Macroeconomic Management for Poverty Reduction
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World Bank, Washington, DC
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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.
Palabras clave
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