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Business and Economics > Budgeting

You are looking at 1 - 10 of 13 items for :

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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 Staff Country Reports
Burkina Faso: Quatrième et cinquième revues de l’accord au titre de la facilité élargie de crédit et demande de modification de critères de réalisation — communiqué de presse; rapport des services du FMI; et déclaration de l'administrateur pour le Burkina Faso
International Monetary Fund. African Dept.
D’après les projections, la croissance devrait enregistrer une hausse modérée de 4% en 2014-15 à 5,2 % en 2016, car la reprise diversifiée anticipée dans le sillage des élections de novembre a été affectée par les attaques terroristes de janvier. Suite à près de deux années de crise politique et de transition, le principal défi auquel les autorités doivent faire face consiste à créer l’espace budgétaire nécessaire pour permettre des améliorations tangibles de la qualité de vie du peuple burkinabè.
Keywords:
ISCR; CR; government; transition authorities; ECF arrangement; executive board's discussion; policy
Cover IMF Staff Country Reports
Burkina Faso: Fourth and Fifth Reviews Under the Extended Credit Facility and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Burkina Faso
International Monetary Fund. African Dept.
This paper focuses on the economic developments, economic policies, and economic risks in Burkina Faso. Economic activity remained sluggish over the course of 2015 and in early 2016, amidst political uncertainty and weather shocks. The overall fiscal deficit increased by 0.3 percentage points of GDP compared with 2014, as the sharp decline in revenues was offset by expenditure compression. However, growth is projected to gradually recover in 2016, albeit at a slower rate than anticipated at the time of the 2nd/3rd Extended Credit Facility reviews. Fiscal policy in 2016 will remain prudent and anchored by the WAEMU convergence criterion. Moreover, the authorities are prioritizing measures to boost domestic revenue mobilization.
Keywords:
ISCR; CR; government; transition authorities; ECF arrangement; executive board's discussion; policy; agriculture sector; ECF program; Budget planning and preparation; Credit; West Africa; Global; Sub-Saharan Africa
Cover IMF Staff Country Reports
Burkina Faso : septième revue de l’accord au titre de la facilité élargie de crédit et demande d’un nouvel accord triennal au titre de la facilité élargie de crédit
International Monetary Fund. African Dept.
Résumé. L’activité économique a continué d’augmenter rapidement en 2013. Les projections de croissance ont été révisées légèrement à la baisse, à 6,8 % en 2013 et en 2014, à cause de la baisse des cours de l’or et du coton qui entraîne une légère diminution de la production, ainsi que de l’impact de la base élevée de la production agricole en 2012 sur la croissance en 2013. L’inflation a continué de baisser, pour atteindre 2 %, du fait d’une diminution des prix des produits alimentaires et des produits essentiels. Le solde des transactions extérieures courantes se détériorera probablement plus que prévu en raison de la dégradation des termes de l’échange, ainsi que de l’augmentation du volume des importations de carburants et de biens d’équipement. L’exécution du programme reste solide. Les recettes demeurent conformes à l’objectif, mais ne dépassent plus les objectifs comme ces dernières années, tandis que l’exécution des dépenses est inférieure à l’objectif. Presque tous les objectifs fixés dans le programme ont été atteints, y compris en ce qui concerne le financement intérieur net et le solde budgétaire. Tous les repères structurels fixés pour juin et septembre ont été respectés. Les autorités sollicitent un nouvel accord triennal au titre de la facilité élargie de crédit (FEC) afin de satisfaire les besoins de financement de la balance des paiements qui sont prévus. Sur la base d’accords ad referendum, le nouveau programme appuyé par la FEC qui est sollicité vise à s’attaquer à des problèmes structurels à long terme, tout en préservant la stabilité dans un environnement macroéconomique qui pourrait être plus difficile à terme. Les réformes structurelles s’articulent autour de quatre thèmes principaux : gérer l’utilisation des recettes des ressources naturelles, améliorer la qualité et le rythme des dépenses d’investissement, appuyer les efforts déployés pour mieux partager les bienfaits d’une croissance élevée, et, dans le secteur de l’énergie, accroître l’offre tout en assurant la viabilité financière. Le cadre macroéconomique à moyen terme vise à contenir le déficit aux environs de 3% du PIB tout en prévoyant d’accroître les dépenses sociales et les dépenses d’investissement. Le programme vise un ajustement des dépenses courantes, principalement par le biais de l’expiration des dépenses exceptionnelles nécessaires pour faire face à des chocs exogènes, qui ira de pair avec une croissance modeste des recettes et du financement. Les besoins résiduels de financement du budget et de la balance des paiements seraient modestes sur la période de trois ans qui est couverte par le programme ; l’accès proposé de 45 % de la quote-part comblerait environ un tiers des besoins établis.
Keywords:
ISCR; CR; authority; proceeds; gold export proceeds; AFW mission
Cover IMF Staff Country Reports
Burkina Faso: Seventh Review Under the Extended Credit Facility Arrangement and Request for a New Three-Year Extended Credit Facility Arrangement
International Monetary Fund. African Dept.
This paper discusses Burkina Faso’s Seventh Review Under the Extended Credit Facility (ECF) Arrangement and Request for a new Three-Year ECF Arrangement. Economic activity in Burkina Faso continued to grow at a brisk pace in 2013. Program performance remains strong. Revenue performance remains on target, but is no longer overshooting targets as in recent years, while spending execution is below target. Almost all program targets were met, including on net domestic financing and the fiscal balance. All structural benchmarks slated for completion in June and September were also met. The IMF staff supports completion of the seventh review of the current ECF arrangement and the authorities’ request for a new three-year ECF arrangement with access equivalent to 45 percent of quota.
Keywords:
ISCR; CR; authority; proceeds; gold export proceeds; AFW mission; revenue mobilization effort; Burkina Faso's authorities; Extended Credit Facility arrangement; exchange arrangement; Mining sector; Natural resources; Inclusive growth; West Africa; Africa; Global; Sub-Saharan Africa
Cover IMF Staff Country Reports
Guinea: Staff-Monitored Program
International Monetary Fund
Guinea is emerging from a prolonged period of political crisis. The new government has taken bold steps to address the serious macroeconomic imbalances. The intention to establish a special fund to govern spending from the recent windfall from the mining sector is commended by Executive Directors. The tightening of monetary policy will help drain the excess liquidity out of the economy. Guinea’s foreign exchange market remains fragmented and underdeveloped. Revision of the mining code is important for establishing a better investment environment and improving governance.
Keywords:
ISCR; CR; government; government finance statistics; Guinean authorities; stabilization policy; authorities needs assessment; procurement contract; government operation; financial operations table; Arrears; Mining sector; Budget planning and preparation; Global
Cover IMF Staff Country Reports
Sierra Leone: 2010 Article IV Consultation and First Review Under the Three-Year Arrangement Under the Extended Credit Facility, Request for Modification of Performance Criterion, and Financing Assurances Review-Staff Report; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Sierra Leone
International Monetary Fund
After a period of economic slowdown, the outlook for Sierra Leone appears more favorable. Development priorities and their financing while maintaining a competitive economy and a sustainable debt outlook will help. Structural reforms will focus on improving tax administration, strengthening public financial management, and deepening the financial sector. A key constraint to economic growth in the medium term is the lack of basic infrastructure. Executive Directors support the request to modify the target on net domestic bank credit to the government.
Keywords:
ISCR; CR; Three-Year arrangement; Three-Year; request; spending; priority expenditure; revenue collection; discussion of Sierra Leone; Real GDP growth; Infrastructure; Public and publicly-guaranteed external debt; Mining sector; Global
Cover IMF Staff Country Reports
Zambia: First and Second Reviews of the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, Request for Waivers of Nonobservance of Performance Criteria, and Augmentation of Access: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director of Zambia
International Monetary Fund
Zambia’s nonperforming loans are expected to increase and banks have become more cautious in their lending. The staff report for the Zambia’s first and second reviews of the Three-Year Arrangement under the Poverty Reduction and Growth Facility and request for Waivers of Nonobservance of Performance Criteria, and Augmentation of Access is examined. The slowdown in external demand and uncertainty about the global outlook have negatively affected growth prospects and the balance of payments, and made the program targets for reserve accumulation unattainable.
Keywords:
ISCR; CR; growth facility; Three-Year arrangement; Three-Year; request; nonobservance; program implementation; growth performance; sector strategy; International reserves; Inflation; Metal prices; Global
Cover IMF Staff Country Reports
Niger: Quatrième revue de l’accord triennal au titre de la Facilité pour la réduction de la pauvreté et pour la croissance et demande de dérogation à des critères de réalisation et de modification de ceux-ci —Rapport des services; Déclaration des services et suppléments; Communiqué de presse sur la discussion du Conseil d’administration et Déclaration par l’administrateur pour le Niger
International Monetary Fund
Depuis plusieurs années, le FMI publie un nombre croissant de rapports et autres documents couvrant l'évolution et les tendances économiques et financières dans les pays membres. Chaque rapport, rédigé par une équipe des services du FMI à la suite d'entretiens avec des représentants des autorités, est publié avec l'accord du pays concerné.
Keywords:
ISCR; CR; commitment of the Republic of Niger; priority investment fund; staff appraisal; government
Cover IMF Staff Country Reports
Democratic Republic of the Congo: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper describes the three phases of IMF engagement in the Democratic Republic of Congo (DRC) with a view to drawing lessons that could prove useful in identifying objectives and policies for a medium-term program that could be supported through a successor Poverty Reduction and Growth Facility arrangement. The paper describes recent developments in the financial sector of the DRC and offers suggestions for fostering financial deepening. It addresses the agenda for structural fiscal reforms over the next five years. It also presents an overview of structural fiscal issues.
Keywords:
ISCR; CR; real GDP; central bank; public expenditure; DRC government; financial system; private sector; banking system; foreign currency; international community; government program; cash flow; government strategy; financial support; government need; capital base; excess reserves; return on assets; Budget planning and preparation; Mining sector; Sub-Saharan Africa; Western Europe; Africa; Global