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Business and Economics > Budgeting

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Cover IMF Staff Country Reports
Belgium: 2016 Article IV Consultation--Press Release; Staff Report
International Monetary Fund. European Dept.
This paper discusses economic development and policies of Belgium. The new government has taken important steps to support job creation and address the cost of aging—notably through wage moderation, pension reform, and a tax shift. But growth prospects remain mediocre, public debt very high, and the labor market severely fragmented. The central task is to achieve a lasting reduction in public debt while nurturing the recovery and social cohesion. The government’s goal of achieving structural fiscal balance by 2018 is laudable but ambitious—with almost two percent of GDP of measures yet to be identified. Tapping Belgium’s full labor market potential requires a comprehensive and inclusive jobs strategy.
Keywords:
ISCR; CR; government; reform; labor tax wedge; labor market fragmentation; reform progress; money market rate; terrorist financing risk; Labor markets; Employment; Wages; Global
Cover Policy Papers
Statement by the Managing Director on the Management Implementation Plan for the IEO Report on the Fund's Performance in the Run-Up to the Crisis
International Monetary Fund
The Management Implementation Plan puts forward a range of measures crucial to strengthening surveillance, carefully drawing on the IEO’s report and on the Triennial Surveillance Review (TSR). Yet stronger surveillance cannot be cast simply in terms of technical processes, such as those for better data, risk assessments, macro-financial integration, or messaging. Deeper and more difficult questions of institutional culture, of how we conduct our daily work, are also at play, and these too need to be answered. I will focus on two aspects of the task at hand: (1) breaking down silos; and (2) promoting diverse views/candor. I would like to share with you today some initiatives that the management team has sought to implement over the past nine months, to go over the initial results, and to propose a way forward with what remains to be done
Keywords:
PP; staff; fund staff; plan; management; staff diversity
Cover IMF Staff Country Reports
Montenegro: Staff Report for the 2012 Article IV Consultation
International Monetary Fund
This 2012 Article IV Consultation highlights that three years after the sudden end of Montenegro’s boom, there has been considerable progress toward recovery. Fiscal imbalances have proved difficult to rein in, reflecting a large fall in revenue after the collapse of the boom. Executive Directors have commended the authorities’ efforts to stabilize the economy, and welcomed the progress made since the financial crisis. Directors have also recognized the sizable public expenditure adjustment over the past few years, but underscored the need for further high-quality deficit reducing measures.
Keywords:
ISCR; CR; commercial bank loan; staff appraisal; IMF staff representative; financing risk; deficit; privatization contract; Loan guarantees; Labor markets; Europe; Global
Cover IMF Staff Country Reports
France: 2006 Article IV Consultation—Staff Report, Staff Supplement; and Public Information Notice on the Executive Board Discussion
International Monetary Fund
France’s economic short-term outlook is positive, and long-term prospects have improved. Fiscal adjustment remains high on the government’s agenda. Tax reforms have improved the economy’s growth potential. Reforms in financial, labor, and product markets are necessary to boost job creation, prepare the economy for aging, and allow it to benefit from global activity. The financial sector’s profitability and capitalization put it in a good position to manage increasing risks. Structural reforms in labor and product markets remain essential to boost long-term growth and secure fiscal sustainability.
Keywords:
ISCR; CR; headline inflation; deficit; director; government; firm; potential GDP; deficit outcome; product market; IMF staff estimate; spending growth; Labor markets; Employment; Minimum wages; Global; Europe
Cover IMF Staff Country Reports
Canada: 2006 Article IV Consultation—Staff Report; Staff Supplement; and Public Information Notice on the Executive Board Discussion
International Monetary Fund
Canada’s macroeconomic and policy performance has continued to outshine most other industrial countries, and its outlook remains favorable. The new government has pledged to maintain the strong social consensus in favor of fiscal surpluses, while aiming at enhancing incentives. The new budget should ensure that a prudent fiscal framework is maintained. The favorable domestic and external environment will boost the economy’s long-term growth potential. While the financial system appears well placed to support growth, there is still room to furthering its efficiency and resilience.
Keywords:
ISCR; CR; surplus; debt anchor; appreciation; asset price appreciation; budget review; participation rate; Canadian dollar; core inflation; Labor markets; Labor force participation; Employment; Global
Cover IMF Staff Country Reports
France: Staff Report for the 2005 Article IV Consultation
International Monetary Fund
This 2005 Article IV Consultation highlights that the cyclical recovery of the French economy was interrupted in the first half of 2005, as previously strong domestic demand faltered and the external sector continued to exert a drag on growth. In 2004, growth was faster and more consumption-driven than in other large euro area countries. Employment growth in hours, increases in minimum wages, and some fiscal measures supported private household incomes. The 2006 draft budget targets a reduction in the general government deficit to 2.9 percent of GDP.
Keywords:
ISCR; CR; spending; authority; price distortion; scenario; director; structural adjustment; headline inflation; GDP deflator; product market; job creation; product market reform; Labor markets; Employment; Unemployment; Global
Cover IMF Staff Country Reports
Republic of Poland: Selected Issues
International Monetary Fund
This Selected Issues paper examines the driving factors for the broad movements of investment over the past decade in Poland. After booming for half a decade, Poland’s investment plummeted during 2001–03 and has recovered only marginally since then. The paper provides a historical perspective on the evolution of economywide and sectoral investment in Poland, and briefly summarizes possible determinants of investment. It analyzes the determinants of investment more systematically using panel regressions based on sectoral data, and reports the results of in-sample and out-of-sample simulations.
Keywords:
ISCR; CR; GDP; Poland; deficit; government; investment; GDP target; asset accumulation; pension system; employment elasticity; state budget; Poland's debt ratio; Pension spending; Employment; Budget planning and preparation; Labor markets; Eastern Europe; Baltics; Europe; Global
Cover IMF Staff Country Reports
Italy: Staff Report for the 2004 Article IV Consultation
International Monetary Fund
This 2004 Article IV Consultation highlights that a cyclical recovery is under way for Italy, with real GDP having risen by 1.2 percent in the first three quarters of 2004 relative to the same period of the previous year, thanks to the favorable external environment and a recovery of investment. A package of corrective measures adopted in mid-2004 is likely to have proven sufficient to keep the fiscal deficit just below 3 percent of GDP last year. IMF staff forecasts growth of 1.5 percent in 2004 and 1.7 percent in 2005.
Keywords:
ISCR; CR; staff projection; deficit; debt; net borrowing; risks to sustainability; staff appraisal; deficit target; unemployment rate; GDP deflator; Pension reform; Labor markets; Europe; Global
Cover IMF Staff Country Reports
France: Staff Report for the 2004 Article IV Consultation
International Monetary Fund
The staff report for the 2004 Article IV Consultation on France highlights economic performance and near-term outlook and policies. On structural issues, a health care reform has established the key instruments to gain control over the system’s budget. Ongoing civil service reform and decentralization are providing the opportunity to realize efficiency gains. Pension and health care reforms have improved the long-term fiscal outlook against the background of the impending demographic shock, while ongoing reforms in product markets are likely to boost growth.
Keywords:
ISCR; CR; deficit; reform; structural adjustment; GDP inflation; government; growth-enhancing reform; deficit estimate; budget proposal; expenditure growth; product market; Fiscal consolidation; Fiscal stance; Employment; Labor markets; Africa
Cover IMF Staff Country Reports
Republic of Poland: Selected Issues
International Monetary Fund
This Selected Issues paper analyzes fiscal developments and the sustainability of the current fiscal stance in Poland. It analyzes fiscal risks and fiscal vulnerability by investigating the contingent liabilities of the government and by performing stress tests to gauge the exposure of the budget to fiscal risks. Using different approaches, the paper tries to determine the size of fiscal adjustment Poland needs to undertake to strengthen the fiscal position and to reduce exposure to fiscal risks to a more manageable level.
Keywords:
ISCR; CR; GDP; deficit; headline deficit; state budget; treasury guarantee; structural adjustment; deficit measure; borrowing requirement; take-home pay; elasticity in Poland; public finance entity; B. fiscal policy stance; Unemployment rate; Unemployment; Wages; Employment; Baltics