Category Archives: IMF AFRICA
Africa IMF Reports : Swaziland 2011
IMF reports for Swaziland 2011
Departmental Paper No. 11/01: In the Wake of the Global Economic Crisis: Adjusting to Lower Revenue of the Southern African Customs Union in Botswana, Lesotho, Namibia, and Swaziland. Summary: The Southern African Customs Union (SACU) is facing its biggest challenge in its 100 years of existence. The global economic crisis has significantly reduced its revenue outlook, which is having a disproportionate impact on its smaller member countries, and which calls for an appropriate policy response. This paper discusses specifically the implications for Botswana, Lesotho, Namibia, and Swaziland, and provides recommendations regarding the proper fiscal response by these countries to the decline in SACU revenue.
http://www.imf.org/external/pubs/cat/longres.cfm?sk=24512.0
Public Information Notice: IMF Executive Board Concludes 2010 Article IV Consultation with Swaziland
http://www.imf.org/external/np/sec/pn/2011/pn1106.htm
Country Report No. 11/25: Kingdom of Swaziland: 2010 Article IV Consultation–Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Swaziland
http://www.imf.org/external/pubs/cat/longres.aspx?sk=24589.0
Press Release: Statement at the Conclusion of an IMF Staff Mission to Swaziland
http://www.imf.org/external/np/sec/pr/2011/pr1160.htm
Country’s Policy Intentions Documents — Swaziland, Kingdom of: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding, March 29, 2011
http://www.imf.org/External/NP/LOI/2011/SWZ/032911.pdf
Country Report No. 11/84: Kingdom of Swaziland: Staff Monitored Program-Staff Report; Staff Supplement
http://www.imf.org/external/pubs/cat/longres.aspx?sk=24785.0
IMF Survey: Swaziland Uses IMF Monitoring Program to Fight Fiscal Crisis IMF management approves a Staff-Monitored Program for Swaziland to help the country enact tax reforms and at the same time protect social spending. The program entails IMF scrutiny of the authorities’ policies, but does not include formal backing of the program or financial support.
http://www.imf.org/external/pubs/ft/survey/so/2011/car040811a.htm
IMF Policy Paper: Kingdom of Swaziland – Assessment Letter for Multilateral and Bilateral Donors Summary: This letter provides an assessment of recent macroeconomic developments in Swaziland and an update on the discussions between IMF staff and the Swaziland authorities. Swaziland faces a fiscal crisis caused by an 11 percent of GDP drop in revenue payments from the Southern African Customs Union (SACU) and one of the largest wage bills in Africa. In response, the authorities have put in place an ambitious Fiscal Adjustment Roadmap and requested IMF staff to monitor its implementation. The IMF Managing Director approved a Staff-Monitored Program with Swaziland on April 4, 2011, that seeks to start the necessary fiscal adjustment, while protecting education, health, and pro-poor spending and improving public financial management. Securing adequate financing in 2011/12 will be critical to avert a more severe fiscal situation.
http://www.imf.org/external/pp/longres.aspx?id=4561
Press Release: Statement at the Conclusion of an IMF Staff Mission to Swaziland
http://www.imf.org/external/np/sec/pr/2011/pr11186.htm
Press Release: Statement at the Conclusion of an IMF Article IV Mission to Swaziland
http://www.imf.org/external/
IMF African Departmental Paper No. 2011/07: Macroeconomic Vulnerabilities Stemming from the Global Economic Crisis: The Case of Swaziland
http://www.imf.org/external/
All information from imf.org
Suggested Books
- Swaziland: A Southbound Pocket Guide (Southbound Pocket Guides) (Southbound Travel Guides)
- The Rough Guide to South Africa, Lesotho & Swaziland 4 (Rough Guide Travel Guides)
Africa IMF Reports : Rwanda 2011
IMF reports for Rwanda 2011
Public Information Notice: IMF Executive Board Concludes 2010 Article IV Consultation with Rwanda
http://www.imf.org/external/np/sec/pn/2011/pn1103.htm
Country Report No. 11/19: Rwanda: 2010 Article IV Consultation and First Review Under the Policy Support Instrument-Staff Report; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Rwanda.
http://www.imf.org/external/pubs/cat/longres.aspx?sk=24579.0
Press Release: IMF Executive Board Completes Second Review Under Policy Support Instrument for Rwanda
http://www.imf.org/external/np/sec/pr/2011/pr11251.htm
Country Report No. 11/154: Rwanda: Poverty Reduction Strategy Paper – Progress Report
http://www.imf.org/external/pubs/cat/longres.aspx?sk=25001.0
Country’s Policy Intentions Documents — Rwanda: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding, May 25, 2011
http://www.imf.org/External/NP/LOI/2011/RWA/052511.pdf
Country Report No. 11/164: Rwanda: Second Review Under the Policy Support Instrument and Request for Modification of Assessment Criteria – Staff Report; Staff Supplement; Press Release
http://www.imf.org/external/pubs/cat/longres.aspx?sk=25018.0
Country Report No. 11/244: Rwanda: Financial System Stability Assessment
http://www.imf.org/external/pubs/cat/longres.aspx?sk=25137.0
All information from imf.org
Suggested books
- Re-Imagining Rwanda: Conflict, Survival and Disinformation in the Late Twentieth Century (African Studies)
- Remaking Rwanda: State Building and Human Rights after Mass Violence (Critical Human Rights)
Africa IMF Reports : Togo 2011
IMF reports for Togo 2011
Country Report No. 11/6: Togo: Poverty Reduction Strategy Paper-Progress Report-Joint Staff Advisory Note
http://www.imf.org/external/pubs/cat/longres.aspx?sk=24550.0
Country Report No. 11/7: Togo: Poverty Reduction Strategy Paper-Progress Report
http://www.imf.org/external/pubs/cat/longres.aspx?sk=24551.0
Country’s Policy Intentions Documents — Togo: Letter of Intent, and Technical Memorandum of Understanding, November 15, 2010
http://www.imf.org/External/NP/LOI/2010/tgo/111510.pdf
Country Report No. 11/10: Togo: Fifth Review Under the Three-Year Arrangement Under the Extended Credit Facility, Request for Modification of a Performance Criterion and Request for Extension of the Arrangement-Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Togo.
http://www.imf.org/external/pubs/cat/longres.aspx?sk=24561.0
Country Report No. 11/28: Togo: Enhanced Heavily Indebted Poor Countries (HIPC) Initiative Completion Point Document and Multilateral Debt Relief Initiative (MDRI)
http://www.imf.org/external/pubs/cat/longres.aspx?sk=24597.0
Press Release: Statement by an IMF Mission to Togo
http://www.imf.org/external/np/sec/pr/2011/pr11183.htm
Press Release: IMF Executive Board Completes Sixth and Final Review Under the ECF Arrangement for Togo and Approves US$13.95 Million Disbursement
http://www.imf.org/external/np/sec/pr/2011/pr11285.htm
Country’s Policy Intentions Documents — Togo: Letter of Intent, June 26, 2011
http://www.imf.org/External/NP/LOI/2011/TGO/062811.pdf
Public Information Notice: IMF Executive Board Concludes 2001 Article IV Consultation with Togo
http://www.imf.org/external/np/sec/pn/2011/pn11100.htm
Country Report No. 11/240: Togo: 2011 Article IV Consultation and Sixth Review Under the Extended Credit Facility Arrangement – Staff Report; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Togo
http://www.imf.org/external/pubs/cat/longres.aspx?sk=25132.0
All information from imf.org
Suggested Books
- The Political Economy of Economic Growth in Africa, 1960-2000 (Country Case Study Series) (Volume 2)
- Lonely Planet West Africa (Multi Country Travel Guide)
Africa IMF Reports : Liberia 2011
IMF reports for Liberia 2011
IMF Policy Paper: Framework Administered Account for Selected Fund Activities: Liberia Macro-Fiscal Subaccount
Summary: In March 2009, the Fund established a new Framework Administered Account to
administer external financial resources for selected Fund activities (the “SFA Instrument”). The financing of activities under the terms of the SFA Instrument is implemented through the establishment and operation of a subaccount within the SFA. This paper requests Executive Board approval to establish the Liberia Macro-Fiscal Subaccount (the “Subaccount”) under the terms of the SFA Instrument.
http://www.imf.org/external/pp/longres.aspx?id=4517
Press Release: Statement at the Conclusion of an IMF Staff Mission to Liberia
http://www.imf.org/external/np/sec/pr/2011/pr11130.htm
Press Release: IMF Executive Board Completes Sixth Review Under the Arrangement under the Extended Credit Facility and Approves US$7 Million Disbursement for Liberia
http://www.imf.org/external/np/sec/pr/2011/pr11258.htm
Country’s Policy Intentions Documents — Liberia: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding, June 7, 2011
http://www.imf.org/External/NP/LOI/2011/LBR/060711.pdf
Country Report No. 11/174: Liberia: 2011 Sixth Review Under the Three-Year Arrangement Under the Extended Credit Facility, Request for Extension of the Arrangement, and Augmentation of Access – Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Liberia
http://www.imf.org/external/pubs/cat/longres.aspx?sk=25037.0
Country Report No. 11/214: Liberia: Poverty Reduction Strategy Paper – Second Annual Progress Report, 2009-10
http://www.imf.org/external/pubs/cat/longres.aspx?sk=25099.0
IMF Survey: IMF Technical Assistance Finds A Teachable Moment in Africa As countries around the world cope with the global crisis, the IMF’s technical assistance helps countries strengthen the policy skills, and technical know-how of their institutions. In Liberia, on the west coast of Africa, the government put in place a modern system to pay teachers on time with the push of a button.
http://www.imf.org/external/
Press Release: IMF Executive Board Completes Seventh Review Under ECF for Liberia and Approves US$6.9 Million Disbursement
http://www.imf.org/external/
Country’s Policy Intentions Documents — Liberia: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding, November 15, 2011
http://www.imf.org/External/
Country Report No. 11/345: Liberia-Seventh Review Under the Extended Credit Facility Arrangement
http://www.imf.org/external/
All information from http://www.imf.org
Suggested Books
- A Digital Liberia: How Electrons, Information, and Market Forces Will Determine Liberia’s Future
- Developing Public Private Partnerships in Liberia (World Bank Studies)
Africa IMF Reports : South Africa 2011
IMF reports for South Africa 2011
Working Paper No. 11/69: Fiscal sustainability and the fiscal reaction function for South Africa Author/Editor: Burger, Philippe ; Cuevas, Alfredo ; Stuart, Ian ; Jooste, Charl Summary: How does the South African government react to changes in its debt position? In investigating the question, this paper estimates fiscal reaction functions using various methods (OLS, VAR, TAR, GMM, State-Space modelling and VECM). The paper finds that since 1946 the South African government has ran a sustainable fiscal policy, by reducing the primary deficit or increasing the surplus in response to rising debt. Looking ahead, the paper considers the use of fiscal reaction functions to forecast the debt/GDP ratio and gauging the likelihood of achieving policy goals with the aid of probabilistic simulations and fan charts.
http://www.imf.org/external/pubs/cat/longres.aspx?sk=24758.0
Press Release: Statement by the IMF Executive Directors Representing Brazil, Russia, India, China and South Africa on the Selection Process for Appointing an IMF Managing Director
http://www.imf.org/external/np/sec/pr/2011/pr11195.htm
Press Release: IMF Managing Director Christine Lagarde to Visit South Africa
http://www.imf.org/external/
Press Release: Statement by IMF Managing Director Christine Lagarde at the Conclusion of her Visit to South Africa
http://www.imf.org/external/
All information from http://www.imf.org
Suggested Books
- South Africa Pushed to the Limit: The Political Economy of Change
- A History of South Africa, Third Edition
Africa IMF Reports : Seychelles 2011
Seychelles IMF Reports 2011
Country Report No. 11/5: Seychelles: 2010 Article IV Consultation and Second Review Under the Extended Arrangement, Request for Rephasing of Disbursements, and Financing Assurances Review-Staff Report; Staff Supplement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Seychelles
http://www.imf.org/external/pubs/cat/longres.cfm?sk=24546.0
IMF Survey: Caribbean Countries Have Several Ways to Enhance Prospects Caribbean countries, saddled with high debt levels and badly affected by the global economic crisis, need to reduce debt and develop new sources of growth to enhance their prospects, according to participants at a regional conference convened to explore the Caribbean’s challenges and policy options.
http://www.imf.org/external/pubs/ft/survey/so/2011/car020311a.htm
Press Release: IMF Mission Finds Seychelles’ Three-Year Economic Program on Track
http://www.imf.org/external/np/sec/pr/2011/pr1186.htm
Press Release: IMF Completes the Third Review Under the Extended Arrangement for Seychelles
http://www.imf.org/external/np/sec/pr/2011/pr11213.htm
Country’s Policy Intentions Documents — Seychelles: Letter of Intent, Supplementary Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding, May 18, 2011
http://www.imf.org/External/NP/LOI/2011/SYC/051811.pdf
Country Report No. 11/134: Seychelles: Third Review under the Extended Arrangement, Request for Modification of Performance Criteria, Financing Assurances Review – Staff Report; Press Release on the Executive Board Discussion.
http://www.imf.org/external/pubs/cat/longres.aspx?sk=24926.0
Country Report No. 11/133: Seychelles: Extended Arrangement-Financing Assurances Review-Staff Report.
http://www.imf.org/external/pubs/cat/longres.aspx?sk=24919.0
Press Release: IMF Concludes Staff Visit to Seychelles
http://www.imf.org/external/np/sec/pr/2011/pr11255.htm
Press Release: IMF Mission Finds Seychelles’ Three-Year Economic Program on Track
http://www.imf.org/external/
All information from http://www.imf.org
To view and print pdf files you need the free Adobe Acrobat Reader which is available at http://www.adobe.com/products/acrobat/readstep.html
Suggested Books
- Central Bank Independence in a Small Open Economy: The Case of Seychelles
- Seychelles, 3rd (Bradt Travel Guide)
Africa IMF Reports : Lesotho 2011
IMF Reports for Lesotho 2011
Lesotho Departmental Paper No. 11/01: In the Wake of the Global Economic Crisis: Adjusting to Lower Revenue of the Southern African Customs Union in Botswana, Lesotho, Namibia, and Swaziland. Summary: The Southern African Customs Union (SACU) is facing its biggest challenge in its 100 years of existence. The global economic crisis has significantly reduced its revenue outlook, which is having a disproportionate impact on its smaller member countries, and which calls for an appropriate policy response. This paper discusses specifically the implications for Botswana, Lesotho, Namibia, and Swaziland, and provides recommendations regarding the proper fiscal response by these countries to the decline in SACU revenue.
http://www.imf.org/external/pubs/cat/longres.cfm?sk=24512.0
Press Release: Statement by IMF Managing Director Dominique Strauss-Kahn on Death of Central Bank of Lesotho Governor and IMF Alternate Governor Moeketsi Senaoana
http://www.imf.org/external/np/sec/pr/2011/pr1185.htm
Press Release: IMF Executive Board Completes First Review Under ECF Arrangement for the Kingdom of Lesotho and Approves Disbursement of US$9 Million
http://www.imf.org/external/np/sec/pr/2011/pr11115.htm
Country’s Policy Intentions Documents — Lesotho: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding, February 24, 2011
http://www.imf.org/External/NP/LOI/2011/LSO/022411.pdf
Country Report No. 11/88: Kingdom of Lesotho: First Review Under the Three-Year Extended Credit Facility Arrangement and Requests for Waiver of Nonobservance of Performance Criterion and Modification of Performance Criteria-Staff Report and Press Release.
http://www.imf.org/external/pubs/cat/longres.aspx?sk=24790.0
Public Information Notice: IMF Executive Board Concludes 2009 Article IV Consultation with the Kingdom of Lesotho
http://www.imf.org/external/np/sec/pn/2011/pn1175.htm
Press Release: Statement at the Conclusion of an IMF Mission to Lesotho
http://www.imf.org/external/np/sec/pr/2011/pr11254.htm
Press Release: Statement at the Conclusion of an IMF Mission to Lesotho
http://www.imf.org/external/
All information from imf.org. Reports will be added as they become available.
Suggested Books
This book is one of the first travel guides dedicated solely to Lesotho.
Set in Lesotho and South Africa.
MP3
Old 1976 archive recording.
Africa IMF Reports : Kenya 2011
IMF Reports for Kenya 2011
Press Release: IMF Executive Board Approves Three-Year, US$508.7 Million Arrangement Under Extended Credit Facility for Kenya
http://www.imf.org/external/np/sec/pr/2011/pr1122.htm
IMF Survey: IMF Lends $508.7 Million to Help Kenya Launch Key Reforms The IMF approves a $508.7 million loan to back Kenya’s economic program, as the country embarks on reforms arising from the implementation of its new constitution. The program will help Kenya deal with vulnerabilities that could derail its efforts to accelerate growth.
http://www.imf.org/external/pubs/ft/survey/so/2011/car020811a.htm
Country’s Policy Intentions Documents — Kenya: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding, January 17, 2011
http://www.imf.org/External/NP/LOI/2011/KEN/011711.pdf
Country Report No. 11/48: Kenya: Request for a Three-Year Arrangement Under the Extended Credit Facility-Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Kenya
http://www.imf.org/external/pubs/cat/longres.aspx?sk=24636.0
Press Release: IMF and Kenya Host Conference for Sub-Saharan Africa on Improving Tax Revenue Mobilization
http://www.imf.org/external/np/sec/pr/2011/pr1193.htm
Press Release: Statement at the Conclusion of an IMF Mission to Kenya
http://www.imf.org/external/np/sec/pr/2011/pr11194.htm
Press Release: IMF Executive Board Completes First Review Under Extended Credit Facility for Kenya
http://www.imf.org/external/np/sec/pr/2011/pr11266.htm
Country Report No. 11/165: Kenya: First Review Under the Three-Year Arrangement Under the Extended Credit Facility, Request for Waivers and Modification of Performance Criteria
http://www.imf.org/external/pubs/cat/longres.aspx?sk=25020.0
Country’s Policy Intentions Documents — Kenya: Letter of Intent and Technical Memorandum of Understanding, June 14, 2011
http://www.imf.org/External/NP/LOI/2011/KEN/061411.pdf
Press Release: Statement by IMF Mission to Kenya
http://www.imf.org/external/
Press Release: IMF Executive Board Completes Second Review Under the Extended Credit Facility for Kenya and Approves Request for Augmentation of Access and US$143.67 Million Disbursement
http://www.imf.org/external/
IMF Survey: IMF Boosts Loan to Kenya to Help Cope With Regional Drought The IMF approves a $143 million loan payout to help Kenya cope with the severe drought in the Horn of Africa and higher food and fuel prices. In its regular review of the country’s economy, the IMF says Kenya is preserving the basis for strong growth.
http://www.imf.org/external/
All information collated from imf.org.
Suggested Books
Robert Bates focuses on Kenya, a country that continued to grow while others declined in Africa, and criticizes the neo-classical turn in development economics.
In this definitive new history, Charles Hornsby demonstrates how independent Kenya’s politics have been dominated by a struggle to deliver security, impartiality, efficiency and growth, but how the legacies of the past have continued to undermine their achievement, making the long-term future of Kenya far from certain.
Africa IMF Reports : Guinea 2011
IMF Reports for Guinea 2011
Country’s Policy Intentions Documents — Guinea: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding, June 30, 2011
http://www.imf.org/External/NP/LOI/2011/GIN/063011.pdf
Country Report No. 11/251: Guinea – Staff-Monitored Program
http://www.imf.org/external/pubs/cat/longres.aspx?sk=25159.0
Press Release: Statement at the Conclusion of an IMF Mission to Guinea
http://www.imf.org/external/
All information collated from imf.org.
Suggested Books
Based on previously unexamined archival records and oral interviews with rank-and-file RDA members, this book reinterprets nationalist history by approaching it from the bottom up.
Frederick Cooper’s latest book on the history of decolonization and independence in Africa helps students understand the historical process from which Africa’s current position in the world has emerged.
Africa IMF Reports : Guinea Bissau 2011
IMF Reports for Guinea Bissau 2011
Press Release: IMF Concludes Staff Visit to Guinea-Bissau
http://www.imf.org/external/np/sec/pr/2011/pr1109.htm
Press Release: Statement at the Conclusion of the IMF Mission to Guinea-Bissau
http://www.imf.org/external/np/sec/pr/2011/pr1197.htm
Press Release: IMF Executive Board Completes Second Review Under the ECF Arrangement with Guinea-Bissau and Approves US$3.85 Million Disbursement
http://www.imf.org/external/np/sec/pr/2011/pr11193.htm
Country’s Policy Intentions Documents — Guinea-Bissau: Supplementary Letter of Intent, Supplementary Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding, April 29, 2011
http://www.imf.org/External/NP/LOI/2011/GNB/042911.pdf
Country Report No. 11/119: Guinea-Bissau: Second Review Under the Three-Year Arrangement Under the Extended Credit Facility and Financing Assurances Review – Staff Report; Informational Annex; Press Release on the Review
http://www.imf.org/external/pubs/cat/longres.aspx?sk=24882.0
Press Release: IMF Concludes Staff Visit to Guinea-Bissau
http://www.imf.org/external/np/sec/pr/2011/pr11226.htm
Press Release: IMF Executive Board Completes Third and Financing Assurances Review Under ECF with Guinea-Bissau and Approves US$3.77 Million Disbursement
http://www.imf.org/external/
Country’s Policy Intentions Documents — Guinea-Bissau: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding, November 14, 2011
http://www.imf.org/External/
Country Report No. 11/355: Guinea-Bissau: Third Review Under the Three-Year Arrangement Under the Extended Credit Facility and Financing Assurances Review – Staff Report; Joint IMF/World Bank Debt Sustainability Analysis; Informational Annex; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Guinea-Bissau
http://www.imf.org/external/
Country Report No. 11/352: Guinea-Bissau: Joint Staff Advisory Note on the Second Poverty Reduction Strategy Paper
http://www.imf.org/external/
Country Report No. 11/353: Guinea-Bissau: Second Poverty Reduction Strategy Paper
http://www.imf.org/external/
All information collated from imf.org.
Suggested Book
This book provides a collection of papers on conflict, livelihoods, and poverty in Guinea-Bissau based on both the nationally representative 2002 household survey and a small scale survey with both quantitative and qualitative components implemented in 2004.
Africa IMF Reports : Ghana 2011
The following reports are collated from imf.org. They will be added to as more are published.
IMF Reports for Ghana 2011
Press Release: Statement at the Conclusion of an IMF Mission to Ghana
http://www.imf.org/external/np/sec/pr/2011/pr1159.htm
Working Paper No. 11/104: Ghana: Will it be Gifted or Will it be Cursed? Author/Editor: Aydin, Burcu Summary: Will Ghana’s oil production from 2011 accelerate progress toward middle-income status, or will it retard gains in living standards through a possible “resource curse”? This paper examines the likelihood of “resource curse” effects, drawing on a dataset of 150 low and middle income countries from 1973 to 2008 using static and dynamic panel estimation techniques. Results confirm that resource rich countries in Ghana’s income range do experience slower growth than their more diversified peers, an effect that appears to be related to weaker governance. Provided that Ghana can preserve and improve its economic governance and also strengthen fiscal management, prospects look good for converting its oil wealth into sustained strong economic growth.
http://www.imf.org/external/pubs/cat/longres.aspx?sk=24830.0
Press Release: IMF Executive Board Completes Third and Fourth Reviews Under ECF Arrangement with Ghana and Approves US$94.3 Million Disbursement
http://www.imf.org/external/np/sec/pr/2011/pr11200.htm
Public Information Notice: IMF Executive Board Concludes Article IV Consultation with Ghana
http://www.imf.org/external/np/sec/pn/2011/pn1170.htm
Country Report No. 11/128: Ghana: 2011 Article IV Consultation and Third and Fourth Reviews Under the Arrangement Under the Extended Credit Facility, Requests for Waiver of Nonobservance of Performance Criteria and Modification of Performance Criteria, and Rephasing of Disbursements-Staff Report; Staff Supplement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Ghana.
http://www.imf.org/external/pubs/cat/longres.aspx?sk=24912.0
Country Report No. 11/129: Ghana: Three-Year Arrangement Under the Extended Credit Facility-Request for Modification of Performance Criterion-Staff Report
http://www.imf.org/external/pubs/cat/longres.aspx?sk=24914.0
Country’s Policy Intentions Documents — Ghana: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding, May 12, 2011
http://www.imf.org/External/NP/LOI/2011/GHA/051211.pdf
Country Report No. 11/131: Ghana: Financial System Stability Assessment Update
http://www.imf.org/external/pubs/cat/longres.aspx?sk=24917.0
Press Release: Statement at the Conclusion of an IMF Staff Visit to Ghana
http://www.imf.org/external/
Working Paper No. 11/273: On the Stability of Money Demand in Ghana: A Bounds Testing Approach Author/Editor: Dagher, Jihad ; Kovanen, Arto Summary: This paper adopts the bounds testing procedure developed by Pesaran et al. (2001) to test the stability of the long-run money demand for Ghana. The results provide strong evidence for the presence of a stable, well-identified long-run money demand during a period of substantial changes in the financial markets. The empirical evidence points to complex dynamics between money demand and its determinants while suggesting that deviations from the equilibrium are rather short-lived.1
http://www.imf.org/external/
Working Paper No. 11/274: Does Money Matter for Inflation in Ghana? Author/Editor: Kovanen, Arto Summary: Money has only limited information value for future inflation in Ghana over a typical monetary policy implementation horizon (four to eight quarters). On the other hand, currency depreciation and demand pressures (as measured by the output gap) are shown to be important predictors of future price changes. Inflation inertia is high and inflation expectations are largely based on backward-looking information, suggesting that inflation expectations are not well anchored and hence more is needed to strengthen the credibility of Ghana’s inflation-targeting regime.1
http://www.imf.org/external/
Working Paper No. 11/275: Monetary Policy Transmission in Ghana: Does the Interest Rate Channel Work? Author/Editor: Kovanen, Arto Summary: This paper analyzes interest rate pass-through in Ghana. Time series and bank-specific data are utilized to highlight linkages between policy, wholesale market, and retail market interest rates. Our analysis shows that responses to changes in the policy interest rate are gradual in the wholesale market. Prolonged deviation in the interbank interest rate from the prime rate illustrate the challenges the Bank of Ghana faces when targeting a short-term money market interest rate. Asymmetries in the wholesale market adjustment possibly relate to monetary policy signaling, weak policy credibility, and liquidity management. In the retail market, pass-through to deposit and lending interest rates is protracted and incomplete.1
http://www.imf.org/external/
Press Release: IMF Executive Board Completes Fifth Review Under ECF Arrangement for Ghana and Approves US$91.55 Million Disbursement
http://www.imf.org/external/
Suggested Books
As Ghana enters its second half-century there is a widespread perception of failure of the economic and political system in delivering improved living standards to the population.
Developing countries – given their extreme economic vulnerability – are likely to be better served by maintaining flexible exchange rate regimes. That is the finding of this informative and enlightening book.
Africa IMF Reports : Gambia 2011
The following reports are collated from imf.org and will be added to as they are available.
IMF Reports for The Gambia 2011
Country’s Policy Intentions Documents — Gambia, The: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding, December 18, 2010
http://www.imf.org/External/NP/LOI/2010/gmb/121810.pdf
Country Report No. 11/15: The Gambia: Ex-Post Assessment of Longer-Term Program Engagement-an Update
http://www.imf.org/external/pubs/cat/longres.aspx?sk=24568.0
Public Information Notice: IMF Executive Board Discusses Updated Ex-Post Assessment of Longer-Term Program Engagement in The Gambia
http://www.imf.org/external/np/sec/pn/2011/pn1105.htm
Country Report No. 11/22: The Gambia: Seventh Review of the Arrangement Under the Extended Credit Facility, Request for Rephasing of the Eighth Review and Extension of the Arrangement, and Request for Waivers of Nonobservance of Performance Criteria—Staff Report; Informational Annex; Public Information Notice; Press Release on the Executive Board Discussion; and Statement by the Alternate Executive Director for The Gambia.
http://www.imf.org/external/pubs/cat/longres.aspx?sk=24584.0
Country Report No. 11/27: The Gambia: Poverty Reduction Strategy Paper—Progress Report
http://www.imf.org/external/pubs/cat/longres.aspx?sk=24592.0
Press Release: Statement by an IMF Staff Mission to The Gambia
http://www.imf.org/external/np/sec/pr/2011/pr1189.htm
Press Release: Statement by an IMF Staff Visit to The Gambia
http://www.imf.org/external/np/sec/pr/2011/pr11209.htm
Working Paper No. 11/198: De Jure versus De Facto Exchange Rate Regimes in Sub-Saharan Africa Author/Editor: Slavov, Slavi T Summary: There are 22 countries in Sub-Saharan Africa (SSA) with floating exchange rate regimes, de jure. Some target the money supply or the inflation rate; others practice “managed floating.” Statistical analysis on monthly data for the past decade reveals that in most cases these exchange rate regimes can be approximated surprisingly well by a soft peg to a basket dominated by the US dollar. The weight on the dollar appears to have fallen somewhat across the continent in the aftermath of the global financial crisis. Replicating the model with weekly data for The Gambia suggests that the focus on the dollar might be even more pronounced at higher data frequencies. While there might be strong arguments in favor of limiting exchange rate volatility in SSA countries, soft-pegging to the dollar does not appear to be the best fit for them, given the currency structure of their external trade and finance. The paper concludes by discussing some policy options for SSA countries with flexible exchange rates, in the context of an illustrative recent country case.
http://www.imf.org/external/pubs/cat/longres.aspx?sk=25170.0
Press Release: Statement by an IMF Mission to The Gambia
http://www.imf.org/external/
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