Sudan

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"Sudan is a fragile state mired in a heavy debt burden, international sanctions, and volatile domestic and regional political environments. These problems, together with limited revenue mobilization, are constraining Sudan' growth prospects and poverty reduction efforts. The economic situation worsened following the secession of South Sudan in 2011, resulting in the buildup of large economic imbalances. The authorities have embarked on a stabilization program and are expecting that a return of peace in South Sudan will ensure continuation of oil flows, which are crucial for sustaining the government renewed adjustment process resumed last September. Focus of the Staff-Monitored Program (SMP): In the attached Letter of Intent, dated March 7, 2014, the authorities requested a new SMP covering the period January-December, 2014. The objective of the SMP is to restore macroeconomic stability, strengthen social safety nets, and develop the required reforms to refocus the economy on its non- resource sector and lay the groundwork for sustainable economic growth. Risks to the SMP: Risks are mainly tilted to the downside. The social unrest that followed the announcement of the policy measures in September 2013 has abated, but the situation remains fragile. Security conditions remain volatile in several parts of the country, and the current standoff in South Sudan may hinder the flow of oil to Port Sudan. Furthermore, the forthcoming presidential elections in 2015 is already fueling political uncertainty, and complicating the economic policy-making process. Policy recommendations: The main recommendations from the 2013 Article IV consultation were: (i) a fiscal adjustment in the context of the 2014 budget framed in a medium-term strategy, including a gradual phasing-out of fuel subsidies, and a strengthening of social safety nets; (ii) a tighter monetary stance to contain inflation and lessen exchange rate pressures; (iii) further exchange rate flexibility to improve external competitiveness; and (iv) improvement of the business environment to boost private sector- led growth. Debt relief prospects: Relief is predicated on reaching out to creditors, normalizing relations with international financial institutions, and establishing a track record of cooperation with the IMF on policies and payments. Arrears to the Fund: Sudan has been in arrears to the Fund since July 1984. As of end- February 2014, those arrears amounted to SDR 981.5 million"--Abstract.

Sudan Staff Monitored Program Staff Report Press Release And Statement By The Executive Director For Sudan

Author: International Monetary Fund. Middle East and Central Asia Dept.
Publisher: International Monetary Fund
ISBN: 1498349005
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EXECUTIVE SUMMARY Context: Sudan is a fragile state mired in a heavy debt burden, international sanctions, and volatile domestic and regional political environments. These problems, together with limited revenue mobilization, are constraining Sudan’s growth prospects and poverty reduction efforts. The economic situation worsened following the secession of South Sudan in 2011, resulting in the buildup of large economic imbalances. The authorities have embarked on a stabilization program and are expecting that a return of peace in South Sudan will ensure continuation of oil flows, which are crucial for sustaining the government renewed adjustment process resumed last September. Focus of the Staff-Monitored Program (SMP): In the attached Letter of Intent, dated March 7, 2014, the authorities requested a new SMP covering the period January– December, 2014. The objective of the SMP is to restore macroeconomic stability, strengthen social safety nets, and develop the required reforms to refocus the economy on its non- resource sector and lay the groundwork for sustainable economic growth. Risks to the SMP: Risks are mainly tilted to the downside. The social unrest that followed the announcement of the policy measures in September 2013 has abated, but the situation remains fragile. Security conditions remain volatile in several parts of the country, and the current standoff in South Sudan may hinder the flow of oil to Port Sudan. Furthermore, the forthcoming presidential elections in 2015 is already fueling political uncertainty, and complicating the economic policy-making process. Policy recommendations: The main recommendations from the 2013 Article IV consultation were: (i) a fiscal adjustment in the context of the 2014 budget framed in a medium-term strategy, including a gradual phasing-out of fuel subsidies, and a strengthening of social safety nets; (ii) a tighter monetary stance to contain inflation and lessen exchange rate pressures; (iii) further exchange rate flexibility to improve external competitiveness; and (iv) improvement of the business environment to boost private sector- led growth. Debt relief prospects: Relief is predicated on reaching out to creditors, normalizing relations with international financial institutions, and establishing a track record of cooperation with the IMF on policies and payments. Arrears to the Fund: Sudan has been in arrears to the Fund since July 1984. As of end- February 2014, those arrears amounted to SDR 981.5 million.

Sudan 2014 Article Iv Consultation And Second Review Under Staff Monitored Program Staff Report Press Release And Statement By The Executive Director For Sudan

Author: International Monetary Fund. Middle East and Central Asia Dept.
Publisher: International Monetary Fund
ISBN: 1498329446
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KEY ISSUES Context: Sudan’s economy has yet to recover from the shock of South Sudan’s secession three years ago, which took away three-quarters of oil production, half of its fiscal revenues, and two-thirds of its international payments capacity. Despite progress in implementing policies to address the resulting imbalances, inflation remains high and growth sluggish. Macroeconomic adjustment has been complicated by structural weaknesses, a heavy debt burden, U.S. sanctions, and volatile domestic and regional political factors. The authorities embarked earlier this year on a stabilization program supported by a Staff-Monitored Program (SMP). The program runs through end-2014, and the authorities have not yet decided if they want a new SMP; the mission for the third SMP review in December will discuss the matter with them. Developments, outlook, and risks. Economic performance this year has been mixed as growth has remained subdued and inflation still high at about 40 percent. Growth is expected to rebound in 2015, but the outlook remains uncertain. The risks are largely tilted to the downside, although prospects of a successful national dialogue could lead to resolution of domestic conflicts and improved international relations. Article IV. Discussions focused on policies to secure macroeconomic stability, strengthen social safety nets, and a move to sustainable and inclusive growth. Fiscal consolidation (through revenue mobilization and expenditure rationalization, including a gradual phase-out of fuel subsidies) should continue, accompanied by increased public investment and social spending. Tight monetary policy and lower central bank financing of the government should help lower inflation. There is also a need for steps to lower the large premium in the foreign exchange market. Stronger supervision is needed to improve banks’ resilience. More should be done to improve the business climate to boost growth. Program performance: The program remains on track. The authorities continue to minimize non-concessional borrowing and maintain satisfactory track record of payments to the Fund. They recently devalued the official exchange rate by 3 percent to help address external imbalances, which together with a large appreciation of the parallel market rate, has helped lower the premium. Going forward, priority should be given to further reducing inflation by continuing fiscal consolidation, tightening monetary policy, and gradually closing the gap between the official and parallel exchange rates. Debt relief. Relief requires reaching out to creditors, normalizing relations with international financial institutions, and continuing to establish a track record of cooperation with the IMF on policies and payments. The authorities’ agreement with South Sudan to extend the “zero option” by two years is a positive step.

The Monetary Geography Of Africa

Author: Paul R. Masson
Publisher: Brookings Inst Press
ISBN:
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Africa is working toward the goal of creating a common currency that would serve as a symbol of African unity. The advantages of a common currency include lower transaction costs, increased stability, and greater insulation of central banks from pressures to provide monetary financing. Disadvantages relate to asymmetries among countries, especially in their terms of trade and in the degree of fiscal discipline. More disciplined countries will not want to form a union with countries whose excessive spending puts upward pressure on the central bank's monetary expansion. In T he Monetary Geography of Africa, Paul Masson and Catherine Pattillo review the history of monetary arrangements on the continent and analyze the current situation and prospects for further integration. They apply lessons from both experience and theory that lead to a number of conclusions. To begin with, West Africa faces a major problem because Nigeria has both asymmetric terms of trade —it is a large oil exporter while its potential partners are oil importers —and most important, large fiscal imbalances. Secondly, a monetary union among all eastern or southern African countries seems infeasible at this stage, since a number of countries suffer from the effects of civil conflicts and drought and are far from achieving the macroeconomic stability of South Africa. Lastly, the plan by Kenya, Tanzania, and Uganda to create a common currency seems to be generally compatible with other initiatives that could contribute to greater regional solidarity. However, economic gains would likely favor Kenya, which, unlike the other two countries, has substantial exports to its neighbors, and this may constrain the political will needed to proceed. A more promising strategy for monetary integration would be to build on existing monetary unions —the CFA franc zone in western and central Africa and the Common Monetary Area in southern Africa.Masson and Pattillo argue that the goal of a creating a single African currency is probably beyond reach. Economic realities suggest that grand new projects for African monetary unions are unlikely to be successful. More important for Africa's economic well-being will be to attack the more fundamental problems of corruption and governance.

High Value Natural Resources And Post Conflict Peacebuilding

Author: Päivi Lujala
Publisher: Routledge
ISBN: 1136536698
Size: 16.99 MB
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For most post-conflict countries, the transition to peace is daunting. In countries with high-value natural resources – including oil, gas, diamonds, other minerals, and timber –the stakes are unusually high and peacebuilding is especially challenging. Resource-rich post-conflict countries face both unique problems and opportunities. They enter peacebuilding with an advantage that distinguishes them from other war-torn societies: access to natural resources that can yield substantial revenues for alleviating poverty, compensating victims, creating jobs, and rebuilding the country and the economy. Evidence shows, however, that this opportunity is often wasted. Resource-rich countries do not have a better record in sustaining peace. In fact, resource-related conflicts are more likely to relapse. Focusing on the relationship between high-value natural resources and peacebuilding in post-conflict settings, this book identifies opportunities and strategies for converting resource revenues to a peaceful future. Its thirty chapters draw on the experiences of forty-one researchers and practitioners – as well as the broader literature – and cover a range of key issues, including resource extraction, revenue sharing and allocation, and institution building. The book provides a concise theoretical and practical framework that policy makers, researchers, practitioners, and students can use to understand and address the complex interplay between the management of high-value resources and peace. High-Value Natural Resources and Post-Conflict Peacebuilding is part of a global initiative led by the Environmental Law Institute (ELI), the United Nations Environment Programme (UNEP), the University of Tokyo, and McGill University to identify and analyze lessons in natural resource management and post-conflict peacebuilding. The project has generated six edited books of case studies and analyses, with contributions from practitioners, policy makers, and researchers. Other books in the series address land; water; livelihoods; assessing and restoring natural resources; and governance.

Enhancing Urban Safety And Security

Author: United Nations Human Settlements Programme
Publisher: Earthscan
ISBN: 1844074757
Size: 74.20 MB
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Enhancing Urban Safety and Security addresses three major threats to the safety and security of cities: crime and violence; insecurity of tenure and forced evictions; and natural and human-made disasters. It analyses worldwide trends with respect to each of these threats, paying particular attention to their underlying causes and impacts, as well as to the good policies and best practices that have been adopted at the city, national and international levels in order to address these threats. The report adopts a human security perspective, concerned with the safety and security of people rather than of states, and highlights issues that can be addressed through appropriate urban policy, planning, design and governance.

The Many Faces Of Corruption

Author: J. Edgardo Campos
Publisher: World Bank Publications
ISBN: 9780821367261
Size: 10.95 MB
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Corruption... How can policymakers and practitioners better comprehend the many forms and shapes that this socialpandemic takes? From the delivery of essential drugs, the reduction in teacher absenteeism, the containment of illegal logging, the construction of roads, the provision of water andelectricity, the international trade in oil and gas, the conduct of public budgeting and procurement, and the management of public revenues, corruption shows its many faces. 'The Many Faces of Corruption' attempts to bring greater clarity to the often murky manifestations of this virulent and debilitating social disease. It explores the use of prototype road maps to identify corruption vulnerabilities, suggests corresponding 'warning signals,' and proposes operationally useful remedial measures in each of several selected sectors and for a selected sampleof cross cutting public sector functions that are particularlyprone to corruption and that are critical to sector performance.Numerous technical experts have come together in this effort to develop an operationally useful approach to diagnosing and tackling corruption. 'The Many Faces of Corruption' is an invaluable reference for policymakers, practitioners, andresearchers engaged in the business of development.

Carbon Dioxide Capture And Storage

Author: Intergovernmental Panel on Climate Change. Working Group III.
Publisher: Cambridge University Press
ISBN: 052186643X
Size: 75.11 MB
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IPCC Report on sources, capture, transport, and storage of CO2, for researchers, policy-makers and engineers.