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Business and Economics > Budgeting

You are looking at 1 - 10 of 31 items for :

  • Type: Journal Issue x
  • Comparison of Public and Private Enterprises and Nonprofit Institutions; Privatization; Contracting Out x
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Cover IMF Staff Country Reports
Republic of Kosovo: First Review Under the Stand-By Arrangement, and Request for Modification of Performance Criteria: Staff Report; Press Release on the Executive Board Discussion.
International Monetary Fund
This paper presents findings of the First Review Under the Stand-By Arrangement (SBA) for the Republic of Kosovo. The paper highlights that macroeconomic and financial policies are broadly on-track. All end-April and continuous quantitative performance criteria under the SBA were met with comfortable margins, as a modest shortfall in revenue collection was overcompensated by underexecution of spending. The program’s key objectives remain restoring a sustainable fiscal position and sufficient government cash buffers, anchoring fiscal policy through the introduction of a fiscal rule, and enhancing the resilience of the financial system.
Keywords:
ISCR; CR; central bank; cash buffer; government bank balances; country authorities; liquidity needs; fiscal policy; trust fund; IMF staff estimate; debt service; financial system; private sector; capital expenditure; foreign direct investment; labor market; PTK privatization receipts; Fiscal stance; Privatization; Budget planning and preparation; Europe
Cover IMF Working Papers
Local Governments’ Fiscal Balance, Privatization, and Banking Sector Reform in Transition Countries
Ernesto Crivelli
Several transition economies have undertaken fiscal decentralization reforms over the past two decades along with liberalization, privatization, and stabilization reforms. Theory predicts that decentralization may aggravate fiscal imbalances, unless the right incentives are in place to promote fiscal discipline. This paper uses a panel of 20 transition countries over 19 years to address a central question of fact: Did privatization help to promote local governments’ fiscal discipline? The answer is clearly ‘no’ for privatization considered in isolation. However, privatization and subnational fiscal autonomy along with reforms to the banking system - restraining access to soft financing - may prove effective at improving fiscal balances among local governments.
Keywords:
WP; local government; government; Fiscal decentralization; Privatization; Soft budget constraints; Transition; banking sector reform; Has privatization; budget balance; local government expenditure; FA x privatization; transition country; Commercial banks; Public enterprises; Budget planning and preparation; Government asset and liability management; Eastern Europe; Central and Eastern Europe
Cover IMF Staff Country Reports
Greece: Fifth Review Under the Stand-By Arrangement, Rephasing and Request for Waivers of Nonobservance of Performance Criteria; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Greece.
International Monetary Fund
The Executive Board of the IMF has completed the fifth review of Greece’s economic performance under a program supported by a three-year Stand-By Arrangement (SBA) for the country. The completion of the review enables the immediate disbursement of an amount equivalent to SDR1.9 billion, bringing total IMF disbursements under the SBA to an amount equivalent to SDR 17.5 billion. The creation of a national unity government and the endorsement of program objectives and policies by major parties is an important step.
Keywords:
ISCR; CR; government; executive board chair; deficit; government program; privatization plan; government's privatization plan; government support; unity government; ECB liquidity; Budget planning and preparation; Privatization; Europe
Cover IMF Staff Country Reports
Greece: Fifth Review Under the Stand-By Arrangement, Rephasing and Request for Waivers of Nonobservance of Performance Criteria; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Greece.
International Monetary Fund
The Executive Board approved a three-year Stand-by Arrangement for Greece in the amount of SDR 26.4 billion. Purchases have been made at the time of approval and upon completion of each of the first four reviews. The authorities decided to promote a number of actions, including a further reduction in the public sector salaries, cuts in pensions, the creation of a labor reserve, significant tax expenditure reductions, and the introduction of a property tax. The authorities are accelerating the implementation of structural reforms aimed at promoting employment, investment, and market efficiency.
Keywords:
ISCR; CR; government; executive board chair; deficit; government program; privatization plan; government's privatization plan; government support; unity government; ECB liquidity; Budget planning and preparation; Privatization; Europe
Cover Fiscal Monitor, September 2011
Fiscal Monitor, September 2011
Addressing Fiscal Challenges to Reduce Economic Risks
International Monetary Fund. Fiscal Affairs Dept.

Abstract

Despite progress in addressing key fiscal weaknesses in many countries, significant policy challenges remain in advanced, emerging, and low-income economies, and must be faced in an environment where downside risks to growth have increased. Many advanced economies face very large adjustment needs to reduce risks related to high debt ratios. The appropriate pace of adjustment in the short run will depend, for each country, on the intensity of the market pressure it confronts, the magnitude of the risks to growth it faces, and the credibility of its medium-term program. The euro area needs to sustain fiscal consolidation, minimize its growth fallout, and address concerns about the adequacy of crisis resolution mechanisms. In Japan and the United States, sufficiently detailed and ambitious plans to reduce deficits and debts are needed to prevent credibility from weakening. Meanwhile, many emerging economies need to make faster progress in strengthening fiscal fundamentals before cyclical factors or spillovers from advanced economies turn against them. Low-income countries also need to rebuild fiscal buffers, while addressing spending needs.

Keywords:
FM; debt; economy; deficit; market participant; government debt dynamics; privatization proceeds; stock-flow adjustment; debt decrease; Privatization; Macroeconomic and fiscal forecasts; Fiscal stance; Value-added tax; Global; Africa; Europe; Middle East; North Africa; Asia and Pacific; Sub-Saharan Africa; growing concern; liquidity pressure; investment process; Bond yields; Food prices; Yield curve; Caribbean
Cover IMF Staff Country Reports
Greece: Fourth Review Under the Stand-By Arrangement and Request for Modification and Waiver of Applicability of Performance Criteria
International Monetary Fund
This study is carried out against a backdrop of deep divisions in Greece and in Europe over how to handle the challenges now confronting Greece. Greece’s deeper medium-term policy needs and identifying ways to replace the expected market financing are discussed. Structural reforms tackled to strengthen the competitiveness and help the country integrate into the euro area. Finally, Greece has specified the policies necessary to overcome recent inertia and deliver program objectives, and a memorandum of financial and economic policies is discussed.
Keywords:
ISCR; CR; payment arrears; arrears; staff; waiver of nonobservance; waiver; examination requirement; debt sustainability hinge; government's privatization strategy; privatization strategy; Budget planning and preparation; Europe
Cover IMF Staff Country Reports
Republic of Moldova: 2007 Article IV Consultation and Third Review Under the Three: Year Arrangement Under the Poverty Reduction and Growth Facility: Staff Report; Staff Supplement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Moldova
International Monetary Fund
Moldova showed improved growth prospects and decline in poverty despite a series of consecutive shocks under the economic program. Executive Directors commended the balanced macroeconomic policies and urged to maintain macroeconomic stability. They also appreciated the strong monetary policy by National Bank of Moldova (NBM), disciplined fiscal policies, financial sector stability and consolidation of education and health care networks, and stressed the need to strengthen tax administration while maintaining the deficit target. The need for modernization of energy sector and effective implementation of Anti Money Laundering and Combating the Financing of Terrorism (AML/CLT) law were also found to be essential.
Keywords:
ISCR; CR; annex; state; growth; PRGF arrangement; State tax inspectorate; reform effort; growth Facility-Informational annex; authorities' reform effort; Tariffs; Privatization; Budget planning and preparation; Eastern Europe; Europe
Cover IMF Staff Country Reports
Former Yugoslav Republic of Macedonia: Second Review Under the Stand-By Arrangement and Ex Post Assessment of Performance Under Fund-Supported Programs
International Monetary Fund
The staff report for the Second Review Under the Stand-By Arrangement on the Former Yugoslav Republic (FYR) of Macedonia highlights economic developments and policies. FYR of Macedonia’s economic performance since independence has been marked by notable achievements in macroeconomic management, as well as some disappointments in the area of structural reforms. Inflation was brought down from hyperinflation levels to the low single digits by the de facto exchange rate peg, which was sustained in spite of sometimes challenging circumstances.
Keywords:
ISCR; CR; FYR Macedonia authorities; policy; projection result; government; GDP estimate; Executive Board discussion; FYRM authorities; Structural reforms; Privatization; Commercial banks; Arrears; Europe; Central and Eastern Europe; Eastern Europe
Cover IMF Staff Country Reports
Zambia: 2003 Article IV Consultation and Ex Post Assessment of Performance Under Fund-Supported Programs—Staff Reports; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Zambia
International Monetary Fund
This paper examines Zambia’s 2003 Article IV Consultation and Ex Post Assessment of Performance Under IMF-Supported Programs. Zambia’s economic performance has improved significantly in the last four years. After more than two decades of economic decline and inflation averaging more than 50 percent, growth has averaged about 4 percent per year since 2000. The Ex Post Assessment of Performance under IMF-supported programs pointed out that implementation under the Enhanced Structural Adjustment Facility arrangement, approved in 1995, was poor, but generally improved under the Poverty Reduction and Growth Facility arrangement, approved in 1999.
Keywords:
ISCR; CR; draft bill; arrears clearance; poverty; finalization of plan; wage bill; Zambian authorities; exchange rate; PRGF arrangement; private sector; Mining sector; Privatization; Exports; Budget planning and preparation; Southern Africa
Cover IMF Staff Country Reports
Slovak Republic: Report on the Observance of Standards and Codes—Fiscal Transparency Module
International Monetary Fund
This report assesses the Observance of Standards and Codes on Fiscal Transparency Module for the Slovak Republic. Fiscal management and transparency in the Slovak Republic have improved substantially over the last two years, and the country now meets the fiscal transparency code’s standards in several areas. Key weaknesses in the coverage of fiscal operations and in budget preparation have been largely addressed: budget preparation is now cast within clearly identified medium-term macroeconomic framework and constraints; and budget execution and reporting have new financial control and internal audit procedures.
Keywords:
ISCR; CR; government; State budget; company; equity holding; budget; State funds Budget; government activity; financial assets; government priority; state funds; government unit; joint stock; tax authorities; tax authority; government participation; government commitment; Budget planning and preparation; Fiscal accounting and reporting; Privatization; Budget execution and treasury management; government function