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International Monetary Fund. African Dept.

KEY ISSUES Backed by sound policies, economic performance since the 2013 Article IV Consultation has been positive. In response to fiscal stimuli and credit recovery, growth is picking up from the low levels that followed the credit-boom-and-bust-cycle. Careful central bank policies kept inflation low and the financial sector stable, despite shilling volatility. Lower export demand and high infrastructure-related imports widened the current account deficit, but reserves and debt remain at comfortable levels. Performance under the PSI is on track. All end-December 2014 quantitative assessment criteria and most indicative targets and structural benchmarks were met. Key highlights include an exceptionally strong revenue performance and progress in public financial management. The inflation targeting mechanism triggered consultations with staff as average core inflation fell below the inner limit of the band. Risks to the program stem from the upcoming election, regional unrest, and capacity constraints. The envisaged policy mix should achieve further economic gains in the fiscal year starting in July. Despite the election, the authorities are committed to keeping fiscal policy within a budget that favors large infrastructure investment and sustains tax revenue collections in the context of low inflation. They also intend to closely oversee the spillovers and feedback loops between the real economy and the financial sector.1 The planned oil production, infrastructure upgrades, and regional integration bring encouraging medium-term prospects for growth and employment. The strategy will be supported by foreign direct investment; enhanced domestic revenue mobilization through additional tax collection and efforts to improve access to bank services; and increased borrowing at non-concessional but favorable terms. Staff recommends conclusion of the 2015 Article IV Consultation and supports the authorities’ request to complete the fourth PSI review. It also supports the authorities’ decision to modify two end-June 2015 ACs and to increase the continuous ceiling on the contracting or guaranteeing of new nonconcessional debt.

Mr. Gonzalo C Pastor Campos
This paper analyzes the effectiveness of technical assistance provided by AFRITAC West (AFW) in the area of national accounts using the Fund's Technical Assistance Information Management System (TAIMS). The challenge has been to report on "ultimate outcomes" (i.e., the production and dissemination of national accounts statistics along best international practices) rather than on "inputs" (i.e., the number of national accounts missions fielded by AFW), as it has been the case to date. The paper concludes that the "ultimate outcome" of producing and disseminating robust national accounts is work in progress, with AFW's technical assistance efforts mainly focusing on source data assessments and methodological issues underpinning the compilation of national accounts. The pending challenge is to further support a more timely production and dissemination of national accounts data, as recommended in the Data ROSCs and by the IMF mission teams to AFW member countries.
Nazim Belhocine
This paper constructs a data set to document firms' expenditures on an identifiable list of intangible items and examines the implications of treating intangible spending as an acquisition of final (investment) goods on GDP growth for Canada. It finds that investment in intangible capital by 2002 is almost as large as the investment in physical capital. This result is in line with similar findings for the U.S. and the U.K. Furthermore, the growth in GDP and labor productivity may be underestimated by as much as 0.1 percentage point per year during this same period.
International Monetary Fund
This Report on the Observance of Standards And Codes (ROSC) on data module for Uganda provides an assessment of Uganda’s macroeconomic statistics against the recommendations of the General Data Dissemination System (GDDS) complemented by an assessment of data quality based on the IMF’s Data Quality Assessment Framework. This ROSC data module contains the main observations covering four macroeconomic data sets, namely national accounts, the consumer price index (CPI), government finance statistics (GFS), and balance of payments (BOP). It also provides an overview of the dissemination practices compared with the GDDS.
Mr. Nils O Maehle, Mr. Robert Dippelsman, and Mr. Adriaan M. Bloem

Abstract

This Manual provides guidance to compilers of national accounts on the concepts, data sources, and compilation methods required for development of a system of quarterly national accounts. More and more countries are recognizing that quarterly national accounts are an essential tool for management and analysis of their economy. The Manualis intended particularly for compilers who already have a knowledge of annual national accounting concepts and methods, and provides techniques for the development of a consistent time series of annual and quarterly accounts. It serves as acomplement to the System of National Accounts 1993, which has only a limited discussion of quarterly accounts, and will also prove useful as a tool for sophisticated users of quarterly national accounts.

Mr. Nils O Maehle, Mr. Robert Dippelsman, and Mr. Adriaan M. Bloem

Abstract

Este Manual proporciona orientación a los compiladores de las cuentas nacionales sobre los conceptos, fuentes de datos y métodos de compilación necesarios para el desarrollo de un sistema de cuentas nacionales trimestrales. Cada vez son más los países que reconocen que las cuentas nacionales trimestrales son una herramienta esencial para la gestión y el análisis de su economía. El Manual está orientado especialmente a los compiladores que ya tienen conocimientos sobre los conceptos y metodología de las cuentas nacionales, y presenta técnicas para el desarrollo de una serie temporal consistente de cuentas anuales y trimestrales. Es un complemento del Sistema de Cuentas Nacionales 1993, que solo trata de manera limitada las cuentas trimestrales, y también resultará útil como herramienta para usuarios avanzados de cuentas nacionales trimestrales.

Mr. Nils O Maehle, Mr. Robert Dippelsman, and Mr. Adriaan M. Bloem

Abstract

Ce manuel fournit des orientations sur les concepts, les sources de données et les méthodes de compilation nécessaires pour l'établissement d'un système de comptes nationaux trimestriels. De plus en plus de pays reconnaissent que les comptes nationaux trimestriels constituent un outil essentiel de gestion et d'analyse économiques. Le manuel est destiné à des statisticiens possédant une connaissance générale des concepts et de la méthodologie des comptes nationaux, et présente des techniques d'élaboration de séries temporelles trimestrielles et annuelles cohérentes. Le manuel vise à compléter le Système de comptes nationaux 1993, lequel n'aborde que brièvement les comptes nationaux trimestriels, et sera également utile pour les utilisateurs chevronnés de ces comptes.

Mr. Nils O Maehle, Mr. Robert Dippelsman, and Mr. Adriaan M. Bloem

Abstract

This Manual provides guidance to compilers of national accounts on the concepts, data sources, and compilation methods required for development of a system of quarterly national accounts. More and more countries are recognizing that quarterly national accounts are an essential tool for management and analysis of their economy. The Manual is intended particularly for compilers who already have a knowledge of annual national accounting concepts and methods, and provides techniques for the development of a consistent time series of annual and quarterly accounts. It serves as acomplement to the System of National Accounts 1993, which has only a limited discussion of quarterly accounts, and will also prove useful as a tool for sophisticated users of quarterly national accounts.

Abstract

Taxation, like politics, is the art of the possible--yet most public finance texts ignore the critical role played by tax administration in restoring macroeconomic balance and promoting equity and efficiency. This volume, edited by Richard M. Bird and Milka Casanegra de Jantscher, fills a gap in the literature by linking tax policy and tax administration reform and exploring ways to improve taxpayer compliance.

Peter Wieczorowski, James Hanson, and U.P. Reich

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.