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Les pays à faible revenu continuent d'éprouver des difficultés considérables à satisfaire leurs importants besoins en développement tout en préservant la viabilité de leur dette, même après avoir bénéficié d'un important allégement de la dette pour nombre d'entre eux. Ces difficultés sont encore exacerbées par l'évolution du paysage financier, dont l'émergence de nouveaux créanciers et investisseurs, le recours à des instruments de financement complexes, et le développement des marchés intérieurs. Le cadre de viabilité de la dette, élaboré conjointement par la Banque mondiale et le FMI, est très utile pour aider à résoudre ces difficultés ainsi qu'à réduire les risques de réapparition d'épisodes de surendettement. Ce document présente les fondements théoriques du cadre et explique comment en tirer tout le parti.
Exports and Imports --- Financial Risk Management --- Public Finance --- International Lending and Debt Problems --- Debt --- Debt Management --- Sovereign Debt --- Trade Policy --- International Trade Organizations --- International economics --- Public finance & taxation --- Finance --- Debt sustainability analysis --- Debt sustainability --- External debt --- Public debt --- Debt service --- Debts, External --- Debts, Public --- Export credit --- United States
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Economic growth averaged 6.5 percent over the past five years, boosted by public investment under phase I of Senegal’s development strategy, the “Plan Sénégal Émergent” (PSE), and buoyant private consumption. High public financing needs led to a rapid increase in public debt and a widening of the current account deficit. The outlook remains favorable provided Senegal strictly adheres to the WAEMU fiscal deficit target of 3 percent of GDP and creates fiscal space for investment through enhanced revenue mobilization and spending efficiency to stabilize public debt. Hydrocarbon production is projected to start in 2022. The authorities requested the cancellation of the 2015-19 Policy Support Instrument (PSI) in early 2019 (with only one review left), and are now requesting approval of a three-year program supported by the Policy Coordination Instrument (PCI) to underpin implementation of the second phase of the PSE.
International finance. --- Financial risk. --- Budget Systems --- Budget --- Budgeting & financial management --- Budgeting --- Debt Management --- Debt service --- Debt sustainability analysis --- Debt --- Debts, External --- Debts, Public --- Economic growth --- Exports and Imports --- External debt --- Fiscal Policy --- Fiscal policy --- Government debt management --- International economics --- International Lending and Debt Problems --- Macroeconomics --- National Budget --- Public debt --- Public finance & taxation --- Public Finance --- Sovereign Debt --- Taxation, Subsidies, and Revenue: General --- Senegal
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L’initiative en faveur des pays pauvres très endettés, lancée en 1999 par le FMI et la Banque mondiale, était le premier effort concerté de la communauté financière internationale pour réduire l’endettement extérieur des pays les plus pauvres du monde. Elle reposait sur l’idée que la croissance économique de ces pays était étouffée par la charge de leur dette, de sorte qu’il leur était quasiment impossible d’échapper à la misère. Cependant, la plupart des études empiriques décrivant les effets de l’endettement sur la croissance portent sur un ensemble disparate de pays ; rares sont les travaux consacrés exclusivement aux conséquences de l’endettement pour les pauvres. Cette brochure présente les conclusions des recherches empiriques des auteurs sur ce sujet, notamment leur analyse des circuits de transmission des effets de la dette sur la croissance des pays à faible revenu.
Exports and Imports --- Financial Risk Management --- Public Finance --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- International Lending and Debt Problems --- Debt --- Debt Management --- Sovereign Debt --- Public finance & taxation --- International economics --- Finance --- Public investment spending --- External debt --- Debt service --- Debt relief --- Public debt --- Public investments --- Debts, External --- Debts, Public --- Lao People's Democratic Republic
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This paper evaluates the IMF’s policy on the use of quantitative limits on public debt in IMF-supported programs (the “debt limits policy”) and proposes a number of modifications. The review is taking place at a time when many countries are experiencing heightened debt vulnerabilities or actual debt distress, aggravated by the COVID-19 shock, and occurring against the backdrop of a changing credit landscape in which concessional finance is scarcer relative to countries’ investment needs.
Debts, Public. --- International Monetary Fund. --- Capital market --- Concessional external borrowing --- Debt limits --- Debt Management --- Debt sustainability --- Debt --- Debts, External --- Debts, Public --- Exports and Imports --- Finance --- Finance: General --- Financial Risk Management --- General Financial Markets: General (includes Measurement and Data) --- Government debt management --- International economics --- International Lending and Debt Problems --- Public debt --- Public finance & taxation --- Public Finance --- Sovereign Debt --- Central African Republic
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The COVID-19 pandemic is having a severe human, economic, and social impact on Mauritania. The economy is estimated to have contracted by about 2 percent in 2020 and the crisis generated large financing needs. The authorities responded swiftly to mitigate the impact of the pandemic while international partners provided grants, loans, and debt service suspension. This, compounded by higher commodity exports (iron ore and gold) and some delays in emergency spending, resulted in unexpected fiscal surpluses and an accumulation of international reserves, which may now be used to support the recovery in 2021–22. The outlook remains highly uncertain and dependent on volatile commodity markets, with sizable downside risks in case new waves of the pandemic spill over into Mauritania.
Exports and Imports --- Finance: General --- Macroeconomics --- Public Finance --- Diseases: Contagious --- Health Behavior --- International Lending and Debt Problems --- Debt --- Debt Management --- Sovereign Debt --- Fiscal Policy --- International Financial Markets --- Infectious & contagious diseases --- International economics --- Public finance & taxation --- Finance --- Public debt --- External debt --- Communicable diseases --- Debts, Public --- Fiscal policy --- Debts, External --- Debt service --- Mauritania, Islamic Republic of
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The COVID-19 pandemic is having a severe human, economic, and social impact on Mauritania. The economy is estimated to have contracted by about 2 percent in 2020 and the crisis generated large financing needs. The authorities responded swiftly to mitigate the impact of the pandemic while international partners provided grants, loans, and debt service suspension. This, compounded by higher commodity exports (iron ore and gold) and some delays in emergency spending, resulted in unexpected fiscal surpluses and an accumulation of international reserves, which may now be used to support the recovery in 2021–22. The outlook remains highly uncertain and dependent on volatile commodity markets, with sizable downside risks in case new waves of the pandemic spill over into Mauritania.
Mauritania, Islamic Republic of --- Exports and Imports --- Finance: General --- Macroeconomics --- Public Finance --- Diseases: Contagious --- Health Behavior --- International Lending and Debt Problems --- Debt --- Debt Management --- Sovereign Debt --- Fiscal Policy --- International Financial Markets --- Infectious & contagious diseases --- International economics --- Public finance & taxation --- Finance --- Public debt --- External debt --- Communicable diseases --- Debts, Public --- Fiscal policy --- Debts, External --- Debt service
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Economic impact. COVID-19 is having an adverse economic impact on Burundi. The pandemic is affecting Burundi through an evolving domestic outbreak and economic spillovers from the global and regional environment, including from the containment measures introduced in trading partners and neighboring countries. Economic growth projections for 2020 have been revised down by 5.3 percentage points to -3.2 percent in 2020. The pandemic has exacerbated pre-existing economic challenges and creates an external financing need of 4.7 percent of GDP in 2020 and 2021, mainly as a result of lower exports in line with lower foreign demand due to lower global growth and transportation bottlenecks from containment measures in other countries; elevated imports needs related in part to the planned fiscal spending aimed at responding to the pandemic; and reduced remittances inflows. The pandemic has also created a fiscal financing need of 6.9 percent of GDP, which will need to be met mainly from external sources.
Communicable diseases. --- Debt Management --- Debt relief --- Debt service --- Debt --- Debts, External --- Debts, Public --- Exports and Imports --- Finance --- Financial Risk Management --- Health economics --- Health --- Health: General --- International economics --- International Lending and Debt Problems --- Public debt --- Public finance & taxation --- Public Finance --- Sovereign Debt --- Burundi
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La dernière revue du programme 2010-2014 au titre de l’instrument de soutien à la politique économique (ISPE) a été achevée en décembre 2014. Les autorités ont sollicité un autre ISPE pour 2015-2017. Les résultats des deux précédents ISPE ont été contrastés. Si la viabilité des finances publiques et de la dette ont été globalement acquis, les résultats sur le plan de la croissance et de la réduction de la pauvreté ont été moins favorables que ce qui avait été initialement programmé en raison des retards dans la mise en œuvre des réformes structurelles.
Budget planning and preparation --- Budget Systems --- Budget --- Budgeting & financial management --- Budgeting --- Debt Management --- Debt --- Debts, External --- Debts, Public --- Exports and Imports --- External debt --- Finance, Public --- Fiscal Policy --- Fiscal policy --- International economics --- International Lending and Debt Problems --- Macroeconomics --- National Budget --- National Government Expenditures and Related Policies: General --- Public and publicly-guaranteed external debt --- Public debt --- Public finance & taxation --- Public Finance --- Sovereign Debt --- Senegal
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Principaux thèmes. Contexte : L’adoption rapide de mesures correctives a été décisive pour remettre le programme sur les rails et pour asseoir les perspectives budgétaires sur une base plus saine dans la perspective des élections de 2015. Programme : Le 27 janvier 2012, le Conseil d’administration a approuvé l’accord triennal au titre de la facilité élargie de crédit (FEC), qui assure au pays un niveau d’accès équivalent à 39 % de la quote-part (30 millions de DTS). Les première, deuxième et troisième revues ont été achevées le 27 juillet 2012, le 14 février 2013 et le 6 septembre 2013, respectivement. Pour la quatrième revue, tous les critères de réalisation ont été observés, grâce notamment à l’adoption d’importantes mesures destinées à remettre le programme sur les rails, suite aux dérapages budgétaires enregistrés au début de 2013. Des progrès satisfaisants ont été accomplis sur le front des réformes structurelles. Les entretiens de politique économique se sont centrés sur les mesures propres à insuffler une nouvelle vigueur à la mise en œuvre du programme après les difficultés rencontrées dans l’achèvement de la troisième revue de l’accord FEC. Perspectives et risques : Les perspectives macroéconomiques restent délicates et les vulnérabilités externes persistent sur fond de repli des cours internationaux du café. En excluant l’hypothèse de mauvaises récoltes, les perspectives d’inflation restent favorables du fait de la diminution projetée des prix internationaux des produits alimentaires et énergétiques. Les principaux risques qui pèsent sur les perspectives prendraient la forme d’une fragile internalisation du programme et de tensions en matière de dépenses à la veille des élections. Avis des services du FMI : Les services du FMI recommandent l’achèvement de la quatrième revue de l’accord FEC, la définition de nouveaux critères de réalisation et objectifs indicatifs pour septembre 2014 et le décaissement de 5 millions de DTS. Les autorités ont consenti à la publication du présent rapport suite à l’achèvement de la revue.
Banking --- Banks and Banking --- Debt Management --- Debt sustainability analysis --- Debt sustainability --- Debt --- Debts, External --- Debts, Public --- Exports and Imports --- External debt --- Finance, Public --- Fiscal Policy --- Fiscal policy --- Inflation --- International economics --- International Lending and Debt Problems --- Macroeconomics --- National Government Expenditures and Related Policies: General --- Public and publicly-guaranteed external debt --- Public debt --- Public finance & taxation --- Public Finance --- Revenue --- Sovereign Debt --- Taxation, Subsidies, and Revenue: General --- Burundi
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