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Review of Implementation of The 2018 Framework for Enhanced Fund Engagement on Governance
This paper reviews the implementation of the “2018 Framework for Enhanced Fund Engagement on Governance” (the “2018 Governance Framework”). The Board adopted the 2018 Governance Framework to promote a more systematic, effective, candid, and evenhanded engagement with member countries regarding corruption of macro critical dimensions and governance vulnerabilities that allow corruption. Building upon various sources of information, including surveys with key stakeholders, the paper provides a comprehensive stocktaking of the Fund’s work in governance and corruption since 2018, and makes specific proposals to further improve implementation of the Framework.
Towards Pan-Africanism
This book traces the development and impact of regional economic communities (RECs) in Africa and addresses a timely question: do REC members, and the REC itself, positively influence member states’ behaviors towards other members and more broadly, regionally and continentally due to REC membership? ‘Changing member states’ behaviors’ is measured across three ‘interconnected, fundamental dimensions of societal-systems’ proposed by Marshall and Elzinga Marshall in CSP’s Global Repot 2017. These are i) the persistence of conflict or its counterpoint, achieving peace, ii) fostering democratization and better governance, and iii) achieving socio-economic development and (as propose...
Senegal
This Selected Issues paper on Senegal revisits the challenges of emergence by tapping on the experience of other countries across the world that became emerging economies in the past two decades. It then looks at the preconditions needed for growth acceleration in Senegal. The paper also discusses options for strengthening Senegal’s fiscal framework to support Plan Sénégal Emergent (PSE) implementation while keeping risks of debt distress low. It provides an assessment of Senegal’s external stability and explores how to improve the structure of the Senegalese economy to make it more competitive with more diversified exports. The paper describes the electricity problem as a major impediment to growth acceleration. Improved revenue performance and expenditure composition are critical for creating the fiscal space to support the PSE. There is an opportunity cost for development spending, as the economy still faces bottlenecks from high electricity costs and insufficient electricity production. The share of the population living below the poverty line and its exposure to shock remains unacceptably high.
Tunisia
This paper discusses Tunisia’s Fourth Review Under the Extended Fund Facility (EFF) Arrangement and Request for Modification of Performance Criteria (PCs). The recovery has proceeded broadly as expected in the Third Review, notwithstanding elevated socio-political tensions and a further increase in oil prices. Growth accelerated to 2.8 percent in the second quarter driven by agriculture and tourism. The authorities met all Quantitative PCs and implemented two out of the three Structural Benchmarks due for the Fourth Review, notably the competitive central bank foreign exchange auctions. The IMF staff supports the authorities’ request for completion of the Fourth Review under the EFF arrangement.
West African Economic and Monetary Union (WAEMU)
This West African Economic and Monetary Union (WAEMU) IMF staff report focuses on common policies for member countries. The region continued to experience a strong upswing in 2013, and the immediate outlook is for further vigorous growth and moderate inflation. Delays in implementing reforms, at both the national and regional levels, are the principal medium-term risk. It highlights that with continued strong growth projected for the region, countries are encouraged to seek opportunities to strengthen fiscal sustainability while maintaining public investment efforts.
Income Inequality and Fiscal Policy
Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.
Efficient Energy Investment and Fiscal Adjustment in Senegal
Senegal's fiscal deficit and public debt have been on the rise in recent years owing partly to an ailing and inefficient oil-based energy sector. In this paper we use a two-sector, open-economy, dynamic general equilibrium model to investigate the effects of varying fiscal policy instruments one at a time and of policy packages that increase public investment in energy and infrastructure in scenarios with varying degrees of debt finance and with different types of supporting fiscal adjustment. Lowering the fiscal deficit by raising taxes and cutting government expenditure has adverse effects on growth, real wages and the supply of public services. Senegal does not need, however, to undertake...
Inclusive GovTech: Enhancing Efficiency and Equity Through Public Service Digitalization
How could the GovTech improve budget processes and execution efficiency? Could the GovTech strengthen redistributive function of public expenditure? Based on an event-study method, this paper finds that the introduction of digital budget payments and e-procurement could significantly enhance budget transparency and help expand the coverage of social assistance to reach the most vulnerable population. Exploiting staggered adoption of digital budget payments, a synthetic control regression identifies meaningful increase in pre-tax income shares among the bottom 50th percentile and female workers, especially for emerging market and developing countries, with effects materializing gradually over...
Trinidad and Tobago
Selected Issues
