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Cover -- CONTENTS -- IMPLICATIONS OF INTERNATIONAL TAX TRANSPARENCY AND ANTI-TAX AVOIDANCE INITIATIVES FOR MAURITIUS -- A. Background -- B. The GBC Sector as Recipient of Tax Benefits -- C. Implementing the EOEC-G-20 Tax Initiatives -- D. Complying with the EU Tax Initiative -- E. Conclusions -- References -- BOX -- 1. The Four BEPS Minimum Standards -- FIGURES -- 1. Double Tax Conventions -- 2. GBC Sector Balance Sheet, 2015 -- 3. Number of GBCs -- 4. Direct Investment - Outward -- References -- MODERNISATION OF THE MONETARY POLICY FRAMEWORK IN MAURITIUS -- A. Introduction -- B. The Evolution of Monetary Policy Framework and Modern ization Efforts -- C. BOM's Compliance with the Principles of Effective Monetary Policy Conduct -- D. Conclusions and Recommendations -- BOX -- 1. Principles of an Effective Monetary Policy Framework -- FIGURES -- 1. Inflation Rate, 1980-2017 -- 2. Major Driver of Excess Liquidity in Mauritius -- 3. Excess Liquidity and Interest Rates -- 4. Interest Rate Dynamics -- References -- BOOSTING INTERNATION AL COMPETITIVENESS -- A. Introduction -- B. Recent Competitiveness Developments -- C. Competitiveness Challenges -- D. Policies To Boost International Competitiveness -- E. Conclusions -- BOX -- 1. The Wage-Setting Mechanism in Mauritius -- FIGURES -- 1. Global Competitiveness Index, 2007 vs. 2016 -- 2. Global Competitiveness Index, 2016 - 1-7 (best) -- 3. Trends in Average Productivity Growth -- 4. Wages, Labor Productivity and Unit Labor Costs -- 5. Aspects of Competitiveness -- 6. Aspects of Competitiveness -- References.

Cover -- CONTENTS -- INTRODUCTION -- RECENT DEVELOPMENTS, OUTLOOK, AND RISKS -- A. An Improving Economic Performance -- B. Positive Outlook with Downside Risks -- C. Satisfactory Program Performance -- POLICY DISCUSSIONS -- A. Maintaining Fiscal Stability -- B. Structural Fiscal Reforms for a More Robust Budget -- SAFEGUARDS ASSESSMENT -- STAFF APPRAISAL -- BOXES -- 1. Program Performance and Economic Outcomes Under Current ECF -- 2. Public Investment, Infrastructure, and Competitiveness in Burkina Faso -- FIGURES -- 1. Recent Economic Developments, 2011-16 -- 2. Real and External Developments, 2011-16 -- 3. Fiscal Developments, 2011-16 -- TABLES -- 1. Selected Economic and Financial Indicators, 2014-21 -- 2. Balance of Payments, 2014-21 -- 3. Monetary Survey, 2014-19 -- 4. Selected Financial Soundness Indicators -- 5a. Consolidated Operations of the Central Government, 2015-21 (CFAF billions) -- 5b. Consolidated Operations of the Central Government, 2015-21(in percent of GDP) -- 6. Schedule of Disbursements Under ECF Arrangement 2013-17 -- 7. Indicators of Capacity to Repay the IMF, 2015-31 -- APPENDIX -- I. Letter of Intent.

Cover -- CONTENTS -- RECENT DEVELOPMENTS, PROGRAM PERFORMANCE, AND OUTLOOK -- A. Background -- B. Recent Developments -- C. Program Performance -- D. Outlook and Risks -- POLICY DISCUSSIONS -- A. Fiscal Policies -- B. Program Financing and Debt Management Strategy -- C. Monetary Policy and Exchange Rate Issues -- D. Financial Sector Stability -- E. Structural Reform Agenda -- F. Policies to Support Growth and Poverty Reduction -- PROGRAM MODALITIES AND FINANCING ASSURANCES -- STAFF APPRAISAL -- FIGURES -- 1. Real Sector Indicators -- 2. Fiscal Indicators -- 3. External Indicators

Cover -- CONTENTS -- CEMAC-RESERVES MANAGEMENT -- A Introduction -- B. Developments in International Reserves -- C. Reserve Adequacy Considerations -- D. Recommendations for Pooled Reserve Management -- E. Securing Appropriate Resources to Back Reserves -- F. A revised Investment Strategy -- FIGURES -- 1. Oil Production, 1980-2030 -- 2. BEAC: Gross International Reserves, 2000-15 -- 3. Member States' Reserves at the BEAC, 2007-15 -- 4. International Reserves Assets Imports Cover, 2000-21 -- References -- CEMAC-DEBT SUSTAINABILITY ANALYSIS -- A. Introduction -- B. Background -- C. Assumptions

1. Actual Performance in 2014/15 and GTP II Targets for 2019/202. Financial Inclusion and Deepening; 3. Selected Economic and Financial Indicators, 2013/14-2020/21; 4a. General Government Operations, 2013/14-2020/21 (millions of birr); 4b. General Government Operations, 2013/14-2020/21 (percent of GDP); 5. Monetary Survey and Central Bank Accounts, 2013/14-2020/21; 6. Balance of Payments, 2013/14-2020/21; 7. Alternative Scenario: Selected Economic and Financial Indicators, 2013/14-2020/21; 8. Financial Soundness Indicators of the Commercial Banking Sector, 2010-16; ANNEXES.

Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS, OUTLOOK AND RISKS, AND PROGRAM PERFORMANCE -- A. Recent Developments -- B. Outlook and Risks -- C. Program Performance -- STRENGTHENING FISCAL SUSTAINABILITY AND ADVANCING THE INCLUSIVE GROWTH AGENDA -- A. 2014 Fiscal Policy -- B. The 2015 Budget and Fiscal Policy -- C. Management of Natural Resources -- D. Debt Management -- E. The Inclusive Growth Agenda -- PROGRAM DESIGN, AND IMPLEMENTATION RISKS -- A. Program Design -- B. Implementation Risks -- STAFF APPRAISAL -- FIGURES -- 1. Recent Economic Developments -- 2. Fiscal Developments 2011-15 -- 3. GDP Composition and Output Volatility -- TABLES -- 1. Selected Economic and Financial Indicators, 2012-19 -- 2. Financial Operations of the Central Government, 2012-19 (Billions of CFA francs) -- 3. Financial Operations of the Central Government, 2012-19 (In Percent of GDP) -- 4. Monetary Survey, 2012-19 -- 5. Balance of Payments, 2012-19 -- 6. Quantitative Performance Criteria and Indicative Targets (March 2013-December 2013) -- 7. Quantitative Performance Criteria and Indicative Targets (March 2014-June 2015) -- 8. Prior Actions and Structural Benchmarks, 2013 -- 9. Prior Actions and Structural Benchmarks, 2014 -- 10. Newly Proposed Structural Benchmarks, 2015 -- 11. Indicators of Capacity to Repay the Fund, 2014-25 -- 12. Proposed Scheduled Disbursements under the ECF Arrangement, 2012-15 -- 13. Indicators of Financial Soundness, December 2008-June 2014 -- 14. Risk Assessment Matrix (RAM) -- APPENDICES -- I: Letter of Intent -- Attachment I. Memorandum of Economic and Financial Policies -- Attachment II. Technical Memorandum of Understanding -- CONTENTS -- RELATIONS WITH THE FUND -- JMAP BANK-FUND MATRIX -- STATISTICAL ISSUES

KEY ISSUESContext: Madagascar is one of the poorest countries in the world. Weak economic growth has contributed to persistent and increasing poverty with deteriorating social indicators. In a fragile environment, the uncertainty linked to political instability, weak institutions, and weak governance has eroded the foundation for solid economic growth, with short-term rent-seeking having taken precedence over longer-term nation building.Outlook and Risks: The authorities are at a crossroads. A well-prioritized medium-term economic program that is implemented concertedly would increase growth a

OVERVIEW Chad approved its National Development Plan (NDP) for the period 2013-15 in May 2013. The NDP is considered the third poverty reduction strategy for Chad, following the ones adopted for the periods 2003-06 and 2008-11. It focuses on a sensible set of priorities, notably on (i) developing production capacities and job opportunities, (ii) mobilizing and developing human capital and combating inequality, poverty, and social exclusion, (iii) protecting environment and combating climate change, and (iv) strengthening governance. The NDP was built on lessons learned from the previous povert

Cover -- CONTENTS -- BACKGROUND: STRATEGY TO REVERSE ECONOMIC AND SOCIAL DECLINE -- GROWTH HAS IMPROVED, BUT NEAR TERM RISKS HAVE INCREASED -- ADJUSTING FISCAL POLICY TO ENSURE SUSTAINABLE FINANCING OF AUTHORITIES' GROWTH AND DIVERSIFICATION STRATEGY -- A. Financing the PSGE on a Fiscally Sustainable Basis -- B. Improving Competitiveness for Economic Diversification and Structural Transformation -- C. Enhancing Financial Access and Financial Stability -- IMPROVING THE QUALITY OF DATA FOR DECISION-MAKING AND MONITORING PROGRESS UNDER PSGE, AND FUND JURISDICTIONAL ISSUES -- STAFF APPRAISAL -- FIGURES -- 1. Growth Performance -- 2. Global Competitiveness Index Comparison (Position in the Ranking) -- 3. Selected Economic Indicators -- 4. No Fiscal Adjustment Scenario, 2014-2020 -- 5. Fiscal Indicators -- 6. 2013 Eurobond Interest Yield and Spread with 10 Year US Bond -- 7. Medium Term Outlook, 2014-2020 -- 8. Public Investment Management Index, 2011 -- 9. Business Environment and Governance -- 10. Financial Indicators -- TABLES -- 1. Selected Economic Indicators, 2012-20 -- 2. Central Government Accounts, 2012-20 -- 3. Central Government Accounts, 2012-20 -- 4. Monetary Survey, 2012-20 -- 5. Balance of Payments, 2012-20 -- 6. Financial Soundness Indicators for the Banking Sector, 2009-13 -- ANNEX -- Risk Assessment Matrix -- APPENDICES -- I. PSGE Track Record -- II. External Sector Assessment -- III. Reform of Fuel Subsidies: Progress and Remaining Agenda -- CONTENTS -- RELATIONS WITH THE FUND -- RELATIONS WITH THE WORLD BANK -- STATISTICAL ISSUES

Cover -- CONTENTS -- CONTEXT -- RECENT ECONOMIC DEVELOPMENTS -- OUTLOOK AND RISKS -- MACROECONOMIC POLICIES AND STRUCTURAL REFORMS -- A. Introduction -- B. Short-Term Fiscal Policy -- C. Medium-Term Fiscal Reforms -- D. Monetary and Exchange Rate Policy -- E. Policies for Growth -- F. Financial Sector Stability Assessment -- OTHER ISSUES -- STAFF APRRAISAL -- BOX -- 1. Remittances and Growth Nexus -- FIGURES -- 1. Key Indicators of the Comorian Economy -- 2. Cross Country Comparison -- TABLES -- 1. Selected Economic and Financial Indicators, 2011-18 -- 2. Balance of Payments, 2011-18 -- 3A. Consolidated Government Financial Operations, 2011-18 (in millions of Comorian francs) -- 3B. Consolidated Government Financial Operations, 2011-18 (in percent of GDP) -- 3C. Consolidated Government Financial Operations, 2014 -- 4. Monetary Survey, 2011-18 -- 5. Millenium Development Goals Progress -- 6. Financial Soundness Indicators for the Banking Sector -- ANNEXES -- I. Status of 2012 Article IV Main Recommendations -- II. Risk Assessment Matrix (RAM) -- III. Assessing the Potential of Tax Revenues in Comoros -- IV. External Balance Assessment -- CONTENTS -- RELATIONS WITH THE FUND -- JOINT WORLD BANK-IMF WORK PROGRAM, 2014-2015 -- RELATIONS WITH THE AFRICAN DEVELOPMENT BANK GROUP -- STATISTICAL ISSUES APPENDIX

Cover Page -- Title Page -- Copyright Page -- Contents -- BOX -- FIGURES -- FIGURES -- APPENDIX -- FIGURES -- TABLE -- FIGURES -- TABLE -- FIGURES -- FIGURES -- TABLE -- FIGURES -- FIGURES -- TABLES -- FIGURES -- TABLE -- A. External Sector Development -- 1. Balance of Payment Characteristics 2000, 2005 and 2010-19 -- B. Model-Based Assessment -- 2. Results of the Equilibrium Real Exchange Rate Assessment -- Model-Based Real Effective Exchange Rate Assessments -- C. Broader Competitiveness Indicators -- 3. Doing Business Ranking, 2014 -- 4. Now Niger Ranks on Doing Business Topics, 2014 -- 5. The Main Obstacles for Doing Business -- D. Conclusion -- EXTERNAL STABILITY ASSESSMENT -- 1. Baseline vs. Aggressive Public Investment Plans under the Baseline Natural Resource GDP Scenario -- 2. Baseline vs. Aggressive Public Investment Plans under the Adverse Natural Resource GDP Scenario -- Key Model Equations -- REFERENCES -- NATURAL RESOURCE BOOM FOR NIGER: FROM PUBLIC INVESTMENT TO SUSTAINABLE ECONOMIC GROWTH -- A. Recent Fiscal Situation -- 1. Correlation of Resource Revenue, Expenditure, and Output Gap -- 2. Cross-Country Comparison of Pro-Cyclicality of Fiscal Policy in WAEMU+Countries (2008-14) -- B. Level and Efficiency of Spending-Cross-Country Comparison -- 3. Composition of Spending in Initial Budget Law -- 4. Selected Social Indicators (Education) -- 5. Growth Impacts of the Level of Expenditure and Educational Attainment -- 1. Decomposition of Output per Worker -- C. Development Needs and Strategy -- 2. Budget Allocation and Execution of Social Spending -- D. Policy Recommendations -- REFERENCES -- FISCAL POLICY AND DEVELOPMENT: SPENDING PRIORITY IN NIGER -- A. Introduction -- B. Overview of the Energy Sector -- 1. WAEMU: Total Electricity Net Consumption, 2007-11 -- 2. Energy Intensity versus Primary Energy Consumption, 1980-2011

Cover -- CONTENTS -- POVERTY IN MADAGASCAR -- A. Poverty -- B. Who are the Poor in Madagascar? -- C. Growth -- D. Conclusions -- REFERENCES -- BOX -- 1. Different Measures of Poverty -- FIGURES -- 1. Madagascar and Sub-Saharan Africa (SSA): Poverty Data -- 2. Indicators in Urban and Rural Areas -- 3. Health Indicators -- 4. Madagascar and Sub-Saharan Africa (SSA): Economic Growth -- TAX REVENUE MOBILIZATION IN MADAGASCAR -- A. Background -- B. Diagnostics: How Low is Madagascar's Tax Ratio and Why? -- C. Strategy for Tax Revenue Mobilization -- D. Lessons from Other Countries' Experience -- REFERENCES -- FIGURES -- 1. Tax Revenue in Selected SSA Countries, 2005-13 -- 2. Tax Ratios in Madagascar and Other Low-Income Countries: 2007-13 -- 3. Madagascar's Tax Revenue, 1995-2013 -- 4. Tax Gaps in Selected Low-Income -- 5. Tax Revenue, Taxable Capacity and Tax -- 6. Performance of Major Tax Categories -- BOXES -- 1. Tax Potential: A Comparison of Two Empirical Approaches -- 2. Madagascar's 2008 Tax Reform -- SUMMARY OF THE TAX SYSTEM -- EXCHANGE RATE ASSESSMENT -- A. Background -- B. Exchange Rate Assessment Models -- C. Survey Measures of Competitiveness -- FIGURES -- 1. Exchange Rates and Reserves -- 2. Current Account Balance Decomposition (CGER) -- 3. Current Account Balance Decomposition (EBA-Lite) -- 4. EER Fair Value Estimates -- 5. Competitiveness Indicators -- TABLE -- 2A. Doing Business Indicators for Madagascar -- EXCHANGE RATE PASS-THROUGH IN MADAGASCAR -- A. Background -- B. Literature and Methodology -- C. Results -- D. Conclusions -- E. Annex -- REFERENCES -- FIGURES -- 1. CPI and NEER -- A1. Impulse Response for Simple VAR Specification -- A2. Impulse Response for VAR Specification with Output Gap and Oil Prices -- A3. Impulse Response for VAR Specification with M0 and Rice Harvest

Context and policy challenges. Mozambique's macroeconomic performance remainsrobust, with strong growth and low inflation. In spite of the heightened risks from anuncertain global outlook, growth is expected to be broad-based in the medium termand boosted by the natural resource boom and infrastructure investment.Short-term policy framework. The main short-term challenge is to maintain thegrowth momentum while preserving fiscal and debt sustainability. The 2014 fiscal stanceis expansionary, and fiscal consolidation needs to be initiated in the 2015 budget torestore prudent fiscal management. W

KEY ISSUES Background. The Gambian economy is facing urgent balance of payments needs triggered mostly by the impact of the regional Ebola outbreak on tourism. Although the country remains Ebola free, the regional outbreak is expected to cut by more than half tourism receipts for the 2014/15 season. During 2014?15, the impact of the shocks on the balance of payments, offset in part by lower global fuel prices, is estimated to be 40 million (over 5 percent of 2015 GDP). Policy slippages and persistent financial difficulties in public enterprises have exacerbated the problems and pushed The Gamb