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Depuis quelques dizaines d'annees, les pays en developpement riches en ressources naturelles utilisent ces dernieres en tant que garanties pour obtenir acces a des sources de financement pour leurs investissements et contourner les obstacles qu'ils rencontrent lorsqu'ils s'efforcent d'obtenir des prets traditionnels aupres des banques ou des capitaux sur les marches financiers. Differents modeles de financement sont issus de ces efforts, parmi lesquels le modele des infrastructures financees par des ressources naturelles (IFR) qui est une variante des modeles de prets garantis par le petrole lances en Afrique par plusieurs banques occidentales. Dans le cadre d'une transaction basee sur le modele des infrastructures financees par des ressources naturelles (IFR), un pret contracte pour financer la construction immediate d'une infrastructure est garanti par la valeur actuelle nette de flux de revenus qui seront generes a l'avenir par l'extraction d'hydrocarbures ou de minerais. Le modele a ete employe dans plusieurs pays africains pour des contrats d'une valeur totale de l'ordre de 30 milliards de dollars, selon des informations publiques. Ce rapport, qui se compose d'une etude preparee par Hunton and Williams LLP, specialiste du financement de projets a l'echelle mondiale, et de commentaires formules par six economistes et decideurs de reputation internationale presente une analyse des marches d'infrastructures financees par des ressources naturelles (IFR) sous l'angle du financement de projets. Il a pour objet de provoquer une reflexion de fond et de servir de base a de nouveaux travaux de recherche sur le role du modele IFR, les risques qu'il pose et les perspectives qu'il offre, sans pour autant pretendre presenter des opinons des contrats IFR qui auraient l'aval de la Banque mondiale. Il est le fruit d'un effort motive par la conviction que, si les pays doivent continuer de solliciter des transactions IFR ou de recevoir des propositions spontanees, il incombe aux representants de l'Etat de pouvoir faire la difference entre de bonnes et de mauvaises operations, d'evaluer les compromis qui sont inevitables, et d'agir en consequence. Ce rapport vise a apporter certains eclairages qui permettront de determiner comment assujettir, dans le cadre de la politique publique, les transactions IFR au meme degre d'examen que tout autre instrument que les autorites de pays a faible revenu ou a revenu intermediaire (tranche inferieure) pourraient souhaiter utiliser pour mobiliser des financements a l'appui du developpement.

French Translation --- Industries Extractives --- Infrastructures --- Petroleum Finance --- Resource-Backed Finance --- Resources for Infrastructure

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"As elements of the constructed landscape, infrastructure is a means rather than an end--rail and subway lines, distribution grids, waterways, traffic signals and signs, on-and-off ramps, highways, and bridges of our cities are essential in a practical sense but dead in a social one. They create boundaries and perform as agents of separation, preventing one metropolis from physically connecting with another. But their very physical presence may reveal latent qualities of places that are key to vitalizing urban life, and by leveraging that presence to support a broader range of ecological, institutional, and cultural imperatives, these utilitarian structures could transcend their pragmatic roles and become points of meaningful public exchange. In Public Natures: Evolutionary Infrastructures, New York City-based firm Weiss/Manfredi tests such a possibility and takes the pursuit to practice, in turn crafting a manifesto/monograph hybrid replete with essays, roundtable discussions, and projects that explore new obligations and opportunities for infrastructure"--

Space (Architecture) --- Infrastructure (Economics) --- Espace (Architecture) --- Infrastructures de transport --- Social aspects. --- Social aspects --- Aspect social --- Weiss/Manfredi Architects.

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Amid renewed crisis, falling tax revenues, and rising debt, Ukraine faces serious fiscal consolidation needs. Durable fiscal adjustment can support economic confidence and rebuild buffers but what is its overall impact on growth? How effective are revenue versus spending instruments? Does current or capital spending have a larger impact? Applying a structural vector autoregressive model, this paper finds that Ukraine’s near-term revenue and spending multipliers are well below one. In the medium-term, the revenue multiplier becomes insignificant (with a wide confidence interval) and the spending multiplier strengthens. Capital and current spending have a similar effect on growth but the capital multiplier remains significant for longer. These results suggest near-term consolidation based on a combination of revenue and spending measures would have a modest impact on growth. At the same time, medium-term policies could minimize the adverse consequences of consolidation on growth by offsetting some current spending cuts with increased capital spending. Given the severe challenges facing the Ukrainian economy, it is important that policymakers apply these results in conjunction with broader considerations such as public debt sustainability, investor confidence, credibility of government policies, and public spending efficiency. Consequently, it may be necessary to rely more on current spending cuts over other types of consolidation measures even though multiplier estimates suggest a more diverse combination of measures.

Macroeconomics --- Public Finance --- Business Fluctuations --- Cycles --- Fiscal Policy --- Taxation, Subsidies, and Revenue: General --- National Government Expenditures and Related Policies: General --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Public finance & taxation --- Expenditure --- Current spending --- Fiscal policy --- Fiscal multipliers --- Capital spending --- Expenditures, Public --- Capital investments --- Ukraine

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Cette publication du département Afrique dresse le bilan des réalisations du Sénégal au cours des dernières années dans le cadre de programmes appuyés par le FMI et indiquent des domaines de réforme essentiels pour l'avenir. Les services du FMI analysent la nouvelle stratégie de développement du Sénégal, le « Plan Sénégal émergent », qui vise à faire du Sénégal un pays émergent d'ici 2035.

Budgeting --- Exports and Imports --- Public Finance --- Trade: General --- National Government Expenditures and Related Policies: General --- National Budget --- Budget Systems --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Public finance & taxation --- International economics --- Budgeting & financial management --- Expenditure --- Exports --- Expenditures, Public --- Budget --- Public-private sector cooperation --- Senegal

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This Selected Issues paper discusses benefits of boosting quality public infrastructure spending in Romania. Since the financial crisis, fiscal and current account deficits have been tackled, but the infrastructure deficit has widened. Quality public investment in infrastructure can boost domestic demand and potential GDP growth, particularly in low growth environments. The IMF staff simulations employing the European Union’s production function methodology show significant growth benefits from higher quality infrastructure spending. As a result of higher investment, real GDP would increase by about 1 percent initially with the impact peaking in 2025.

Economic History --- Business & Economics --- Exports and Imports --- Foreign Exchange --- Labor --- Public Finance --- Taxation --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Trade: General --- National Government Expenditures and Related Policies: General --- Public finance & taxation --- International economics --- Welfare & benefit systems --- Macroeconomics --- Currency --- Foreign exchange --- Labor taxes --- Exchange rates --- Expenditure --- Public investment and public-private partnerships (PPP) --- Public investment spending --- Taxes --- Exports --- Prices --- Income tax --- Expenditures, Public --- Public-private sector cooperation --- Romania