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Business and Economics > Budgeting

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Cover IMF Staff Country Reports
Sierra Leone: 2024 Article IV Consultation and Request for a 38-Month Arrangement Under the Extended Credit Facility-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Sierra Leone
International Monetary Fund. African Dept.
This paper presents Sierra Leone’s 2024 Article IV Consultation and Request for a 38-Month Arrangement under the Extended Credit Facility (ECF). The ECF-supported program will help Sierra Leone restore stability by bolstering debt sustainability, addressing fiscal dominance, bringing down inflation and rebuilding reserves; support inclusive growth through reforms and targeted social spending; confront corruption, and strengthen governance, institutions, and the rule of law. The new ECF arrangement integrates well with the National Development Plan 2024–30 in addressing these challenges. It aims to tighten fiscal policy by enhancing revenue mobilization, boosting spending efficiency, and strengthening public financial management and debt management. Monetary policy will remain appropriately tight, while maintaining a flexible exchange rate, and strengthening financial sector oversight and regulation, and building a strong financial safety net. The ECF arrangement will also support inclusive growth through targeted social spending and structural reforms, including by promoting gender equality, strengthening customs administration, building a strong social safety net, and bolstering governance, institutions, and the rule of law.
Keywords:
staff appraisal; cabinet minute; IMF staff representative; BSL rate; review of bank; Arrears; Budget planning and preparation; Global; Africa
Cover IMF Staff Country Reports
Ghana: Seventh and Eighth Reviews Under the Extended Credit Facility Arrangement and Request for Waivers of Nonobservance of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Ghana
International Monetary Fund. African Dept.
This paper discusses Ghana’s Seventh and Eighth Reviews Under the Extended Credit Facility Arrangement and Request for a Waiver of Nonobservance of Performance Criterion (PC). Ghana’s macroeconomic performance has significantly improved in the last two years under the ECF-supported program. The elevated debt burden and fiscal risks from the financial and energy sectors limit policy space. The large loss of foreign exchange reserves in 2018 is a pointed reminder of Ghana’s exposure to shifting investors’ sentiment and external shocks, amplified by the government’s still elevated financing needs. Ghana’s legacy of political budget cycles will test the authorities’ commitment to macroeconomic discipline and reform in 2020—a challenge that the authorities intend to face head on. Corrective measures have been put in place to address the PCs missed at end-June (three) and end-December (two) and the continuous PC on credit to the government by the Bank of Ghana.
Keywords:
ISCR; CR; FX management policy; supplementary information; revenue monetization; request; debt collateralization; parliament regulation; nonobservance of performance criteria; Financial sector; Fiscal stance; Fiscal risks; Global; West Africa; Sub-Saharan Africa
Cover IMF Staff Country Reports
Cote d'Ivoire: Staff Report for the 2018 Article IV Consultation and Third Reviews Under the Arrangement Under the Extended Credit Facility and Extended Arrangement Under the Extended Fund Facility, and Request for Modification of a Performance Criterion
International Monetary Fund. African Dept.
This IMF Staff Report highlights that the robust economic growth in Côte d’Ivoire is projected to continue in 2018. The inflation remains subdued. The program aims to achieve a sustainable balance of payments position, foster inclusive growth and poverty reduction, and create fiscal space for investing in priority infrastructure and social projects. Strong economic performance since 2012, with average annual growth of 9 percent, reflected the economic recovery following political normalization, improved business environment, strong program of reforms, and supportive fiscal policy. A key policy challenge is to sustain robust growth and make it more inclusive and private sector-driven. Robust medium-term growth is expected to be supported by domestic demand.
Keywords:
ISCR; CR; debt; government; summary debt service table; real GDP; government policy; summary table; Ivorian authority; fuel price mechanism; Tax administration core functions; West Africa; Sub-Saharan Africa; Global; Africa
Cover IMF Staff Country Reports
Ghana: Fifth and Sixth Reviews Under the Extended Credit Facility, Request for Waivers for Nonobservance of Performance Criteria, and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Ghana
International Monetary Fund. African Dept.
Program performance improved in 2017 and macroeconomic conditions have strengthened considerably. Growth increased on the back of expanded oil production; inflation declined; the fiscal deficit was significantly reduced, leading to a primary surplus for the first time in fifteen years; the exchange rate regained stability; and the external position improved, with a large reserve build-up. Challenges remain, though, as a still elevated (albeit declining) debt burden and the economy’s exposure to risks limit policy space; and progress in meeting structural benchmarks remains mixed. Program discussions focused on policies to lock in recent gains to secure continued stability and progress beyond the Fund-supported program (in line with the authorities' goal of "irreversibility" of sound policies).
Keywords:
ISCR; CR; arrears; GDP; authority; PC table; continued commitment; debt ratio; headline inflation; microfinance sector; Financial sector; Fiscal stance; Sub-Saharan Africa; Africa
Cover IMF Staff Country Reports
Ghana: Second Review Under the Extended Credit Facility Arrangement and Request for Waiver for Nonobservance of Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Ghana
International Monetary Fund. African Dept.
This paper discusses Ghana’s Second Review Under the Extended Credit Facility Arrangement and Request for Waiver for Nonobservance of Performance Criterion (PC). Program implementation has been broadly satisfactory to date, but the economic outlook remains difficult, and risks are tilted to the downside. All PCs were met at end-August 2015, with the exception of the continuous PC on nonaccumulation of external arrears, which was not observed owing to some small payments delays. The IMF staff supports the authorities’ request for a waiver for this, given the corrective actions that will be implemented to avoid new external arrears. The IMF staff recommends completion of the second review.
Keywords:
ISCR; CR; exchange rate; financing; debt; deficit; near-term financing risk; debt management strategy; disbursement of SDR; asset quality; financing mix; inflation expectation; Arrears; Budget planning and preparation; Global
Cover IMF Staff Country Reports
Burkina Faso: Staff Report for the 2014 Article IV Consultation, First Review Under the Three-Year Arrangement Under the Extended Credit Facility, and Request for Waiver and Modification of Performance Criteria
International Monetary Fund. African Dept.
EXECUTIVE SUMMARY Growth remains robust, despite slight downward revisions. Growth estimates for 2013 and projections for 2014 were revised to 6.6 and 6.8 percent, respectively, reflecting weather and weaker terms of trade. Inflation is around zero, partly due to subsidized food prices. The revised 2013 current account deficit rose to 7 percent of GDP, with a drawdown of imputed reserves. The 2013 fiscal deficit increased to 3.5 percent of GDP, reflecting weaker revenues and spending for subsidies, partly offset by higher grants. In line with 2011 Article IV recommendations, the authorities maintained a prudent fiscal stance, despite numerous shocks, and implemented structural reforms that have improved the resilience of agriculture, especially cotton. Social transfers have been bolstered to ensure the benefits of growth are better distributed. An updated external stability analysis shows that the exchange rate is broadly in line with fundamentals, and an updated joint debt sustainability analysis maintains a “moderate” risk of debt distress. Program performance has been satisfactory. The authorities are requesting a waiver for a non-observance in the performance criterion for net domestic financing at end-December 2013, with most other quantitative targets met and all structural benchmarks for end-January and end-March met. Program targets differ mainly due to higher budget support projections. The 3 percent fiscal deficit target for the medium term macroeconomic framework remains unchanged, although with a higher share of current spending. Policy discussions focused on composition and quality of spending, transfers to public enterprises, and natural resource revenues. The authorities recently submitted a supplemental budget that increases the share of current spending for a higher wage bill and more social and public enterprise transfers, but remains within program targets as a result of spending offsets and higher budget support. The authorities are proposing an audit of large public enterprises to estimate needs for the medium term, and inform reforms to reduce transfer needs. The National Assembly did not approve a new mining taxation code by end-2013 as expected, rather, the draft code was sent back to the authorities for further consideration of investors’ concerns.
Keywords:
ISCR; CR; authority; real GDP; deficit; authorities plan; alleviating growth constraint; EITI compliance; Executive Board assessment; Burkinabè authorities; Natural resources; Debt sustainability analysis; Public enterprises; West Africa; Sub-Saharan Africa; Global
Cover Policy Papers
FY2014-FY2016 Medium-Term Budget
International Monetary Fund
The proposed FY 14–16 Medium-Term Budget was formulated within the Fund’s strengthened strategic planning framework and seeks to align the allocation of resources to the delivery of institutional priorities. Despite the additional resources that have been provided to meet crisis demands, crisis related work and overall work pressures remain elevated. At the same time, available resources are not being fully utilized. Therefore, the budget strategy—instead of asking for further additional resources—is geared toward making more efficient use of existing resources to reduce work pressures and meet new demands.
Keywords:
PP; fy; staff; capital budget; overtime; work pressure; contingency reserve; budget envelope; budget formulation flow; resource allocation; staff position; total spending; budget proposal; budget strategy; Budget planning and preparation; Personal income; Total expenditures; Global
Cover IMF Staff Country Reports
Ghana: Combined First and Second Reviews Under the Arrangement Under the Extended Credit Facility, Request for Waiver of Nonobservance of Performance Criteria, Modification of Performance Criteria and Rephasing of Disbursements: Staff Report; Staff Statement and Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Ghana.
International Monetary Fund
Ghana’s growth of 3–4 percent in 2009 was about twice the estimated average for sub-Saharan Africa. Fiscal performance in 2009 was weaker than programmed, giving rise to substantial new domestic expenditure arrears. The Bank of Ghana (BoG) eased monetary conditions as inflationary pressures receded. Progress in reinvigorating structural reforms gained momentum through end-2009. Growth is projected to strengthen to 4–5 percent in 2010. For 2010, the authorities are targeting a budget deficit of 8 percent of GDP.
Keywords:
ISCR; CR; authority; smaller-than-programmed salary adjustment; net; deficit; revenue shortfall; ECF arrangement; public sector salary adjustment; Ghana's Public Utility Regulatory Commission; staff appraisal; Government debt management; Arrears; Oil; gas and mining taxes; Global; Sub-Saharan Africa
Cover IMF Staff Country Reports
Ghana: Poverty Reduction Strategy Paper: 2006 Annual Progress Report
International Monetary Fund
This paper presents key findings of the assessment of progress made in the implementation of policies outlined in the Growth and Poverty Reduction Strategy (GPRS II, 2006–2009) for Ghana. The paper provides an assessment on programs such as the Multi Donor Budget Support, the linkage between the 2006 Annual Budget and the GPRS II, performance toward the attainment of the Millennium Development Goals, and the African Peer Review Mechanism. The paper also discusses macroeconomic performance and economic governance in Ghana.
Keywords:
ISCR; CR; private sector; GPRS II; fiscal policy; inflation rate; car rental; Budget planning and preparation; West Africa; Africa; Global
Cover IMF Working Papers
Accounting Challenges for Semi-Autonomous Revenue Agencies in Developing Countries
Seth E. Terkper
The paper discusses the improvements which a semi-autonomous revenue agency (SARA) must make to its records to meet fiscal and financial accounting obligations. SARAs are legal entities, such as a service or a department, which are required to prepare accrual records that may diverge from a treasury's cash accounting records. Their records reflect revenues generated; budget funds for generating the revenues; and material programs administered for other agencies. The accounting records and financial statements (income statement, balance sheet and cash flow statement) must conform to generally-accepted accounting principles (GAAPs) or standards such as the International Public Sector Accounting Standards (IPSAS) of the International Federation of Accountants (IFAC)-and to the treatment of operating, investment and financing activities in the Government Finance Statistics (GFS) Manual.
Keywords:
WP; operating income; control account; balance sheet; tax revenue; working capital