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Macroeconomic Management for Poverty Reduction : Chad, Mali, Niger

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World Bank (WB)

Abstract: The three countries covered in this first report, Mali, Chad and Niger, share a number of common characteristics and face a similar set of challenges, which provides the foundation for this joint-review approach. All three are low-income landlocked economies. Each relies heavily on the agricultural sector as its primary source of income and livelihoods, and each has a large livestock subsector that is based in part on traditional nomadic pastoralism. All countries have important natural resource industries, gold for Mali, uranium and oil for Niger, and oil for Chad, which represent the bulk of export earnings and public revenue. This dependence on the primary sector renders these economies highly vulnerable to weather-related shocks and volatile commodity prices. Each is struggling to overcome a legacy of instability and violence, which is complicated both by the fragility of domestic socio-political conditions and the severity of regional security challenges. Finally, all three countries are members of a monetary union that uses a regional currency pegged to the euro and exercises significant influence over the macroeconomic policies of its member states. At the center of the trade-off between stabilization and development lies public investment management, at macroeconomic and financial management levels. Faced with repeated negative shocks, countries tend to cut ongoing and planned public investment projects which are often designed to reduce drivers of fragility and strengthen the resilience of economies, thus perpetuating risks of falling into fragility traps. Hence, Section three discusses the impact of public investment volatility on its quality in Chad, Mali and Niger, and explores possible options in terms of macroeconomic and public financial management to smooth public investment budget execution.
Type: Report
Publications & Research
Publications & Research :: Working Paper
Link: http://hdl.handle.net/10986/24401
Subject: TARIFFS
CONTINGENT LIABILITIES
MONETARY POLICY
DEFICIT
OIL PRICE
NPL
EQUIPMENT
ACCOUNTING
FOREIGN DEBT
LOCAL BANK
DEPOSITS
GOVERNMENT FINANCES
DEFAULTS
FINANCIAL MANAGEMENT
FISCAL DEFICITS
GLOBAL MARKETS
MACROECONOMIC MANAGEMENT
INTEREST
PUBLIC INVESTMENTS
INVESTMENT FUND
MONEY SUPPLY
INVESTMENT POLICIES
DOMESTIC FINANCIAL MARKETS
OPTION
EXCHANGE
GOVERNMENT REVENUES
LOCAL GOVERNMENTS
BALANCE OF PAYMENTS
MACROECONOMIC POLICY
LIQUIDITY
BANK ACCOUNT
DEVELOPING COUNTRIES
TAX COLLECTION
EXPORTERS
REVENUES
FISCAL POLICY
CAPITAL ADEQUACY
DEVALUATION
GOVERNMENT CAPACITY
LOAN
CREDITWORTHINESS
BUDGET CONSTRAINTS
FUTURE CONTRACTS
BORROWERS
TAX
NON-PERFORMING LOANS
BUDGETING
CENTRAL BANKS
INFLATION
CREDITORS
INSTRUMENTS
MICROFINANCE INSTITUTIONS
CREDIBILITY
ENABLING ENVIRONMENT
BUDGET
WITHDRAWALS
MACROECONOMIC STABILITY
FISCAL POLICIES
TRADE BALANCE
OIL PRICES
INDEBTEDNESS
CURRENCY
NATURAL DISASTER
MORAL HAZARD
COMMERCIAL BANK
DISBURSEMENT
PRICE VOLATILITY
DEBTS
CONTRACTS
FINANCES
TRADING
TAX EXEMPTIONS
RECURRENT EXPENDITURES
OPTIONS
MONETARY FUND
NATURAL DISASTERS
MARKETS
DEBT
PRIVATE INVESTMENT
FINANCIAL CRISES
BALANCE OF PAYMENTS CRISES
RETURN
INFLATION RATE
DEFICITS
FINANCIAL FLOWS
BUDGET DEFICIT
BUSINESS CYCLE
INTERNATIONAL ECONOMICS
MICRO FINANCE
LOANS
DIRECT INVESTMENT
RISK SHARING
RESERVES
NEGATIVE SHOCKS
DEBT SERVICE
GROSS DOMESTIC PRODUCT
CASH TRANSFERS
COMMODITY PRICE
FINANCE
FOREIGN CURRENCY
PUBLIC INVESTMENT
BANK DEPOSITS
TAXES
BANKING SECTOR
INVESTMENT DECISIONS
FISCAL DEFICIT
EXPENDITURE
INFRASTRUCTURE INVESTMENT
DEPOSITORS
EQUITY
MACROECONOMIC INSTABILITY
INTEREST PAYMENTS
GOOD
DEBT-SERVICE
TRANSPARENCY
GOVERNANCE ISSUES
MARKET FAILURES
MARKET CONDITIONS
LIQUIDITY RATIOS
FUTURE
FOREIGN DIRECT INVESTMENT
RETURNS
PURCHASING POWER
FINANCIAL MANAGEMENT CAPACITY
INVESTMENT PROJECTS
INVESTMENT PATTERNS
CONTRACT
PRICE STABILITY
PRICE CHANGES
EXPENDITURES
BIDS
CASH MANAGEMENT
INSTITUTIONAL CAPACITY
SHARES
MICRO FINANCE SECTOR
MARKET
DEFAULT
MONETARY POLICIES
PUBLIC DEBT
EXPORTER
TREASURY
TRADING COSTS
SOLVENCY
INFLATION RATES
INSURANCE
BUSINESS CYCLES
MICROFINANCE
ECONOMIC DEVELOPMENT
TAX CODE
GOODS
SECURITY
BANK LOANS
MACROECONOMIC VOLATILITY
INVESTMENT
COMMERCIAL BANKS
HUMAN RESOURCES
SHARE
DOMESTIC SECURITY
INVESTMENT CLIMATE
BALANCE SHEETS
PUBLIC FINANCES
POVERTY
FINANCIAL MARKETS
FINANCIAL SHOCKS
LOSS OF CONFIDENCE
DECENTRALIZATION
BID
SHORT-TERM BORROWING
REVENUE
COORDINATION FAILURES
EXTERNAL DEBT
INVESTMENTS
FINANCIAL SUPPORT
LENDING
CONSUMER PRICE INDEX
BANK GUARANTEE
MACROECONOMIC POLICIES
INSTRUMENT
FISCAL DISCIPLINE
PUBLIC SPENDING
PAYMENT SYSTEMS
LIABILITIES
COMMODITY PRICES
ARREARS
CAPITAL ACCOUNT
FISCAL DECENTRALIZATION
GUARANTEE
DEBT RELIEF
HUMAN DEVELOPMENT




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