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International Monetary Fund. African Dept.
The political context has become more complex and uncertain ahead of the 2020 presidential elections, with the three traditional parties openly competing since the end of the ruling coalition between President Ouattara’s Republican Democratic Rally and former President Bédié’s Democratic Party of Côte d’Ivoire. Positive investor perceptions of Côte d’Ivoire have so far not been affected. The growth outlook remains strong at 7½ percent, predicated on a continuously improving business environment, buoyant investment and sustained private consumption. Inflation is expected to remain low. Downside risks include the effects of the uncertain political landscape and weaker-than-expected global growth.
International Monetary Fund. Asia and Pacific Dept
This IMF Staff Report discusses Mongolia’s Third Review Under the Extended Fund Facility. Mongolia’s performance under the program thus far has been strong. The economy is recovering better than expected, with real GDP growth of 5.1 percent in 2017. The combination of strong policy implementation and a supportive external environment has helped the authorities over-perform on all end-December 2017 quantitative targets. However, the performance on structural reforms has been mixed with some delays on structural benchmarks under the program and reversals of three fiscal measures considered during previous reviews. Given the strong performance to date, continued improvement in the macro outlook, and still high public debt, the authorities committed to tightening the fiscal and reserve targets.
International Monetary Fund. African Dept.
This Selected Issues paper analyzes mobilization of tax revenues in Nigeria. Low non-oil revenue mobilization is affecting the government’s objectives to expand growth-enhancing expenditure priorities, foster higher growth, and comply with its fiscal rule which limits the federal government deficit to no more than 3 percent of GDP. There is significant revenue potential from structural tax measures. A broad-based and comprehensive tax reform program is needed in the short and medium term to address these objectives and generate sustainable revenue growth by broadening the bases of income and consumption taxes, closing loopholes and leakage created by corporate tax holidays and the widespread use of other associated tax expenditures, as well as creating incentives for the subnational tiers of government to raise their own source revenues.
International Monetary Fund
This technical paper focuses on the challenges faced by Paraguay’s budget resources. Paraguay’s government should adopt a forward-looking fiscal strategy. The strategy’s main goals should be to contain budget dependence on Itaipu revenues, preserve fiscal discipline, and allow for the gradual and sustainable transformation of the envisaged, yet temporary, windfall into other forms of financial, physical, and human capital. The creation of a special fund could help mobilize public support for saving part of the windfall and building a buffer for the future.
International Monetary Fund
Dominica showed a commendable progress under the Poverty Reduction and Growth Facility (PRGF) program. Executive Directors welcomed the strong macroeconomic performance, fiscal adjustment, and collaborative debt restructuring effort. They appreciated the introduction of a value-added tax (VAT) and an excise tax and stressed the need for the implementation of robust structural reforms to promote a sustained strong growth and poverty reduction. They agreed that the strong implementation of the policies under the program will help balance the risks and provide adequate performance.
Mr. Martin Mühleisen and Mr. Christopher M Towe

Abstract

This paper presents an overview of recent U.S. fiscal developments and discusses possible implications of the sharp turn around in the government’s fiscal position. Against this back ground, it also reviews key policy challenges that will need to be addressed to cope with the mounting pressures on public retirement and health care systems during the next decade. The study draws principally from back ground papers that were prepared for the IMF staff’s annual consultation discussions with the U.S.authorities in 2002 and 2003.

Mr. Martin Mühleisen and Mr. Christopher M Towe

Abstract

This paper presents an overview of recent U.S. fiscal developments and discusses possible implications of the sharp turn around in the government’s fiscal position. Against this back ground, it also reviews key policy challenges that will need to be addressed to cope with the mounting pressures on public retirement and health care systems during the next decade. The study draws principally from back ground papers that were prepared for the IMF staff’s annual consultation discussions with the U.S.authorities in 2002 and 2003.

International Monetary Fund
This selected issues paper assesses Kenya's revenue performance, the labor market, and the health of the banking sector. It analyzes Kenya's revenue potential, tax system, and economic activity while increasing revenues; assesses the labor market; and also notes the nonperforming loans (NPLs) in the Kenyan banking sector, especially in public sector banks, and suggests structural measures to reduce cost pressures in the banking sector, lower the NPLs, and reduce the spread between lending and deposit interest rates. It also provides the detailed statistical appendix of Kenya.
International Monetary Fund
This paper assesses Romania’s Third Review Under the Stand-By Arrangement and a Request for Waiver of Performance Criterion. Romania’s macroeconomic performance continued to be favorable, but slippages in wage policy and privatization delayed the completion of the third review. Robust GDP growth continued throughout 2002, and progress in reducing inflation and the current account deficit was better than targeted. However, financial discipline in the state-owned sector remained weak, and the end-September performance criterion on the wage bill in monitored state-owned enterprises was not observed.
International Monetary Fund
Real GDP growth in Georgia has been slow since the Russian crisis, but there are signs of more vigorous growth, despite weak external demand. The paper discusses administrative corruption, state capture, influence, and tax policy formulation. The trends of total social expenditure in relation to fiscal adjustment have been analyzed and discussed in the context of Georgia's poverty reduction strategy. Banking sector reforms and financial development, dollarization, the energy sector, and statistical data of economic indices of Georgia are also presented.