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Business and Economics > Budgeting

You are looking at 1 - 10 of 4,216 items

Cover IMF Staff Country Reports
Ukraine: Seventh Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for Modification of a Performance Criterion, Rephasing of Access, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Alternate Executive Director for Ukraine
International Monetary Fund. European Dept.
This paper presents Seventh Review under the Extended Arrangement under the Extended Fund Facility (EFF), Requests for Modification of a Performance Criterion, Rephasing of Access, and Financing Assurances Review. Ukraine’s economy remains resilient, and performance remains strong under the EFF despite challenging conditions. The authorities met all end-December and continuous quantitative performance criteria, the prior action for this review, and the majority of structural benchmarks. Sustained reform momentum, progress at domestic revenue mobilization, as well as full and timely disbursement of external support during the program period, is necessary to safeguard macroeconomic stability, restore fiscal and debt sustainability, and improve governance. While the financial sector remains stable, vigilance is needed given heightened risks. Institutional weaknesses in the security markets regulator need to be tackled. Looking ahead, improving Ukraine’s capital markets infrastructure will be one of the key steps to attracting foreign capital for reconstruction.
Keywords:
merchandise trade deficit; EU directive; administrative court; preliminary data; inflation expectation; Budget planning and preparation; Inflation; Europe
Cover IMF Staff Country Reports
Statement by Mr. Vladyslav Rashkovan, Alternate Executive Director for Ukraine March 28, 2025
International Monetary Fund. European Dept.

On behalf of the Ukrainian authorities, I would like to express their deep appreciation to the IMF staff for the in-depth report, the constructive engagement during the recent mission to Kyiv and Warsaw, and the continued virtual dialogue with the authorities.
Keywords:
EU accession process; EU integration; EU banking norm; EU directive; wartime resilience; Currency markets; Central bank policy rate; Budget planning and preparation
Cover Technical Assistance Reports
Kingdom of the Netherlands-Aruba: Technical Assistance Report; Options for a New Rules-Based Fiscal Framework
International Monetary Fund. Fiscal Affairs Dept.
This technical assistance (TA) mission on Fiscal Rules was conducted from October 31 to November 12, 2024. Public debt management is crucial for Aruba, particularly due to its economic reliance on tourism. Following the 2008 Global Financial Crisis, debt levels surged to over 70 percent of GDP, and the COVID-19 pandemic further exacerbated this, pushing debt to 112.3 percent in 2020. To address these issues, Aruba aims to reduce public debt to 50 percent of GDP by 2040 through fiscal tightening and revised fiscal rules. Key recommendations include simplifying fiscal rules, implementing a Medium-Term Fiscal Framework (MTFF), and enhancing institutional capacity for effective fiscal management. These measures are essential to ensure fiscal sustainability and economic resilience in Aruba.
Keywords:
Capacity Development; Fiscal Rules; Technical Assistance; Aruba; Fiscal Council; Fiscal Policy; Forecasting and Other Model Applications.; expenditure rule; IMF team; Aruba negotiation committee; Aruban authorities; Debt-to-GDP ratio evolution; Fiscal stance; Budget planning and preparation; Global; Caribbean
Cover IMF Staff Country Reports
Ukraine: Seventh Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for Modification of a Performance Criterion, Rephasing of Access, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Alternate Executive Director for Ukraine
International Monetary Fund. European Dept.

1. Russia’s full-scale war in Ukraine has now lasted over three years. Ukraine has been under intensified pressure on the Eastern frontlines, while continued aerial attacks on civilian and energy infrastructure are taking a severe humanitarian toll. More than 6.9 million refugees remain outside Ukraine, on top of the 3.7 million internally displaced persons. The updated World Bank Rapid Damage and Needs Assessment (RDNA4) estimates reconstruction and recovery needs of US$524 billion, significantly above last year’s assessment. Nevertheless, the Ukrainian economy and its people remain resilient, thanks in part to sustained donor support, a robust energy situation, and the authorities’ perseverance in maintaining macroeconomic and financial stability while advancing structural reforms, including on the path to the EU accession.
Keywords:
financial support; Ukrainian hryvnia; procedural code; Ukrenergo bond; monetary policy; Budget planning and preparation; Loans
Cover Technical Assistance Reports
The Gambia: Technical Assistance Report-Public Investment Management Assessment Update with the Climate Module
International Monetary Fund. Fiscal Affairs Dept.
The IMF’s Fiscal Affairs Department (FAD) conducted a Public Investment Management Assessment (PIMA) and Climate Module (C-PIMA) for The Gambia to assess public investment management (PIM) and its climate sensitivity. The assessment found improvements since the 2019 PIMA, including the 2020 Cabinet Memorandum for strategic project reviews, the 2023 SOE Act for centralized oversight, and enhanced procurement regulations. However, despite these institutional improvements, effectiveness has yet to catch up and, in some cases, has weakened. Climate resilience is also insufficiently addressed, with weak integration of climate risks into project planning and outdated regulatory frameworks. Key recommendations include establishing a public investment management information system, strengthening PIM oversight within the Ministry of Finance, formalizing project selection pipelines, and embedding climate-related criteria in investment decisions.
Keywords:
The Gambia; investment; PIM; PIMA; Climate; Climate Module; C-PIMA.; management institution; procurement authority; IMF climate policy diagnostic; capital cash outlay; D. investment allocation; climate PIMA; Public investment spending; Climate change; Budget planning and preparation; Infrastructure; West Africa; Sub-Saharan Africa; Global
Cover IMF Staff Country Reports
Angola: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper focuses on harnessing non-oil economic growth and its impact on economic diversification in Angola. While Angola’s economy has heavily relied on oil, employment remains concentrated in the non-oil sector. Human capital and education investment reforms support diversification. Efforts to improve the labor force’s skills will serve Angola well in its pursuit of diversification. In addition, addressing Angola’s weak social infrastructure, particularly newborn and children health outcomes will be important to support medium- and long-term diversification. Strengthening macroeconomic stability is a prerequisite for advancing Angola’s diversification plans. Bolstering the macroeconomic environment helps create fiscal space and reduce debt financing costs for necessary infrastructure spending. A robust enabling environment for credit growth could yield tangible benefits for economic diversification. Emerging market economies can experience an increase in output of up to 2 percent following the implementation of reforms related to business regulation and domestic credit markets.
Keywords:
WGI subcategory; governance indicator; Angola's governance; NON-OIL economic growth; Angola's economy; private sector credit; Corruption; Infrastructure; Human capital; Sub-Saharan Africa; Global
Cover IMF Staff Country Reports
Solomon Islands: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Solomon Islands
International Monetary Fund. Asia and Pacific Dept
The 2024 Article IV Consultation discusses that Solomon Islands has weathered important shocks including civil unrest and the pandemic, successfully hosted the Pacific Games, and conducted peaceful general elections. While IMF expects continued modest growth in 2024 and 2025, medium-term growth prospects appear moderate and fiscal and current account deficits are expected to persist. Now is the time for the authorities to advance reforms to tackle the perennial challenge of stagnant per-capita income growth, while ensuring fiscal sustainability and resilience. There is an urgent need to enhance the effectiveness of fiscal policy by addressing fundamental weaknesses in fiscal data and public financial management: a financing gap in the budget proposal should be eliminated, among others. The monetary policy stance is appropriate and should remain data dependent. There is scope for significant productivity gains in the agriculture and fisheries sectors through targeted mechanization and improved connectivity in rural areas. Concrete measures are needed to strengthen the capacity of anticorruption institutions and address governance weaknesses in the forestry and mining sectors.
Keywords:
CBSI assessment; CBSI approval; government estimate; Solomon Islands' economy; article IV consultation discussion; Budget planning and preparation; Asia and Pacific; Pacific Islands; Global
Cover IMF Staff Country Reports
Solomon Islands: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper underscores broader issues of governance and the necessity for a comprehensive approach to bolster fiscal data governance in Solomon Islands. It lays out high-level policy recommendations and identifies specific technical assistance needs where IMF can support the improvement of fiscal reporting and data within the transparency framework for better integration of surveillance and capacity development. The International Public Sector Accounting Standards Board recommends that authorities responsible for presenting financial statements should maintain consistency in the presentation format used for budget reports. The precise delineation of Government Finance Statistics by government subsectors and the consolidated statistics are instrumental in setting effective goals and monitoring policy execution. The government should aim to recommence the release of quarterly and monthly budget outturns and to complete improvements in cash management and control by June 2025. As fiscal data has a critical role in sound policy planning and public communication, regular dissemination of fiscal and budget data will immensely enhance policy credibility and attract investors and donors.
Keywords:
government debt data; Solomon Islands' challenge; effectiveness of Solomon islands; D. enhancing effectiveness; debt anchor; Budget planning and preparation; Fiscal governance; Government finance statistics; Global
Cover IMF Staff Country Reports
Solomon Islands: Selected Issues
International Monetary Fund. Asia and Pacific Dept

1. Despite a commendable level of coordination among authorities and development partners, fundamental challenges persist in Solomon Islands that impede the efficiency and effectiveness of fiscal management. Solomon Islands is currently navigating through a critical phase in enhancing its fiscal governance structures. Continuous technical assistance missions, including those from the IMF in 2017, 2021, 2023, and 20242, alongside evaluations from partners such as the World Bank in 2022 and the Asian Development Bank in 2024, supported the improvement of fiscal reporting. These evaluations provided policy recommendations for both the short and long term, emphasizing the importance of data and transparency for successful policy implementation. A significant concern is the performance of the Financial Management Information System (FMIS), upgraded in 2021, which has not functioned as anticipated.
Keywords:
government debt data; government financing; public finance; government Finance Statistics Manual; budget disbursement; Budget planning and preparation; Financial statements
Cover IMF Staff Country Reports
Statement by Ms. Luu, Alternate Executive Director for Asia and the Pacific and Ms. Doss, Senior Advisor to the Executive Director February 19, 2025
International Monetary Fund. Asia and Pacific Dept

Solomon Islands is grateful to mission chief Mr. Yabara and his team for their open and constructive engagement on the recent Article IV mission. The authorities welcome staff’s report and concur with their findings and in-depth assessment of Solomon Islands’ economy, noting that it provides them with a clear roadmap to pursue economic reforms, fiscal strengthening and sound macroeconomic changes to sustainably grow the economy.
Keywords:
investment needs; infrastructure investment; support private sector; liquidity issue; Infrastructure; Budget planning and preparation; Asia and Pacific