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Business and Economics > Budgeting

You are looking at 1 - 10 of 471 items for :

  • Type: Journal Issue x
  • Taxation, Subsidies, and Revenue: General x
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Cover IMF Staff Country Reports
Qatar: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Qatar
International Monetary Fund. Middle East and Central Asia Dept.
Growth normalization after the 2022 FIFA World Cup continued with signs of activities strengthening more recently. Fiscal and external surpluses softened mainly due to lower hydrocarbon prices. Banks are healthy but pockets of vulnerabilities remain. Reform momentum has strengthened, guided by the Third National Development Strategy (NDS3).
Keywords:
Qatar national; holdings of SDR; Qatari economy well; headline inflation; hydrocarbon price; Anti-money laundering and combating the financing of terrorism (AML/CFT); Public sector; Capital spending; Global
Cover IMF Staff Country Reports
Liberia: First Review Under the Extended Credit Facility Arrangement and Request for a Waiver of Nonobservance of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Liberia
International Monetary Fund. African Dept.
Liberia continues to face substantial long-term development challenges. Resource constraints and substantial gaps in infrastructure and human capital have hindered Liberia’s growth prospects and the authorities’ efforts to improve living standards. Addressing these challenges will require sustained efforts to mobilize additional revenues, enhance financial stability, improve public financial management, and seek external grants and highly concessional loans for key capital investment projects. Improvements in these areas would help create fiscal space to scale up investment in infrastructure and human capital, thus unleashing the country’s growth potential.
Keywords:
Liberian authorities; budget proposal; governance reform; CBL liquidity management operation; reform agenda; Policy discussion; governance shortcoming; IMF's transparency policy; Budget planning and preparation; Credit; Global; West Africa; Africa
Cover IMF Working Papers
Is Tax Policy Costly Industrial Policy in Mozambique?
Santos Bila
,
Utkarsh Kumar
, and
Alexis Meyer-Cirkel
This paper analyzes the use of tax policy as industrial policy in Mozambique. Despite significant foregone tax revenue due to industrial policy in the form of tax incentives, the effectiveness of Mozambique's tax policy remains questionable due to insufficient data and unclear public policy strategy. Through an examination of macro data, tax reports, and data from World Bank Enterprise Surveys, the note underscores the need for a thorough reassessment of existing tax measures. It advocates for a more strategic, targeted and evidence-based design of tax incentives that deliver on industrial policy goals.
Keywords:
Tax Policy; Industrial Policy; Mozambique; Tax Incentives; Foreign Direct Investment (FDI); Revenue Mobilization; Market Distortions; Fiscal Expenditure; Domestic Investment; Mozambique's tax policy; tax report; firm Age; firms in Maputo; accelerated depreciation; Tax expenditures; Corporate income tax; Special economic zones; Global; Africa; Sub-Saharan Africa
Cover IMF Staff Country Reports
The Gambia: Second Review Under the Extended Credit Facility Arrangement, Requests for A Waiver of Nonobservance of Performance Criterion, Modifications of Performance Criteria and Indicative Targets, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for The Gambia
International Monetary Fund. African Dept.
The Gambia hosted the 15th Summit of the Organization of Islamic Cooperation (OIC) in early May 2024—the second largest intergovernmental organization in the world. Economic recovery is strengthening, while inflation has trended down, albeit slowly. Despite strong revenue collection efforts, the fiscal outcome for 2024H1 was weighed down by the costs of hosting the OIC Summit and emergency support to the National Water and Electricity Corporation (NAWEC). The foreign exchange market continues to function smoothly, and foreign reserves remain at a comfortable level. Structural reforms are advancing. The economic outlook is subject to large downside risks, particularly owing to global geopolitical tensions.
Keywords:
procurement authority; headline inflation; ECF arrangement; Policy discussion; introduced foreign exchange policy; Budget planning and preparation; Global; Middle East
Cover IMF Staff Country Reports
Benin: Fifth Review under the Extended Fund Facility and the Extended Credit Facility Arrangements, and the Second Review under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Benin
International Monetary Fund. African Dept.
This paper presents IMF’s Fifth Review under the Extended Fund Facility (EFF) and the Extended Credit Facility (ECF) Arrangements, and the Second Review under the Resilience and Sustainability Facility (RSF) for Benin. New industries are emerging in Benin, with higher value-added goods’ exports and momentum in information technology and tourism. The 2025 budget recently adopted by Parliament targets compliance with the West African Economic and Monetary Union (WAEMU) fiscal deficit norm of 3 percent of gross domestic product, supported by sustained domestic revenue mobilization and scaling up social spending. The adoption of a predictable mechanism for fuel products that accounts for the specificities of Benin’s local fuel market as well as the related compensatory mechanism is welcome. Early implementation of those schemes will be important. A key challenge ahead for Benin is to further strengthen inclusive policies for an economic transformation that generates jobs and benefits all Beninese.
Keywords:
deficit norm; spending restraint; staff appraisal; services deficit; reform effort; RSF arrangement; Debt sustainability analysis; Capital spending; West Africa; Global; Africa
Cover IMF Staff Country Reports
Kenya: Seventh and Eighth Reviews Under the Extended Fund Facility and Extended Credit Facility Arrangements, Requests for Reduction of Access, Augmentation and Rephasing of Access Under the Arrangements, Modifications of Performance Criteria, Waiver of Nonobservance of Performance Criteria, and Review Under the Resilience and Sustainability Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Kenya
International Monetary Fund. African Dept.
This paper analyzes Kenya’s Seventh and Eighth Reviews under the Extended Fund Facility and Extended Credit Facility Arrangements, Requests for Reduction of Access, Augmentation and Rephasing of Access under the Arrangements, Modifications of Performance Criteria, Waiver of Nonobservance of Performance Criteria, and Review under the Resilience and Sustainability Facility Arrangement. Resolution of the exceptional external financing pressure earlier this year has revived market confidence, aided stabilization of the shilling, and enabled a faster buildup of foreign exchange reserves. However, large revenue shortfalls in FY2023/24 and pushback against revenue measures owing to governance concerns pose a challenge to the ongoing fiscal consolidation efforts. The Kenyan authorities face a difficult balancing act of boosting domestic revenues to protect critical spending in priority areas while meeting heavy debt service obligations. Delivering on this would call for improving governance and transparency to restore public trust in the effective use of public resources. Timely identification and deployment of fiscal contingency measures, as needed, maintaining prudent policies, recalibration of access, and a tailored capacity development strategy to help deliver on the reform agenda could somewhat help mitigate the elevated enterprise risks, including financial risks to the IMF. Success in climate finance mobilization efforts presents an upside to investments in climate resilience.
Keywords:
ECF arrangement; government initiative; implementation framework; Mombasa climate change action plan; ECF review; Debt sustainability analysis; Debt sustainability; Global; Africa
Cover Technical Assistance Reports
Colombia: Technical Assistance Report-Scoping Mission to Develop Macroeconomic Forecasting Capacity at the Autonomous Committee for the Fiscal Rule (CARF)
International Monetary Fund. Institute for Capacity Development
In response to a request from the Ministry of Finance and the Central Bank, staff from the IMF´s Institute for Capacity Development (ICD) conducted diagnostic work and provided insights to enhance the Autonomous Committee for the Fiscal Rule (CARF)'s technical capacity. This report emphasizes a comprehensive action plan agreed with CARF to develop and institutionalize a new macroeconomic framework using ICD´s Comprehensive Adaptive Expectations Model, integrated with CARF's tools. Anticipated to boost CARF's ability in generating accurate macroeconomic projections and assessments, this macroeconomic framework supports Colombia's policy development and implementation. The plan includes a two-year timetable with virtual engagements and in-person missions, aiming to transfer knowledge and build capacity among CARF's economists.
Keywords:
Evaluation and Selection; Forecasting and Other Model Applications; Forecasting and Simulation: Models and Applications; General Macroeconomic Policy; Fiscal Policy; Planning Models; Planning Policy; Fiscal and Monetary Policy in Development; Technical Assistance; Capacity Development; High Level Summary; Fiscal Council; Independent Fiscal Institution.; CARF team; CARF staff; satellite model; CARF authorities; staff turnover; Macroeconomic and fiscal forecasts; Fiscal rules; Medium-term budget frameworks
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
Democratic Republic of the Congo: Selected Issues
International Monetary Fund. African Dept.
This paper analyzes domestic revenue mobilization in the Democratic Republic of the Congo (DRC) and offers options to strengthen it. Domestic revenue mobilization (DRM) in the DRC has improved during the Extended Credit Facility ECF program, standing at 13.7 percent over gross domestic product (GDP) in 2023, though it remains persistently low relative to peer countries. The recent improvements in revenue mobilization have been driven by stronger corporate income taxation (particularly stemming from the extractive sector). A comparison between DRC’s and peer countries’ tax structure points to significant room for boosting domestic revenues with stronger mobilization of personal income taxes, taxes on international trade and transactions and goods and services. In addition, the country’s tax potential (estimated on the basis of its structural characteristics and a stochastic frontier model) points to significant scope for improving tax-to-GDP ratio, by about 10 percentage points under more efficient tax policy and tax collection. Finally, tax administration reforms based on recommendations from the recently published the Tax Administration Diagnostic Assessment Tool report can significantly contribute to boosting DRM, with particular focus on tax-avoidance in the mining sector.
Keywords:
spending credibility; General Public service; DRC mining sector revenue; DRC authorities; budget credibility; implemented budget; Revenue mobilization; Budget planning and preparation; Tax administration core functions; Sub-Saharan Africa