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Business and Economics > Budgeting

You are looking at 1 - 10 of 24 items for :

  • Type: Journal Issue x
  • Estonia, Republic of x
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Cover Technical Notes and Manuals
Digital Solutions Guidelines for Public Financial Management
Lorena Rivero del Paso
,
Sailendra Pattanayak
,
Gerardo Uña
, and
Hervé Tourpe
The Digital Solutions Guidelines for Public Financial Management (Guidelines) are intended to serve as a comprehensive reference material for the assessment, design, and improvement of digital initiatives in the public financial management (PFM) area. To support the digital transformation of PFM functions, the Guidelines are structured around three Pillars – Functional, IT Architectural, and Governance and Management. Each pillar comprises six principles, which are further broken down into one to four attributes to promote more efficient and transparent PFM operations while fostering innovation and managing digital risks. These Guidelines also allow a graduated approach to digital transformation of PFM through three levels of maturity for each Attribute – foundational, intermediate, and advanced – to help take into account country-specific contexts and capacities in digital transformation strategies.
Keywords:
Digitalization; Digital Transformation; Public Financial Management; GovTech; Financial Management Information Systems; Open Data; IMF Library; PFM function; solutions guidelines implementation tool; manuals 2023/07; title page; PFM information systems; Budget execution and treasury management; Budget planning and preparation; Global
Cover PIMA Handbook
PIMA Handbook
Public Investment Management Assessment, 1st Edition
International Monetary Fund. Fiscal Affairs Dept.

Abstract

This handbook is aimed at anyone who is involved in a Public Investment Management Assessment (PIMA) or who has a practical interest in public investment management. It is intended to be useful for country authorities, IMF staff, staff of other financial institutions and development organizations, and anyone who is interested in exploring different aspects of public investment management to understand how country systems are designed and how they work in practice.

Keywords:
IMF Public Investment Management Assessment; public investment; PIMA; PIM; public investment management; handbook; investment; government; governance; country; spending; infrastructure governance; investment efficiency; investment shock; investment spending; public investment spending; public investment and public-private partnerships (PPP); infrastructure; budget planning; planification; allocation; execution; fiscal rules; global; Asia and Pacific; Africa; Caribbean; Sub-Saharan Africa; Western Hemisphere; Middle East; investment trend; infrastructure investment spending; Pima report; investment planning; PPP investment; Budget planning and preparation; Capital spending; Capital budget
Cover IMF Staff Country Reports
Republic of Estonia: Technical Assistance Report-Fiscal Transparency Evaluation
International Monetary Fund. Fiscal Affairs Dept.
The government of Estonia places a high importance on openness and transparency, both for their citizens and for regional and international partners. This is evidenced from various earlier reports on transparency and the implementation of many subsequent improvements in fiscal transparency practices. The objective of the assessment was to identify areas of fiscal risk vulnerabilities and reform priorities to ensure further improvements in transparent practices.
Keywords:
General government Fiscal; government finance statistics manual; General government assets; General government debt; General government investment; Subnational government; Budget planning and preparation; Financial statements; Fiscal risks; Public sector; Europe; Western Europe; Global; Baltics; Africa
Cover IMF Staff Country Reports
Republic of Estonia: Technical Assistance Report-Public Investment Management Assessment
International Monetary Fund. Fiscal Affairs Dept.
This Technical Assistance Report on the Republic of Estonia highlights that public investment is a priority spending area, and Estonia is seeking to strengthen the efficiency and effectiveness of its capital expenditure from an already high level. Estonia’s public investment is relatively efficient, while further improvements should pay attention to the quality of public services enabled by them. Investment implementation is particularly strong. This reflects Estonia’s open procurement framework that utilizes an advanced e-procurement system, its modern treasury that employs an effective Treasury Single Account system to guarantee cash availability, asset monitoring that has been made routine through full accrual accounting for the whole public sector, and active project management by ministries. Some practices that are already effectively implemented should be formalized in the institutional design which will act as a safeguard. Public investment projects should be managed in an integrated portfolio at all stages of the investment cycle. It is difficult to obtain a picture of all-important investment projects pursued in the public sector including by local governments and state-owned enterprises. A comprehensive portfolio view of all projects supports transparent prioritization across sectors and the identification of systemic patterns or risks.
Keywords:
ISCR; CR; balance sheet; capital expenditure; accounting data; local government; annual budget; Budget planning and preparation; Public investment and public-private partnerships (PPP); Public investment spending; Capital spending; Global
Cover IMF Staff Country Reports
Republic of Estonia: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper analyzes the drivers of wage growth and inflation in Estonia. The analysis reveals that the role played by the inflation and inflation expectations in Estonia is different from those of the EU15. The impact of inflation on wage formation is smaller than in larger and richer countries with lower inflation volatility. This has limited the downward pressure on wages during the period of very low inflation in 2014–16. Although there has been an episode of wage growth leading inflation before the global financial crisis, the current simultaneous acceleration in prices and wages is not evidence of a developing wage-price spiral, as a significant share of the increase in inflation is owing to exogenous factors.
Keywords:
ISCR; CR; pay; state; wage growth; minimum wage; EU average; spiral emerging; IMF staff calculation; gender pay gap; Wages; Public investment spending; Budget planning and preparation; Labor markets; Baltics; Western Europe; Europe
Cover IMF Staff Country Reports
Republic of Serbia: Request for Stand-by Arrangement: Staff Report; Staff Statement; Press Release; and Statement by the Executive Director for the Republic of Serbia.
International Monetary Fund
Serbia’s transition to a more sustainable growth model remains incomplete and fragile. A precautionary Stand-By Arrangement (SBA) has been requested to insure against external risks and to provide a policy anchor. The program represents a prudent step in the present uncertain global and regional environment. However, without improving Serbia’s difficult investment climate, the economy cannot deliver sustainable growth. Executive Directors expect that a steadfast program implementation along with responsiveness to new adverse developments will lead the Serbian economy to overcome its present difficulties.
Keywords:
ISCR; CR; staff appraisal; IMF staff representative; statement; representative; government of Serbia; inflation pressures resume; policy stance; Fiscal stance; Budget planning and preparation; Government debt management; Global
Cover IMF Working Papers
A New Index of Currency Mismatch and Systemic Risk
Mr. Romain Ranciere
,
Aaron Tornell
, and
Mr. Athanasios Vamvakidis
This paper constructs a new measure of currency mismatch in the banking sector that controls for bank lending to unhedged borrowers. This measure explicitly takes into account the indirect exchange rate risk that banks undertake when they lend to borrowers that will not be able to repay in the event of a sharp depreciation. Such systemic risk taking is not captured by indicators that are based only on banks’ balance sheet data. The new measure is constructed for 10 emerging European economies and for a broader sample that includes 19 additional emerging economies, for the period 1998 - 2008. Comparisons with previous currency mismatch measures that do not adjust for unhedged foreign currency borrowing illustrate the advantages of the new approach. In particular, the new measure flagged the indirect currency mismatch vulnerabilities that were building up in a number of emerging economies before the recent global crisis. Measuring currency mismatch more accurately can help country authorities in their efforts to address vulnerabilities at the right time, avoiding hurting growth prospects.
Keywords:
WP; currency; currency mismatch; foreign currency; bank; loan
Cover IMF Staff Country Reports
Republic of Estonia: Reassessment Report on the Observance of Standards and Codes: Fiscal Transparency Module
International Monetary Fund
This report provides a reassessment of fiscal transparency practices in Estonia in relation to the requirements of the IMF Code of Good Practices on Fiscal Transparency. It presents a description of practices prepared by IMF staff on the basis of discussions with the authorities and their responses to the fiscal transparency questionnaire, and drawing on other available information. The report presents an IMF staff commentary on fiscal transparency in Estonia. A summary of IMF staff assessments and comments on observance of good practices is also presented.
Keywords:
ISCR; CR; annual budget; government regulation; General government activity; accounting system; government holding; fiscal year; government balance; government report; city government; budget documentation; General government budget in Estonia; government website; government intervention; government program; Budget planning and preparation; Fiscal accounting and reporting; Fiscal risks; Global
Cover IMF Working Papers
Interpreting EU Funds Data for Macroeconomic Analysis in the New Member States
Robert Sierhej
and
Mr. Christoph B. Rosenberg
Drawing on a dataset suitable for macroeconomic analysis, the paper provides an overview of the magnitudes, purpose and institutional implications of EU-related transfers to and from the new member states. A rough analysis of accounting identities and first-round effects shows that EU funds may have led to a fiscal drag of up to 1 percent of GDP and an additional aggregate demand stimulus of up to 1 percent of GDP during the first years of membership. These effects are likely to increase as additional funding become available under the new financial perspective, pointing to the need to consider policy tradeoffs.
Keywords:
WP; EU fund; fund; government
Cover IMF Working Papers
Can Budget Institutions Counteract Political Indiscipline?
Mr. Ashoka Mody
and
Ms. Stefania Fabrizio
The budget is an expression of political rather than economic priorities. We confirm this proposition for a group of new and potential members of the European Union, finding that politics dominates. The contemporary practice of democracy can increase budget deficits through not only ideological preferences but also more fragmented government coalitions and higher voter participation. Long-term structural forces, triggered by societal divisions and representative electoral rules, have more ambiguous implications but also appear to increase budget pressures, as others have also found. However, our most robust, and hopeful, finding is that budget institutions-mechanisms and rules of the budget process-that create checks and balances have significant value even when the politics is representative but undisciplined, and when long-term structural forces are unfavorable.
Keywords:
WP; finance minister; least squares; government fragmentation; institutions index; political economy; Fiscal policy; budget institutions; electoral rules; government ideology; ethnic fractionalization; voter turnover; General government expenditure; coalitional government; Budget planning and preparation; Fiscal stance; Unemployment rate; Central and Eastern Europe; Baltics; Eastern Europe