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Business and Economics > Budgeting

You are looking at 1 - 9 of 9 items for :

  • Type: Journal Issue x
  • Financial Markets and the Macroeconomy x
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Cover Technical Assistance Reports
Seychelles: Technical Assistance Report-Central Bank Strategic Planning
International Monetary Fund. Monetary and Capital Markets Department
This report provides an overview of the assistance provided by the IMF to the Central Bank of the Seychelles in reviewing and updating its strategic plan, in line with international best practices for central banks.
Keywords:
CBS management team; CBS strategy; MCM Department; mission from the Monetary and Capital Markets; CBS risk appetite; Budget planning and preparation; Central bank balance sheet; Central Bank digital currencies; Financial inclusion; Development strategy
Cover IMF Staff Country Reports
Saudi Arabia: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
Selected Issues
Keywords:
ISCR; CR; firm; price; worker; expatriate worker; revenue
Cover IMF Staff Country Reports
Saudi Arabia: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues paper suggests that while the government should continue to work on clearly defining its fiscal policy objectives, at this stage the focus of reforms should be to continue to strengthen the fiscal framework rather than on introducing a formal fiscal rule. A fiscal rule is only as good as the institutions that support it. Moreover, resource rich countries’ experiences with fiscal rules have been mixed as it has proven difficult to formulate rules which are simple, flexible, and robust that can withstand large commodity prices swings. One key question before the government is to define its long-term fiscal policy objectives beyond 2023. This will help determine how it may want to anchor fiscal policy. While a target for the overall balance, as announced in the Fiscal Balance Program, is a reasonable objective for the next 5 years, such a target may not deliver the longer-term fiscal goals of the government. It is also subject to swings in oil prices—it may not be achievable if oil prices decline significantly, but if oil prices were to increase substantially, the target could be achieved even if spending were to increase to such a level that increases future fiscal vulnerabilities. Therefore, it would be better to formulate fiscal policy objectives in terms of the primary non-oil balance rather than the overall balance.
Keywords:
ISCR; CR; firm; price; worker; expatriate worker; revenue; oil price; venture capital; employment quota; private equity; Oil prices; Fiscal rules; Budget planning and preparation; Global
Cover IMF Staff Country Reports
Peru: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper presents an overview of the financial deepening achievements and challenges in Peru. Although substantial progress has been made on various indicators of financial deepening, Peru lags regional and income peers in several respects. Peru’s overall financial development index is modest, and its stage of financial depth does not fully align with domestic fundamentals. Private credit to GDP at about 40 percent of GDP is one of the lowest in the region, and below the expected level for a country at Peru’s income and population. Studies also show that Peru has a negative gap in the depth and efficiency of financial institutions, which could reflect weak frameworks for obtaining or seizing collateral.
Keywords:
ISCR; CR; financial institution; government; bank; la Nacion; Superintendencia de Banca; financial institution data; z financial institution variable; e-money product; Medium-term budget frameworks; Budget planning and preparation; Financial inclusion; Fiscal rules; Global; Africa
Cover The Role of the IMF as Trusted Advisor
The Role of the IMF as Trusted Advisor
The Role of the IMF as Trusted Advisor

Abstract

The IMF carries out its mandate to foster macroeconomic stability and thereby facilitate prosperity by promoting the adoption of sound policies and international cooperation. Ultimately, the means to achieve these goals is to have Fund policy advice translated into concrete action. Key to achieving such traction is the relationship between Fund staff and member country authorities, together with the quality of the advice and members’ confidence in it. That is, the Fund needs to be seen as a trusted advisor. This evaluation examines in what circumstances the Fund is viewed as a trusted advisor to its member countries. It uses evidence gathered since 2005, but emphasizes the period since the onset of the global crisis in 2007–08. Because the concept of trusted advisor is “in the eyes of the beholder,” the evaluation derives the main attributes from country authorities themselves.

Keywords:
IEOR; IEO; country; country authorities; IEO team; country income group; program status; trusted advisor; Emerging and frontier financial markets; Macroprudential policy; Financial Sector Assessment Program; Spillovers; Personal income; Global; Asia and Pacific; policy advice; Fund's surveillance mandate; Fund closer; IMF mission chief; Fiscal stimulus; Financial sector stability; Fiscal stabilization
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 IEO Annual Report 2012
IEO Annual Report 2012
International Monetary Fund. Independent Evaluation Office

Abstract

This Independent Evaluation Office (IEO) Annual Report 2012 presents an overview of overall developments in FY2012. In FY2012, the IEO expended approximately 97 percent of its total budgetary resources, including the approved budget amount and the resources carried forward from FY2011 as authorized. Vacancies amounted to about one and one-half staff years over the course of the financial year. This level of vacancies is within the range of what could be expected in a small organization with structural difficulties in recruitment and retention.

Keywords:
IEOR; IEO; evaluation; IEO expenditure; IMF research; IEO evaluation; IMF surveillance; Board-endorsed IEO recommendation; IMF performance; Budget planning and preparation; Macrofinancial linkages; International reserves; Global; Sub-Saharan Africa; Central America; Africa; Caribbean; IEO recommendation
Cover IMF Staff Country Reports
Zambia: Fifth and Sixth Reviews Under the Poverty Reduction and Growth Facility Arrangement and Request for Waiver of Nonobservance of Performance Criteria: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Zambia
International Monetary Fund
The staff report for the Fifth and Sixth Reviews Under the Poverty Reduction and Growth Facility Arrangement discusses Zambia’s strong macroeconomic performance and budget execution. High copper prices and extensive debt relief helped to strengthen Zambia’s external position and allowed it to build up international reserves. The structural agenda will continue to focus on strengthening public expenditure management and improving debt management. Although measures have been put in place to improve expenditure management, the authorities may still face difficulties until the new treasury functions are fully in place.
Keywords:
ISCR; CR; PRGF arrangement; money; regime; fiscal policy; PRGF loan; development initiative program; executive board discussion; Zambian authorities; Budget planning and preparation; Financial sector development; Budget execution and treasury management; Monetary base
Cover IMF Working Papers
Why Is It So Hard to Finance Budget Deficits? Problems of a Developing Country
Mr. Shigeru Iwata
and
Mr. Andrew Feltenstein
This paper examines possible ways for a developing country to finance budget deficits from domestic resources. It does so by analyzing Pakistan's National Savings Scheme (NSS). The NSS has a number of unusual attributes, and its impact upon the economy of Pakistan is not clear, but given Pakistan's chronic fiscal difficulties, the NSS is of great importance in financing the public sector deficit. We use an econometric model to analyze the relationship between the demands for NSS deposits and various other financial instruments, in particular, bank deposits, and foreign-currency deposits. We conclude that NSS and bank deposits are net substitutes, as are NSS and foreign-currency deposits. Bank deposits and foreign-currency deposits, however, seem to be neither substitutes nor complements. Also, the estimated income elasticity of the demand for bank deposits is negative, while that of foreign-currency deposits is positive, and that of NSS is not significantly different from zero. Finally, there is evidence that foreign-currency deposits are a net substitute for NSS deposits. Thus, there is some empirical evidence that foreign currency deposits have absorbed part of the demand for NSS deposits. Accordingly, the availability of foreign-currency deposits may have reduced the ability of the government to finance itself.
Keywords:
WP; foreign currency deposit; NSS rate; nss deposit; NSS instrument; term deposit; Pakistan; Savings; Interest Rates; deposit withdrawal; Bank deposits; Government debt management; Budget planning and preparation; Government debt planning; Private savings; Africa; Asia and Pacific