Economic growth has been robust under favorable conditions in Gabon, but has not been inclusive enough, leaving one-third of its population in poverty. Building larger fiscal buffers, backed by a more prudent fiscal stance, will be critical to withstand possible negative oil price shocks....

Strengthening fiscal frameworks, in particular fiscal rules, has emerged as a key response to the fiscal legacy of the crisis. This paper takes stock of fiscal rules in use around the world, compiles a dataset - covering national and supranational fiscal rules, in 81 countries from 1985 to...

This paper examines fiscal cyclicality in the CEMAC region during 1980-2008. The issue has attracted very little empirical interest but is important if fiscal policies are to play a role in mitigating external shocks that exacerbate economic cycles across the region. We assess whether fiscal...

Togo’s economic performance continued its gradual improvement, marking progress in overcoming the legacy of its protracted domestic crisis. The program has broadly achieved its objectives for growth and macroeconomic stability. The improving economic performance and sound policies have...

A zero net domestic financing (NDF) target has served Tanzania well in recent years, contributing to prudent expenditure policy, improved fiscal sustainability, and macroeconomic stability. Moving to a more flexible fiscal policy, however, may serve Tanzania better. The "diamond rule" proposed...

In this paper, we consider the design of the surveillance, and, in particular, the fiscal criteria in the Central African Economic and Monetary Community (CEMAC) with the view to ensuring they are consistent with internal and external sustainability. This consistency is important within a...

Côte d’Ivoire’s request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility is discussed. Côte d’Ivoire is making progress toward reunification, peace, and elections. Côte d’Ivoire’s economy has been resilient to the global downturn, but there are...

Senegal’s staff report for the 2008 Article IV Consultation highlights the rapidly rising energy and food prices, and the high inflation in 2007 that put pressure on the fiscal and external accounts. Senegal’s macroeconomic policies were being pursued under an economic program...

The stance of fiscal policy in CEMAC and WAEMU is strongly influenced by fiscal effort in the previous period. This persistence underscores the risks of a procyclical fiscal policy stance, given these countries' high degree of dependence on primary commodities and exposure to terms of trade...

This 2006 Article IV Consultation highlights that economic performance of Benin has been relatively subdued since 2003 after a decade of high growth. Slow economic growth has reflected limited progress in addressing core economic vulnerabilities and delays in implementing crucial...