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Mozambique’s economy is at a turning point, and efforts to address governance and corruption vulnerabilities can have a lasting positive impact. The current levels of public debt have caused us to take a hard look at our governance and anti-corruption framework and have prompted various reforms to address the vulnerabilities exposed in this framework. In general, the problems in our society, and specifically corruption, have been examined in detail recently and are clearly macro-critical.2 One study estimated the costs of corruption to Mozambique during the period 2002 to 2014 at up to USD 4.9 billion (approximately 30 percent of the 2014 GDP).3 The impact of these costs is widespread, affecting taxpayers, public service providers, the financial and private sector, as well as Mozambique’s international reputation.4 These costs are especially harmful at a time when our country has been hit by a series of shocks, notably the fall in commodity prices, drought, the withdrawal of donor budget support, and, more recently, Tropical Cyclones Idai and Kenneth. At the same time, Mozambique stands poised to reap significant revenues from natural resource reserves, and our duty as the government is to ensure the responsible stewardship of those funds for both current and future generations. By taking meaningful steps now to implement the governance and anti-corruption framework in an evenhanded, consistent, and effective manner, and to support efforts toward transparency and individual and institutional accountability, as the government, we can aim to achieve enduring results.
Authorities

identify and to classify public corporations based on their economic nature. This registry will allow us to develop a clear view of the government’s SOE portfolio, which we can then leverage to establish and enforce clear governance rules, to prevent conflict of interest, and to monitor financial performance of the most troubled companies. In this regard, we intend to take the following steps: Publish a list of all private companies with public-sector shareholders. This list will be compiled using the definition of SOEs in GFSM 2014. Assess the level of government

Authorities
This Diagnostic Report on Transparency, Governance and Corruption for the Republic of Mozambique highlights that the economy is at a turning point, and efforts to address governance and corruption vulnerabilities can have a lasting positive impact. The current levels of public debt have caused us to take a hard look at our governance and anticorruption framework and have prompted various reforms to address the vulnerabilities exposed in this framework. The governance and anticorruption framework is not consistently or comprehensively enforced. The rule of law is undermined by the insufficient implementation of existing legislation and regulations, including, in some cases through the absence of necessary regulations and explanatory guidelines. Civil society, the private sector, and the development partners in Mozambique also have critical roles to play. In addition, issues related to poor governance and corruption cannot be effectively addressed unless similar attention is paid to their transnational aspects, which need to be handled at a regional and global level, in multilateral and other international fora.
International Monetary Fund. Asia and Pacific Dept

utilities services is a key priority. Box 4. Kiribati: Progress in SOE Reforms and Future Priorities 1 The SOEs serve a vital role in the Kiribati economy . Kiribati has sixteen active SOEs involved in a range of commercial activities including utilities, transport, communication and finance. In 2014 the SOEs represented 18 percent of the total capital stock of the country and contributed 12 percent to GDP. Kiribati’s SOE portfolio also achieved an average return on equity (ROE) of 3.8 percent and return on assets (ROA) of 2.9 percent for 2010–14, making the country

International Monetary Fund
The impact of the 2009 tsunami on tourism and on the Samoan economy is likely to be substantial. The effectiveness of monetary transmission in Samoa has improved over time; however, it is still below international standards. The adverse impact of the crisis on the functioning of the banking system may be alleviated by an improvement in the financial infrastructure. State-owned enterprises (SOE) continue to play an important role in Samoa, and the key to successful SOE reform in Samoa will be placing them on a fully commercial footing.
International Monetary Fund. Fiscal Affairs Dept.

GSDP growth and inflation, with explanation of underlying mechanisms. Include sensitivity analysis and alternative macroeconomic and fiscal forecast scenario. Financial performance of PSUs * Publish qualitative discussion of broad overview of risks weighing on the SOE portfolio macroeconomic shocks. Quantify quasi-fiscal activities, etc . Publish quantitative discussion of broad overview of risks weighing on the SOE portfolio, including financial risk ratios for leverage and solvency. Include a discussion of the ownership policy for major PSUs. Publish

International Monetary Fund

implement ahead of schedule WTO-mandated tariff reductions, which will also enhance efficiency. Directors welcomed the recent publication of the first external debt bulletin by the Ministry of Finance. They encouraged the authorities to improve transparency further, including by strengthening reporting on external debt of SOEs, portfolio capital flows, and government and SOE bond issues. Public Information Notices (PINs) form part of the IMF’s efforts to promote transparency of the IMF’s views and analysis of economic developments and policies. With the consent of

International Monetary Fund. Fiscal Affairs Dept.

Colombia in Comparative Perspective 12. Distribution of Public Procurement by Modality, 2016 13. GDP Volatility 14. Payments Under Legal Claims 15. Forecast Transfers from the Budget to the Pension Scheme 16. Government Guarantees in Selected Countries 2015 17. PPP Projects by Type and Contingent Exposure, 2016-27 18. Fogafin Reserve Developments 19. A Layered Approach to Disaster Risk Financing 20. SOE Portfolio 21. Evolution of the Return on Equity (ROE) of the SOEsPortfolio TABLES 1. Public Sector Financial Overview, 2015 2. Main Fiscal