Questionnaire Macroeco Convergence Eng

8/8/2019 Questionnaire Macroeco Convergence Eng

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United Nations Economic Commission for Africa

Trade, Finance and Economic Development Division

Questionnaire

Macroeconomic policies and convergence

In recent years the debate between proponents of macroeconomic stability as the ultimate goal ofmacroeconomic policy and those who advocate for pro-growth pro-poor alternative

macroeconomic policies has intensified. The recent growth recovery in Africa has beenattributed partly to improved macroeconomic stability. However, higher growth has not been

translated into employment creation and poverty reduction. Thus, African countries areconfronted with the challenges of both raising and sustaining the trend growth rate and

increasing the impact of growth on poverty reduction. The goal of this survey is to collectinformation on macroeconomic policymaking and implementation in African countries. The

results of the survey will provide input into ECAs analysis of pro-poor macroeconomic policies.

In order to get the views of African countries on the design and implementation of

macroeconomic policies, the UN Economic Commission for Africa has designed thisquestionnaire and would appreciate if you could please take the time to complete all the sections.The questionnaire has been designed explicitly so as to protect the identity of respondent.

Please send the completed questionnaire to ECA by mail, fax or email to the address below,

preferably before 30 June 2008.

Address

Tsedale Demissie Susanna Wolf

UNECA/TFED UNECA/TFEDP.O.BOX 3005 P.O.BOX 3005

Addis Ababa, Ethiopia Addis Ababa, Ethiopia

Tel: +251-11-544-3297 Tel: +251-11-544-3297

Fax: +251-11-551-3038 Fax: +251-11-551-3038

Email: [email protected] Email: [email protected]


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General Information

01 - Please indicate your country:

02 - In which institution do you currently work?

Central Bank

Ministry of Finance/Planning/Economic DevelopmentOther ministry, please specifyResearch Institution/University

NGOPrivate Sector Organization

Other (please specify):

PART I: National Development Policies

I.1 - In your opinion, what should be the 3 most important objectives of national developmentpolicy?

Poverty reductionHigh growth

EmploymentMacroeconomic stability

Low inflationIndustrial development

Social equityOther (please specify):

I.2 - What do you consider as the key national development strategy of your country?

Poverty Reduction Strategy Papers (PRSPs)MDG-based national plans

Medium Term Expenditure Framework (MTEF)Other Action Plan (please specify)

I.3 - What are the three main objectives of these plans (rank the three most important for each

objective)?

PRSP MDGs MTEF Other (please specify)

Poverty reduction

High growth

Employment

Macroeconomic stability

Low inflation

Industrial development

Agricultural developmentSocial equity



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I.4 - To what extent has employment creation in your country been integrated into the nationaldevelopment strategies?

Fully Only partially Not at all

I.5 - Who is effectively in charge of national strategies?

PRSP MDGs Other (please specify)

Office of the President

Prime Minister

Ministry of Finance and Planning

Central Bank


I.6 - What is your assessment of the participatory nature of the policy making process?

Highly participatoryAdequately participatory

Not participatory enoughNot participatory at all

I.7 - What other actors participate in the process of elaboration of the main development

strategies?National research institutions

NGOs

Business associationsInternational Institutions (World Bank, UNDP, EU, etc)Other (please specify)

I.8 - In your opinion, in which 3 areas did your country make most progress in achieving the

MDGs? (Please rank them by order of importance starting with 1 for most important)Poverty reduction

Universal primary education

Gender equity and women empowerment

Reducing child mortality

Improving Maternal health

Combating HIV/AIDS, malaria and other diseases

Environmental sustainability


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I.9 - Do you find that poverty in your country is

Declining Stagnating Increasing

I.10 - Over the next 5-10 years, do you expect poverty in your country toDecline Stagnate Increase

I.11 - Do you find inflation in your countryToo high Reasonable level

I.12 - Who suffers the most from inflation between

- Rural and urban dwellers: rural workers urban workers

- Wage workers and self-employed: wage workers self-employed

- Employees in the public sector and private sector: public sector private sector

I.13 - How do you assess the degree of the governments attention to the problem of inflation?Too high (exaggerated) Reasonably high Not enough Not at all

I.14 - How do you assess the degree of the governments attention to the problem of

unemployment?Too high (exaggerated) Reasonably high Not enough Not at all

I.15 - Over the past decade or so, has unemployment in your country

Increased Stagnated Decreased

I.16 - Over the next 5-10 years, do you expect unemployment in your country toDecline Stagnate Increase


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I.17 Which main 3 sectors in your country have the highest potential to spur growth andemployment? (Please rank, with 1 indicating highest)

Agriculture

Industry

Minerals

Oil

Manufacturing

Mining

ServicesTourism

I.18 - What do you consider as the 3 main constraints to attracting FDI? (Please rank them by

order of importance starting with 1 for most important)Macroeconomic instability

Political instability

Unskilled labor

Perceptions by foreign investors vis--vis Africa

Excessive regulation

Underdeveloped financial markets

Other (please specify)


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I.19 - What do you consider as the 3 key constraints to domestic saving? (Please rank them by

order of importance starting with 1 for most important)Low income

Low interest rate

Macroeconomic instability

Inflation

Political instability

Unskilled labor

Anti-Africa bias

Excessive regulation

Access to financial institutions


I.20 - What do you consider as the 3 main obstacles to the mobilization of domestic resources

(private and public)? (Please rank them by order of importance starting with 1 for mostimportant)

Low interest ratesMacroeconomic instability

Corruption

Weak infrastructure

Lack of capacity

Low income

Inefficient financial intermediation



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I.21 - What should be the main 3 policy responses to the recent increases in food prices? (Pleaserank them by order of importance starting with 1 for most important)

Restrictive monetary policy to constrain inflation

Food price controls

Restricting food exports

Reducing domestic taxes on food

Reducing restrictions on food imports

Build/use strategic grain reserves

Introduce/expand protection programmes for vulnerable groups

Expand agricultural research and extension programmes


I.22 - What should be the policy responses to the high and rising oil prices? (Please rank them byorder of importance starting with 1 for most important)

Restrictive monetary policy to constrain inflation

Subsidize oil imports

Controls on oil prices at pump stations

International support for oil importing countries


PART II: Specific macroeconomic policies

Institutional aspects

II.1 - In what areas is your country undertaking public sector reforms? (please check all relevant)Tax structure and administration

Expenditure managementFighting corruption

PrivatizationOther (please specify)


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II.2 - What is your assessment of the collaboration and cooperation among different governmentagencies in policy making?

Effective Somewhat effective Not effective Inexistent

II.3 - Is the division of labor among ministries clear regarding the formulation and

implementation of national development plans?Clear enough Somewhat clear Not clear

Monetary policy

II.4 - Who has effective control over monetary policy?Central Bank

Office of the PresidentPrime Minister

Ministry of Finance and PlanningOther (please specify)

II.5 - What are the main targets for monetary policy?

InflationGrowth

EmploymentExchange rate stability


II.6 - Is your country member of a monetary union (such as the CFA franc zone)? Yes No

If yes, is this a constraint to monetary policy? Yes No

II.7 - In your view, what are the three most important factors driving inflation in your country?

(please rank them by order of importance starting with 1 for most important)Food prices

Public utilities

Transport

Energy

External factors

Public consumption

Private consumption

Imported inflation



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II.8 - In your opinion, which 3 tools are most effective in controlling inflation? (please rank themby order of importance starting with 1 for most important)

Interest rate adjustment

Control of money supply

Exchange rate adjustment


II.9 - Has the Central Bank been successful in controlling inflation?Very successful Somewhat successful Not successful

II.10 - Do you find the national currency overvalued, reasonably valued, or undervalued?

Overvalued If so, what causes overvaluation?Central Banks regulation

Strong economic performance (e.g., rising exports)High external resource inflows (private capital, aid)

External factorsReasonably valued

Undervalued If so, what causes undervaluation?

Central Banks regulationWeak economic performance

External factors

II.11 - Does your country impose restrictions on capital flows? Yes No

If so, should they be maintained? Yes No

II.12 - Is the monetary policymaking process transparent?

Very transparent Somewhat transparent Not transparent

Fiscal policy

II.13 - Who has effective control over fiscal policy

Ministry of Finance and PlanningOffice of the President

Prime MinisterThe Central Bank


II.14 - What are the main targets for fiscal policy? (please check all that apply)Fiscal balance

InflationGrowth

EmploymentOther (please specify)


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II.15 - Is the fiscal policymaking process transparent?

Very transparent Somewhat transparent Not transparent

II.16 - How do you assess the role of parliament in the budget process and monitoring of public

finance? Very effective Effective Not effective

II.17 Has your government started gender sensitive budgeting?For all sectors For some sectors Not at all

II.18 - What should be the 3 priority sectors in planning and allocation of government

expenditures? (Please rank them by order of importance starting with 1 for most important)Public infrastructure

Health

Education

Security

Social infrastructure


II.19 - What are the 3 main sources of government revenue? (Please rank with 1 indicating most

important)VAT

Profit tax

Income tax

Trade tax

Royalties

Donor support

II.20 - Has the government been effective in mobilizing domestic revenue?Very successful Somewhat successful Not successful

II.21 - Is the budget deficit a major problem in your country?

Very much Somewhat a problem Not a problem

II.22 - What is the main cause of the deficit?Insufficient revenue Excessive spending by government External factors


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II.23 - To address the problem of the deficit, what are your top 3 recommendations for the

government torely on (Please rank with 1 indicating highest priority)New taxes

Higher taxation

Higher borrowing from domestic market

Higher borrowing from abroad

More aid

Cutting spending

II.24 - How do you assess tax policy and administration in your country?

Effective Somehow effective Ineffective

II.25 - What are the 3 main constraints to effective tax revenue mobilization? (please rank themby order of importance starting with 1 for most important)

Lack of capacity

Corruption

Low income

Impunity of tax evasion


II.26 - What is your assessment of your countrys domestic debt level?Very high High Reasonable Low Not a problem at all

II. 27 - What is your assessment of your countrys external debt level?

Very high High Reasonable Low Not a problem at all


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II. 28 - What are the 3 main sources of your external debt problem? (please rank them by orderof importance starting with 1 for most important)

High world interest rate

Maturity mismatch

Volatile exchange rate

Extensive borrowing

Low growth rate

Others (please specify)

Financial sector policies

II.29 - Do you find the lending interest rates in your country

Too high Reasonable level Too low

II.30 - Do you find the deposit interest rates in your countryToo high Reasonable level Too low

II.31 - What do you consider as the 3 main causes of high interest rates? (please rank them by

order of importance starting with 1 for most important)High inflation

Lack of competition in the banking sector

Central Bank policy (restrictive monetary policy)

High credit risk

Macroeconomic instability and uncertainty



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II.32 - What are the 3 main factors of the low level of lending by banks? (please rank them byorder of importance starting with 1 for most important)

High inflation


Central Bank policy (limiting domestic credit)

High credit risk


Excessive government borrowing


II.33 - What is your assessment of Central Banks supervision and regulation of financialinstitutions?

Effective Somehow effective Ineffective

II.34 - What are the 3 key constraints to effective banking supervision and regulation? (pleaserank them by order of importance starting with 1 for most important)

Inadequate rules and procedures (obsolete, not adapted to circumstances)

Lack of technical capacity (at the Central Bank)

Political interference

The Judicial



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II.35 - What do you consider as the main causes of bank failures in your country? (please rank

them by order of importance starting with 1 for most important)High credit risk


Ineffective supervision and regulation by the Central Bank

Inadequate lending strategies

Competition from foreign banks

Political interference


II.36 - What are the 3 main key constraints to access to credit? (please rank them by order of

importance starting with 1 for most important)High interest rates

High collateral requirements

Low income

Lack of bankable projects

High inflation

Lack of information on borrowers



PART III: Regional integration

III.1 - What are the objectives vis--vis macroeconomic convergence in the region? (pleasecheck all that are relevant)

InflationInterest rate

Exchange rateFiscal deficit



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III.2 - Do you find regional integration beneficial to your country?Very beneficial Somewhat beneficial Not beneficial

III.3 - Is macroeconomic convergence a necessary condition for successful integration?

Yes No

III.4 - What are the 3 main constraints to successful regional integration? (please rank byimportance, starting with 1 most important)

Inadequate infrastructure

Technical and administrative capacity

Inefficient payments systems

Complex and inconsistent regulatory systemsOther (please specify)

Please share with us any comments you would like to make on macroeconomic policies in your

country:

Thank you very much for your time and effort!

Documents

Questionnaire Macroeco Convergence Eng