dintérêts
afin que tous ceux qui utilisent l'argent puissent comprendre ce qui est en jeu. Une autre différence importante avec d'autres livres ayant abordé cette
Guide permettant de comprendre et accéder aux informations sur la
S'il doit de l'argent à une banque britannique il s'agit d'une dette extérieure. 2.2 Dette en devises et en monnaie locale.
COMPRENDRE COMMENT CIRCULE LARGENT
Discuter de leurs connaissances relatives à la circulation de l'argent. TEMPS REQUIS. 60 minutes. MATÉRIEL PÉDAGOGIQUE. D'où vient l'argent ? Sur desjardins.com.
Bienvenue aux États-Unis : Un guide pour nouveaux immigrés
Comprendre l'éducation et les soins de santé . débourser de l'argent vous devez effectuer un minimum de recherche afin d'être.
PRINCIPES ET PRATIQUE DU MANIEMENT DE L ARGENT par
MATCOM. Matériel et techniques de formation en gestion coopérative. Le projet MATCOM a été lancé en 1978 par le Bureau. International du Travail avec l´aide
Entre Jeunes Class IX
Français et l'argent de Il (n'a pensé/ne pensait) qu'à I'argent tout le temps et il ... Apprendre-Comprendre-Surprendre ...
Largent à quoi ça sert ?
Les moyens de paiement peuvent avoir plusieurs formes : billets pièces
QUE SAIS-JE DE LARGENT?
argent. Pour comprendre le mode de fonc- tionnement de l'argent il faut s'in- téresser au passé. Il y a des milliers d'années
Comprendre les Canaux de Transfert dArgent en République
29-May-2018 Comprendre les Canaux de Transfert d'Argent en République Démocratique du Congo (RDC) ... https://www.imi.ox.ac.uk/files/events/mangalu.pdf.
Les droits des personnes handicapées dans le monde Que se
Catalina remercie tous ceux et celles qui l'ont aidée à comprendre la vie des personnes handicapées en France. Page 6. 3. 2. A propos de la France. Comment
L’argent fait-il le bonheur? INTRODUCTION - StuDocu
Épargner de l’argent signifie mettre de l’argent de côté comme dans une tirelire Cela permet de s’acheter quelque chose plus tard ou de payer des dépenses imprévues D I C O Bien : produit matériel palpable qui satisfait un besoin (baguette de pain téléphone mobile ordinateur ) Service : produit immatériel
ESSAI L’argent peut faire le bonheur - libinstch
façon l’argent contribue au bonheur et ajouterai quelques explications avant de conclure 1 L’ARGENT L’argent est d’abord un moyen d’échange qui facilite le commerce L’usage de l’argent en raison de sa flexibilité représente un progrès substantiel sur le troc
Comment comprendre la valeur de l’argent ?
Pour comprendre la valeur de l’argent, il est utile de rappeler que ce dernier est tout d’abord un moyen d’échange qui facilite le commerce.
Quelle est la forme de l’argent ?
Mais l’argent n’a pas toujours eu la forme que l’on connaît aujourd’hui. En effet, les peuples ont utilisé différents objets en guise de monnaie. A l’origine l’argent pouvait prendre la forme de coquillage, de sel, de fève de cacao…
Quels sont les usages de l’argent?
L’argent est principalement utilisé pour la création des pièces de monnaie que nous utilisons au quotidien ainsi que pour la fabrication de bijoux. Pour ne citer que quelques exemples, l’argent sert aussi dans les domaines de la photographie et de l’électronique.
Quel est le cours de l’argent ?
L’argent a lui aussi son cours spot, c’est-à-dire son cours au comptant sur les places de marché internationales comme le NYMEX et la bourse de Hong Kong. Cette valeur, qui se situe à mi-chemin entre le prix d’achat et le prix de vente, est actualisée à chaque minute.
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ZAMBIA
INTERNATIONAL MONETARY FUND 3
the capacity to borrow without the central government's backstop, and their outstanding debt (expenditure arrears) is currently captured under the central government. The debt of social security funds is guaranteed by the central government and therefore included. The authorities confirmed that no extrabudgetary funds currently exist with outstanding debt. Limitied data on domestic debt of SOEs suggest the stock is insignificant and is adequately captured through the default SOE shock (2 percent of GDP) in the contingent liability stress test. The authorities have recently started regular collections of SOEs' financial data in an effort to gradually broaden the debt coverage going forward. Public Debt Coverage and the Magnitude of the Contingent Liability Tailored Stress Test Text Table 1. Zambia: Stock of Public and PubliclyGuaranteed (PPG) Debt
(End-2018, billions of U.S. dollars) Sources: Zambian authorities and IMF staff estimates.Official debt
coverageDSA debt
coverageTotal PPG debt18.318.9
External PPG debt11.312.6
1. Central government direct external debt
10.010.0
Multi/pluri-laterals1.91.9
o.w. IMF0.10.1 o.w. WB/AfDB1.61.6Bilaterals3.03.0
Paris Club0.10.1
Non-Paris Club2.92.9
Commercial5.15.1
o.w. Eurobonds3.03.02. Central government guaranteed external debt
1.21.2
3. SOE external debt (nonguaranteed)Not included0.6
4. Nonresident holdings of local currency debtTreated as domestic0.7
Domestic PPG debt7.06.3
1. Central government direct domestic debt
7.06.3
Treasury bills1.5481.544
Treasury bonds3.32.7
Others2.12.1
o.w. budget expenditure arrears1.61.6 Memo: nonresident holdings of treasury bills0.0040.004 Memo: nonresident holdings of treasury bonds0.70.7Memo: total PPG debt to GDP (%)78.180.8
Note: the main differences between the official and DSA debt coverages can be attributed to the treatment of nonresident holdings of local currency government debt and nonguaranteed SOE external debt. These items are highlighted in the table. 9 8 4 3 1 9 4 1 8 3 1 1 8 8 7 718 7 1 8 4 3 9 130
projected 4.7% for 2018 to become balanced in 2021, before moving to a projected overall surplus for 2022;
central government debt is expected to decrease from 55.4% of GDP for 2018 to a projected 36.4% of GDP for
2023; central government revenues are expected to increase from a budgeted 17.6% of GDP for 2018 to projected
18.9% of GDP for 2022; and central government expenditures are expected to decrease from a budgeted 23.7%
of GDP for 2018 to a projected 19.0% of GDP for 2022. There can be no assurance that any of the expected,
targeted or projected aggregates as prepared by the IMF will be achieved by Benin, and actual results may be
materially different from such targets and projections.Public Debt
The table below sets forth the breakdown of public debt as of 31 December of each indicated year and estimates
for 2018:2013 2014 2015 2016 2017
2018(Est.) (CFAF billions, excluding percentages)
External Debt
Multilateral Creditors ...................... 565.84 699.1 821.4 910.7 958.5 1,021.0 IDA (World Bank) ......................... 264.4 335.5 409.3 473.9 500.3 541.2 AfDB .............................................. 129.4 173.1 199.0 216.4 237.2 244.4 IDB ................................................. 61.5 61.9 66.5 68.7 65.1 72.7 IFAD .............................................. 37.0 39.5 42.5 41.0 37.9 35.7Others (primarily BADEA and
BIDC) ............................................. 73.5 89.1 104.2 110.8 118.0 127.0 Bilateral Creditors 91.1 161.1 222.1 228.9 208.0 241.7 People's Republic of China ............ 66.4 101.9 147.4 150.6 136.6 166.9Kuwait Fund for Arab Economic
Development .................................. 0.0 24.4 29.7 32.8 28.7 26.8 AFD ............................................... 3.9 3.2 2.4 1.6 6.3 9.6 Others* ........................................... 20.8 31.6 42.7 44.0 36.5 38.4 Commercial Debt ............................. - - - - 18.1 269.4 RABOBANK ................................ - - - - 18.1 46.3Re-profiling Programme - - - - - 170.6
Asphaltage Project - - - - - 52.5
Total External Debt.......................... 677.0 860.3 1,043.6 1,139.6 1,184.6 1,532.1 % Nominal GDP ............................... 15.0% 17.9% 21.3% 22.4% 22.1% 26.5%Domestic Debt
Statutory Overdraft............................. 0 0 0 0 0 0Banking Debt (including BOAD and
BCEAO) ............................................. 131.6 150.1 222.2 362.1 450.4 321.3 Treasury Bills ..................................... 219.1 312.7 231.7 161.5 159.4 160.1 Treasury Bonds .................................. 116.3 138.8 583.1 849.8 1,133.1 1,267.0 Total Domestic Debt ......................... 467.0 601.5 1,036.9 1,373.4 1,742.8 1,748.5 % Nominal GDP ............................... 10.3% 12.5% 21.1% 27.0% 32.5% 30.2%Source: CAA
(*) Includes the debt to India's EXIMBANK (CFAF 15.2 billion), the Abu Dhabi Development Fund (CFAF 2.3
billion) and the Saudi Fund for Development (CFAF 20.9 billion).NB: The debt to the IMF is managed by the BCEAO and the debt service is carried out by the debit mechanism
of the Public Treasury's account opened in the books of the BCEAO. See "Relation with Creditors Multilateral
Debt International Monetary Fund" below.
The table below sets forth Benin's public debt service for external and domestic debt, excluding debt to the IMF,
for the periods indicated:2013 2014 2015 2016 2017
2018(Est.) (CFAF billions)
External
Principal ....................................... 24.2 22.0 23.3 24.3 51.8 28.78 Interest ......................................... 7.6 8.2 10.3 11.9 18.0 17.15 Total ............................................. 31.8 30.2 33.7 36.2 69.8 45.93Domestic
Principal ....................................... 276.0 304.6 263.0 212.2 293.0 560.73 Interest ......................................... 26.6 22.5 30.5 51.4 88.4 111.35 Total ............................................. 302.6 327.1 293.6 263.6 381.4 672.09 Total ............................................ 334.4 357.3 327.2 299.8 451.2 718.01 131Source: CAA
The ratio of public debt service to Government revenues increased from 28.1% in 2017 to 34.1% in 2018 after
reaching levels of 16.7%, 15.2% and 20.3% in 2014, 2015 and 2016 respectively.The table below sets forth debt repayment profiles over the next ten years (IMF debt excluded), based on
outstanding amounts at 31 December 2018. These profiles do not take into account cash flows relating to future
domestic and external financing.2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
(CFAF billions)External
Principal ............. 34.0 53.9 70.2 75.7 78.6 80.6 81.8 81.9 82.2 81.3 74.2 Interest ............... 23.2 22.7 21.5 19.9 18.2 16.6 14.8 13.1 11.4 9.8 8.2 Total ................... 57.2 76.6 91.8 95.6 96.8 97.2 96.6 95.0 93.7 91.1 82.4Domestic
Principal ............. 386.2 328.7 408.3 248.4 142.2 67.1 44.6 34.2 36.1 7.2 5.2 Interest ............... 96.6 82.5 62.0 36.8 21.2 12.3 8.1 5.4 3.3 1.2 1 Total ................... 482.8 411.2 470.4 285.2 163.4 79.4 52.7 39.6 39.4 8.4 6.2 Total .................. 540.0 487.8 562.2 380.8 260.2 176.6 149.3 134.6 133.1 99.5 88.6Source: CAA
The table below sets forth the maturity profile of external and domestic debt as of 31 December 2018:
Less than 1 year 1 to 5 years 5 to 10 years 10+ years External Debt ....................... 0.0% 0.9% 5.2% 93.9% Domestic Debt ..................... 12.3% 64.7% 17.6% 5.4% Total Debt ............................ 6.6% 34.9% 11.8% 46.7%Source: CAA
The average maturity of the total public debt portfolio at the end of 2018 was 7.6 years; that of external debt was
13.0 years and that of domestic debt was 3.0 years. The average interest rate of the total debt portfolio was 4.0%
at the end of 2018, of which 1.5% for external debt and 6.1% for domestic debt.The table below sets forth total public debt by currency as of 31 December of each of the indicated years:
Currency (in
CFAF billions) 2013 % 2014 % 2015 % 2016 % 2017 % 2018 (e) %US$ ....................
60.7 5.3 77.4 5.3 82.2 3.9 84.9 3.4 55.5 1.9 61.9 1.9
EUR ....................
26.5 2.3 33.2 2.3 36.1 1.7 35.2 1.4 58.1 2.0 399.9 12.2
CFAF ..................
467.0 40.8 601.5 41.1 1,036.9 49.8 1,373.4 54.7 1,742.8 59.5 1,748.5 53.3
Saudi Riyal
(AED) ................1.2 0.1 2.1 0.1 2.4 0.1 3.5 0.1 2.6 0.1 2.3 0.1
Kuwaiti Dinar
(KWD) ...............20.0 1.8 24.4 1.7 29.7 1.4 32.8 1.3 28.7 1.0 26.8 0.8
Riyal saoudien
(SAR) .................1.3 0.1 5.0 0.3 14.7 0.7 14.7 0.6 18.4 0.6 20.9 0.6
Renminbi Yuan
(RMBY) .............59.1 5.2 93.5 6.4 144.7 7.0 150.6 6.0 136.6 4.7 166.9 5.1
Special Drawing
Rights (SDR).....
508.1 44.4 624.8 42.7 733.9 35.3 818.1 32.6 884.8 30.2 853.4 26.0
Total ................... 1,144.0 100.0 1,461.8 100.0 2,080.5 100.0 2,513.1 100.0 2,927.4 100.0 3,280.6 100.0
Source: CAA
Public debt is primarily denominated in CFAF for 53.3% of total public debt as of 31 December 2018, compared
to 12.7% of total public debt denominated in US dollars and 20.2% in euros as of such date. Debt in US dollars
is primarily owed to the BIDC and the BADEA and represents 27.3% of external debt and 12.7% of total public
debt.The table below lists Benin's issuances of securities outstanding as of 31 December 2018. These securities include
public offerings, fungible treasury bonds (Obligations Assimilables du Trésor) and fungible treasury bills (Bons
Assimilables du Trésor).
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