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Business and Economics > Budgeting

You are looking at 1 - 10 of 41 items for :

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Cover IMF Staff Country Reports
Cyprus: Technical Assistance Report–Strengthening the Governance and Oversight of State-Owned Enterprises
International Monetary Fund. Fiscal Affairs Dept.
This paper presents Cyprus’ technical assistance report on strengthening the governance and oversight of state-owned enterprises (SOE). Cyprus' government has implemented measures to enhance financial oversight and strengthen the governance of SOEs over several years. The ongoing reforms have already yielded positive results. Additional measures are needed to strengthen SOEs corporate governance and accountability practices. Establishing and regularly updating a consolidated inventory of public entities is essential to ensure SOE accountability. Good SOE governance requires a coordinated and sequential approach to reforms. Coordination among various stakeholders and decision makers is paramount and calls for developing and publishing a reform strategy with benchmarks to track progress. A SOE ownership policy should also be developed. This policy could outline the state's ownership rationale and define the roles and responsibilities of the institutions involved in SOE oversight and governance to provide clarity on the objectives and guidelines for effective ownership and management of SOEs. The policy should set clear accountability lines of respective agencies involved in the SOE ownership, governance, and oversight process. Their responsibilities would depend on the chosen ownership model the government will decide.
Keywords:
Cyprus SOE Governance; request of the Ministry of Finance; IMF's Fiscal Affairs Department; oversight of state-owned enterprises; Cyprus asset management company Ltd; Public enterprises; Fiscal risks; Public sector; Budget planning and preparation; Corporate governance; Europe
Cover IMF Staff Country Reports
Former Yugoslav Republic of Macedonia: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper analyzes export competitiveness in the Former Yugoslav Republic of Macedonia (FYR Macedonia). Export performance in FYR Macedonia has been strong over the last decade, critically contributing to overall growth. Exports have been re-oriented toward new products with higher technological content, allowing for the build-up of revealed comparative advantages in these products. The analysis based on Constant Market Share analysis shows that the overall competitiveness gap of FYR Macedonia with respect to other emerging European countries has narrowed. There appears to be significant room for quality improvement, including for the most successful export products. Although the contribution of exports to GDP growth has been significant, spillover into the domestic tradable sector from the foreign investment led export sector remains limited so far.
Keywords:
ISCR; CR; FYR Macedonia; firm; center; FYR; competitiveness gap; renewed stimulus; General government debt; liquidity constraint; export growth; exports of product; Fiscal rules; Exports; Budget planning and preparation; Export performance; Europe; Global; Eastern Europe
Cover IMF Working Papers
Bulgaria’s EU Funds Absorption: Maximizing the Potential!
Iana Paliova
and
Mr. Tonny Lybek
This paper focuses on EU structural and cohesion funds assistance to Bulgaria during the 2007–13 program period. Initial weaknesses resulted in a low absorption rate, which was mitigated by increasing advance payments; applying electronic application and reporting procedures; simplifying and unifying tender processes; and strengthening the role of international financial institutions and banks in project preparation, evaluation and monitoring. The possible impact on growth and potential output is briefly discussed, while the risks of improper absorption are acknowledged. Valuable lessons have been learned, but it is recommended that additional steps be taken for the next program period 2014–20.
Keywords:
WP; EU funds; managing authorities; EU budget; EU institution; EU member states; Bulgaria; EU structural and cohesion funds; potential growth; accession funds; OP EU; EU financing; Auditing; Budget planning and preparation; Infrastructure; Potential output; Global; Baltics
Cover Research at the IMF
Research at the IMF
Relevance and Utilization
International Monetary Fund. Independent Evaluation Office

Abstract

This evaluation report assesses research produced at the IMF between 1999 and 2008, focusing on the relevance and utilization of research to member country authorities, IMF staff, and other stakeholders. The report also examines the technical quality and management of research and offers recommendations for enhancing the relevance of research, improving the technical quality of analytical work, promoting openness to alternative perspectives, and improving the management of research.

Keywords:
IEOR; IEO; IMF research; country; IEO recommendation; research community; research work; Board discussion; Emerging and frontier financial markets; Macrofinancial linkages; Monetary policy frameworks; Financial sector stability; Budget planning and preparation; Global; Africa; IMF budget; research priority; publication policy; publications of the IMF; International capital markets
Cover IMF Working Papers
Fiscal Performance, Institutional Design and Decentralization in European Union Countries
Luc Eyraud
,
Ms. Anita Tuladhar
,
Mr. Julio Escolano
,
Ms. Marialuz Moreno Badia
, and
Ms. Juliane Sarnes
This paper analyzes the impact of decentralization on overall fiscal performance in the European Union, taking into account fiscal institutional arrangements. We find that spending decentralization has been associated with sizably better fiscal performance, especially when transfer dependency of subnational governments is low. However, subnational fiscal rules do not seem to be associated with better performance.
Keywords:
WP; government; country; Lagged government debt; Fiscal decentralization; fiscal institutions; fiscal rules; European Union; national government; access to borrowing; authorities' access; central government; expenditure share; government tier; Fiscal federalism; Fiscal stance; General government spending; Eastern Europe; Europe
Cover IMF Staff Country Reports
Czech Republic: Staff Report for the 2010 Article IV Consultation
International Monetary Fund
The key findings of the Czech Republic’s 2010 Article IV Consultation are discussed. Large foreign direct investment inflows fostered trade integration, underpinning an export-led expansion. Higher initial standard of living contained consumption convergence pressures. An improved fiscal performance contributed to the comfortable external position. This, combined with credible inflation targeting, resulted in generally low inflation and interest rates. A liquid and conservative banking sector limited the build-up of balance sheet vulnerabilities.
Keywords:
ISCR; CR; staff appraisal; government; revenue increase; convergence program; staff expectation; headline inflation; Fiscal consolidation; Pension spending; Fiscal stance; Global; Western Europe
Cover Departmental Papers
Fiscal Risks: Sources, Disclosure, and Management
Ms. Lusine Lusinyan
,
Aliona Cebotari
,
Ricardo Velloso
,
Mr. Jeffrey M. Davis
,
Mr. Amine Mati
,
Murray Petrie
, and
Mr. Paolo Mauro
This paper analyzes the main sources of fiscal risks, including from unexpected changes in macroeconomic variables and banking crises, which can have major consequences for countries fiscal and public debt sustainability. It builds on an overview of existing practices in a wide range of countries to provide practical suggestions on how to promote disclosure of such risks and on risk mitigation and management. The paper was written in response to requests from IMF member countries for advice on this subject. The paper also includes an example of a possible statement of fiscal risks.
Keywords:
DPPP; DP; fiscal risk; guarantee; debt management; interest rate; contingency reserve; risk mitigation; exchange rate; economic growth; Fiscal risks; Contingent liabilities; Budget planning and preparation; Africa
Cover Policy Papers
Fiscal Risks - Sources, Disclosure, and Management
International Monetary Fund
A number of member countries have expressed interest in advice regarding disclosure and management of fiscal risks (defined as the possibility of deviations of fiscal outcomes from what was expected at the time of the budget or other forecast). This paper analyzes the main sources of fiscal risks and—building on an overview of existing practices in a wide range of countries—provides practical suggestions in this area, including a possible Statement of Fiscal Risks and a set of Guidelines for Fiscal Risk Disclosure and Management.
Keywords:
PP; government account; country authorities; debt management; emerging market; annual budget; exchange rate; fiscal risk; government guarantee; government policy; Subnational government default; GDP ratio; interest rate; private sector; economic growth; risk mitigation; Fiscal risks; Contingent liabilities; Budget planning and preparation; Africa
Cover IMF Staff Country Reports
Hungary: Selected Issues
International Monetary Fund
This Selected Issues paper on Hungary reports that the public enterprises may pose significant fiscal risks on account of their quasi-fiscal activities and contingent liabilities. More than 85 percent of the economy is in private hands. According to the Privatization Act, assets may remain in long-term state ownership if they belong to a national public utility provider or are considered to be of strategic importance for the national economy or defense. Capital-intensive and labor-intensive enterprises remain as state property.
Keywords:
ISCR; CR; Hungary; enterprise; consumption growth; budget institution; or-Sopron-Ebenfurt Co.; consumption volatility; balance-to-GDP ratio; Consumption; Budget planning and preparation; Income; Fiscal risks; Emerging and frontier financial markets; Eastern Europe; Europe
Cover IMF Staff Country Reports
Slovak Republic: 2007 Article IV Consultation: Staff Report; and Public Information Notice on the Executive Board Discussion
International Monetary Fund
The staff report for the 2007 Article IV Consultation highlights the Slovak Republic’s macroeconomic outlook and policy discussions. The National Bank of Slovakia (NBS) has been following a hybrid monetary framework focused on restraining inflation and on maintaining the exchange rate within the Exchange Rate Mechanism 2 (ERM2) requirements. Executive Directors encouraged the NBS to conduct its policy, and its communications with market participants. They also stressed the importance of ensuring that the labor code amendments under consideration would not raise labor costs and reduce labor market flexibility.
Keywords:
ISCR; CR; GDP; Slovakia; unit value trade price price index; Maastricht inflation criterion; NBS policy rate; appendix I. Slovak Republic; NBS official; currency appreciation; current account; Wages; Budget planning and preparation; Baltics