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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 IMF Working Papers
Is Tax Policy Costly Industrial Policy in Mozambique?
Santos Bila
,
Utkarsh Kumar
, and
Alexis Meyer-Cirkel
This paper analyzes the use of tax policy as industrial policy in Mozambique. Despite significant foregone tax revenue due to industrial policy in the form of tax incentives, the effectiveness of Mozambique's tax policy remains questionable due to insufficient data and unclear public policy strategy. Through an examination of macro data, tax reports, and data from World Bank Enterprise Surveys, the note underscores the need for a thorough reassessment of existing tax measures. It advocates for a more strategic, targeted and evidence-based design of tax incentives that deliver on industrial policy goals.
Keywords:
Tax Policy; Industrial Policy; Mozambique; Tax Incentives; Foreign Direct Investment (FDI); Revenue Mobilization; Market Distortions; Fiscal Expenditure; Domestic Investment; Mozambique's tax policy; tax report; firm Age; firms in Maputo; accelerated depreciation; Tax expenditures; Corporate income tax; Special economic zones; Global; Africa; Sub-Saharan Africa
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
Botswana: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper discusses the rationale for and design of a new Sovereign Wealth Fund (SWF) in Botswana. It reviews the causes of declining financial reserves and calculates fiscal targets that would be needed to achieve insurance and intergenerational equity objectives. While debt ratios have been steady, the government has financed these deficits by drawing down its assets. Intergenerational equity may be better served by creating financial assets, rather than through investment spending, although the two are not mutually exclusive. Botswana has tended to allocate resource revenues primarily to physical and human investment. Before discussing SWF design, it is important to consider the level of savings that the government requires to achieve its policy objectives. There are many reasons why a government may want to generate savings and manage them in a SWF. IMF concludes that a SWF could provide a useful institutional framework to support rebuilding buffers, but achieving significant savings to meaningfully fund an SWF would require much tighter fiscal policy than has been observed in recent years.
Keywords:
protection system; pula fund; research support; government investment account; C. financing social protection; Income inequality; Social protection spending; Fiscal rules; Budget planning and preparation; Global; Africa; Sub-Saharan Africa
Cover IMF Staff Country Reports
Democratic Republic of the Congo: Selected Issues
International Monetary Fund. African Dept.
This paper analyzes domestic revenue mobilization in the Democratic Republic of the Congo (DRC) and offers options to strengthen it. Domestic revenue mobilization (DRM) in the DRC has improved during the Extended Credit Facility ECF program, standing at 13.7 percent over gross domestic product (GDP) in 2023, though it remains persistently low relative to peer countries. The recent improvements in revenue mobilization have been driven by stronger corporate income taxation (particularly stemming from the extractive sector). A comparison between DRC’s and peer countries’ tax structure points to significant room for boosting domestic revenues with stronger mobilization of personal income taxes, taxes on international trade and transactions and goods and services. In addition, the country’s tax potential (estimated on the basis of its structural characteristics and a stochastic frontier model) points to significant scope for improving tax-to-GDP ratio, by about 10 percentage points under more efficient tax policy and tax collection. Finally, tax administration reforms based on recommendations from the recently published the Tax Administration Diagnostic Assessment Tool report can significantly contribute to boosting DRM, with particular focus on tax-avoidance in the mining sector.
Keywords:
spending credibility; General Public service; DRC mining sector revenue; DRC authorities; budget credibility; implemented budget; Revenue mobilization; Budget planning and preparation; Tax administration core functions; Sub-Saharan Africa
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 Technical Assistance Reports
South Africa: Technical Assistance Report-Fiscal Transparency Evaluation
International Monetary Fund. Fiscal Affairs Dept.
South Africa has many elements of sound fiscal transparency practices. Based on an assessment of fiscal transparency practices against the IMF’s Fiscal Transparency Code, South Africa's practices are strongest in fiscal reporting, followed by fiscal forecasting and budgeting, and weakest in fiscal risk analysis. There is room to improve South Africa’s fiscal reporting, budget transparency and management of fiscal risks.
Keywords:
South Africa; Fiscal Transparency; Fiscal Reporting; Fiscal Risks; Budget planning and preparation; Economic sectors; Expenditure; Financial statements; Public financial management (PFM); Public sector.; IMF's Fiscal Affairs Department; Group chief financial officer; GFS Division; communication technology; Fiscal Affairs Department of the IMF; Public sector; Africa; 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 Staff Country Reports
Slovak Republic: Technical Assistance Report-Fiscal Transparency Evaluation
International Monetary Fund. Fiscal Affairs Dept.
This Technical Assistance report on the Slovak Republic focuses on the Fiscal Transparency Evaluation. The evaluation in this report confirms Slovakia’s generally strong record of accomplishment on fiscal transparency. It shows that most aspects of Slovakia’s fiscal reporting, budgeting and risk management are in line with the good or advanced practices of the IMF’s Fiscal Transparency Code (FTC). It highlights that the broad coverage of institutions in fiscal reports, which extends across the whole public sector, both in terms of stocks and flows, makes Slovakia one of the world leaders in the reporting of a public sector balance sheet. The evaluation also highlights several areas where Slovakia’s fiscal transparency practices could be further improved. In addition to the evaluation against the FTC, this report provides a series of recommendations to address the above-mentioned gaps. These recommendations are actionable and targeted and have been selected according to the importance of the key issues facing Slovakia. The report also compiles a public sector balance sheet for Slovakia using publicly available information and information supplied by the authorities and provides a comparison with country peers.
Keywords:
General government investment; local government; government finance statistics manual; multiannual expenditure ceiling; authorities of the Slovak Republic; Budget planning and preparation; Public sector; Financial statements; Global