## _cr0669

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---

### Overview and institutional background
- The PRSP covering 2003–05 was distributed to the Executive Boards of IDA and the IMF in October 2002, after endorsement by the Presidential Council in July 2002.
- A joint staff assessment concluded the PRSP provided an adequate framework for fighting poverty and endorsed its four pillars:
  - (i) wealth creation;
  - (ii) capacity building and the provision of basic social services;
  - (iii) improving the living conditions of vulnerable groups; and
  - (iv) monitoring and evaluation.
- The PRSP was welcomed by the Executive Boards in December 2002.
- Senegal’s first annual PRSP Progress Report was reviewed in a joint staff advisory note in December 2004.
- The second annual PRSP Progress Report (the Report) covers PRSP implementation during 2004 and examines prospects for 2005.

### Progress with poverty reduction policies and programs — summary findings
- Authorities made some progress addressing methodological shortcomings identified in the first JSAN by:
  - developing a detailed analysis of linkages between budget resource allocation and PRSP priority sectors;
  - identifying and using a series of quantitative indicators to monitor progress over time;
  - strengthening the participatory process with donors, civil society, local governments, and the private sector during evaluation and preparation of the Report.
- The Report acknowledges uneven implementation in 2004 and persistent weaknesses in key areas despite progress in several domains.

### A. Macroeconomic policies — findings
- Authorities continued to implement appropriate macroeconomic policies in 2004.
- Real GDP growth exceeded 6 percent in 2004, with telecommunication and construction as best performers.
- Annual average CPI rose by about 0.5 percent.
- External current account deficit (including grants) stabilized at about 6.7 percent of GDP.
- Private remittances grew.
- Overall fiscal deficit increased to 3.3 percent of GDP in 2004.
- Capital spending financed externally increased by about 0.7 percent of GDP.
- Capital outlays rose from 7 percent of GDP in 2001 to more than 10 percent of GDP in 2004.

### A. Macroeconomic policies — recommendations
- Achieve better public expenditure management to ensure efficiency of additional investment spending.
- Accompany further increases in capital outlays with better investment planning, evaluation (including thorough feasibility analysis for large projects), and monitoring to raise productivity of investment.
- Enforce procurement rules more strictly, including by autonomous expenditure-executing agencies.
- Base the next PRSP on realistic growth assumptions:
  - IMF staff estimates: expected growth performance for 2003–05 about 5.9 percent on average under current policies.
  - This falls short of the middle-case growth PRSP scenario of the 2002 PRSP: 6.5 percent on average for 2003–05.
  - Trend growth needed to reach the MDG of halving poverty by 2015: about 7 percent.
- Until accelerated growth strategy bears fruit, base program financial policies on more conservative growth scenarios and maintain efforts to mobilize domestic resources consistent with medium-term priority investment program.

### B. Poverty reduction — findings
- Updated poverty data were not available in the Report, but indications are that poverty continued to decline in 2004.
- Government estimates: incidence of poverty reduced from about 57 percent in 2001 to 54 percent in 2004.
- The Report does not fully spell out policy implications of poverty concentration in rural areas.

### B. Poverty reduction — issues and recommendations
- Simplify and make more predictable the mechanics for transferring resources from central government to local governments.
- Provide greater financial resources and significant training and capacity building at local levels to enable local governments to perform responsibilities assigned since 1996.
- Enhance development of new private activities in regions, especially small and medium firms, through improved access to credit and commercial information.

### C. Sectoral policies — policies to promote wealth creation (findings)
- Business environment improvements: streamlined business registration and taxation regulations.
- National Assembly adopted reforms simplifying corporate income tax and investment codes in January 2004.
- Tax base widened by abolishing several tax exemptions; for small enterprises a single tax was introduced replacing income tax, value-added tax, patent contributions, and social security charges.
- New investment code streamlined investment incentives and broadened sectors eligible for incentives.
- Groundnut and electricity sectors: progress noted.
  - SONACOS sold in March 2005 to the only bidder.
  - Import tariff on refined vegetable oil suspended to foster competition and reduce price of a key staple for the poor.
  - Private independent producer (PIP) contract signed in February 2005 to increase generation capacity by 60MW (equivalent to about 13 percent); increase in capacity expected in the latter half of 2006.

### C. Sectoral policies — policies to promote wealth creation (recommendations)
- Finalize and implement the Accelerated Growth Strategy (AGS) aimed at increasing annual real GDP growth beyond 7 percent; AGS focuses on five clusters: agriculture and agro-industries; fishing and fishing industries; tourism-art crafts and cultural industries; textile and clothing industries; and electronic customer support (ECS) services.
- Address transversal structural impediments identified by the Presidential Investor Council: justice, financing, administrative barriers, and labor skills.
- Apply the new formula for setting electricity prices to reflect SENELEC's cost structure.
- Avoid policies that weaken SENELEC’s financial performance (e.g., the 5 percent electricity price cut in October 2004 in spite of sharp rise in oil prices).
- Improve policies toward small groundnut producers to reduce vulnerability to external shocks.
- Discuss how large infrastructure projects (les grands travaux du Chef de l’État such as the new airport and the Dakar-Thiès Highway), if viable, will contribute to growth and equity.
- Facilitate procedures for realization of collateral to foster bank contribution to private sector development.

### C. Sectoral policies — capacity building and basic social services (findings)
- Recruitment of 15,000 civil servants continued; a new remuneration strategy launched.
- Two action plans supporting public expenditure management reforms executed, following CFAA and CPAR recommendations: new budget nomenclature, simplification of expenditure channels through computerization, improved cash and debt management, revision of procurement and PPP legal framework (new BOT law adopted in April 2004).
- Following spending irregularities in 2003 (came to light in June 2004), measures adopted to improve procurement practices, including curtailing emergency procedures and revising procurement laws; implementation not fully satisfactory due to recent steep increase in single tender contracts.
- New procurement Code expected to be adopted by end 2006.
- Combined shares of education and health expenditures in total public expenditures: 33 percent in 2004.
- Combined shares of education and health expenditures in GDP: 8 percent in 2004 (increased by about 10 percent in 2004).
- Only about two thirds of PRSP-identified actions were reflected in the 2004 budget.

### C. Sectoral policies — capacity building and basic social services (sector outcomes)
- Education:
  - Gross enrollment in primary schools increased from 77 percent in 2003 to 80 percent in 2004.
  - Construction of 1,103 new classrooms.
- Health:
  - DTC3 immunization coverage increased from 59 percent in 2003 to 75 percent in 2004.
  - Primary care consultations up by 8.7 percent between 2003 and 2004.
  - Births assisted by trained personnel increased from 54 percent in 2002 to 59 percent in 2004.

### C. Sectoral policies — capacity building and basic social services (recommendations)
- Strengthen budgetary reforms and fiscal transparency, including internal and external controls of budget execution and timely ex post control by the audit court.
- Develop the budget on a programmatic basis (postponed to the 2006 budget law), prepare the Consolidated Investment Budget and the 3-year investment program using an economic classification of expenditures, and ensure consistency between TOFE and the budget.
- Fully reflect risks to public finances associated with large infrastructure projects in fiscal accounts.
- Improve expenditure tracking to ensure budget lines are spent as intended.
- Accelerate decentralization implementation with predictable and rationalized financial transfers and capacity building at local level.
- Increase pace of reforms in education and health to reach MDGs; raise health budget share (around 8 percent in 2004) toward the PRSP objective of 9.8 percent.
- Improve access and utilization of basic health services via outreach activities, infrastructure development plan, and regulatory/legal framework for private health service provision and funding.
- Reinforce prevention of infectious diseases and utilization of reproductive health services.
- Better coordinate cross-sectoral activities such as access to drinking water and sanitation.
- Improve quality and performance of secondary education.

### C. Sectoral policies — improving living conditions of vulnerable groups (findings)
- Vulnerable groups include children, handicapped, elderly, and refugees.
- PRSP pillar on vulnerable groups received uneven attention in 2004.
- Weak allocation of budgeted resources to handicapped and elderly groups and to infrastructure benefiting the poorest segments.
- Absence of specific monitoring indicators for this pillar in the Report.

### C. Sectoral policies — improving living conditions of vulnerable groups (planned actions and recommendations)
- Government committed to develop a global and coordinated strategy for national social protection in 2005.
- Strategy should include:
  - a new priority action plan for the short and medium terms;
  - better identification of groups most exposed to major risks and catastrophes;
  - a series of monitoring indicators.
- Launch a programmatic budgeting approach to improve efficiency of public spending in social sectors.

### Monitoring and evaluation (findings)
- The PRSP endorsed monitoring and evaluation as a pillar; the Report strengthened the use of quantitative indicators to monitor progress over time.
- The Report notes strengthened participatory processes with donors, civil society, local governments, and the private sector during evaluation and preparation.
- The next PRSP is expected to address outstanding methodological and implementation gaps identified in the Report and pave the way for the new three-year PRSP to be ready in early 2006.

### Institutional arrangements and participation
- The government placed evaluation and monitoring of its performance at the center of the PRSP.
- During the course of 2004, the authorities reinforced the PRSP institutional framework, notably at the regional level, and sought to increase the participation of several stakeholders in the evaluation and the preparation of the Report.
- The Steering Committee, chaired by the Minister of Economy and Finance, only met once in June 2004, which is not enough to play its supervising and coordinating role.
- There is a need to increase the participation of top government officials in the regular supervision and evaluation of the PRSP to foster ownership and momentum.

### Monitoring indicators and data gaps
- Progress was realized with the finalization of a set of PRSP monitoring indicators through an intense dialogue with development partners operating in the country.
- These indicators have been used to evaluate the implementation of the PRSP in 2004.
- Coverage remains incomplete because:
  - (i) statistical data are still missing in key areas such as rural roads and procurement; and
  - (ii) there has been no specific indicator selected for monitoring progress in the living condition of the most vulnerable groups.
- The next PRSP should indicate how the government intends to improve its capacity to monitor and analyze poverty determinants and outcomes across the country for the period after the latest national survey was carried out (2001/2002).
- Improving such capacity will enhance the government’s effort to implement its PRSP agenda over the next few years.

### Staff assessment of the PRSP Progress Report
- Bank and Fund staffs believe that Senegal’s second PRSP Progress Report provides a balanced assessment of the second year implementation of the PRSP.
- The Report is comprehensive, highlights the risks ahead, and points to areas for further improvements.
- Significant progress has been achieved in strengthening the evaluation and monitoring process through:
  - (i) a detailed analysis of the budgetary alignment with PRSP priorities; and
  - (ii) the development of quantitative indicators.

### Areas where gaps remain (agenda for further work)
- Staffs recommend special attention during the next twelve months to:
  - (i) the promotion of the private sector, through alleviation of administrative barriers, measures to address other transversal issues such as corruption, and justice, and the finalization of the Accelerated Growth Strategy that should help improve the investment environment and enhance private activities in key export sectors;
  - (ii) remedial actions to address weaknesses in public financial management and fiscal transparency such as the strengthening of the General Audit Court, the adoption of the new Procurement Code, and stricter enforcement of procurement rules;
  - (iii) the improvement in the efficiency of public investment spending, notably through the preparation of investment budgets and programs using an economic classification of expenditures, better evaluation systems for priority projects (notably in infrastructure), and improved internal and external controls;
  - (iv) the alleviation of rural poverty by consolidating the decentralization of resources to local governments; developing a better articulation of measures aimed at improving the living conditions of vulnerable groups living in rural areas, and implementing the new agricultural strategy aimed at promoting and diversifying new activities in the regions;
  - (v) the finalization and adoption of a new National Social Protection program to help target and coordinate actions aimed at improving the protection of vulnerable groups; and
  - (vi) the identification of factors constraining the absorptive capacity in both public and private sectors, and thereby facilitate the execution of poverty reducing programs.

### Risks to PRSP implementation
- Main risks:
  - Exogenous shocks—such as the locust invasion, the sharp increase in oil prices and the recent flood in the Dakar region.
  - Endogenous difficulties in implementing structural reforms.
- Mitigation and required responses:
  - The first risk could be mitigated through the authorities’ continued efforts to diversify the economy and the financial assistance of donors, if needed.
  - The second risk needs to be tackled through sustained efforts to strengthen public financial management, including in particular fiscal transparency and procurement practices, at the central and local government levels, and complete reforms in the electricity sector as well as the groundnut sector.

*IMF staff assessment of Senegal’s PRSP Progress Report (second annual), covering implementation in 2004 and prospects for 2005.*

### 1.      Senegal’s poverty reduction strategy paper (PRSP), covering 2003–05, was

### Senegal’s poverty reduction strategy paper (PRSP), covering 2003–05, was

### Overview and institutional background
- The PRSP covering 2003–05 was distributed to the Executive Boards of IDA and the IMF in October 2002, after endorsement by the Presidential Council in July 2002.
- A joint staff assessment concluded the PRSP provided an adequate framework for fighting poverty and endorsed its four pillars:
  - (i) wealth creation;
  - (ii) capacity building and the provision of basic social services;
  - (iii) improving the living conditions of vulnerable groups; and
  - (iv) monitoring and evaluation.
- The PRSP was welcomed by the Executive Boards in December 2002.
- Senegal’s first annual PRSP Progress Report was reviewed in a joint staff advisory note in December 2004.
- The second annual PRSP Progress Report (the Report) covers PRSP implementation during 2004 and examines prospects for 2005.

### Progress with poverty reduction policies and programs — summary findings
- Authorities made some progress addressing methodological shortcomings identified in the first JSAN by:
  - developing a detailed analysis of linkages between budget resource allocation and PRSP priority sectors;
  - identifying and using a series of quantitative indicators to monitor progress over time;
  - strengthening the participatory process with donors, civil society, local governments, and the private sector during evaluation and preparation of the Report.
- The Report acknowledges uneven implementation in 2004 and persistent weaknesses in key areas despite progress in several domains.

### A. Macroeconomic policies — findings and recommendations
Findings:
- Authorities continued to implement appropriate macroeconomic policies in 2004.
- Real GDP growth exceeded 6 percent in 2004, with telecommunication and construction as best performers.
- Annual average CPI rose by about 0.5 percent.
- External current account deficit (including grants) stabilized at about 6.7 percent of GDP.
- Private remittances grew.
- Overall fiscal deficit increased to 3.3 percent of GDP in 2004.
- Capital spending financed externally increased by about 0.7 percent of GDP.
- Capital outlays rose from 7 percent of GDP in 2001 to more than 10 percent of GDP in 2004.

Recommendations:
- Achieve better public expenditure management to ensure efficiency of additional investment spending.
- Accompany further increases in capital outlays with better investment planning, evaluation (including thorough feasibility analysis for large projects), and monitoring to raise productivity of investment.
- Enforce procurement rules more strictly, including by autonomous expenditure-executing agencies.
- Base the next PRSP on realistic growth assumptions:
  - IMF staff estimates: expected growth performance for 2003–05 about 5.9 percent on average under current policies.
  - This falls short of the middle-case growth PRSP scenario of the 2002 PRSP: 6.5 percent on average for 2003–05.
  - Trend growth needed to reach the MDG of halving poverty by 2015: about 7 percent.
- Until accelerated growth strategy bears fruit, program financial policies based on more conservative growth scenarios and maintain efforts to mobilize domestic resources consistent with medium-term priority investment program.

### B. Poverty reduction — findings and issues
Findings:
- Updated poverty data were not available in the Report, but indications are that poverty continued to decline in 2004.
- Government estimates: incidence of poverty reduced from about 57 percent in 2001 to 54 percent in 2004.
- The Report does not fully spell out policy implications of poverty concentration in rural areas.

Issues and recommendations:
- Simplify and make more predictable the mechanics for transferring resources from central government to local governments.
- Provide greater financial resources and significant training and capacity building at local levels to enable local governments to perform responsibilities assigned since 1996.
- Enhance development of new private activities in regions, especially small and medium firms, through improved access to credit and commercial information.

### C. Sectoral policies — policies to promote wealth creation
Findings:
- Business environment improvements: streamlined business registration and taxation regulations.
- National Assembly adopted reforms simplifying corporate income tax and investment codes in January 2004.
- Tax base widened by abolishing several tax exemptions; for small enterprises a single tax was introduced replacing income tax, value-added tax, patent contributions, and social security charges.
- New investment code streamlined investment incentives and broadened sectors eligible for incentives.
- Groundnut and electricity sectors: progress noted.
  - SONACOS sold in March 2005 to the only bidder.
  - Import tariff on refined vegetable oil suspended to foster competition and reduce price of a key staple for the poor.
  - Private independent producer (PIP) contract signed in February 2005 to increase generation capacity by 60MW (equivalent to about 13 percent); increase in capacity expected in the latter half of 2006.

Policies and recommendations:
- Finalize and implement the Accelerated Growth Strategy (AGS) aimed at increasing annual real GDP growth beyond 7 percent; AGS focuses on five clusters: agriculture and agro-industries; fishing and fishing industries; tourism-art crafts and cultural industries; textile and clothing industries; and electronic customer support (ECS) services.
- Address transversal structural impediments identified by the Presidential Investor Council: justice, financing, administrative barriers, and labor skills.
- Apply the new formula for setting electricity prices to reflect SENELEC's cost structure.
- Avoid policies that weaken SENELEC’s financial performance (e.g., the 5 percent electricity price cut in October 2004 in spite of sharp rise in oil prices).
- Improve policies toward small groundnut producers to reduce vulnerability to external shocks.
- Discuss how large infrastructure projects (les grands travaux du Chef de l’État such as the new airport and the Dakar-Thiès Highway), if viable, will contribute to growth and equity.
- Facilitate procedures for realization of collateral to foster bank contribution to private sector development.

### C. Sectoral policies — capacity building and basic social services
Findings:
- Recruitment of 15,000 civil servants continued; a new remuneration strategy launched.
- Two action plans supporting public expenditure management reforms executed, following CFAA and CPAR recommendations: new budget nomenclature, simplification of expenditure channels through computerization, improved cash and debt management, revision of procurement and PPP legal framework (new BOT law adopted in April 2004).
- Following spending irregularities in 2003 (came to light in June 2004), measures adopted to improve procurement practices, including curtailing emergency procedures and revising procurement laws; implementation not fully satisfactory due to recent steep increase in single tender contracts.
- New procurement Code expected to be adopted by end 2006.
- Combined shares of education and health expenditures in total public expenditures: 33 percent in 2004.
- Combined shares of education and health expenditures in GDP: 8 percent in 2004 (increased by about 10 percent in 2004).
- Only about two thirds of PRSP-identified actions were reflected in the 2004 budget.

Sector outcomes:
- Education: gross enrollment in primary schools increased from 77 percent in 2003 to 80 percent in 2004; construction of 1,103 new classrooms.
- Health: DTC3 immunization coverage increased from 59 percent in 2003 to 75 percent in 2004; primary care consultations up by 8.7 percent between 2003 and 2004; births assisted by trained personnel increased from 54 percent in 2002 to 59 percent in 2004.

Recommendations:
- Strengthen budgetary reforms and fiscal transparency, including internal and external controls of budget execution and timely ex post control by the audit court.
- Develop the budget on a programmatic basis (postponed to the 2006 budget law), prepare the Consolidated Investment Budget and the 3-year investment program using an economic classification of expenditures, and ensure consistency between TOFE and the budget.
- Fully reflect risks to public finances associated with large infrastructure projects in fiscal accounts.
- Improve expenditure tracking to ensure budget lines are spent as intended.
- Accelerate decentralization implementation with predictable and rationalized financial transfers and capacity building at local level.
- Increase pace of reforms in education and health to reach MDGs; raise health budget share (around 8 percent in 2004) toward the PRSP objective of 9.8 percent.
- Improve access and utilization of basic health services via outreach activities, infrastructure development plan, and regulatory/legal framework for private health service provision and funding.
- Reinforce prevention of infectious diseases and utilization of reproductive health services.
- Better coordinate cross-sectoral activities such as access to drinking water and sanitation.
- Improve quality and performance of secondary education.

### C. Sectoral policies — improving living conditions of vulnerable groups
Findings:
- Vulnerable groups include children, handicapped, elderly, and refugees.
- PRSP pillar on vulnerable groups received uneven attention in 2004.
- Weak allocation of budgeted resources to handicapped and elderly groups and to infrastructure benefiting the poorest segments.
- Absence of specific monitoring indicators for this pillar in the Report.

Planned actions and recommendations:
- Government committed to develop a global and coordinated strategy for national social protection in 2005.
- Strategy should include:
  - a new priority action plan for the short and medium terms;
  - better identification of groups most exposed to major risks and catastrophes;
  - a series of monitoring indicators.
- Launch a programmatic budgeting approach to improve efficiency of public spending in social sectors.

### Monitoring and evaluation
- The PRSP endorsed monitoring and evaluation as a pillar; the Report strengthened the use of quantitative indicators to monitor progress over time.
- The Report notes strengthened participatory processes with donors, civil society, local governments, and the private sector during evaluation and preparation.
- The next PRSP is expected to address outstanding methodological and implementation gaps identified in the Report and pave the way for the new three-year PRSP to be ready in early 2006.

*IMF staff assessment of Senegal’s PRSP Progress Report (second annual), covering implementation in 2004 and prospects for 2005.*

### 20.      The government has placed evaluation and monitoring of its performance at the

### 20.      The government has placed evaluation and monitoring of its performance at the center of the PRSP.

### Institutional arrangements and participation
- The government placed evaluation and monitoring of its performance at the center of the PRSP.
- During the course of 2004, the authorities reinforced the PRSP institutional framework, notably at the regional level, and sought to increase the participation of several stakeholders in the evaluation and the preparation of the Report.
- The Steering Committee, chaired by the Minister of Economy and Finance, only met once in June 2004, which is not enough to play its supervising and coordinating role.
- There is a need to increase the participation of top government officials in the regular supervision and evaluation of the PRSP to foster ownership and momentum.

### Monitoring indicators and data gaps
- Progress was realized with the finalization of a set of PRSP monitoring indicators through an intense dialogue with development partners operating in the country.
- These indicators have been used to evaluate the implementation of the PRSP in 2004.
- Coverage remains incomplete because:
  - (i) statistical data are still missing in key areas such as rural roads and procurement; and
  - (ii) there has been no specific indicator selected for monitoring progress in the living condition of the most vulnerable groups.
- The next PRSP should indicate how the government intends to improve its capacity to monitor and analyze poverty determinants and outcomes across the country for the period after the latest national survey was carried out (2001/2002).
- Improving such capacity will enhance the government’s effort to implement its PRSP agenda over the next few years.

### Staff assessment of the PRSP Progress Report
- Bank and Fund staffs believe that Senegal’s second PRSP Progress Report provides a balanced assessment of the second year implementation of the PRSP.
- The Report is comprehensive, highlights the risks ahead, and points to areas for further improvements.
- Significant progress has been achieved in strengthening the evaluation and monitoring process through:
  - (i) a detailed analysis of the budgetary alignment with PRSP priorities; and
  - (ii) the development of quantitative indicators.

### Areas where gaps remain (agenda for further work)
- The Report recognizes a few areas where gaps remain in the implementation of the PRSP; staffs recommend special attention during the next twelve months to:
  - (i) the promotion of the private sector, through alleviation of administrative barriers, measures to address other transversal issues such as corruption, and justice, and the finalization of the Accelerated Growth Strategy that should help improve the investment environment and enhance private activities in key export sectors;
  - (ii) remedial actions to address weaknesses in public financial management and fiscal transparency such as the strengthening of the General Audit Court, the adoption of the new Procurement Code, and stricter enforcement of procurement rules;
  - (iii) the improvement in the efficiency of public investment spending, notably through the preparation of investment budgets and programs using an economic classification of expenditures, better evaluation systems for priority projects (notably in infrastructure), and improved internal and external controls;
  - (iv) the alleviation of rural poverty by consolidating the decentralization of resources to local governments; developing a better articulation of measures aimed at improving the living conditions of vulnerable groups living in rural areas, and implementing the new agricultural strategy aimed at promoting and diversifying new activities in the regions;
  - (v) the finalization and adoption of a new National Social Protection program to help target and coordinate actions aimed at improving the protection of vulnerable groups; and
  - (vi) the identification of factors constraining the absorptive capacity in both public and private sectors, and thereby facilitate the execution of poverty reducing programs.

### Risks to PRSP implementation
- Recent economic developments have confirmed that the main risks for the successful implementation of the PRSP include:
  - exogenous shocks—such as the locust invasion, the sharp increase in oil prices and the recent flood in the Dakar region; and
  - endogenous difficulties in implementing structural reforms.
- Mitigation and required responses:
  - The first risk could be mitigated through the authorities’ continued efforts to diversify the economy and the financial assistance of donors, if needed.
  - The second risk needs to be tackled through sustained efforts to strengthen public financial management, including in particular fiscal transparency and procurement practices, at the central and local government levels, and complete reforms in the electricity sector as well as the groundnut sector.

*Source: _cr0669 - 20.      The government has placed evaluation and monitoring of its performance at the center of the PRSP.*

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_Source: https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2006/_cr0669.pdf_