A technical assistance (TA) mission visited Guinea during July 9–20, 2018, as part of the project funded by the Government of Japan to improve external sector statistics (ESS) in 17 Francophone African countries. This was the third mission under this project following the missions in 2016 and 2017. The mission was hosted by the Central Bank of the Republic of Guinea (BCRG), which is responsible for compiling ESS. The mission addressed the following main issues (i) improvement of the surveys on migrant remittances and informal trade; (ii) perform detailed technical work to improve ESS; and (iii) participation in the coordinated direct investment survey (CDIS) and the quarterly external debt statistics (QEDS) database. The mission also reviewed the status of implementation of the recommendations from the previous TA missions.
This Technical Assistance report on Guinea addressed issues like: improvement of the surveys on migrant remittances and informal trade; perform detailed technical work to improve external sector statistics (ESS); and participation in the coordinated direct investment survey and the quarterly external debt statistics database. The mission observed that the recommendations from the previous technical assistance mission had been satisfactorily implemented. The report also describes that the timeliness of ESS, based on international standards, should be improved, mainly for the international investment position and the quarterly balance of payments statistics. In order to contribute to progress in the areas discussed in the report, the mission made a one-year detailed action plan, with priority given to the recommendations of importance in improving ESS. The recommendation on reporting reinvested earnings of direct investment enterprises, net increases in insurance company liabilities, and income on reserve assets has partially been implemented.
Chile’s small open economy with significant mismatch between the production and consumption baskets may be represented by three stylized sectors, a commodity sector, a non-commodity tradable sector, and a non-tradable sector. This paper estimates the effect of copper price shocks on mining, manufacturing, and construction—each embodying a sector type. The empirical findings are for positive spillovers from mining to the other two sectors. However, the estimated size of the spillovers seems modest, which raises the question of the potential for mining to be better integrated with the rest of the economy.
This paper examines the challenges and policy options after hyperinflation in Zimbabwe. The paper reviews the pros and cons of alternative monetary regimes for Zimbabwe to succeed the current multicurrency system, which the authorities consider a temporary arrangement. The analysis suggests that some form of official dollarization has significant advantages. The paper also assesses competitiveness and external sustainability in debt-distressed Zimbabwe. It also makes a case for creating fiscal space for growth and development in post-hyperinflation Zimbabwe.