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Business and Economics > Budgeting

You are looking at 1 - 10 of 1,199 items for :

  • Type: Journal Issue x
  • National Government Expenditures and Related Policies: General x
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Cover IMF Staff Country Reports
Solomon Islands: Selected Issues
International Monetary Fund. Asia and Pacific Dept
2024 Selected Issues
Keywords:
government debt data; Solomon Islands' challenge; effectiveness of Solomon islands; D. enhancing effectiveness; debt anchor; Budget planning and preparation; Fiscal governance; Government finance statistics; Global
Cover IMF Staff Country Reports
Solomon Islands: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Solomon Islands
International Monetary Fund. Asia and Pacific Dept
Solomon Islands has weathered the shocks of civil unrest, pandemic, and commodity price hikes, and achieved the milestones of hosting the Pacific Games in late 2023 and conducting peaceful general elections in April 2024. These achievements have raised the country's profile and strengthened national unity, but with costs—public debt has nearly tripled since before the pandemic, and the government's cash reserves have been significantly depleted. While staff expects continued modest growth in 2024 and 2025, medium-term growth prospects appear moderate and fiscal and current account deficits are expected to persist. Now is the time for the authorities to advance reforms to tackle the perennial challenge of stagnant per-capita income growth, while ensuring fiscal sustainability and resilience.
Keywords:
CBSI assessment; CBSI approval; government estimate; Solomon Islands' economy; article IV consultation discussion; Budget planning and preparation; Asia and Pacific; Pacific Islands; Global
Cover Technical Assistance Reports
Slovak Republic: Technical Assistance Report-Next Phase of Spending Reviews
International Monetary Fund. Fiscal Affairs Dept.
Slovak Republic has made significant progress in institutionalizing spending reviews, having completed spending reviews covering 64 percent of total public spending since initiating the spending review project eight years ago. Despite progress, challenges remain, and important choices will need to be made going forward to enhance the budgetary impact of spending reviews. This may be done through more targeted spending reviews, a more comprehensive analysis of potential measures, strengthened coordination within the Ministry of Finance and with line ministries, as well as their better integration into the budget cycle.
Keywords:
Spending reviews; expenditure reviews; expenditure efficiency; value for money; budgeting; fiscal consolidation; Slovak Republic.; IMF FAD mission; IMF's Fiscal Affairs Department; instrumentalities of the TA recipient; World Bank staff; line ministry budget unit; Public expenditure review; Budget planning and preparation; Total expenditures
Cover IMF Staff Country Reports
Democratic Republic of Congo: Requests for an Arrangement Under the Extended Credit Facility and an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of Congo
International Monetary Fund. African Dept.
The authorities have requested a new ECF-supported program, to deepen reforms undertaken under the previous program (completed in July 2024). They have also requested a program under the Resilience and Sustainability Facility (RSF).
Keywords:
Congolese authorities; RSF arrangements modality; ECF program objective; IFC LPG DRC project; forest policy; DRC country climate; ECF access; Climate change; Budget planning and preparation; Global
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 High-Level Summary Technical Assistance Reports
Maldives: Mainstreaming Climate Change into Public Financial and Investment Management Green PFM and Climate PIMA
Ozlem Aydin
,
Claude P Wendling
,
Bryn Welham
,
Eivind Tandberg
, and
Juana Aristizabal
An IMF Team assessed the green public financial management (PFM) practices, drawing on the IMF’s Green PFM framework, and conducted a Climate Module of the Public Investment Management Assessment (C-PIMA) in the Maldives. It identified strengths related to the recent public investment management (PIM) reforms, but also several remaining priorities along the budget and investment cycle in the Maldives that affect the efficiency, and its capacity to respond to climate change-related challenges. The mission team makes six priority recommendations in integrating climate change considerations in PFM and PIM practices, prioritized based on the country's capacity, financial resources, and ongoing reform initiatives.
Keywords:
climate change consideration; IMF team; IMF's Green PFM framework; Green PFM practice; climate Pima; Climate change; Budget planning and preparation; Public Investment Management Assessment (PIMA)
Cover IMF Staff Country Reports
Republic of Serbia: Fourth Review Under the Stand-By Arrangement, Cancellation of the Stand-By Arrangement, and Request for a 36 Month Policy Coordination Instrument-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Serbia
International Monetary Fund. European Dept.
This paper presents Serbia’s Fourth Review under the Stand-By Arrangement, Cancellation of the Stand-By Arrangement (SBA), and Request for a 36 Month Policy Coordination Instrument (PCI). Under the SBA, Serbia pursued ambitious reforms, helping achieve strong macroeconomic outcomes and a first ever investment grade rating in October 2024. By building on these accomplishments, the PCI will support the authorities in their efforts to demonstrate continued commitment to sound policies, sustain reform momentum, and anchor fiscal discipline. Under the PCI, public debt is slated to decline to 45 percent of gross domestic product (GDP) in 2025 and lower thereafter, balancing continued fiscal prudence with spending needs, including for public investment. Further progress with fiscal-structural and state-owned enterprise reforms will be crucial complements to fiscal discipline. A restrictive monetary policy stance will help guard against upside inflation risks. The stabilized exchange rate has served Serbia well, but greater flexibility could be considered over time.
Keywords:
tolerance band; SBA review; investment sentiment; energy investment needs; NBS decision; Budget planning and preparation; Loans; Global
Cover IMF Staff Country Reports
Haiti: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Haiti
International Monetary Fund. Western Hemisphere Dept.
The 2024 Article IV Consultation highlights that Haiti faces an unprecedented multidimensional crisis encompassing humanitarian, economic, social, and security problems. The economy has a low tax base and a large informal sector that relies heavily on volatile remittance flows. Haiti’s macroeconomic outlook is challenging and subject to elevated uncertainty. The supply-side shock caused by the security crisis would continue to greatly affect growth and feed inflation unless the security outlook improves. The analytical work underpinning the policy discussions, prepared by staff in agreement with the authorities, focuses on strengthening policy frameworks to enhance resilience. The report recommends implementing the budget for FY2025 and keeps the monetary financing of the budget to zero, consistent with the objective of price stability. It is also recommended to provide more timely data to the IMF and enhance data transparency through timeline publication of core economic data. It can also be beneficial to adopt measures to strengthen revenue collection, expenditure management and controls and increase budget allocations for social spending and for protecting the most vulnerable—and assess their impact.
Keywords:
IMF team; staff appraisal; IMF staff representative; former minister of economy; Advisor work; Debt sustainability; Caribbean; Western Hemisphere
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 Technical Assistance Reports
Pakistan: Technical Assistance Report-Improving Budget Practices
International Monetary Fund. Fiscal Affairs Dept.
Pakistan’s tight fiscal situation will require strong control over the budget in coming years. This report provides recommendations on steps to strengthen the country’s fiscal institutions to deliver a more credible budget, tighten its execution and prevent policy slippages. It also advises on how to digitalize the budget process to improve monitoring and reporting.
Keywords:
Pakistan; budget credibility; digitalization; supplementary grants; budget process.; call circular; IMF resident representative; FAD team; IMF's Fiscal Affairs Department; FCDO staff; FAD expert; Budget planning and preparation; Budget execution and treasury management; Budget execution processes; Macroeconomic and fiscal forecasts; Africa