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Guyana
Despite external and domestic shocks, the Guyanese economy demonstrated resilience and registered a fifth consecutive year of robust growth in 2010. The authorities started making payouts to Colonial Life Insurance Company (CLICO) policyholders, in line with their plans to minimize fiscal costs. Efforts to improve the Guyana Revenue Authority (GRA) continued. Its new functional organization was consolidated, improving further the integrated tax information system (TRIPS), the profiling of taxpayers, and on-site inspections at the country’s ports of entry. Executive Directors endorsed the authorities’ Low Carbon Development Strategy.
Making the African Continental Free Trade Agreement a Success
In 2019, African heads of state and governments launched in fanfare the African Continental Free Trade Agreement (AfCFTA), a historic agreement for economic transformation across the continent. But now comes the hard bit: how to make the agreement a success? In this book, senior experts from across the world come together to provide a comprehensive analysis of the conditions needed for AfCFTA to successfully spur economic development in Africa. It puts forward three foundations for success: demography dividend, digital economy, and economic diversification. In addition to trade policy, the book recommends that African policymakers should strengthen fiscal and monetary policy coordination, ad...
Uruguay
This 2013 Article IV Consultation highlights that growth in Uruguay has moderated to a more sustainable pace since 2012, mostly owing to weaker external demand. Real GDP growth is projected at 4 percent in 2013 and 3.5 percent in 2014. Fiscal policy loosened in 2012 and is set to remain slightly expansionary in 2013. Annual inflation, at 9 percent in September, remains outside the current target range. The Uruguayan peso appreciated against the backdrop of swelling capital inflows in the year to May 2013. The outlook for the Uruguayan economy is solid, but risks and challenges remain.
The Complex Interplay between Power, Politics, and African Agency
The Complex Interplay between Power, Politics, and African Agency: The Philosophy of Toyin Falola by Serges Djoyou Kamga examines the impact of colonialism by using Toyin Falola’s philosophy as a framework. It delves into the evolution of African political culture under colonial rule. This book offers a unique perspective on the intricate dynamics of African society, providing a deeper understanding of how power and politics have shaped African culture. Kamga emphasizes the complex interplay between these elements and highlights the significance of African voices in determining their own destiny. Using Falola’s works, this book analyzes and critiques the influence of Europe and establishes the ongoing unequal relationship between ex-colonized African countries and their imperialist colonizers. This book is highly recommended for scholars of African studies, political science, and anyone interested in African history and culture.
African Political Economy in the Twenty-First Century
African Political Economy in the Twenty-First Century: Theories, Perspectives, and Issues edited by Emeka C. Iloh, Ernest T. Aniche, and Stephen N. Azom fills the gap in the discourses on African political economy from an African perspective. Since the end of colonialism in the second half of the twenty-first century, a wide-ranging debate has opened on the future of African development and the nature and character of its political economy, especially as it concerns its web of relationships in the international political and economic system. Two decades into the twenty-first21st century, the debate still rages on and is likely to continue for a long time. This book contributes to the debate by addressing the important question of how African countries can strategically and tactically approach global political economy at multilateral, continental, and regional levels in view of North-South versus South-South configurations. African Political Economy in the Twenty-First Century further suggests how African countries can effectively utilize global forces to Africa’s advantage in advancing domestic, regional, and continental development objectives.
The Palgrave Handbook of Africa and the Changing Global Order
This handbook fills a large gap in the current knowledge about the critical role of Africa in the changing global order. By connecting the past, present, and future in a continuum that shows the paradox of existence for over one billion people, the book underlines the centrality of the African continent to global knowledge production, the global economy, global security, and global creativity. Bringing together perspectives from top Africa scholars, it actively dispels myths of the continent as just a passive recipient of external influences, presenting instead an image of an active global agent that astutely projects soft power. Unlike previous handbooks, this book offers an eclectic mix of historical, contemporary, and interdisciplinary approaches that allow for a more holistic view of the many aspects of Africa’s relations with the world.
The African Continental Free Trade Agreement: Welfare Gains Estimates from a General Equilibrium Model
In March 2018, representatives of member countries of the African Union signed the African Continental Free Trade Area (AfCFTA) agreement. This agreement provides a framework for trade liberalization in goods and services and is expected to eventually cover all African countries. Using a multi-country, multi-sector general equilibrium model based on Costinot and Rodriguez-Clare (2014), we estimate the welfare effects of the AfCFTA for 45 countries in Africa. Three different model specifications—comprising both perfect competition and monopolistic competition—are used. Simulations include full elimination of import tariffs and partial but substantial reduction in non-tariff barriers (NTBs). Results reveal significant potential welfare gains from trade liberalization in Africa. As intra-regional import tariffs in the continent are already low, the bulk of these gains come from lowering NTBs. Overall gains for the continent are broadly similar under the three model specifications used, with considerable variation of potential welfare gains across countries in all model structures.
Honduras
This Selected Issues paper uses efficiency frontiers for benchmarking of social spending in Honduras. The results reveal significant room to improve public health and education spending efficiency with potentially large fiscal savings. From an input-oriented point of view, Honduras performs poorly in education and health spending efficiency. From an output-oriented point of view, health spending efficiency appears to be in line with regional comparators, while there is room to improve efficiency in secondary education. In health and education spending, the priority is to tackle the disconnection between compensation benefits and labor productivity.
The African Continental Free Trade Area: Potential Economic Impact and Challenges
Political momentum towards Africa-wide free trade has been intensifying. In March 2018, over 40 countries signed the African Continental Free Trade Area (AfCFTA) agreement. Once fully implemented, the AfCFTA is expected to cover all 55 African countries, with a combined GDP of about US$2.2 trillion. This SDN takes stock of recent trade developments in Sub-Saharan Africa and assesses the potential benefits and costs of the AfCFTA, as well as challenges to its successful implementation. In addition to increased trade flows both in existing and new products, the AfCFTA has the potential to generate substantial economic benefits for African countries. These benefits include higher income arising...
Republic of Equatorial Guinea: Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director
Already battered by a still unfolding COVID-19 pandemic, Equatorial Guinea was struck on March 7 by massive accidental explosions at a military compound in Bata, its largest city, that killed over 100 people and caused widespread damage to surrounding neighborhoods. These shocks have adversely impacted economic activity and weakened considerably the fiscal and external positions, relative to the EFF-supported program approved in December 2019, creating a substantial financing gap. With the EFF-supported program off-track, as governance reforms have taken longer than originally envisaged, it is not feasible to effectively respond to the humanitarian crisis within the EFF framework. Bringing the program back on track would take time as the authorities continue to work on outstanding structural measures due to capacity constraints in the pandemic context and need for consensus building. Support provided under the RFI, buttressed by appropriate prior actions on governance and safeguards, would create the fiscal space necessary for the authorities to meet the immediate humanitarian needs, and reinvigorate engagement under the EFF-supported program.
