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Business and Economics > Economic Development

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Cover Policy Papers
The Managing Director’s Update on the FY 2023 Work Program of the Executive Board
International Monetary Fund. Policy Development and Review Dept.
The membership is facing significant challenges, including high inflation, rising food and energy insecurity, elevated debt levels, tightening financial conditions, volatile capital flows and exchange rates, and intensifying geopolitical fragmentation. To this end, the Executive Board Work Program focuses on policy responses and bilateral and multilateral advice to stabilize the global economy and build resilience, critical financial assistance to those countries most affected by these shocks, and capacity development support to help implement policy advice. More than ever, the Fund has a key role to play in promoting international cooperation and collaborative solutions to shared challenges, including those related to climate, digitalization, and inclusion.
Keywords:
surveillance policy agenda; fund policy; surveillance agenda; executive board executive board meeting; resilience agenda; IMF lending toolkit; Digitalization; Development strategy; Climate policy; Global
Cover IMF Staff Country Reports
United Republic of Tanzania: Request For a 40- Month Arrangement Under The Extended Credit Facility —Press Release; Staff Report; And Statement By The Executive Director For The United Republic Of Tanzania
International Monetary Fund. African Dept.
Tanzania’s economy is gradually recovering from the negative effects of the COVID-19 pandemic. While IMF emergency financing (0.8 percent of GDP) in 2021 helped address fiscal pressures, preserve stability, and finance the authorities’ COVID-19 economic and health response, Tanzania continues to face development and reform challenges to unleash its economic potential. The authorities are seeking renewed Fund assistance to support the country facing protracted balance of payments needs associated with the two external shocks—the COVID-19 pandemic and the war in Ukraine—and to support the authorities’ reform agenda summarized in their Five-Year Development Plan.
Keywords:
ECF arrangement; IMF emergency financing; interest rate; IMF financial support; financing gap; COVID-19; Debt sustainability; Debt sustainability analysis; Global; Eastern Europe
Cover IMF Staff Country Reports
Somalia: Request for an Extension of the Arrangement Under the Extended Credit Facility-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
In the attached letter, the Somali authorities request an extension of the date on which the arrangement under the Extended Credit Facility (ECF) will automatically expire unless a review is completed to August 17, 2022. On March 25, 2020, the Executive Board approved Somalia’s HIPC Initiative Decision Point1 and a three-year arrangement under the ECF.2 The first review under the ECF arrangement was completed by the Executive Board on November 18, 2020.3 However, as no review has been completed since then, the ECF arrangement is set to automatically expire on May 17, 2022, in line with the rule on automatic expiration of ECF arrangements if no review has been completed for 18 months. Under Fund policy, the Board may decide to delay the automatic expiry of the arrangement by up to three months if staff and the authorities appear close to reaching understandings on targets and measures to put the ECF-supported program back on track.
Keywords:
ECF arrangement; IMF's transparency policy; IMF's executive board; election delay; ECF review; Development policy; Development assistance; Global
Cover Good Governance in Sub-Saharan Africa
Good Governance in Sub-Saharan Africa
Opportunities and Lessons
Ms. Monique Newiak, Mr. Abdoul A Wane, and Mr. Alex Segura-Ubiergo

Abstract

Governance and corruption issues have taken the center stage in international discussions, especially after the adoption by the IMF in 2018 of a new framework for engagement on governance and corruption. Sound institutions that guarantee integrity in the management of public affairs are critical on the path toward higher and more inclusive growth. Corruption undermines the quality of institutions, weakens the effectiveness of government programs, and compromises social trust in government policies. Indeed, countries around the world that improved their governance systems are reaping a “governance dividend,” and governance-enhancing reformist countries in sub-Saharan Africa include Botswana, Rwanda, and Seychelles. In addition, Liberia, Sierra Leone, and Angola demonstrate that important reforms are possible, including in fragile environments. The importance of good governance has acquired even more importance as countries try to introduce policies to fight the ongoing COVID-19 pandemic. Special attention to governance in an emergency context, including situations associated with conflict, other health crises and natural disasters, is therefore essential. Innovation and new technologies are critical instruments that policymakers can use in their efforts to improve governance and transparency.

Keywords:
Governance; financing; growth; emergencies; pandemic; digitization; resource-rich countries; fragile and conflict-afflicted countries; tax official; government effectiveness; governance indicator; corruption perception; governance challenge; government policy; Corruption; Auditing; Anti-money laundering and combating the financing of terrorism (AML/CFT); Oil; Sub-Saharan Africa; Africa; Global; Caribbean; Middle East; South Asia
Cover Policy Papers
Guidance Note on Information Sharing Between IMF and World Bank Staff
International Monetary Fund. Strategy, Policy, & Review Department and World Bank
This Guidance Note outlines good practices on information-sharing across key areas in which the Bank and the IMF interact. The note outlines general principles consistent with these frameworks and discusses how the staffs of the two institutions are expected to exchange information related to country operations, technical assistance, and policy work.
Keywords:
World Bank staff; guidance note; information sharing; fund staff; share Between IMF; Debt sustainability analysis; Debt relief; Development assistance; Development policy; Global