Narrow Your Choices

Refine By Countries

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Business and Economics > Budgeting

You are looking at 1 - 10 of 73 items for :

  • Type: Journal Issue x
  • General Financial Markets: Government Policy and Regulation x
Clear All Modify Search
Cover IMF Staff Country Reports
Republic of Kosovo: 2024 Article IV Consultation and Third Reviews Under the Stand-By Arrangement and the Arrangement Under the Resilience and Sustainability Facility-Press Release; and Staff Report
International Monetary Fund. European Dept.
This paper presents Republic of Kosovo’s 2024 Article IV Consultation and Third Reviews under the Stand-By Arrangement (SBA) and the Arrangement under the Resilience and Sustainability Facility (RSF). Kosovo’s economic performance has been strong, with growth accelerating in 2024 and inflation falling sharply. The near-term outlook is favorable despite some downside risks. The authorities continue to show strong performance under both programs. All quantitative targets and structural conditions for the completion of the Third Review under the SBA were met. Most RSF Reform Measures have been completed. Fiscal policy should continue to balance sustainability and development objectives and be framed within a solid, rules-based fiscal framework. The 2025 budget envisages a fiscal impulse with full-year implementation of spending measures announced in 2024, a proposed increase in public wages, and the expected improvement in public investment execution. Structural reforms are urgently needed to raise potential growth. Priority should be given to further advancing green reforms and decarbonization, implementing policies to boost female labor-force participation, attracting foreign capital—including from the diaspora—into productive sectors of the economy, and accelerating digitalization.
Keywords:
Kosovo authorities; governance reform; EBRD's operation; RSF implementation; CBK governance; EIB's involvement; Budget planning and preparation; Income; Europe; Global; Middle East; Western Europe
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 Policy Papers
Review of The Fund’s Capacity Development Strategy—Background Papers
International Monetary Fund. Institute for Capacity Development
This supplement includes five background papers and provides background information on various aspects of capacity development (CD) for the main Board paper, Review of the Fund’s Capacity Development Strategy—Towards a More Flexible, Integrated, and Tailored Model. It is divided into five sections, each consisting of a different background paper. The five sections cover (1) CD Delivery Modalities; (2) Evaluation and Impact; (3) Regional Capacity Development Centers and Field Presence; (4) HR Policies; and (5) Mapping the Fund’s Position vis-à-vis Other CD Providers.
Keywords:
Capacity Development; Technical Assistance; Training; Institution; Priorities; Evaluation; Impact; Field Presence; Regional Capacity Development Training Center; CD Strategy Review; CD department; CD provider; delivery modality; CD staffing model; RCDC CD Delivery; Anti-money laundering and combating the financing of terrorism (AML/CFT); Comparative advantage; Training and development in revenue administration; Global; South America; Asia and Pacific; Sub-Saharan Africa; Maghreb
Cover IMF Staff Country Reports
Sri Lanka: Technical Assistance Report-Governance Diagnostic Assessment
International Monetary Fund. Legal Dept.
,
International Monetary Fund. Fiscal Affairs Dept.
,
International Monetary Fund. Monetary and Capital Markets Department
, and
International Monetary Fund. Finance Dept.
This technical assistance report on Sri Lanka discusses the Governance Diagnostic Assessment. In recent years, a confluence of shocks and policy missteps led to a deep economic and governance crisis. Sri Lanka continues to face severe economic, social and governance challenges. The authorities have requested IMF assistance to analyse governance weaknesses and corruption vulnerabilities that are macro-critical in their own right and stand in the way of achieving the objectives of the reform program. The report highlights immediate and short-term measures to address key corruption issues, as well as structural reforms that require more time and resources but are essential to strengthen governance and initiate lasting change. The recommendations are designed as a coherent approach to improving governance through a focus on: clarity of authority and responsibility for core functions; financial and operational independence of essential accountability and law enforcement institutions; transparency in government practices and performance, especially relating to the planning, spending, and accounting for the use of public funds and assets; inclusive, accessible, and rule-based means to enforce private agreements and challenge official behaviour; and efficient mechanisms for making information public and holding organizations and individuals to account for their performance and behaviour.
Keywords:
governance weakness; revenue administration recommendation; governance arrangement; governance concern; governance dynamics; Corruption; Revenue administration transparency and accountability; Budget planning and preparation; Auditing; Global; Asia and Pacific
Cover IMF Staff Country Reports
Republic of Moldova: First Reviews Under the Extended Credit Facility, and Requests for Modification of Performance Criteria and Inflation Consultation Clause-Press Release; Staff Report; and Statement by the Executive Director for Republic of Moldova
International Monetary Fund. European Dept.
Moldova’s economy is projected to stagnate in 2022 amid spillovers from Russia’s invasion of Ukraine. The war in Ukraine continues to weigh heavily on Moldova, although some initial pressures have subsided. Bank deposit net withdrawals came to an end and are now steadily being replenished. The leu depreciated by about 8 percent so far while pressures on foreign reserves have eased. About 550,000 refugees fleeing the war (representing more than 20 percent of the Moldovan population) have transited through Moldova, with about a fifth remaining in the country. Driven by rising food and energy prices, inflation accelerated further above the target band.
Keywords:
General government budget; Policy discussion; program implementation; policy effectiveness; inflation consultation clause; governance reform; Inflation; Energy prices; Budget planning and preparation; Import prices; Credit; Global; Central and Eastern Europe
Cover Policy Papers
Updated Framework on The Dissemination of Capacity Development Information
International Monetary Fund
The IMF’s capacity development (CD) information dissemination policy needs to adapt to a new landscape. The Fund is providing more CD and producing greater and more diverse types of CD-related information. Meanwhile, the external landscape has also evolved, as members, partners, and other CD providers increasingly expect greater transparency and access to information. This paper sets out envisaged reforms to further widen the dissemination and publication of CD information.
Keywords:
CD output; CD recipient; Non-fund staff audience; information dissemination policy; IMF training participant; Financial Sector Assessment Program; Tax gap; Budget planning and preparation; Financial sector stability; COVID-19; Global
Cover IMF Staff Country Reports
Arab Republic of Egypt: 2021 Article IV Consultation, Second Review Under the Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for the Arab Republic of Egypt
International Monetary Fund. Middle East and Central Asia Dept.
The economic and social impact of the COVID-19 pandemic over the past year has been well-managed by the authorities. Timely and prudent fiscal and monetary easing shielded the economy from the full brunt of the crisis, while alleviating the health and social impact of the shock. Sound economic policies helped deliver macroeconomic stabilization, safeguard debt sustainability, and preserve investor confidence. While growth is expected to rebound in FY2021/22, the outlook is still clouded by uncertainty related to the pandemic and the pace of vaccinations. High public debt and large gross financing needs leave Egypt vulnerable to external shocks or changes in financial market conditions for EMs. Near-term fiscal and monetary policies should thus continue to support the recovery without accumulating undue imbalances.
Keywords:
consumer price index inflation; CBE's inflation target; end-March monetary policy Consultation clause; financing gap; financial asset; Budget planning and preparation; Climate finance; Global
Cover Policy Papers
FY 2022 - FY 2024 Medium-Term Budget
International Monetary Fund. Office of Budget and Planning
Amidst the unfolding COVID-19 crisis, the Fund faces twin challenges. Signs of early crisis recovery are uneven across countries, and many face daunting crisis legacies. At the same time, longer term challenges from climate change, digitalization and increasing divergence within and between countries demand stepped up effort by the Fund within its areas of expertise and in partnership with others. FY 22-24 budget framework. Considering these challenges and following a decade of flat real budgets, staff will propose a structural augmentation for consideration by fall 2021 to be implemented over two to three years beginning in FY 23. Recognizing the importance of ongoing fiscal prudence, the budget would remain stable thereafter on a real basis at a new, higher level. FY 22 administrative budget. The proposed FY 22 budget sustains crisis response and provides incremental resources for long-term priorities within the flat real budget envelope. The budget is built on extensive reprioritization; savings, including from modernization; and a proposed temporary increase in the carry forward ceiling to address crisis needs during the FY 22 to FY 24 period. Capital budget. Large-scale business modernization programs continue to be rolled out, strengthening the agility and efficiency of the Fund’s operations. In response to the shift towards cloud-based IT solutions, staff propose a change in the budgetary treatment of these expenses. Investment in facilities will focus on timely updates, repairs, and modernization, preparing for the post-crisis Fund where virtual engagement and a new hybrid office environment play a larger role. Budget sustainability. The FY 22–24 medium-term budget framework, including assumptions for a material augmentation, is consistent with a projected surplus in the Fund’s medium-term income position and with continued progress towards the precautionary balance target for coming years. Budget risks. In the midst of a global crisis, risks to the budget remain elevated and above risk acceptance levels, including from uncertainty around the level of demand for Fund programs and ensuing staffing needs, as well as future donor funding for CD. Enterprise risk management continues to be strengthened with this budget.
Keywords:
budget framework; risk matrix; budget summary; IMF's budget deflator; Medium-Term capital budget; capital budget envelope; approved FY; Budget planning and preparation; Climate change; COVID-19; Financial Sector Assessment Program; Global
Cover Policy Papers
FY2020 - Output Cost Estimates and Budget Outturn
International Monetary Fund. Office of Budget and Planning
The paper presents highlights from the FY 2020 budget, followed by a discussion of outputs based on the Fund Thematic Categories and of inputs.
Keywords:
PP; expenditures FY; dollar spending; spending execution; unspent FY 18; digitalization strategy; management fee; Medium-term budget; Budget planning and preparation; Capital spending; Financial Sector Assessment Program; COVID-19; Middle East and Central Asia; Global; Asia and Pacific; Western Hemisphere
Cover IMF Staff Country Reports
Zimbabwe: Staff-Monitored Program-Press Release and Staff Report
International Monetary Fund. African Dept.
This paper discusses the Staff-Monitored Program (SMP) for Zimbabwe and highlights that the new government that assumed office following the July 2018 elections is committed to addressing the macroeconomic imbalances, removing structural distortions to facilitate a resumption in growth, and to re-engaging with the international community including by clearing its external arrears. The SMP will be monitored on a quarterly basis and is intended to assist the authorities in building a track record of implementation of a coherent set of economic and social policies that can facilitate a return to macroeconomic stability and assist in reengagement with the international community. With limited access to external financing and the very low level of international reserves, the authorities’ room for manoeuvre is very narrow. There are also significant implementation risks of the monetary and exchange rate reforms, as well as addressing governance and corruption weaknesses, which could adversely impact the attainment of SMP objectives.
Keywords:
ISCR; CR; Zimbabwean authorities; nominal GDP; government securities; foreign exchange; private sector; reform agenda; managing director of the IMF; international community; macroeconomic imbalance; Government debt management; Currencies; Inflation; Budget planning and preparation; Africa; risks to the SMP; IMF resident representative