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Business and Economics > Budgeting

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Cover IMF Staff Country Reports
Angola: Selected Issues
International Monetary Fund. African Dept.
2024 Selected Issues
Keywords:
WGI subcategory; governance indicator; Angola's governance; NON-OIL economic growth; Angola's economy; private sector credit; Corruption; Infrastructure; Human capital; Sub-Saharan Africa; Global
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 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 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
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
Republic of Moldova: Technical Assistance Report-Country Governance Assessment
International Monetary Fund. Legal Dept.
Despite having legal and institutional frameworks largely in place, Moldova continues to suffer from significant corruption and governance vulnerabilities. These are fairly pronounced in the areas of rule of law, anti-corruption, anti-money laundering and combatting the financing of terrorism (AML/CFT), and SOE governance, while other areas assessed for purposes of this report (PFM, tax administration, central bank governance and financial sector oversight) presented some good progress in mitigating such vulnerabilities.
Keywords:
IMF resident representative; governance assessment; APO Corruption case; legal department; IMF's framework; tax policy context; country governance assessment; Corruption; Anti-money laundering and combating the financing of terrorism (AML/CFT); Auditing; Budget planning and preparation; Europe; Global
Cover IMF Staff Country Reports
Guinea- Bissau: Technical Assistance Report-Enhancing Governance and the Anti-Corruption Framework: Next Steps
International Monetary Fund. Fiscal Affairs Dept.
Political instability has limited the development of Guinea-Bissau’s institutional capacity. For example, tensions between the President and the leadership of the country’s largest political party led to six changes of government between the 2014 and 2019 parliamentary elections. Previous IMF capacity development reports, ECF program reviews staff reports, and other diagnosis undertaken by the World Bank and the European Union have pointed to structural governance weaknesses and proposed corrective measures, in some cases, similar to those highlighted in this report. Regrettably, traction has been limited.
Keywords:
ISCR; CR; asset declaration regime; consolidated financial statement; DGA authorities; regime Geral das Infracções Tributárias; business activity; employee compensation amount; expenditure execution; wage bill; tax system; private sector; Geral das Isenções; annual budget; tax collection; government budget; organizational chart; bill management; tax authorities; Corruption; Anti-money laundering and combating the financing of terrorism (AML/CFT); Budget planning and preparation; West Africa
Cover IMF Staff Country Reports
Mongolia: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper aims to take stock of key challenges and propose recommendations on how to address them. Mongolia has taken important steps to address these challenges, but more should be done to tackle remaining gaps and ensure effective enforcement. Improving governance is a crucial step for Mongolia to achieve sustainable and inclusive growth. In order to substantially reduce corruption, a stronger anti-corruption framework should be accompanied by governance reforms across a range of state functions. On rule of law, the Worldwide Governance Indicators (WGI) place Mongolia above peers in Asia but below regional averages, indicating room for improvement. Although Mongolia has developed a legal framework since the transition to a market economy, observers point out that there are often loopholes and unintended consequences. Weak revenue administration can undermine fiscal sustainability while uneven enforcement of tax rules can damage the investment climate. State-owned enterprises would benefit from better governance, particularly given their central role in output and potential for creating fiscal liabilities.
Keywords:
ISCR; CR; governance; BOM.; independence; financing; resource; livestock sector; mineral wealth; agriculture sector; livestock industry; adult livestock; meat export; debt anchor; fiscal policy framework; Agricultural commodities; Fiscal rules; Global; Asia and Pacific
Cover IMF Staff Country Reports
Somalia: First Review Under the Staff-Monitored Program-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
This first review under the Staff-Monitored Program (SMP) of Somalia highlights that supported by a favorable rainy season, economic growth is recovering and inflation easing. However, unemployment is very high, and development and social needs are very large. Policy discussions centered on the 2018 supplementary budget, the 2019 budget, as well as the macroeconomic framework. Discussions also laid the groundwork for the second and final review under SMP III and on near-term policy priorities. All end-June and end-September 2018 indicative targets and all structural benchmarks (SBs) have been met. Of the 10 remaining SBs, due end-December 2018 and end-March 2019, preliminary information suggests that two have already been met, progress has been made towards achieving seven others, but completion of one SB is likely to be delayed. Considering satisfactory performance under the SMP and the authorities’ continued strong commitment to reform implementation, the IMF staff supports the completion of the first review under SMP III. Risks to the program and the outlook remain elevated; however, a continued commitment to reform and donors’ sustained support will help mitigate the risks.
Keywords:
ISCR; CR; Somali authorities; authority; reform; government; stepped-up effort; fund staff estimate; authorities' action plan; reform momentum; authorities' effort; Anti-money laundering and combating the financing of terrorism (AML/CFT); Arrears; Budget planning and preparation
Cover IMF Staff Country Reports
Trinidad and Tobago: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper focuses on the impact of adjusting to commodity shocks in Trinidad and Tobago. With commodity resources being nonrenewable, developing a long-term strategy can help avoid unsustainable policies and ensure greater intergenerational equity. Recent country experiences highlight the benefits of precautionary buffers in smoothing fiscal adjustment process. Prudent and countercyclical fiscal policy implementation, structural reforms, and economic diversification can help contain the impact of commodity price booms and busts. Strong fiscal institutions are needed to help achieve and sustain the fiscal adjustment. Different adjustment strategies may be feasible depending on the needed size of the adjustment and country-specific circumstances. Trinidad and Tobago have faced several years of weak or negative growth on the back of terms-of-trade and energy supply shocks. A well-designed fiscal framework that considers potential uncertainties associated with commodity cycles can help improve fiscal management. Countercyclical policy implementation would help smooth the impact of commodity-induced sharp fluctuations in the economy.
Keywords:
ISCR; CR; fund; crime-control program; commodity; crime reduction; property crime; crime management system; crime in Trinidad and Tobago; Commodity prices; Fiscal consolidation; Caribbean; Global