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Business and Economics > Budgeting

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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 Climate resilience is also insufficiently addressed, with weak integration of climate risks into project planning and outdated regulatory frameworks.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.
2024 Selected Issues
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
Liberia: First Review Under the Extended Credit Facility Arrangement and Request for a Waiver of Nonobservance of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Liberia
International Monetary Fund. African Dept.
Liberia continues to face substantial long-term development challenges. Resource constraints and substantial gaps in infrastructure and human capital have hindered Liberia’s growth prospects and the authorities’ efforts to improve living standards. Addressing these challenges will require sustained efforts to mobilize additional revenues, enhance financial stability, improve public financial management, and seek external grants and highly concessional loans for key capital investment projects. Improvements in these areas would help create fiscal space to scale up investment in infrastructure and human capital, thus unleashing the country’s growth potential.
Keywords:
Liberian authorities; budget proposal; governance reform; CBL liquidity management operation; reform agenda; Policy discussion; governance shortcoming; IMF's transparency policy; Budget planning and preparation; Credit; Global; West Africa; Africa
Cover IMF Staff Country Reports
Democratic Republic of Congo: Requests for an Arrangement Under the Extended Credit Facility and an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of Congo
International Monetary Fund. African Dept.
The authorities have requested a new ECF-supported program, to deepen reforms undertaken under the previous program (completed in July 2024). They have also requested a program under the Resilience and Sustainability Facility (RSF).
Keywords:
Congolese authorities; RSF arrangements modality; ECF program objective; IFC LPG DRC project; forest policy; DRC country climate; ECF access; Climate change; Budget planning and preparation; Global
Cover IMF Working Papers
Is Tax Policy Costly Industrial Policy in Mozambique?
Santos Bila
,
Utkarsh Kumar
, and
Alexis Meyer-Cirkel
This paper analyzes the use of tax policy as industrial policy in Mozambique. Despite significant foregone tax revenue due to industrial policy in the form of tax incentives, the effectiveness of Mozambique's tax policy remains questionable due to insufficient data and unclear public policy strategy. Through an examination of macro data, tax reports, and data from World Bank Enterprise Surveys, the note underscores the need for a thorough reassessment of existing tax measures. It advocates for a more strategic, targeted and evidence-based design of tax incentives that deliver on industrial policy goals.
Keywords:
Tax Policy; Industrial Policy; Mozambique; Tax Incentives; Foreign Direct Investment (FDI); Revenue Mobilization; Market Distortions; Fiscal Expenditure; Domestic Investment; Mozambique's tax policy; tax report; firm Age; firms in Maputo; accelerated depreciation; Tax expenditures; Corporate income tax; Special economic zones; Global; Africa; Sub-Saharan Africa
Cover IMF How To Notes
How to Improve Public Investment Management in Low-Income Countries
Khaled Eltokhy
,
Nicoletta Feruglio
,
Kezhou Miao
,
Arturo Navarro
, and
Eivind Tandberg
This How to Note discusses how low-income developing countries (LIDCs) can strengthen the effectiveness and efficiency of their public investment. The note draws on Public Investment Management Assessments and focuses on eight institutions that are likely to be key reform priorities in many LIDCs: project appraisal, multi-year budgeting, maintenance, project selection, procurement, availability of funding, project management, and monitoring of public assets. For each of these, the note discusses basic practices, which should be realistic initial reform objectives for low-capacity countries, as well as medium practices that may be relevant objectives for medium-term reforms. The note also discusses how to overcome reform implementation challenges and consolidate the reforms and provides examples of action plans to implement the different reforms.
Keywords:
Public investment management; public financial management (PFM); low-income developing countries; public investment management assessment (PIMA); public investment efficiency; reform agenda; management bottleneck; management priority; efficiency frontier; management reform; Public investment spending; Budget planning and preparation; Government cash forecasting
Cover IMF Staff Country Reports
The Gambia: Second Review Under the Extended Credit Facility Arrangement, Requests for A Waiver of Nonobservance of Performance Criterion, Modifications of Performance Criteria and Indicative Targets, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for The Gambia
International Monetary Fund. African Dept.
The Gambia hosted the 15th Summit of the Organization of Islamic Cooperation (OIC) in early May 2024—the second largest intergovernmental organization in the world. Economic recovery is strengthening, while inflation has trended down, albeit slowly. Despite strong revenue collection efforts, the fiscal outcome for 2024H1 was weighed down by the costs of hosting the OIC Summit and emergency support to the National Water and Electricity Corporation (NAWEC). The foreign exchange market continues to function smoothly, and foreign reserves remain at a comfortable level. Structural reforms are advancing. The economic outlook is subject to large downside risks, particularly owing to global geopolitical tensions.
Keywords:
procurement authority; headline inflation; ECF arrangement; Policy discussion; introduced foreign exchange policy; Budget planning and preparation; Global; Middle East
Cover IMF Staff Country Reports
Benin: Fifth Review under the Extended Fund Facility and the Extended Credit Facility Arrangements, and the Second Review under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Benin
International Monetary Fund. African Dept.
This paper presents IMF’s Fifth Review under the Extended Fund Facility (EFF) and the Extended Credit Facility (ECF) Arrangements, and the Second Review under the Resilience and Sustainability Facility (RSF) for Benin. New industries are emerging in Benin, with higher value-added goods’ exports and momentum in information technology and tourism. The 2025 budget recently adopted by Parliament targets compliance with the West African Economic and Monetary Union (WAEMU) fiscal deficit norm of 3 percent of gross domestic product, supported by sustained domestic revenue mobilization and scaling up social spending. The adoption of a predictable mechanism for fuel products that accounts for the specificities of Benin’s local fuel market as well as the related compensatory mechanism is welcome. Early implementation of those schemes will be important. A key challenge ahead for Benin is to further strengthen inclusive policies for an economic transformation that generates jobs and benefits all Beninese.
Keywords:
deficit norm; spending restraint; staff appraisal; services deficit; reform effort; RSF arrangement; Debt sustainability analysis; Capital spending; West Africa; Global; Africa
Cover High-Level Summary Technical Assistance Reports
Republic of Mozambique: Public Investment Management Assessment – PIMA and Climate PIMA
Virginia Alonso-Albarran
,
Nicoletta Feruglio
,
Oni Raoilisoa
,
Katia Funke
,
Willie Du Preez
,
Rui Monteiro
,
Richard J Neves
, and
Mai Farid
An IMF team conducted a Public Investment Management Assessment including the module on Climate Change in Mozambique. The team identified strengths related to the recent reforms in the national public investment system and several weaknesses along the investment cycle that affect its efficiency. It identified eight high-priority and more immediate reforms that could improve PIM processes.
Keywords:
Public investment management; climate change; IMF team; climate Pima; capacity development recipient; multiyear investment plan; investment project information system module; Public Investment Management Assessment (PIMA); Budget planning and preparation
Cover IMF Staff Country Reports
Sierra Leone: 2024 Article IV Consultation and Request for a 38-Month Arrangement Under the Extended Credit Facility-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Sierra Leone
International Monetary Fund. African Dept.
This paper presents Sierra Leone’s 2024 Article IV Consultation and Request for a 38-Month Arrangement under the Extended Credit Facility (ECF). The ECF-supported program will help Sierra Leone restore stability by bolstering debt sustainability, addressing fiscal dominance, bringing down inflation and rebuilding reserves; support inclusive growth through reforms and targeted social spending; confront corruption, and strengthen governance, institutions, and the rule of law. The new ECF arrangement integrates well with the National Development Plan 2024–30 in addressing these challenges. It aims to tighten fiscal policy by enhancing revenue mobilization, boosting spending efficiency, and strengthening public financial management and debt management. Monetary policy will remain appropriately tight, while maintaining a flexible exchange rate, and strengthening financial sector oversight and regulation, and building a strong financial safety net. The ECF arrangement will also support inclusive growth through targeted social spending and structural reforms, including by promoting gender equality, strengthening customs administration, building a strong social safety net, and bolstering governance, institutions, and the rule of law.
Keywords:
staff appraisal; cabinet minute; IMF staff representative; BSL rate; review of bank; Arrears; Budget planning and preparation; Global; Africa