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Business and Economics > Budgeting

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Cover Technical Assistance Reports
The Gambia: Technical Assistance Report-Public Investment Management Assessment Update with the Climate Module
International Monetary Fund. Fiscal Affairs Dept.
The IMF’s Fiscal Affairs Department (FAD) conducted a Public Investment Management Assessment (PIMA) and Climate Module (C-PIMA) for The Gambia to assess public investment management (PIM) and its climate sensitivity. The assessment found improvements since the 2019 PIMA, including the 2020 Cabinet Memorandum for strategic project reviews, the 2023 SOE Act for centralized oversight, and enhanced procurement regulations. However, despite these institutional improvements, effectiveness has yet to catch up and, in some cases, has weakened. Climate resilience is also insufficiently addressed, with weak integration of climate risks into project planning and outdated regulatory frameworks. Key recommendations include establishing a public investment management information system, strengthening PIM oversight within the Ministry of Finance, formalizing project selection pipelines, and embedding climate-related criteria in investment decisions.
Keywords:
The Gambia; investment; PIM; PIMA; Climate; Climate Module; C-PIMA.; management institution; procurement authority; IMF climate policy diagnostic; capital cash outlay; D. investment allocation; climate PIMA; Public investment spending; Climate change; Budget planning and preparation; Infrastructure; West Africa; Sub-Saharan Africa; Global
Cover Technical Assistance Reports
Republic of Tajikistan: Technical Assistance Report-Public Investment Management Assessment with the Climate Module
International Monetary Fund. Fiscal Affairs Dept.
This report summarizes findings from a Public Investment Management Assessment (PIMA) and the Climate Module (C-PIMA) conducted for Tajikistan. The assessment evaluated the country's public investment management practices, including their climate sensitivity. Tajikistan performs well in certain areas but faces significant gaps in others. Parallel external and internally financed processes present recurring challenges across Tajikistan’s public investment management framework, limiting consistency and strategic alignment. Implementing a comprehensive framework for overseeing all projects, regardless of funding source, would significantly improve efficiency and climate responsiveness.
Keywords:
Republic of Tajikistan; Public investment management; PIMA; C-PIMA; climate change; Green PFM; climate-sensitive infrastructure.; D. Investment allocation; authorities of the Republic of Tajikistan; investment project; Republic of Tajikistan analysis; Investment planning; priorities in Tajikistan; management institution; Public investment spending; Budget planning and preparation; Infrastructure; Central Asia; Central Asia and the Caucasus
Cover Technical Assistance Reports
Sierra Leone: Technical Assistance Report-Climate Module of the Public Investment Management Assessment
International Monetary Fund. Fiscal Affairs Dept.
Sierra Leone faces significant climate-related challenges, including rising temperatures, unpredictable precipitation patterns, and increased risks of extreme weather events, which threaten its infrastructure and coastal communities. This assistance assessed Sierra Leone's public investment management through the Climate Module of the Public Investment Management Assessment (C-PIMA). Sierra Leone was found to perform moderately well in some areas of the C-PIMA, but there were key gaps in other areas, often linked to weaknesses in the underlying public investment management framework. The assistance found that addressing these persisting core public investment management challenges is a prerequisite for effective climate-sensitive public investment management.
Keywords:
Sierra Leone; Public investment management; C-PIMA; climate change; Green PFM.; IMF resident representative; FAD mission; IMF Fiscal Affairs Department; B. climate change objective; climate Public Investment Management; FAD expert; Public investment spending; Budget planning and preparation; Sub-Saharan Africa; Global
Cover IMF Staff Country Reports
Republic of Kosovo: Technical Assistance Report-Public Investment Management Assessment Update and Climate PIMA
International Monetary Fund. Fiscal Affairs Dept.
This paper highlights the details of the technical assistance (TA) report on Public Investment Management Assessment (PIMA) Update and Climate PIMA in the Republic of Kosovo. Public investment in Kosovo occurs in a fiscal environment where the general government deficit and debt is generally well contained. The overall strength of Kosovo’s public investment management institutions has increased—though the design of these institutions is stronger than their effectiveness in practice. The failure to undertake robust and consistent feasibility studies prior to project initiation is a key weakness, leading to delays and problems in project execution. In the implementation phase, design is stronger than performance, in part due to implications of weaknesses early in the planning stage. Like most other countries, Kosovo is at an early stage of incorporating climate aspects into public investment management. Dedicated effort and leadership from the Ministry of Finance, Labor and Transfers and the Ministry for Environment, Spatial Planning and Infrastructure will be key to boosting infrastructure outcomes.
Keywords:
Public investment; climate change; public finance.; scores compare; Kosovo Climate-PIMA; capital investment; project appraisal guideline; PPP assessment manual; government policy; Budget planning and preparation; Public investment spending; Capital spending; Infrastructure; Europe; Eastern Europe; Southern Europe
Cover IMF Staff Country Reports
Seychelles: Technical Assistance Report–Public Investment Management Assessment–PIMA and Climate PIMA
International Monetary Fund. Fiscal Affairs Dept.
This Technical Assistance Report on Seychelles focuses on public investment management assessment (PIMA) and Climate PIMA. Across the PIMA, Seychelles is particularly strong in budget comprehensiveness and in ensuring the availability of funding for projects, but substantial capital budget under-execution reveals gaps in several public investment management institutions. Seychelles budget processes are well formulated; are supported by a medium-term fiscal framework; and budget documentation provides comprehensive coverage and details of the public sector investment program. Many institutions across the PIMA and C-PIMA would improve with changes that address the underlying causes of capital budget under-execution. The PIMA and C-PIMA comes at a timely moment for Seychelles, with a range of reforms underway, including the preparation of the new National Development Strategy, the implementation of a new Public Investment Management Policy with new institutions, and revisions and updates of the legal and regulatory framework.
Keywords:
Public investment management; climate; fiscal risk; small island states; Seychelles.; investment plan; management framework; efficiency gap; Seychelles budget processes; management institution; climate PIMA; Seychelles government; Climate PIMA; authorities of Seychelles; Budget planning and preparation; Public investment spending; Climate change; Fiscal risks; Global
Cover IMF Staff Country Reports
Pakistan: Technical Assistance Report–Public Investment Management Assessment–PIMA and Climate PIMA
International Monetary Fund. Fiscal Affairs Dept.
This Technical Assistance report on Pakistan presents public investment management assessment (PIMA) and Climate PIMA. This report finds that while Pakistan scores slightly above average compared to the emerging market economies that have undertaken the PIMA to date there are still significant gaps in key areas the impede the delivery of critical infrastructure services in Pakistan. Pakistan has taken some important steps to improve public investment management, including through reforms incorporated in the Public Financial Management Act 2019 and the 2021 Manual for Development Projects. With Pakistan’s highly constrained budgetary resources, selecting the right projects for funding becomes even more critical. Government has some skilled staff that can move reforms to address these challenges forward, though it will be difficult. While some staff have a good understanding of strong practices, achieving implementation through changed approaches and culture across the public sector requires focused and sustained effort. Building knowledge of climate change aspects at all stages of the project cycle is also a priority.
Keywords:
Public Investment Management; Climate Change; Public financial management; Infrastructure Governance; climate PIMA; management ASSESSEMENT-PIMA; IMF's Fiscal Affairs Department; management institution; D. investment allocation; auditor general; Public investment spending; Budget planning and preparation; Climate policy; Infrastructure; Global
Cover International Monetary Fund Annual Report 2023
International Monetary Fund Annual Report 2023
Committed to Collaboration
International Monetary Fund. Secretary's Department

Abstract

The 2023 IMF Annual Report highlights the IMF’s work to support its members to address successive shocks, including Russia’s war on Ukraine, inflation, debt vulnerabilities, inequality food insecurity, geoeconomic fragmentation, climate change, and digitalization. In FY 2023, the Fund continued to support its members in our three core areas: 1) Economic surveillance: 126 country health checks completed.2) Lending: $74 billion to 36 countries, including about $11 billion to 21 low-income countries, for a total of $294 billion to 96 countries since the start of the pandemic. 3) Capacity development: $337 million for hands-on technical advice, policy-oriented training, and peer learning. The report is also available in Arabic, Chinese, French, German, Japanese, Portuguese, Russian, and Spanish. Note: The 2023 IMF Annual Report covers the activities of the Executive Board and IMF management and staff during the financial year May 1, 2022, through April 30, 2023, and in some cases more recently. Background: The Annual Report website includes the IMF’s financial statements for FY 2023 and other background documentation. The Annual Report and the financial statements are also available online at www.imfbookstore.org or www.elibrary.IMF.org

Keywords:
inflation; debt vulnerabilities; inequality; food insecurity; geoeconomic fragmentation; climate change; digitalization; capacity development; lending; economic surveillance; Deputy managing director; IMF organization chart; boards of governors of the bank; Joint Ministerial Committee of the boards of governors; IMF photo; upper-credit-tranche IMF financing; IMF secretariat; IMF CPI database; IMF liquidity support; full-fedged IMF program; IMF surveillance activity; Training and development in revenue administration; Budget planning and preparation; External audit; Balance of payments need; Global; Asia and Pacific; Europe
Cover IMF How To Notes
How to Design and Institutionalize Spending Reviews
Laura Doherty
and
Amanda Sayegh
Spending reviews refer to the process of conducting in-depth assessments of existing public expenditure in order to identify opportunities to reduce or redirect spending from low-priority, inefficient, or ineffective spending. They offer a systemic approach to ensuring that spending is aligned with the government’s policy priorities, is effective in achieving its intended objectives and is deployed efficiently. This How to Note outlines the various objectives of spending reviews and provides guidance on designing a spending review process, including the organizational architecture and roles and responsibilities of various stakeholders. It also discusses the various stages of con¬ducting spending reviews and mechanisms for integrat¬ing their outcomes into the budget process. This note draws on lessons and experiences from countries that have established spending reviews, while recognizing that this is an emerging area for further reform.
Keywords:
• Spending reviews; public expenditure; public financial management; budget planning; program performance; efficiency and effectiveness; analyzing spending; A. spending review objective; IMF's Fiscal Affairs Department; spending review methodology; PFM reform; Public expenditure review; Budget planning and preparation; Expenditure efficiency; Europe; Global
Cover IMF Staff Country Reports
United Kingdom: Technical Assistance Report-Public Investment Management Assessment
International Monetary Fund. Fiscal Affairs Dept.
The United Kingdom (UK) has ambitious plans to increase infrastructure investment, boost economic growth, reduce regional disparities, and help achieve the climate transition. The National Infrastructure Strategy, Plan for Growth, Net Zero Strategy and Levelling Up White Paper set out the Government’s ambitions—including closing existing gaps in transportation networks, transforming digital connectivity, boosting education, skills, and R&D, accelerating the climate transition and investing in infrastructure at the local level. These goals are supported by allocations of over £600 billion in gross public sector investment over the five-year period to 2026/27. The planned ramp-up in public investment is expected to bring the UK’s annual infrastructure investment to OECD average levels of 3 percent by 2024/25, reversing a process of public capital stock decline that goes back to the 1970s and 1980s.
Keywords:
UK Government investment; UK Pima; UK Project delivery career pathway; government major; E. investment implementation; Infrastructure; Public investment spending; Public expenditure review; Budget planning and preparation; Capital spending; Global
Cover IMF How To Notes
How to Prepare Expenditure Baselines
Mr. Claude P Wendling
,
Ms. Eliko Pedastsaar
, and
Mr. Fazeer Sheik Rahim
Expenditure baseline projections (hereafter, “base¬lines”) are a key analytical concept in budget preparation that refers to estimates of future expenditure on the assumption that current policies remain unchanged. They serve as reference points against which other data, such as proposed or approved budgets, or expenditure ceilings, can be compared. In many countries they are a basic tool for starting the preparation of the budget. They represent neither future spending allocations nor total expected outturn as they do not incorporate estimates of the cost of new policies and the expected impact of saving measures. Other features of baselines are that they are generally produced over a multiyear period, they can be calcu¬lated at any level or form of the budget classification (that is, ministries, economic classification, specific policies, functions or programs), and can be summed up to higher levels (such as the whole budget). Hence, they can be useful at both a micro and an aggregate level. This note aims to clarify and establish a framework that covers baselines’ various purposes and uses. It first discusses the definition and objectives of baselines and the methodology used for producing them before outlining how they should be prepared. It concludes with a discussion of the key success factors for making the most effective use of baselines.
Keywords:
expenditure baselines; economic policies; ministry of finance; line ministries and agencies; social welfare; pension spending; budget frameworks; expenditure baseline; publication order; publication service; baseline projection; spending needs; baseline expenditure; budget negotiations; Budget planning and preparation; Wages; Fiscal space; Wage adjustments; Africa