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Business and Economics > Budgeting

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Cover IMF Staff Country Reports
Qatar: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Qatar
International Monetary Fund. Middle East and Central Asia Dept.
Growth normalization after the 2022 FIFA World Cup continued with signs of activities strengthening more recently. Fiscal and external surpluses softened mainly due to lower hydrocarbon prices. Banks are healthy but pockets of vulnerabilities remain. Reform momentum has strengthened, guided by the Third National Development Strategy (NDS3).
Keywords:
Qatar national; holdings of SDR; Qatari economy well; headline inflation; hydrocarbon price; Anti-money laundering and combating the financing of terrorism (AML/CFT); Public sector; Capital spending; Global
Cover High-Level Summary Technical Assistance Reports
Panama: Fiscal Transparency Evaluation
Cigdem Aslan
,
David S Bailey
,
Felipe Bardella
,
Lesley Fisher
,
Camilo Gomez-Osorio
,
Jean-Baptiste Gros
, and
Timothy C Irwin
An IMF team found that Panama has a cash-based system of budgeting and accounting that generates good information on many aspects of public finances. There are, however, many weaknesses in the system which diverge from the sound practices included in the Fund's Fiscal Transparency Code. Panama's ratings are lower than those of regional comparators, especially in the area of fiscal risks. The team developed high-priority recommendations to improve Panama's fiscal transparency principles.
Keywords:
Fiscal Transparency; Fiscal Reporting; Financial Statements; Auditing; Fiscal Forecasting; Fiscal Planning; Budgeting; Fiscal Policy Objectives; Fiscal Risk; Macroeconomic Risks; Specific Fiscal Risks; Fiscal Coordination; IMF team; capacity development recipient; deficit target; revenue compare; Social-Fiscal Responsibility Law; Fiscal risks; Fiscal Transparency Evaluation (FTE); Budget planning and preparation; Fiscal law; Macroeconomic and fiscal forecasts; 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 Working Papers
Cash Flow Analysis of Fiscal Regimes for Extractive Industries
Thomas Benninger
,
Dan Devlin
,
Eduardo Camero Godinez
, and
Nate Vernon
Mining and petroleum projects share characteristics distinguishing them from other sectors of the economy, which has led to the use of dedicated fiscal regimes for these projects. The IMF’s Fiscal Affairs Department uses fiscal modeling to evaluate extractive industry fiscal regimes for its member countries, and trains country officials on key modeling concepts. This paper outlines important preconditions needed for effective fiscal modeling, key evaluation metrics, and emphasizes the importance of transparent modeling practices. It then examines the modeling of commonly-used fiscal instruments and highligts where their economic impact differs, and how fiscal models can inform fiscal regime design.
Keywords:
Natural resource taxation; extractive industries; progressivity; economic rents; fiscal modeling; investment analysis; mining; petroleum.; D. resource rent tax; cash flow; petroleum project; regime design; Corporate income tax; Production sharing; Fiscal Analysis of Resource Industries (FARI); Oil; Carbon tax; Global
Cover Policy Papers
Review of The Fund’s Capacity Development Strategy—Background Papers
International Monetary Fund. Institute for Capacity Development
This supplement includes five background papers and provides background information on various aspects of capacity development (CD) for the main Board paper, Review of the Fund’s Capacity Development Strategy—Towards a More Flexible, Integrated, and Tailored Model. It is divided into five sections, each consisting of a different background paper. The five sections cover (1) CD Delivery Modalities; (2) Evaluation and Impact; (3) Regional Capacity Development Centers and Field Presence; (4) HR Policies; and (5) Mapping the Fund’s Position vis-à-vis Other CD Providers.
Keywords:
Capacity Development; Technical Assistance; Training; Institution; Priorities; Evaluation; Impact; Field Presence; Regional Capacity Development Training Center; CD Strategy Review; CD department; CD provider; delivery modality; CD staffing model; RCDC CD Delivery; Anti-money laundering and combating the financing of terrorism (AML/CFT); Comparative advantage; Training and development in revenue administration; Global; South America; Asia and Pacific; Sub-Saharan Africa; Maghreb
Cover IMF Staff Country Reports
Benin: Technical Assistance Report-Public Investment Management Assessment–PIMA and C-PIMA
International Monetary Fund. Fiscal Affairs Dept.
This technical report discusses the results of the Public Investment Management Assessment (PIMA) of Benin, undertaken in March 2023 to update a previous assessment based on an October 2017 mission. The mission found out that public investment in Benin has significantly increased from its 2019 low and should help sustain progress in terms of physical access to infrastructure. The assessment highlighted progress since the late 2017 PIMA with respect to the institutional framework for public investment management, facilitated by the adoption of a comprehensive PIM legal framework. It also identified areas where effectiveness is still lagging, notably in terms of project appraisal and selection, maintenance and for PIMA institutions related to the execution of public investment. The report also includes the results of the climate module of the PIMA evaluation, which reflect that Benin’s long-lasting commitment in the fight against climate change, captured in a 2018 national law against climate change, are starting to feed into some public investment management practices. On the basis of this assessment, the report proposes seven high-priority recommendations that could greatly improve public investment management in the short to medium term.
Keywords:
Public Investment Management; Climate Change; Public financial management; Budget planning and preparation; Budget execution; Expenditure; Infrastructure; public investment spending.; investment project; investment expenditure; draft budget law; government action program; State investment choice; WAEMU budget rule; Public investment spending; West Africa; Global; Sub-Saharan Africa
Cover IMF Working Papers
Inclusive GovTech: Enhancing Efficiency and Equity Through Public Service Digitalization
Manabu Nose
How could the GovTech improve budget processes and execution efficiency? Could the GovTech strengthen redistributive function of public expenditure? Based on an event-study method, this paper finds that the introduction of digital budget payments and e-procurement could significantly enhance budget transparency and help expand the coverage of social assistance to reach the most vulnerable population. Exploiting staggered adoption of digital budget payments, a synthetic control regression identifies meaningful increase in pre-tax income shares among the bottom 50th percentile and female workers, especially for emerging market and developing countries, with effects materializing gradually over 10-year period. The paper delves into the potential mechanism driving these equity benefits, highlighting the reduction in business informality as a primary channel. However, the paper emphasizes that the mere adoption of GovTech strategies or digital technologies is insufficient to unlock its full potential. The outcomes are intricately linked to supporting policies, regulations, organizational and system integration, and robust digital connectivity. The paper underscores that inter-agency coordination facilitated by a dedicated GovTech institution emerges as a critical factor for reaping both efficiency and equity gains from GovTech initiatives.
Keywords:
GovTech; Inclusion; Staggered technology adoption; Synthetic control; Expenditure efficiency; Coordination in organizations; budget transparency; GovTech adoption; GovTech maturity; budget payment; inclusive GovTech; Digital financial services; Digitalization; Income; Budget planning and preparation; Asia and Pacific; Sub-Saharan Africa; Middle East and Central Asia; Western Hemisphere
Cover IMF Staff Country Reports
Zambia: Technical Assistance Report-Diagnostic Report on Governance and Corruption
International Monetary Fund. Legal Dept.
This technical assistance report on Zambia discusses the governance and anti-corruption assessment. Acknowledging the need to address corruption, strengthen governance and the rule of law, the President and authorities of Zambia have announced a series of important initiatives. Consistently high fiscal deficits, inefficient public investment and weak controls on spending led to Zambia accumulating large fiscal and external imbalances. In the challenging environment, the authorities sought the IMF’s assistance to analyse governance weaknesses and corruption vulnerabilities and make specific, country-tailored and feasible recommendations to address governance and corruption risks in wide-ranging areas. The report identifies on near-term reform steps and structural policy measures that require more time and resources but are necessary for sustainable change. All recommendations coming out of the diagnostic shall contribute to the formulation of governance and anticorruption policies and programs, improvement of the legal and institutional frameworks, as well as governance and anti-corruption reform measures agreed to in the Extended Credit Facility Arrangement for Zambia.
Keywords:
governance weakness; governance arrangement; governance inefficiency; frameworks of Zambia's Revenue Administration; governance Rating; information framework; IMF resident representative; IMF recommendation; terms and conditions; risk assessment; prudential framework; Corruption; Anti-money laundering and combating the financing of terrorism (AML/CFT); Revenue administration transparency and accountability; Corporate governance; Budget planning and preparation; Southern Africa; East Africa
Cover IMF Staff Country Reports
Benin: Technical Assistance Report—Fiscal Transparency Evaluation
International Monetary Fund. Fiscal Affairs Dept.
This report provides an evaluation of fiscal transparency practices (FTE) in Benin according to the standards defined by the IMF’s Fiscal Transparency Code. The evaluation focuses on 36 principles covering three pillars of the Code: (I) fiscal reporting; (II) fiscal forecasting and budgeting; and (III) fiscal risk analysis and management. To take account of different levels of institutional capacity in each country, the Code distinguishes three levels of practices for each principle: basic, good, and advanced. A practice is considered “not met” if it has not met the Code’s requirements for basic level.
Keywords:
government budget control; programming paper; budget law; IMF resident Representative; authorities of Benin; Subnational government; du Bénin; quantitative analysis; government action program; Budget planning and preparation; Fiscal risks; Fiscal law; Budget execution and treasury management; West Africa; Global
Cover IMF Working Papers
Brazil: Tax Expenditure Rationalization Within Broader Tax Reform
Maria Delgado Coelho
The excessive complexity and burden of the Brazilian tax system, riddled by cumulative indirect taxes and heavy payroll contributions, have led to an accumulation of fiscal incentives aimed at reducing its burden on taxpayers and productive activities. Federal and subnational tax expenditures currently stand at over 5 percent of GDP. Rationalizing them can only be comprehensively feasible in the context of a broader sequenced tax reform, and could reduce resource misallocation and income inequality, as well as provide new revenues.
Keywords:
rationalization experience; Labor tax wedge; sequenced tax reform; cost of capital; zero rating; tax relief; single tax; Tax expenditures; Corporate income tax; Tax incentives; Personal income tax; Social security contributions; Global