EXECUTIVE SUMMARY Background: Kenya’s recent reforms have introduced a more comprehensive system of checks and balances, including accountability and transparency in expenditure control and management. In this context, the new government has taken decisive steps towards devolution supported by...

This paper assesses the Republic of Congo's discussions in 2013 Article IV Consultation. Though having abundance of natural resources, notably oil and iron ore, Congo has achieved limited progress in poverty alleviation, and remains vulnerable to external shocks. Weak governance and business...

Economic activity in Kenya has remained resilient to uncertainty surrounding the elections, the impact of the European crisis, and security-related concerns. Fiscal policy is in line with the program despite difficulties. International reserves are on the rise, and the deficit of the external...

The key issue facing Congo is how to use oil and mineral resources effectively in support of inclusive growth. Economic conditions are supportive--macroeconomic stability is in place, the terms of trade are favorable, and the external position is strong. External risks are mitigated by...

Regional growth weakened in 2013 due to a fall in oil production in most countries. GDP growth is expected to pick-up in 2014 due to the recovery of oil production and the continuation of the implementation of public investment plans in most of CEMAC countries. Despite large spending of oil...

This Selected Issues paper proposes a strategy that could mitigate the adverse effect of fiscal consolidation on inequality and poverty in the Republic of Congo. The paper reviews income inequality and poverty trend and describes the redistributive role of fiscal policy in the Republic of Congo....

This Selected Issues paper on West African Economic and Monetary Union presents external stability assessment report. The current account deficit declined in 2014. Although gross international reserve coverage has increased slightly, part of the current account deficit has been financed by a...

KEY ISSUES Context: Kenya has embarked on major reforms in line with the 2010 constitution. The new government has started the process of devolution at a fast pace, introducing a reporting framework that allows for monitoring progress and challenges. Macroeconomic stability in a market-friendly...

This Selected Issues paper focuses on the need of improving liquidity management and the operational framework of monetary policy in Central African Economic and Monetary Community (CEMAC). Disconnected policy and lending rates reflect the ineffective interest rate channel of monetary policy...