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Business and Economics > Budgeting

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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 IMF Staff Country Reports
Sierra Leone: Sixth Review Under the Extended Credit Facility Arrangement, Financing Assurances Review and Request for Waiver for Nonobservance of Performance Criteria-Press Release; and Staff Report
International Monetary Fund. African Dept.
This paper discusses Sierra Leone’s Sixth Review Under the Extended Credit Facility (ECF) Arrangement, Financing Assurances Review, and Request for Waiver for Nonobservance of Performance Criteria. Growth is expected to reach 6.5 percent in the medium term. However, risks to the outlook are firmly to the downside. Revenues are too low to finance key infrastructure projects. Iron ore production has become moderately profitable, but there is downside risk to iron ore prices. The IMF staff supports the authorities’ request for completion of the sixth (last) review of the ECF arrangement, as well as the request for a waiver for nonobservance of the continuous performance criteria on nonintroduction of multiple currency practices.
Keywords:
ISCR; CR; priority infrastructure project; leone; fuel; Sierra Leone's ECF arrangement; fund; debt policy; economic reform program; retail price; Budget planning and preparation; Imports; Global
Cover IMF Staff Country Reports
Sri Lanka: Third Post-Program Monitoring Discussion-Staff Report; Press Release; and Statement by the Executive Director for Sri Lanka
International Monetary Fund. Asia and Pacific Dept
This paper focuses on Sri Lanka’s Third Post-Program Monitoring Discussion. Sri Lanka’s recent macroeconomic performance has generally been strong but risks appear to be on the rise. Real GDP growth registered 7.4 percent in 2014. Growth was broad-based, with the exception of agriculture, which suffered from drought early in the year and heavy rains and flooding in the fourth quarter. Price pressures have been contained, with headline and core inflation declining to 2.1 and 1.2 percent, respectively, by end-year. The outlook is broadly stable but set against heightened downside risks.
Keywords:
ISCR; CR; headline inflation; core inflation; inflation expectation; government; deficit target; credit growth; growth momentum; Credit; Inflation; Budget planning and preparation; International reserves; Global; Central Asia; Europe
Cover IMF Staff Country Reports
Nepal: Request for Disbursement Under the Rapid Credit Facility
International Monetary Fund. Asia and Pacific Dept
This paper discusses Nepal’s Request for Disbursement Under the Rapid Credit Facility (RCF). Before the April 2015 earthquake, Nepal’s macroeconomic performance was broadly favorable but the government’s weak budget implementation capacity held back growth and propped up the external position. The authorities’ main challenge has been to boost their capacity to plan, prioritize, and implement capital spending. The authorities are requesting financial assistance under the IMF’s RCF to address the urgent balance of payments and fiscal needs associated with the rehabilitation and reconstruction efforts. The IMF staff supports the authorities’ request for a disbursement under the RCF in the amount of SDR 35.65 million.
Keywords:
ISCR; CR; authority; reconstruction effort; debt; real GDP; disbursement of SDR; Nepal authorities; discussion of Nepal; policy advice; executive board's approval; Budget planning and preparation; Capital budget; Budget execution and treasury management; Asia and Pacific
Cover IMF Staff Country Reports
Liberia: Request for Disbursement Under the Rapid Credit Facility and Debt Relief Under the Catastrophe Containment and Relief Trust
International Monetary Fund. African Dept.
This paper discusses Liberia’s Request for Disbursement Under the Rapid Credit Facility (RCF) and Debt Relief Under the Catastrophe Containment and Relief (CCR) Trust. Economic activity has declined significantly, and fiscal and external financing needs are more pronounced than envisaged at the time of the Extended Credit Facility (ECF) augmentation. The authorities remain committed to the broad objectives of the ECF program. The IMF staff recommends approval of the authorities’ requests for a disbursement under the RCF and debt relief under the CCR Trust given the extensive economic damage caused by the Ebola outbreak and based on the authorities’ updated policy intentions and commitments.
Keywords:
ISCR; CR; Ebola outbreak; financing; financing gap; authority; spending priority; Ebola crisis; Ebola epidemic; Ebola; Budget planning and preparation; Imports; Credit; Global
Cover IMF Staff Country Reports
Malawi: 2012 Article IV Consultation and Request for a New Arrangement Under the Extended Credit Facility: Staff Report; Staff Supplements; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Malawi.
International Monetary Fund
The Malawian economy is slowly recovering, thanks to corrective measures such as the floating exchange rate regime and liberated current account transactions. Stringent fiscal discipline, restrained monetary policies, and boosting of international reserves have been suggested as measures for controlling inflation and stabilizing the macroeconomy. Operation power and freedom for results-based management (RBM) and implementation of Malawi Growth and Development Strategy II (MGDS-II) are also suggested by the Executive Board. Measures to ensure revenue gain concurrent with spending have also been recommended.
Keywords:
ISCR; CR; ECF arrangement; government; devaluation; equivalent; current account transaction; second growth; amount equivalent to SDR; anchor inflation expectation; floating exchange rate regime; prudent fiscal policy; International reserves; Budget planning and preparation; Imports; Global
Cover IMF Staff Country Reports
Sri Lanka: Second and Third Reviews Under the Stand-By Arrangement-Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Sri Lanka.
International Monetary Fund
Economic conditions are improving in Sri Lanka, and are likely to show strong growth. The current account remains strong, and tourism arrivals are rapidly improving. Monetary conditions are stable, and the central bank’s policy stance is appropriate. Reforming the board of investment will address the factors that have eroded the tax base and discouraged domestic investors. Fiscal policy adjustment is needed. Tax reform will put in place legislative changes to permanently reform tax concessions. Financial sector reform has continued in line with the program.
Keywords:
ISCR; CR; concession regime; authority; tax concession; authorities' reform agenda; administration structure; budget proposal; Sri Lankan authorities; monetary policy stance; interest rate regime; Budget planning and preparation; Imports; Debt reduction; Global; Asia and Pacific; Central Asia
Cover IMF Staff Country Reports
Islamic Republic of Afghanistan: Sixth Review Under the Arrangement Under the Poverty Reduction and Growth Facility, Request for Waiver of Nonobservance of a Performance Criterion, Modification and Performance Criteria, and Rephasing and Extension of the Arrangement
International Monetary Fund
This paper examines Afghanistan’s Sixth Review under the arrangement under the Poverty Reduction and Growth Facility. The growth of currency in circulation has been carefully managed to support the decline in inflation from double-digit levels in 2008. Reserve money, however, has been volatile, primarily because of unexpected changes in coalition forces’ deposits. Money demand remained strong as evidenced by the decline in inflation and a nominal appreciation of the Afghani. The authorities have also been implementing a short-term revenue action plan with measures aimed at limiting corruption.
Keywords:
ISCR; CR; growth facility; Rephasing; request; extension of the arrangement; inflation development; nonobservance of a performance criterion; revenue performance; Budget planning and preparation; Public enterprises; Imports
Cover IMF Staff Country Reports
Iraq: Third and Fourth Reviews Under the Stand-By Arrangement, Financing Assurances Review, and Requests for Extension of the Arrangement and for Waiver of Nonobservance of a Performance Criterion
International Monetary Fund
This paper discusses key findings of the Third and Fourth Reviews Under the Stand-By Arrangement (SBA) for Iraq. Economic growth in 2006 was below target because oil production did not increase as projected. This reflected lower-than-planned investment and the lack of security. Inflation increased to 65 percent in 2006 to December 2006. This was mainly owing to shortages of key commodities, caused in part by the ongoing insurgency. The underlying rate of inflation has also remained high.
Keywords:
ISCR; CR; government; IMF arrangement; fuel product; government import; Iraq; revolving government credit; authorities request; oil wealth; Oil; Budget planning and preparation; Imports; Middle East; North Africa; East Africa
Cover IMF Staff Country Reports
Vanuatu: 2006 Article IV Consultation: Staff Report; and Public Information Notice on the Executive Board Discussion
International Monetary Fund
This 2006 Article IV Consultation highlights that following two years of contraction, output growth in Vanuatu recovered beginning in 2003, spurred by stronger performance in construction and a pickup in tourist arrivals. Growth reached 7 percent in 2005 and an estimated 5½ percent in 2006, well above the average for Pacific island countries. The overall external balance has benefited from rising foreign direct investment, aid, and private capital inflows, with reserves increasing to more than 7 months of imports. If good macroeconomic policies continue and political stability is maintained, near-term prospects are positive.
Keywords:
ISCR; CR; government; government finance; supervision; Vanuatu; Vanuatu authorities; basket exchange rate peg system; authorities initiative; placing Vanuatu; Public sector wages; Imports; Government wage bill; Budget planning and preparation; Pacific Islands