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Business and Economics > Budgeting

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Cover IMF Staff Country Reports
Guiné-Bissau: terceira avaliação ao abrigo da Facilidade de Crédito Alargado e dos pedidos de aumento do acesso, de dispensa do cumprimento de critérios de desempenho e de alteração de um critério de desempenho e da avaliação das garantias de financiamento- Comunicado de Imprensa; Relatório do Corpo Técnico; Análise de Sustentabilidade da Dívida e Declaração do Administrador para a Guiné-Bissau
International Monetary Fund. African Dept.
Contexto. O contexto sociopolítico da Guiné-Bissau manteve-se estável durante a transição para um novo governo liderado pela oposição, mas o país enfrenta um choque externo adverso. O desempenho dececionante das exportações de castanha de caju aumentou substancialmente o défice da conta corrente, enquanto o financiamento é limitado por condições financeiras regionais mais restritivas. Os elevados preços dos produtos alimentares estão a dar origem a riscos de insegurança alimentar. Neste contexto, as autoridades solicitaram um aumento do acesso de 40% da quota (11,36 milhões de DSE) para satisfazer necessidades de financiamento prementes, elevando o acesso total do programa para 140% da quota (39,76 milhões de DSE). O programa apoiado pela Facilidade de Crédito Alargado (ECF) tem catalisado o muito necessário financiamento em condições altamente concessionais, em especial para o apoio orçamental adicional.
Keywords:
prompt resolution; government stake; Guinea-Bissau authorities; ECF arrangement; Guinea-Bissau's authorities; Debt sustainability analysis; Global; West Africa
Cover IMF Staff Country Reports
Brazil: Technical Assistance Report-Public Investment Management Assessment
International Monetary Fund. Fiscal Affairs Dept.
Brazil is the largest country in Latin America with a varied geography and a population of over 200 million spread across 26 diverse states, generating wide-ranging infrastructure needs. Over the decades, many government investment initiatives have been launched to address these needs, however there remains a significant infrastructure gap in Brazil which continues to hamper growth potential. Over the past two decades, public investment has been considerably below the regional and income group averages and this has translated into much lower capital stock. Public investment averaged around 2 percent of GDP during the period 1995 to 2015, compared with 6.4 percent for Emerging Market Economies (EME) and 5.5 percent for Latin American Countries (LAC). As a result, public capital stock in 2015 was only 35 percent of GDP compared with an average of 92 for EME and 87 for LAC.
Keywords:
ISCR; CR; federal government; capital stock; investment strategy; government decree; cross-government approach
Cover IMF Staff Country Reports
Brazil: Technical Assistance Report-Supporting Implementation of the Expenditure Rule Through Public Financial Management Reforms
International Monetary Fund. Fiscal Affairs Dept.
Faced with significant economic and fiscal challenges, the Brazilian government is reforming its fiscal framework to promote fiscal sustainability and reduce debt. Since 2015, Brazil has struggled with its deepest economic recession in decades and ongoing political tensions. The fiscal situation has deteriorated sharply with a significant drop in revenues and debt increasing above the emerging market average. Within the past year, the government has made significant progress in reforming its fiscal framework. In late 2016, a new expenditure rule was established and a new IFI was created. Reforms are also ongoing in several areas, including a new public financial management (PFM) law currently with the legislature.
Keywords:
ISCR; CR; expenditure rule; budget process; annual budget; expenditure ceiling
Cover IMF Staff Country Reports
Angola: Selected Issues
International Monetary Fund. African Dept.
Angola: Selected Issues
Keywords:
ISCR; CR; bank; tax; Angola
Cover IMF Staff Country Reports
Mozambique: Fiscal Transparency Evaluation
International Monetary Fund. Fiscal Affairs Dept.
Mozambique: Fiscal Transparency Evaluation
Keywords:
ISCR; CR; annual budget; balance sheet; Recognize government commitment; accounting reform; fiscal year
Cover IMF Staff Country Reports
Republic of Mozambique: Third Review Under the Policy Support Instrument-Staff Report and Press Release
International Monetary Fund. African Dept.
Context and policy challenges. Mozambique’s macroeconomic performance remains robust, with strong growth and low inflation. In spite of the heightened risks from an uncertain global outlook, growth is expected to be broad-based in the medium term and boosted by the natural resource boom and infrastructure investment. Short-term policy framework. The main short-term challenge is to maintain the growth momentum while preserving fiscal and debt sustainability. The 2014 fiscal stance is expansionary, and fiscal consolidation needs to be initiated in the 2015 budget to restore prudent fiscal management. While low international prices have dampened inflation, the Bank of Mozambique should stay vigilant and adhere to its medium-term inflation target. Key structural reform priorities include improving VAT and overall tax administration, continuing public financial management reforms, strengthening capacity for transparent public investment management and borrowing, and enhancing the business environment and financial sector development. Completion of the LNG contract negotiations is a critical milestone for the launch of this project, one of the largest in sub-Saharan Africa. Medium-term reforms. Fiscal adjustment over the medium term will be essential to preserve debt sustainability and macroeconomic stability. This requires measures to contain current spending pressures while bringing investment to a more sustainable level. Structural reforms focusing on public financial management, monetary policy tools and banking supervision, and business facilitation should be implemented vigorously to sustain growth and render it more inclusive. With foreign aid likely to decline over the medium term, increased borrowing can provide additional resources for improving both Mozambique’s physical infrastructure and human capital. To ensure the efficiency of investment and borrowing, further strengthening of investment planning and implementation, and debt management are essential.
Keywords:
ISCR; CR; GDP; budget
Cover IMF Staff Country Reports
Republic of Mozambique: First Review Under the Policy Support Instrument and Request for Modification of Assessment Criteria—Staff Report; Press Release
International Monetary Fund. African Dept.
KEY ISSUES Context and outlook. Mozambique’s macroeconomic outlook remains favorable and the PSI-supported program is broadly on track. All assessment criteria were met and most indicative targets, but there was some slippage on structural reforms. Economic growth is robust and inflation remains moderate. In spite of risks stemming from the uncertain global economy, growth is expected to be sustained in the medium term by the natural resource boom and infrastructure investment. A recent government guarantee for large-scale borrowing by a public enterprise has raised transparency and prioritization issues that point to the need to strengthen investment and macroeconomic planning. New risks associated with the political/security environment have emerged. Short-term policy framework. The main short-term challenge is to maintain the growth momentum and to contain the fiscal expansion envisaged in 2014, reflecting both election year pressures and the spending of one-off revenue windfalls and of external borrowing. Key fiscal priorities include improving VAT administration, using windfall revenue to build buffers and invest, strengthen investment implementation capacity, and ensure transparency and adherence to due process for investment selection and borrowing. Monetary policy will need to be vigilant and monitor inflation developments closely. Medium-term challenges. Structural reforms along a broad policy spectrum should be implemented vigorously to foster sustained and more inclusive growth. With foreign aid likely to decline over the medium term, increased nonconcessional borrowing can provide additional resources for improving physical infrastructure and human capital. Further strengthening debt management and investment planning and implementation are essential to ensure the efficiency of investment and borrowing. Completion of the new mining and hydrocarbon legislation, the related fiscal regimes, and implementation regulations would facilitate the economic development of Mozambique’s natural resources.
Keywords:
ISCR; CR; infrastructure investment; macroeconomic performance; outlook
Cover Guide on Resource Revenue Transparency (2007)
Guide on Resource Revenue Transparency (2007)
International Monetary Fund

Abstract

This series contains practical "how-to" information for economists and includes topics such as tax policy, balance of payments statistics, external debt statistics, foreign exchange reserve management, and financial sector assessment.

Keywords:
M&G; resource; government; unit resource rent; audit; hydrocarbon resource
Cover Manual on Fiscal Transparency (2007)
Manual on Fiscal Transparency (2007)
Ms. Dawn Elizabeth Rehm
and
Ms. Taryn R Parry

Abstract

This series contains practical "how-to" information for economists and includes topics such as tax policy, balance of payments statistics, external debt statistics, foreign exchange reserve management, and financial sector assessment.

Keywords:
M&G; government; term id; appropriation
Cover IMF Staff Country Reports
Angola: 2007 Article IV Consultation: Staff Report; Staff Supplement and Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Angola
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; oil output; surplus; target; staff appraisal