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Mr. Graham C. Scott

Abstract

New Zealand's reforms of economic policy and public sector management systems have attracted international attention. Beginning in 1984, the country adopted a comprehensive and vigorous program of macroeconomic adjustment that involved redefining the state's role in the economy and social policy. This paper provides an overview of the central frameworks of government management in New Zealand, with particular emphasis on financial management.

International Monetary Fund
This paper discusses the progress report on the National Economic Empowerment and Development Strategy (NEEDS) for Nigeria. The NEEDS 2004–07 is Nigeria’s reform based medium-term plan for economic recovery, growth, and development. Fiscal and monetary policies have been carefully managed in the implementation of NEEDS. A major budget reform introduced under NEEDS was the Oil Price Based Fiscal Rule and Medium Term Expenditure Framework (MFEF), which has enhanced macroeconomic stability by delinking government expenditure from the price of oil.
Mr. Francesco Grigoli and Mr. Eduardo Ley
It is generally acknowledged that the government’s output is difficult to define and its value is hard to measure. The practical solution, adopted by national accounts systems, is to equate output to input costs. However, several studies estimate significant inefficiencies in government activities (i.e., same output could be achieved with less inputs), implying that inputs are not a good approximation for outputs. If taken seriously, the next logical step is to purge from GDP the fraction of government inputs that is wasted. As differences in the quality of the public sector have a direct impact on citizens’ effective consumption of public and private goods and services, we must take them into account when computing a measure of living standards. We illustrate such a correction computing corrected per capita GDPs on the basis of two studies that estimate efficiency scores for several dimensions of government activities. We show that the correction could be significant, and rankings of living standards could be re-ordered as a result.
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

This 2008 Article IV Consultation highlights that Armenia’s recent economic performance has remained strong, and the economy is poised for another year of double-digit growth. Rising inflation, a widening current account deficit, and rapid credit growth have raised concerns about overheating. Executive Directors have commended the authorities for the successful implementation of macroeconomic policies under the Poverty Reduction and Growth Facility (PRGF)-supported program that expired in May 2008. Directors have also welcomed the authorities’ intention to withdraw fiscal stimulus during 2008–09 to address current imbalances.

International Monetary Fund

This paper discusses key findings of the Fourth Review Under the Poverty Reduction and Growth Facility for Armenia. Armenia’s economy performs strongly. All end-December 2006 quantitative and all but one structural performance criteria were observed. The main policy challenges are to broaden economic growth, raise tax revenues, and manage large foreign exchange inflows. Fiscal policy remains appropriate. Meeting the ambitious 2007 revenue target will require broadening the tax base and strengthening administration. The stance of monetary policy is appropriate.

International Monetary Fund

Macedonia's macroeconomic stabilization program continues to rest on the basis of fiscal and monetary policies, and has restored the fiscal balance to a sustainable level after two years of high deficits. Further structural measures are important to address impediments to growth and to reduce unemployment. Reforms are necessary to strengthen the investment climate by creating a predictable business environment, implementing judicial reforms, and addressing governance problems. The financial system stability assessment acknowledged the authorities' efforts to improve the soundness of the banking system and to address remaining vulnerabilities.

International Monetary Fund. Middle East and Central Asia Dept.

This statement provides an update on developments since the issuance of the staff report on Request for a 12-Month Stand-By Arrangement on June 17. This information does not in any way alter staff’s appraisal.

International Monetary Fund. External Relations Dept.

4–6 Institute of International Bankers’ 2007 Annual Washington Conference, Washington, D.C., United States

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