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Mr. Bernardin Akitoby, Ms. Anja Baum, Clay Hackney, Olamide Harrison, Keyra Primus, and Ms. Veronique Salins
How do countries mobilize large tax revenue—defined as an average increase in the tax-to-GDP ratio of 0.5 percent per year over three years or more? To answer this question, we build a novel dataset covering 55 episodes of large tax revenue mobilization in low-income countries and emerging markets. We find that: (i) reforms of indirect taxes and exemptions are the most common tax policy measures; (ii) multi-pronged tax administration reforms often go hand in hand with tax policy measures or are stand alone; and (iii) sustainability of the episodes hinges on tax administration reforms in the key compliance areas (risk-based audits, registration, filing, payment, and reporting).
International Monetary Fund. African Dept.
This paper discusses The Gambia’s Second Review Under the Staff-Monitored Program (SMP). The program is broadly on track. All quantitative targets for end-December 2017 and end-March 2018 were met as were most of the structural benchmarks, with three of them needing to be re-phased and redefined. However, the continuous target on contracting new nonconcessional external debt was breached, owing to a US$25 million loan. The IMF staff supports the completion of the second review under the SMP. The IMF staff also encourages the authorities to ensure macroeconomic stability and step up the pace of structural reforms to strengthen economic governance and tackle the legacy of debilitating public debt to pave the way for a possible Extended Credit Facility arrangement.
Mr. Bernard J Laurens

Abstract

The most salient trend in monetary policy over the past two decades has been increasing reliance on money market operations, which reflects the belief that allowing market forces to allocate financial resources brings about increased economic efficiency and growth. However, small economies and countries with undeveloped financial markets have found that a lack of competition in their financial markets complicates their efforts to rely on money market operations, at times forcing them to rely instead on direct instruments or moral suasion. In some larger countries, the shift toward a reliance on money market operations has been gradual and, at times, fraught with difficulty. This report draws on a variety of country experiences to analyze the reasons for such difficulties and proposes a stylized sequencing of reforms that enables countries to tailor the introduction of money market operations to their particular circumstances.

International Monetary Fund. External Relations Dept.
The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx
International Monetary Fund. External Relations Dept.
La edición en Internet del Boletín del FMI, que se actualiza varias veces a la semana, contiene numerosos artículos sobre temas de actualidad en el ámbito de las políticas y la economía. Consulte las últimas investigaciones del FMI, lea entrevistas y escuche podcasts de los principales economistas del FMI sobre importantes temas relacionados con la economía mundial. www.imf.org/external/pubs/ft/survey/so/home.aspx