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Business and Economics > Budgeting

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Cover IMF Staff Country Reports
Pakistan: First Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Pakistan
International Monetary Fund. Middle East and Central Asia Dept.
This paper discusses Pakistan’s First Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria. Pakistan’s program is on track and has started to bear fruit. However, risks remain elevated. Strong ownership and steadfast reform implementation are critical to entrench macroeconomic stability and support robust and balanced growth. The authorities are committed to sustaining the progress on fiscal adjustment to place debt on a downward path. The planned reforms include strengthening tax revenue mobilization, including the elimination of tax exemptions and loopholes, and prudent expenditure policies. Preparations for a comprehensive tax policy reform should start early to ensure timely implementation. The authorities have adopted a comprehensive plan to address the accumulation of arrears in the power sector. Its full implementation is key to improve collection, reduce losses, and enhance governance. Timely and regular adjustment of energy tariffs will bring the sector in line with cost recovery.
Keywords:
ISCR; CR; exchange rate; government; reform implementation; implementation; SDR; private sector investment; government effort; reform of the state-owned enterprise sector; Pakistani authorities; economic reform reform program; Budget planning and preparation; Tariffs; Global; Asia and Pacific
Cover IMF Staff Country Reports
Ukraine: Technical Assistance Report-State-Owned Enterprises–Fiscal Risk Management
International Monetary Fund. Fiscal Affairs Dept.
This Technical Assistance Paper on Ukraine highlights that good progress has been made in improving the disclosure and management of fiscal risks since the embedding of fiscal risks in the Budget Code in December 2018. The mission refined the financial model to analyze risks relating to Naftogaz that had been developed on the October 2018 mission. Despite updating the assumptions, the modelling still shows that the anticipated loss of transit gas revenue will have a significant negative impact on the Ukraine budget from January 2020. Appropriate mitigating action could ameliorate this negative impact, but there will still be a significant reduction in the inflows to the budget from Naftogaz. The next steps recommended by the mission include that Naftogaz, Ukrainian Railways and Energoatom models should be discussed with the State-owned Enterprises (SOE) and refined and that coverage should be expanded to include other major SOEs.
Keywords:
ISCR; CR; Energoatom; Naftogaz; result; cash deficit; cost; Energoatom model; budget declaration; financing cost; maintenance result; MoF power; results in breakdown; Fiscal risks; Budget planning and preparation; Tariffs; Capital spending; Financial statements
Cover IMF Staff Country Reports
Republic of Moldova: Request for an Extended Arrangement Under the Extended Fund Facility and an Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova
International Monetary Fund. European Dept.
Since late 2014, Moldova’s economy has been hit by a number of domestic and external shocks. Chief among them is the exposure of extensive and well-orchestrated fraud in the banking system, resulting in the closure of three banks at a public cost of 10 percent of GDP. During the following period, confidence collapsed, external concessional financing largely froze, and international reserves fell by one-third, prompting significant tightening of monetary conditions. Domestic political turmoil, marked by three changes in government, constrained solutions and delayed collaboration with the international community on possible financial support.
Keywords:
ISCR; CR; government; Moldova; reform agenda; banking reform; shareholder; revenue base; credit portfolio; IMF staff estimate; Fiscal risks; Budget planning and preparation; International reserves; Tariffs; Europe
Cover IMF Staff Country Reports
Pakistan: Second Review and Request for the Augmentation of Access Under the Stand-By Arrangement: Staff Report; Staff Supplement; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Pakistan
International Monetary Fund
This paper discusses key findings of the Second Review for Pakistan and a request for the augmentation of access under the Stand-By Arrangement. Program performance has been mixed. All end-March quantitative performance criteria were met, but structural reform has been slower than programmed. The authorities indicated that the fiscal deficit ceiling may have been exceeded by 0.9 percent of GDP and, therefore, request a waiver of nonobservance for the related end-June 2009 performance criterion. The authorities also request waivers of applicability for other end-June quantitative performance criteria.
Keywords:
ISCR; CR; Pakistan; SBP overdraft; financial support; Gra; staff appraisal; growth potential; Pakistan's economy; government request; Debt service; Tariffs; Budget planning and preparation; Global
Cover IMF Staff Country Reports
Republic of Palau: Selected Issues and Statistical Appendix
International Monetary Fund
The report discusses the needed fiscal adjustment under the no Compact renewal and Compact renewal scenarios, respectively. The report also discusses the IMF estimates and projections of the Republic of Palau's selected social indicators, 1995 and 2000–07; gross domestic product during 2002–07; national government debt and debt service, 1999/00–2006/07; national government budgetary operations, 2001/02–2007/08; national government expenditure, 2001/02–2006/07; details of assets and liabilities; operating accounts of the national development bank of palau; financial positions of the civil service pension fund, 2000/01; 2006/07, etc.
Keywords:
ISCR; CR; tax; trust fund; GDP; rate of return; budget constraint; grant assistance; compact grant; trust fund level; expenditure cut; budget balance; Extra-budgetary funds; Consumption taxes; Tariffs; Pacific Islands
Cover IMF Staff Country Reports
Republic of Moldova: 2007 Article IV Consultation and Third Review Under the Three: Year Arrangement Under the Poverty Reduction and Growth Facility: Staff Report; Staff Supplement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Moldova
International Monetary Fund
Moldova showed improved growth prospects and decline in poverty despite a series of consecutive shocks under the economic program. Executive Directors commended the balanced macroeconomic policies and urged to maintain macroeconomic stability. They also appreciated the strong monetary policy by National Bank of Moldova (NBM), disciplined fiscal policies, financial sector stability and consolidation of education and health care networks, and stressed the need to strengthen tax administration while maintaining the deficit target. The need for modernization of energy sector and effective implementation of Anti Money Laundering and Combating the Financing of Terrorism (AML/CLT) law were also found to be essential.
Keywords:
ISCR; CR; annex; state; growth; PRGF arrangement; State tax inspectorate; reform effort; growth Facility-Informational annex; authorities' reform effort; Tariffs; Privatization; Budget planning and preparation; Eastern Europe; Europe
Cover IMF Staff Country Reports
Republic of Madagascar: First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver and Modification of Performance Criteria
International Monetary Fund
The staff report for the First Review Under the Three-Year Arrangement for the Republic of Madagascar reviews economic and financial policies. The 2007 economic program is designed to sustain growth, promote fiscal consolidation, and reduce poverty while keeping inflation to single digits and reducing the economy’s vulnerability to shocks. Central bank interventions will be limited to smoothing large variations in the exchange rate and meeting the program’s foreign reserve target. Planned spending reductions should offset any shortfall in revenues, which would allow the domestic financing target to be met.
Keywords:
ISCR; CR; revenue target; authority; tax arrears; revenue shortfall; PRGF loan; staff appraisal; inflation objective; Budget planning and preparation; Tariffs; Africa; Southern Africa; Global
Cover Policy Papers
Mauritius - Assessment Letter in the Context of the Aid for Trade Initiative
International Monetary Fund
This note presents the IMF staff’s assessment of recent macroeconomic developments in Mauritius and the authorities’ reform strategy to address the negative impact of the loss of preferential access for the textile and sugar sectors and to raise potential growth. Drawing on the findings of an IMF staff visit to Mauritius in August 2006, it also updates the most recent staff report on the 2005 Article IV consultation discussed by the Executive Board on December 2, 2005 (published as Country Report No. 06/209.
Keywords:
PP; price; government; reform strategy; labor market; rate; authorities' labor market strategy; reform agenda; Tariffs; Budget planning and preparation; Government debt management; Terms of trade
Cover Policy Papers
Trade Progress Report - Doha Development Agenda and Aid for Trade
International Monetary Fund
Updates the Board on progress in the WTO negotiations under the Doha Development Agenda in the run-up to the Hong Kong SAR Ministerial in December, and presents proposals on aid for trade to be submitted to the Development Committee and International Monetary and Finance Committee in September as requested during the spring meetings.
Keywords:
PP; Doha round; trade; country; fund; liberalization; DDA trade reform; trade openness; liberalization in the Doha Round; fund staff; WTO member; PRS process; Doha declaration; advocate trade; country nibs; WTO database; world trade; fund lending; Trade facilitation; Tariffs; Trade policy; Agricultural sector; Global
Cover IMF Staff Country Reports
Uganda: Third Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver of Performance Criteria—Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Uganda
International Monetary Fund
This paper assesses Uganda’s Third Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF) and Request for Waiver of Performance Criteria. The fiscal program was broadly on track in 2003/04. Performance under the PRGF-supported program was mixed. Despite some slippages, most quantitative performance criteria were observed for December 2003, and there has been progress in the implementation of structural measures. The authorities are requesting waivers for nonobservance of four performance criteria based on corrective actions taken.
Keywords:
ISCR; CR; government; SDR; PRGF loan; PRGF; complying disbursement; government team; PRGF arrangement; reducing interest rate volatility; Arrears; Budget planning and preparation; Tariffs; East Africa