12 th April 2018 The African Development Bank Transforming Africa since 1964 Our mission is to promote sustainable economic development and social progress
More informationProgress on HIPC and MDRI Implementation
Progress on HIPC and MDRI Implementation Preliminary data, not for quotation Economic Policy and Debt Department World Bank MDB Meeting on Debt Issues, Washington, DC July 6, 2011 HIPC/MDRI Implementation
More information4 th Session of the Continental Steering Committee (CSC) for the African Project on the Implementation of the 2008 System of National Accounts
4 th Session of the Continental Steering Committee (CSC) for the African Project on the Implementation of the 2008 System of National Accounts Report on the Survey of The Current Status and Needs Assessment
More informationLusaka, 7 May Note: The original of the Agreement was established by the Secretary-General of the United Nations on 2 June 1982.
. 2. b) Agreement establishing the African Development Bank done at Khartoum on 4 August 1963, as amended by resolution 05-79 adopted by the Board of Governors on 17 May 1979 Lusaka, 7 May 1982. ENTRY
More informationArgentina Bahamas Barbados Bermuda Bolivia Brazil British Virgin Islands Canada Cayman Islands Chile
Americas Argentina (Banking and finance; Capital markets: Debt; Capital markets: Equity; M&A; Project Bahamas (Financial and corporate) Barbados (Financial and corporate) Bermuda (Financial and corporate)
More informationIBRD/IDA and Blend Countries: Per Capita Incomes, Lending Eligibility, and Repayment Terms
Page 1 of 7 (Updated ) Note: This OP 3.10, Annex D replaces the version dated March 2013. The revised terms are effective for all loans for which invitations to negotiate are issued on or after July 1,
More informationSocial Protection in sub-saharan Africa: Will the green shoots blossom?
Social Protection in sub-saharan Africa: Will the green shoots blossom? Miguel Niño-Zarazúa United Nations University World Institute for Development Economics Research Background Rise of social protection
More informationIDA16 Mid-Term Review. Capping MDRI Netting Out: Implementation Experience
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized IDA16 Mid-Term Review Capping MDRI Netting Out: Implementation Experience IDA Resource
More informationGLOBAL ECONOMIC PROSPECTS June 2013 SUB- SAHARAN AFRICA REGION
GLOBAL ECONOMIC PROSPECTS June 2013 Annex SUB- SAHARAN AFRICA REGION 199 Overview Strong domestic demand allowed Sub Saharan African economies to continue their robust growth trajectory in 2012, despite
More information