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Business and Economics > Budgeting

You are looking at 1 - 10 of 235 items for :

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Cover IMF Staff Country Reports
Ukraine: Sixth Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for Modification of a Performance Criterion, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Ukraine
International Monetary Fund. European Dept.
This paper presents Ukraine’s Sixth Review under the Extended Arrangement under the Extended Fund Facility (EFF), Requests for Modification of a Performance Criterion, and Financing Assurances Review. Ukraine’s economy remains resilient, and performance remains strong under the EFF despite challenging conditions. The authorities met all end-September quantitative performance criteria and structural benchmarks. Economic growth in 2024 has been upgraded given better than expected resilience to the energy shocks. However, a slowdown is expected in 2025 due to an increasingly tight labor market, the impact of Russian attacks on Ukrainian energy infrastructure, and continued uncertainty about the war. The financial sector remains stable, but vigilance is needed given heightened risks. Progress on strengthening bank resolution and risk-based supervision, stress-testing frameworks and contingency planning should be sustained. Sustained reform momentum, progress at domestic revenue mobilization, and timely disbursement of external support are necessary to safeguard macroeconomic stability, restore fiscal and debt sustainability, and improve governance.
Keywords:
core inflation basket; Ukrenergo's government; national bank of Ukraine; supervisory board; inflation expectation; Budget planning and preparation; Inflation; International reserves; Debt sustainability; Europe
Cover IMF Staff Country Reports
Liberia: Request for a 40-Month Arrangement Under the Extended Credit Facility-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Liberia
International Monetary Fund. African Dept.
This paper presents Liberia’s Request for a 40-Year Arrangement under the Extended Credit Facility (ECF). The 40-month financing package will support the authorities’ Economic Reform Agenda to address macroeconomic imbalances, strengthen debt sustainability, and lay the foundations for higher, more inclusive, and private sector-led growth, beyond the enclave sector. The ECF arrangement is expected to catalyze additional external financing from international financial institutions and development partners. Liberia’s economic vulnerability has worsened in recent years. Fiscal slippages have compromised public debt sustainability, contributing to a sharp decline in international reserves. Governance weaknesses have also persisted. The authorities are firmly committed to revitalizing the reform agenda to support macroeconomic stability, promote broad-based economic development, and reduce widespread poverty. Comprehensive structural reforms, including improvements in governance and transparency, are critical for achieving these objectives. Maintaining strong program ownership, supported by capacity development, will be crucial to ensure program success and continued donor support.
Keywords:
central bank bank transaction; increase in capital expenditure; budget projection; approved budget; budget proposal; Debt sustainability analysis; Debt sustainability; Budget planning and preparation; Global; West Africa; Sub-Saharan Africa
Cover IMF Staff Country Reports
Arab Republic of Egypt: Third Review Under the Extended Arrangement Under the Extended Fund Facility, Monetary Policy Consultation Clause, Requests for Waivers of Nonobservance of a Performance Criterion and Applicability of Performance Criteria, and Request for Modification of Performance Criteria-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
This paper presents Arab Republic of Egypt’s Third Review under the Extended Arrangement under the Extended Fund Facility (EFF), Monetary Policy Consultation Clause, Requests for Waivers of Nonobservance of a Performance Criterion and Applicability of Performance Criteria, and Request for Modification of Performance Criteria. The Egyptian authorities’ recent efforts to restore macroeconomic stability have started to yield positive results. Inflation remains elevated but is coming down. A flexible exchange rate regime remains a cornerstone of the authorities’ program. However, the regional environment remains difficult, and complex domestic policy challenges require decisive implementation of the authorities’ reform program. Continued fiscal consolidation, with strengthened revenue mobilization, to create the space needed to expand social programs. Meaningfully advancing with the structural reform program would significantly improve growth prospects. Managing the resumption of capital inflows prudently will also be important to contain potential inflationary pressures and limit the risk of future external pressures.
Keywords:
waiver request; NIR floor; consultation band; headline consumer price inflation; currency government T-bills; monetary policy committee; supplementary letter of intent; Exchange rate arrangements; Budget planning and preparation; Global
Cover IMF Staff Country Reports
Ukraine: Fourth Review of the Extended Arrangement under the Extended Fund Facility, Request for Modifications of a Performance Criterion, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Ukraine
International Monetary Fund. European Dept.
This paper discusses Ukraine’s Fourth Review of the Extended Arrangement under the Extended Fund Facility (EFF), Request for Modification of a Performance Criterion, and Financing Assurances Review. Ukraine’s performance remains strong under the EFF despite challenging conditions. All quantitative performance criteria for end-March were met, and all structural benchmarks through end-June were implemented on time or with a short delay. The Ukrainian economy continues to be resilient although the outlook remains subject to exceptionally high uncertainty. Sustained reform momentum and timely disbursement of external support are necessary to safeguard macroeconomic stability, restore fiscal and debt sustainability, and enhance institutional reforms to lay the path to European Union accession. Timely and predictable external disbursements together with strong domestic resource mobilization and careful liquidity management are necessary for Ukraine to meet its financing needs. Fiscal policies for the remainder of 2024, together with preparation for the 2025 budget, should be underpinned by steadfast revenue mobilization efforts aligned with the National Revenue Strategy.
Keywords:
ESBU head; ESBU law; staff appraisal; ESBU's role; investigative power; Budget planning and preparation; Financial sector stability; International reserves; Europe; Global
Cover IMF Staff Country Reports
Algérie: Consultations de 2023 au titre de l’article IV-communiqué de presse; rapport des services du FMI et déclaration de l’administrateur pour l’Algérie
International Monetary Fund. Middle East and Central Asia Dept.
L’économie algérienne se relevait juste de la pandémie lorsqu’elle a été frappée par les répercussions de la guerre en Ukraine et une succession de sécheresses. Ces chocs ont alimenté l’inflation, même si la hausse des cours mondiaux des hydrocarbures a aussi augmenté les recettes publiques et les exportations. L’Algérie a enregistré une croissance vigoureuse en 2023 et sa position extérieure est restée solide, avec un excédent des transactions extérieures pour la deuxième année consécutive et une nouvelle accumulation de réserves de change. L’inflation demeure élevée et pourrait s’enraciner. Les lois de finances 2023–24 visent à soutenir le pouvoir d’achat des ménages, mais risquent d’épuiser les marges de manœuvre qui protègent le budget contre la volatilité des recettes. Les réformes structurelles progressent, avec la promulgation de la loi monétaire et bancaire et la mise en œuvre de la budgétisation par programmes et du code de l’investissement de 2022. Des investissements dans la transition numérique permettraient de renforcer la gouvernance et la transparence, de réduire les risques de corruption et d’améliorer la prestation des services.
Keywords:
la liquidité du marché; opération d’absorption de liquidité; risque d’inflation; le resserrement de la politique monétaire; système d’évaluation du crédit; pression inflationniste; prix des hydrocarbures; finances publiques; IPC de l’Algérie; Inflation; Planification et préparation du budget; les banques d’État; Global; Moyen-Orient; Afrique du Nord; Afrique orientale; Europe.
Cover Policy Papers
The Chair’s Summing Up Independent Evaluation Office—The Evolving Application of the IMF’s Mandate: Executive Board Meeting June 10, 2024
International Monetary Fund
This evaluation assesses the decision-making processes that guided the evolution of the application of the Fund´s mandate, the criteria and principles used to operationalize engagement in newer policy areas, and the coherence of the Fund’s framework for engaging with partners. It finds that the systematic widening of the Fund’s areas of work is posing adaptation challenges, necessitating trade-offs, and overburdening staff within a context of budgetary and expertise constraints. The evaluation offers a framework for approaching these challenges that is centered on a trilemma that exposes the tension between the steady expansion of the Fund’s scope of work, its limited resources, and the need to maintain the high quality and value-added of its policy advice. It identifies several problems within this framework, including the ad hoc decision-making process for engaging in newer policy areas, which lacks a longer-term strategic anchor. Furthermore, decisions on policies, resources, and risks were taken in a piecemeal manner, without due consideration for crossed effects. It also identifies several open questions regarding the depth and frequency of the Fund’s engagement in newer policy areas and the lack of an institutional approach to Fund partnerships. The evaluation proposes classifying newer policy areas across a spectrum of recommended engagement, ranging from signaling their macrocriticality while leaving deeper assessments to other institutions, to in-depth high-frequency engagement. It also offers four main recommendations: (i) developing an inclusive Fund-wide institutional strategy for engagement in newer policy areas that better links decisions related to scope, resources, and risks; (ii) producing budget data that enables the tracking of Fund activities and operations by policy area; (iii) updating the 2022 Guidance Note for Surveillance to enhance the clarity of principles for engagement; and (iv) adopting a Board-approved high-level Statement of Principles for engagement with partners.
Keywords:
IMF; Mandate; Trilemma; Scope; Resources; Traction; Decision-making; IMF's Mandate Executive Board; IMF's Mandate Executive Board meeting 24/57; policy area; Mandate Executive Board meeting 24/57; application of the IMF's Mandate Executive Board; Budget planning and preparation
Cover Policy Papers
Statement by the Managing Director on the Independent Evaluation Office Report on the Evolving Application of the IMF’s Mandate: Executive Board Meeting, June 10, 2024
International Monetary Fund
This evaluation assesses the decision-making processes that guided the evolution of the application of the Fund´s mandate, the criteria and principles used to operationalize engagement in newer policy areas, and the coherence of the Fund’s framework for engaging with partners. It finds that the systematic widening of the Fund’s areas of work is posing adaptation challenges, necessitating trade-offs, and overburdening staff within a context of budgetary and expertise constraints. The evaluation offers a framework for approaching these challenges that is centered on a trilemma that exposes the tension between the steady expansion of the Fund’s scope of work, its limited resources, and the need to maintain the high quality and value-added of its policy advice. It identifies several problems within this framework, including the ad hoc decision-making process for engaging in newer policy areas, which lacks a longer-term strategic anchor. Furthermore, decisions on policies, resources, and risks were taken in a piecemeal manner, without due consideration for crossed effects. It also identifies several open questions regarding the depth and frequency of the Fund’s engagement in newer policy areas and the lack of an institutional approach to Fund partnerships. The evaluation proposes classifying newer policy areas across a spectrum of recommended engagement, ranging from signaling their macrocriticality while leaving deeper assessments to other institutions, to in-depth high-frequency engagement. It also offers four main recommendations: (i) developing an inclusive Fund-wide institutional strategy for engagement in newer policy areas that better links decisions related to scope, resources, and risks; (ii) producing budget data that enables the tracking of Fund activities and operations by policy area; (iii) updating the 2022 Guidance Note for Surveillance to enhance the clarity of principles for engagement; and (iv) adopting a Board-approved high-level Statement of Principles for engagement with partners.
Keywords:
IMF; Mandate; Trilemma; Scope; Resources; Traction; Decision-making; IMF's Mandate Executive Board meeting; statement by the managing director; policy area; Mandate Executive Board meeting; IMF's Mandate Executive Board; Budget planning and preparation; Global
Cover IMF Staff Country Reports
Republic of Kosovo: Second Reviews Under the Stand-By Arrangement and the Arrangement Under the Resilience and Sustainability Facility and Request for Modification of Reform Measure-Press Release; Staff Report; and Statement by the Executive Director for Republic of Kosovo
International Monetary Fund. European Dept.
This Selected Issues paper presents Republic of Kosovo’s Second Reviews under the Stand-By Arrangement (SBA) and the Arrangement under the Resilience and Sustainability Facility (RSF) and Request for Modification of Reform Measure. Kosovo’s economic activity continues to expand at a robust pace, despite a challenging external environment, and inflation has declined markedly. The Kosovo authorities continue to advance their economic program and structural reform and climate agenda, supported by the SBA and the Arrangement under the RSF. Program performance under both arrangements remains strong. The authorities are advancing an ambitious green agenda. The RSF has supported efforts to strengthen the regulatory framework and increase policy space to attract private investment into green energy. The successful completion of a pilot competitive auction for solar electricity generation and a first auction for wind electricity generation are important steps in the authorities’ plan to expand renewable energy capacity. Reducing emissions and improving air quality, increasing energy efficiency, improving targeting of energy subsidies, and enhancing energy security are important goals of Kosovo’s green agenda.
Keywords:
RSF ARRANGEMENT; government liquidity buffer; CBK balance sheet; Kosovo authorities; budget revenue; Budget planning and preparation; Fiscal risks; Europe; Global
Cover Technical Assistance Reports
Bangladesh: Technical Assistance Report-Ministry of Finance Macroeconomic Framework Technical Assistance: Scoping Mission Report
International Monetary Fund. Institute for Capacity Development
This technical assistance (TA) report presents the outcomes of the scoping mission of a new TA project aimed at building capacity in macroeconomic forecasting and policy analysis in the Finance Division (FD) of the Bangladesh Ministry of Finance (MoF). The FD has sought Macroeconomic Framework Technical Assistance from ICD and SARTTAC to support them in enhancing their Medium-term Macroeconomic Framework. A scoping mission was held in Dhaka in January 2023 to diagnose the FD’s current forecasting and policy analysis systems and to agree on a multi-year action plan. The project action plan is centered around the customization of the Macroframework Foundations Tool (MFT), which will support the FD in overcoming limitations in their current approach.
Keywords:
MOF Finance Division; IMF mission team; MEW staff; staff cohort; MOF cooperation; Macro-fiscal framework; Budget planning and preparation; Debt sustainability analysis; Budget execution and treasury management; Global
Cover Policy Papers
FY2025–FY2027 Medium-Term Budget
International Monetary Fund. Office of Budget and Planning
The Executive Board of the International Monetary Fund approved the 2025-27 financial years (FY25-27) medium-term budget. While the global economy has shown resilience to successive adverse shocks, the overall global economic context remains complex with slow and uneven growth, increased fragmentation, deepening divergence, and still high interest rates despite easing inflationary pressures. Against this backdrop, the FY25-27 budget continues to be guided by principles of agility and budget discipline, reinforced by ongoing reprioritization and savings capture. It also builds on strong cooperation with other institutions, ensuring the Fund continues to focus on areas within its mandate, even as it addresses new demands. Work to strengthen internal operations also continue, focusing on both efficiency and effectiveness in meeting changing needs in the post-pandemic workplace, where rapid technological changes are underway. With significant demands within a constrained budget environment, the budget reflects difficult tradeoffs.
Keywords:
medium-term budget; OBP; budget framework; financial support; A. budget overview; budget agility; I. budget process overview; budget envelope; budget remain; budget resource; Budget planning and preparation; Capital budget; Global; Sub-Saharan Africa