Country Reports
2013
June 26, 2013
Former Yugoslav Republic of Macedonia: Selected Issues Paper
Description: The Macedonian labor market exhibits a high unemployment rate, yet does not demonstrate obvious and large enough constraints on the demand or supply side. Considerable achievements can be made by maintaining macroeconomic stability, attracting FDI, and closing the educational gaps. The second paper assesses ways in which the Macedonian financial sector could better contribute to growth and real convergence, taking stock of where the sector stands and its recent developments. Streamlining bankruptcy procedures, improving collateral and systematic collection and publication of real estate sales data, and revisiting the interest rate cap may serve to moderately boost credit supply.
June 26, 2013
Former Yugoslav Republic of Macedonia: 2013 Article IV Consultation and First Post-Program Monitoring Discussions
Description: Conservative policies, together with external official assistance, provided Macedonia with buffers to confront spillovers from the global crisis and deal with domestic shocks. External and financial stability have been maintained despite a difficult external environment. The start of EU accession negotiations remains uncertain. Some key recommendations of earlier Article IV Consultations have been implemented; others remain outstanding. Macedonia is well positioned to return to growth, although the external outlook presents a key risk. Policies should remain focused on boosting medium-term growth.
June 26, 2013
Brunei Darussalam: Statistical Appendix
Description: The report gives statistical data on nominal GDP by economic activity and expenditure, real GDP by economic activity and expenditure, oil and gas production and sales figures, employment by government sector and private sector, consumer price index, composition of government revenue, expenditure and budget balance, central bank survey, depository bank survey, commercial bank loans, financial soundness indicators, Sukuk outstanding and yield, private investment by sector, export and import commodities and countries involved, and FDI of Brunei Darussalam.
June 25, 2013
Kyrgyz Republic: Selected Issues
Description: The government of the Kyrgyz Republic is determined to consolidate its finances over the coming years. This note describes the main elements of the tax regime in the Kyrgyz Republic, looks into tax incentives, and provides some reform options to raise revenues. The second note is on monetary policy in the Kyrgyz Republic, which faces challenges with respect to formulation and efficacy given the low monetization, the shallow financial system, high dollarization, and a predominantly cash-based economy.
Notes: Also Available in Russian
June 25, 2013
Côte d'Ivoire: Third Review Under the Three-Year Arrangement Under the Extended Credit Facility, Requests for Modifications of Performance Criteria and Waiver of Nonobservance of Performance Criterion
Description: The Côte d’Ivoire government is working to reform the security apparatus. Containing fiscal risks, strengthening revenue collection, improving public financial management, and creating a business-friendly environment, through regularization of arrears on domestic debt, are the focus of the reform agenda. Sizable debt relief as a result of reaching the HIPC completion has also provided scope for new borrowing to help finance the government’s public investment program. Progress on the structural reform agenda and macroeconomic prospects are positive.
Notes: Also available in French
June 25, 2013
Côte d’Ivoire: Poverty Reduction Strategy Paper
Description: Côte d’Ivoire's government decided on the National Development Plan to give a new impetus to its development policy. This new strategy is based on an ambitious and realistic recovery and development program centered on private and public investment. The institutional monitoring framework for the implementation of the 2012–15 NDP includes five organs working together for a vibrant, sustained, inclusive, and all-embracing economic growth. The total cost of investments arising out of the proactive scenario, “the Triumph of the Elephant,” stands at 11,076 billion with equal share given to public and private sectors.
Notes: Also available in French
June 25, 2013
Côte d’Ivoire: Poverty Reduction Strategy Paper—Joint Staff Advisory Note
Description: The NDP aims at transforming Côte d’Ivoire into an emerging market and halving the poverty rate. The framework for poverty reduction can be improved by developing a program of targeted interventions to support growth in key strategic sectors, public investment management, maintaining fiscal and debt sustainability and implementation of energy sector reforms. The fiscal strategy focuses on scaling up public investment and sustainability. The public sector investment program and the macroeconomic projections of the PND are a good strategy. Risks to successful implementation are exogenous shocks, resistance to structural reforms, and sociopolitical instability in the country.
Notes: Also available in French
June 25, 2013
Kyrgyz Republic: 2013 Article IV Consultation and Fourth Review Under the Three-Year Arrangement Under the Extended Credit Facility, Request for Waiver of Nonobservance of a Performance Criterion, and Request for Modification of Performance Criteria—Staff Report; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Kyrgyz Republic
Description: The shift to a parliamentary democracy in 2010 provided an impetus for the Kyrgyz Republic to reform the economy. Despite the recent progress, the Kyrgyz Republic faces significant economic challenges, which will require actions on many fronts. Improving the business climate, governance, and institutions remains a key pillar of sustainable and inclusive growth. Restoring fiscal sustainability will be essential, as the budget has become more dependent on external assistance since the 2009 global and 2010 domestic crises. Tight monetary policy continues to be warranted to keep inflation at bay.
Notes: Also Available in Russian
June 25, 2013
Rwanda: Sixth Review Under the Policy Support Instrument and Request for Extension of the Policy Support Instrument—Staff Report; Press Release
Description: Rwanda has responded to lower aid by tightening policies and drawing on its foreign reserves to cushion the impact on the economy. Economic activity has been resilient despite lower aid inflows. The agreed framework for the FY2013/14 budget is in line with Policy Support Instrument (PSI) objectives. The government’s intention to develop a comprehensive plan for enhancing domestic revenue mobilization over the medium term is timely. Rwanda’s new poverty reduction strategy (EDPRS2) and the commitment to tighten the monetary stance while allowing greater exchange rate flexibility is encouraging.
June 24, 2013
Senegal: Fifth Review Under the Policy Support Instrument and Request for Program Extension and Modification of Assessment Criteria—Staff Report; Debt Sustainability Analysis; Informational Annex; and Press Release
Description: Program implementation has been satisfactory, and all assessment criteria were met. The fiscal deficit was reduced to 5.9 percent of GDP despite a significant revenue shortfall. Delays were incurred in the implementation of reforms in the energy sector. The authorities intend to accelerate reforms to improve the business environment by streamlining expenditure and by improving the efficiency of the state to reduce the fiscal deficit to below 4 percent of GDP by 2015. This will restore fiscal buffers and ensure long-term debt sustainability.
Notes: Also available in French