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Global monitoring report 2015/2016
The Global Monitoring Report 2015/2016: Development Goals in an Era of Demographic Change details the progress toward the global development goals and examines the impact of demographic change on achieving these goals. Part I examines global development progress, the unfinished development agenda, and the policy opportunities ahead. The report assesses progress toward ending extreme poverty by 2030 and in promoting shared prosperity, and it outlines the measures necessary to scale up impact over the horizon of the Sustainable Development Goals. The report unveils the new poverty line of $1.90 a day and provides updated estimates for the number of people living in extreme poverty, which shows further declines. In 2015 the global poverty rate is forecast to decline to 9.6 percent of the world's population, the first time it has reached single digits. At the same time, the report makes the case that the depth of remaining poverty, the unevenness in shared prosperity, and the persistent disparities in non-income dimensions of development call for urgent action. Part II analyzes how profound demographic shifts could alter the course of global development. Global demography is at a turning point: The world's population is growing m ore slowly, while it is aging at an unprecedented rate. Within these broader global trends considerable diversity can be found across regions and countries. While the higher-income countries that drive global growth are rapidly aging, the lower-income countries comprising the centers of global poverty are much earlier in their demographic transition and continue to grapple with high fertility rates and rapid population growth. Demographic changes bring both opportunity and risk; the report argues for demography-informed policy approaches to tilt demographic change in favor of achieving the development goals. With the right policies, demographic change can become one of the most consequential development opportunities of our time. The Global Monitoring Report 2015/2016 is written jointly by the World Bank Group and the International Monetary Fund, with substantive inputs from the African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank, and the Organisation for Economic Cooperation and Development.
eBook
West African Economic and Monetary Union: Selected Issues
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
eBook
Albania: 2013 Article IV Consultation and Request for Extended Arrangement
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
eBook
Chad : Request for a Three-Year Arrangement Under the Extended Credit Facility-Staff Report; Press Release; and Statement by the Executive Director for Chad
KEY ISSUES Context: Chad is a fragile country with weak institutional capacity that needs to manage volatile and exhaustible oil revenues prudently to tackle its large development needs. Chad is enjoying a period of domestic political stability, but major regional security issues are imposing significant fiscal costs in both the short and medium term. Macroeconomic policy over the last few years has achieved a gradual tightening of the underlying fiscal policy stance together with a sizable increase in public investment. Satisfactory performance under an SMP in 2013 demonstrated the authorities' commitment to improved macroeconomic management and has set the ground for an upper credit tranche arrangement with the Fund. Policy Framework: The government's medium-term economic program, anchored by the 2013-2015 National Development Plan (NDP), aims at reinforcing economic growth and making it more inclusive, while maintaining macroeconomic stability and fiscal sustainability. Given the continued heavy dependence on volatile oil revenues that are projected to decline over the long-term and the currently high risk of debt distress, macroeconomic policies target a sustained fiscal adjustment, a buildup of liquidity buffers, and economic diversification. Those objectives will be underpinned by a reform agenda focused on strengthening public financial and debt management and improving the business environment. Request for an Extended Credit Facility arrangement: In the attached letter of intent, the authorities request a three-year arrangement under the Extended Credit Facility (ECF) in the amount of SDR 79.92 million (120 percent of quota) in support of their medium-term economic program. The ECF arrangement is expected to address the country's protracted balance of payments' problems resulting from a trend reduction in oil revenues, maintain adequate international reserves' coverage, and play a catalytic role for bilateral and multilateral assistance to Chad. The accompanying memorandum of economic and financial policies spells out in more detail the objectives of the program and policy actions that the government of Chad envisages to undertake during 2014-17.
eBook
Republic of Congo : 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for the Republic of Congo
KEY ISSUES Economic context. Growth has been strong, inflation low, and fiscal buffers and international reserves adequate. However, poverty and unemployment remain high, despite large government spending financed from oil revenue. The business climate is among the most challenging and the private credit-to-GDP ratio among the lowest in sub-Saharan Africa (SSA). Outlook and Risks. The economy is projected to expand by about 6 percent per annum between 2014 and 2019, as new oil fields come on stream and an ambitious public investment program is implemented to diversify the economy and make growth more inclusive. Oil production is expected to peak in 2017. The medium-term outlook for non-oil growth and poverty reduction hinges on progress addressing deep-seated structural weaknesses and fiscal adjustment. Risks to the outlook relate to oil price volatility and political instability. Policies. Macroeconomic policies should focus on meeting the economy's social and development needs while mitigating risks to macroeconomic stability in the longer term. * The growth of government spending should be arrested and the 2014 budget should not be exceeded. Amid spending pressures related to the 2015 Africa Games and the 2016 presidential elections, new fiscal developments should be reflected in a supplementary budget in 2014 to enhance transparency. * In view of the limited remaining lifetime of oil reserves, a gradual fiscal consolidation should be targeted over the medium-term to safeguard fiscal and debt sustainability. Ongoing efforts to address implementation and absorptive capacity constraints need to be stepped up to maximize the benefits from public investments. * Consideration should be given to adopt the non-oil primary balance as the fiscal anchor. * The private sector's supply response to public infrastructure spending should be maximized through implementation of reforms to improve the business climate, support private investment, and develop the financial sector. * The pilot project for cash transfers should be well-targeted and monitored to reduce poverty. * Compliance with reserves pooling requirements would insure the continued smooth operation of the BEAC and the exchange rate peg, which both continue to serve the Republic of Congo well.
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