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Hilary Devine, Adrian Peralta-Alva, Hoda Selim, Preya Sharma, Ludger Wocken, and Luc Eyraud
The Covid-19 pandemic has aggravated the tension between large development needs in infrastructure and scarce public resources. To alleviate this tension and promote a strong and job-rich recovery from the crisis, Africa needs to mobilize more financing from and to the private sector.
International Monetary Fund. European Dept.

medium-term challenges have yet to be addressed. These include tackling adverse demographics, transitioning from a low-wage to high-productivity growth model and addressing high income inequality. Addressing these challenges will require ambitious structural reforms. Key policy recommendations : Increase labor force participation . Reforms should focus on lowering labor taxation, raising the retirement age and reforming immigration. Raise productivity growth . Continued wage increases above productivity growth would harm competitiveness and prevent a

Hilary Devine, Adrian Peralta-Alva, Hoda Selim, Preya Sharma, Ludger Wocken, and Luc Eyraud

(subsidies and guarantees) may be necessary to attract financial investors and ensure that projects come through. Incentives must be carefully designed to make their use more effective and efficient. • Compensation. Measures need to be in place to accompany the economic actors negatively impacted by pro-business reforms, in particular poor households that may see the cost of utilities and other services go up. In the past, many private sector participation reforms have been derailed by the lack of social consensus and the inability to share reform gains broadly within

International Monetary Fund

with a smaller deficit, as in the past few years. The budget envisages a significant increase in the public civil consumption (nearly 7 percent), which under the current tight expenditure rule, was possible due to the considerable reduction of public debt and its associated interest rate payments. The budget aims at closing social gaps, inter alia, by encouraging labor participation, reforming the education system and increasing the support to weak population. In an effort to streamline the budgetary process and allow a far-reaching public debate on the budget

International Monetary Fund

effected at close to market value and has attracted wide voluntary provincial participation and without bail-out provisions, as noted in Annex II, adds to the significance of the turnaround in provincial fiscal management, which includes the timely provision of monthly government financing information with the end-March data. This performance suggests that the next stage of co-participation reform can also be credibly undertaken and should serve to balance the skepticism that otherwise could result from a “check-list” approach to assessing compliance with program

Mr. Benedict J. Clements

ages to those of men could thus provide a significant fillip to female labor force participation. Reforms that strengthen the link between contributions and benefits can also provide better incentives for women to remain in the labor market. These reforms, however, would need to address a number of equity issues. Given childcare responsibilities, for example, women often have shorter work histories than those of men and are thus eligible for lower benefits ( Takayama 2014 ). Because of this, many countries provide special credits to women with children (such as Chile

International Monetary Fund

effective in fulfilling their respective mandates for international financial stability and poverty reduction. The proposed voice and participation reforms considered by the Development Committee represent a good step forward, following the substantial quota and voice reforms agreed at the Fund. The Bank reforms will see an increase in the votes of developing and transition countries and a third chair for Sub-Saharan Africa—providing opportunity for the region to strengthen its voice in decision making at the Bank. It will be important to build on this reform package

International Monetary Fund

impact of the demographic transition . With the fiscal impact exacerbated by benefits which tend to provide disincentives to labor force participation, reforms to social insurance schemes along the lines already suggested for Nordic and EU countries 1/ could help alleviate the terms of the tradeoff by: containing benefits for the pay-as-you-go public pension scheme; strengthening the link between retirement benefits and number of years in the work force, possibly through the tax system, to provide increased incentives for labor force participation; increasing