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Business and Economics > Budgeting

You are looking at 1 - 10 of 51 items for :

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Cover IMF How To Notes
How to Prepare Expenditure Baselines
Mr. Claude P Wendling
,
Ms. Eliko Pedastsaar
, and
Mr. Fazeer Sheik Rahim
Expenditure baseline projections (hereafter, “base¬lines”) are a key analytical concept in budget preparation that refers to estimates of future expenditure on the assumption that current policies remain unchanged. They serve as reference points against which other data, such as proposed or approved budgets, or expenditure ceilings, can be compared. In many countries they are a basic tool for starting the preparation of the budget. They represent neither future spending allocations nor total expected outturn as they do not incorporate estimates of the cost of new policies and the expected impact of saving measures. Other features of baselines are that they are generally produced over a multiyear period, they can be calcu¬lated at any level or form of the budget classification (that is, ministries, economic classification, specific policies, functions or programs), and can be summed up to higher levels (such as the whole budget). Hence, they can be useful at both a micro and an aggregate level. This note aims to clarify and establish a framework that covers baselines’ various purposes and uses. It first discusses the definition and objectives of baselines and the methodology used for producing them before outlining how they should be prepared. It concludes with a discussion of the key success factors for making the most effective use of baselines.
Keywords:
expenditure baselines; economic policies; ministry of finance; line ministries and agencies; social welfare; pension spending; budget frameworks; expenditure baseline; publication order; publication service; baseline projection; spending needs; baseline expenditure; budget negotiations; Budget planning and preparation; Wages; Fiscal space; Wage adjustments; Africa
Cover IMF Staff Country Reports
Kingdom of Lesotho: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Kingdom of Lesotho
International Monetary Fund. African Dept.
This 2019 Article IV Consultation highlights that while international reserves are at adequate levels and banks remain well-capitalized in the Republic of Lesotho, domestic arrears are beginning to impact the broader economy, exacerbating growth challenges posed by structural impediments. The recently passed FY2019/20 budget envisages an ambitious consolidation that could begin to lay the groundwork for a transition to private-sector driven growth. Construction related to the second phase of the Lesotho Highlands Water Project will support medium-term growth, and the diamond and textile industries have positive prospects. Fiscal adjustment is needed to address government arrears, buttress debt sustainability, and safeguard the link to the rand. Generating strong and inclusive growth will require improved public service delivery and the private sector to become the primary engine of job creation. Better targeting of the government’s resources, Public Financial Management reforms, and reorienting both expenditures and the role of government in the economy will be critical to achieve these goals.
Keywords:
ISCR; CR; government; Lesotho; government payment arrears; payment arrears; Our Lesotho authorities; liability positions vis-à-vis nonresident; SACU revenue; balance of payments weakness; Government finance statistics; Budget planning and preparation; Africa; Southern Africa; Global; transparency policy
Cover IMF Staff Country Reports
Burkina Faso: 2018 Article IV Consultation; First Review Under the Extended Credit Facility Arrangement; Request for Waiver for Nonobservance of a Performance Criterion, and Modification of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Burkina Faso
International Monetary Fund. African Dept.
Burkina Faso faces large social and physical infrastructure gaps, a deteriorating security situation, and unease among the rapidly-expanding population about economic prospects. Growth has been robust, averaging more than 6 percent over the past two years. Activity has been supported by expansionary fiscal policy, including from a boost to capital spending in 2017. Revenue has not increased as expected and the wage bill has been rising.
Keywords:
ISCR; CR; center; IMF's Extended Credit Facility; authority
Cover IMF Staff Country Reports
Burkina Faso: 2018 Article IV Consultation; First Review Under the Extended Credit Facility Arrangement; Request for Waiver for Nonobservance of a Performance Criterion, and Modification of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Burkina Faso
International Monetary Fund. African Dept.
Burkina Faso faces large social and physical infrastructure gaps, a deteriorating security situation, and unease among the rapidly-expanding population about economic prospects. Growth has been robust, averaging more than 6 percent over the past two years. Activity has been supported by expansionary fiscal policy, including from a boost to capital spending in 2017. Revenue has not increased as expected and the wage bill has been rising.
Keywords:
ISCR; CR; center; IMF's Extended Credit Facility; authority; wage bill; public-sector compensation reform; security spending; executive board discussion; Burkina Faso's program; anti-corruption authority; Government debt management; Wages; West Africa; Global; Sub-Saharan Africa
Cover IMF Staff Country Reports
Republic of Estonia: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper analyzes the drivers of wage growth and inflation in Estonia. The analysis reveals that the role played by the inflation and inflation expectations in Estonia is different from those of the EU15. The impact of inflation on wage formation is smaller than in larger and richer countries with lower inflation volatility. This has limited the downward pressure on wages during the period of very low inflation in 2014–16. Although there has been an episode of wage growth leading inflation before the global financial crisis, the current simultaneous acceleration in prices and wages is not evidence of a developing wage-price spiral, as a significant share of the increase in inflation is owing to exogenous factors.
Keywords:
ISCR; CR; pay; state; wage growth; minimum wage; EU average; spiral emerging; IMF staff calculation; gender pay gap; Wages; Public investment spending; Budget planning and preparation; Labor markets; Baltics; Western Europe; Europe
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 IMF Staff Country Reports
Denmark: Selected Issues Paper
International Monetary Fund. European Dept.
Denmark’s public expenditure as a share of GDP is the highest in the OECD. The main difference between Denmark and the median OECD country is the larger amount of social protection expenditure. The public health expenditure of Denmark is the second highest in the OECD. Following years of strong public capital accumulation in facilities as well as in training, education, and research, Denmark’s expenditure on public investment is now low. The composition of Denmark’s expenditures is broadly in line with the high expenditure countries.
Keywords:
ISCR; CR; Denmark; bank; price level; market; labor cost share; bank assets; market CDS; OECD average; rate intervention; money market rate; market liquidity; a number of bank stabilization package; public expenditure; Government liabilities; Labor costs; Mortgages; Loans; Global; Europe; Central and Eastern Europe; Middle East; Asia and Pacific
Cover IMF Staff Country Reports
Republic of the Marshall Islands: Statistical Appendix
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; U.S. dollar; interest; nominal GDP; interest income; AsDB debt servicing; fund staff estimate; time deposit; base wage; capital transfer; Income; Extra-budgetary funds; Wages; Debt service
Cover IMF Staff Country Reports
Greece: Stand-By Arrangement: Review Under the Emergency Financing Mechanism
International Monetary Fund
Greece has made a strong start with the program, but challenges also remain evident. The economic response to the program has yet to play out fully. Inflation is too high. Fiscal developments are encouraging, but risks need to be addressed. A strong pension reform is essential to bolster fiscal sustainability. Liquidity problems of banks and gradual solvency erosion require continued vigilance. Confidentiality considerations are complicating effective engagement of the Policy Support Instrument. The importance of strong reforms for future growth cannot be overestimated.
Keywords:
ISCR; CR; private sector; fiscal policy; common shares; ECB liquidity assistance; operating income; preference shares; ECB purchase; accounts payable; financing gap; state budget; ECB bond market assistance; Budget planning and preparation; Pension spending; Credit; Wages
Cover IMF Staff Country Reports
Romania: Selected Issues
International Monetary Fund
This paper examines Romania’s external stability risks. Recent Romanian data indicate high increases in real wages, not matched by comparable productivity gains. Both the government and the National Bank of Romania (NBR) have highlighted the importance of a responsible and stabilizing wage policy for macroeconomic stability in the country current juncture. A three-pronged approach is recommended that encompasses capacity building and improved transparency, a medium-term framework for fiscal policy, and increased use of independent fiscal expertise.
Keywords:
ISCR; CR; Romania; pay; current account; budget; budget revision; current account balance; budget culture; wage pressure; EU accession; catch-up effect; budget submission; balance of payments; budget process need; EU convergence economy; net position; Real wages; Budget planning and preparation; Wages; Current account deficits; Wage setting; Baltics; Global; Eastern Europe; Europe; Asia and Pacific