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A Conceptual Policy Framework for Leveraging Digitalization to Support Diversification in Sub-Saharan Africa
The need for Sub-Saharan African (SSA) countries to diversify their economies is more urgent than ever. However, despite its established economic benefits, several challenges have precluded diversification in SSA. Against this backdrop, interesting initiatives to further adopt digital technologies, particularly during the COVID-19 pandemic, suggest that digitalization is a promising avenue to overcome barriers to diversification. Fast-paced advances in the diffusion of digital technologies and knowledge have the potential to transform SSA economies through several channels. By connecting people and facilitating the rapid diffusion of information, digitalization also promises to reshape the i...
Guinea-Bissau: Request for a Nine-Month Staff Monitored Program-Press Release; and Staff Report
Guinea-Bissau is a fragile state with considerable needs to fight the COVID-19 pandemic and address developmental challenges. After an estimated 1.4 percent of GDP contraction in 2020, a modest recovery of about 3.3 percent is projected for 2021 on the back of higher cashew exports, the gradual lifting of COVID containment measures and a more stable political situation. The outlook is subject to considerable uncertainty. An RCF disbursement of SDR 14.2 million (50 percent of quota) was approved in January to provide urgent financing (35 percent of the external gap in 2021) to support critical spending in health and catalyze additional donor resources. The RCF followed two years of protracted...
Guinea-Bissau: Second Review Under the Staff Monitored Program-Press Release; and Staff Report
After two years of protracted political turmoil and delays in reforms, the authorities put in place in 2021 an ambitious fiscal consolidation program to ensure debt sustainability while creating fiscal space to address vast developmental needs. In late July, Fund Management approved a 9-month Staff Monitored Program (SMP) to support the government’s reform program aimed at stabilizing the economy, strengthening governance, and building a soundtrack-record of policy implementation towards an Extended Credit Facility (ECF) arrangement. The first review was concluded satisfactorily in October. A Rapid Credit Facility (RCF) disbursement of SDR 14.2 million (50 percent of quota) was approved in January to provide urgent financing to support critical spending in health and catalyze additional donor resources. The RCF disbursement, the SDR 27.2 million allocation (96 percent of quota) and reforms underpinned by the SMP are contributing to address fragility including the adverse impact of the pandemic, improve government spending transparency and mitigate debt vulnerabilities, and create conditions that would help restore donor confidence and catalyze much-needed concessional financing.
Guinea-Bissau: First Review Under the Staff Monitored Program
After two years of protracted political turmoil and delays in reforms, the authorities put in place in 2021 an ambitious fiscal consolidation program to ensure debt sustainability while creating fiscal space to address vast developmental needs. In late July, a 9-month SMP was approved to support the government’s reform program aimed at stabilizing the economy, strengthening governance, and building a sound track-record of policy implementation towards an Extended Credit Facility (ECF) arrangement. Guinea-Bissau is a fragile state with considerable needs to address the COVID-19 pandemic and developmental challenges. A Rapid Credit Facility (RCF) disbursement of SDR 14.2 million (50 percent ...
Seychelles
Tourism is driving a strong economic recovery in Seychelles. Real GDP growth is expected to accelerate to 10.6 percent in 2022, up from 7.9 percent in 2021. However, the recovery is uneven across sectors of the economy. The authorities have already begun to rebuild policy buffers and have taken measures to protect the poorest as the country transitions from the COVID-19 outbreak. The primary fiscal deficit in 2022 is expected to narrow to 1.1 percent of GDP, reflecting an extraordinary consolidation of 13.6 percentage points over the last two years. Risks to debt sustainability have been significantly reduced with the public debt-to-GDP ratio projected at around 68 percent at end-2022, thereby registering a 21-percentage-point reduction in two years.
Guinea-Bissau
Guinea Bissau is a fragile state with a long history of political instability. Poverty is high with about 67 percent of the population living below the poverty line of US$1.90 per day. The economy relies heavily on the production and exports of unprocessed cashew nuts, making most households highly vulnerable to cashew nut price shocks and climate change risks.
Guinea-Bissau
After years of political turmoil and delayed reforms, the authorities started implementing in 2021 an ambitious fiscal consolidation and reform program to ensure debt sustainability, create fiscal space to address developmental needs and strengthen state capacity. A Rapid Credit Facility (RCF) disbursement of SDR 14.2 million (50 percent of quota) was approved in January 2021 to provide urgent financing to support critical spending in health. A 9-month Staff-Monitored Program (SMP) with three quarterly reviews was approved in July 2021 to support the government’s reform program aimed at stabilizing the economy, strengthening governance, and building track record of policy implementation to underpin the authorities’ request for an Extended Credit Facility (ECF) arrangement. The August 2021 SDR 27.2 million allocation and the reforms underpinned by the SMP have helped address the adverse impact of the pandemic, improve government spending transparency, mitigate debt vulnerabilities.
Seychelles
They Seychellois economy continues to recover from the effects of the pandemic but at a slowing pace. While tourist arrivals were about 91 percent of prepandemic highs and activity in the IT, construction, and fishing sectors was robust, real GDP growth slowed to about 3.2 percent in 2023. This is due partly to a complex disaster (flooding and an industrial explosion) in December and associated negative impacts on manufacturing. Inflation has been negative since May but appears to have troughed in December. The fiscal stance in 2023 was tighter than projected and, as a result, the ratio of public debt to GDP is moving more quickly back to pre-pandemic lows. The external position improved slightly relative to the previous year.
Guinea-Bissau: Request for a Nine-Month Staff Monitored Program-Press Release; and Staff Report
Guinea-Bissau is a fragile state with considerable needs to fight the COVID-19 pandemic and address developmental challenges. After an estimated 1.4 percent of GDP contraction in 2020, a modest recovery of about 3.3 percent is projected for 2021 on the back of higher cashew exports, the gradual lifting of COVID containment measures and a more stable political situation. The outlook is subject to considerable uncertainty. An RCF disbursement of SDR 14.2 million (50 percent of quota) was approved in January to provide urgent financing (35 percent of the external gap in 2021) to support critical spending in health and catalyze additional donor resources. The RCF followed two years of protracted...
Official Gazette
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