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Business and Economics > Budgeting

You are looking at 1 - 10 of 15 items for :

  • Type: Journal Issue x
  • Lithuania, Republic of x
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Cover IMF Staff Country Reports
Cyprus: Technical Assistance Report–Strengthening the Governance and Oversight of State-Owned Enterprises
International Monetary Fund. Fiscal Affairs Dept.
This paper presents Cyprus’ technical assistance report on strengthening the governance and oversight of state-owned enterprises (SOE). Cyprus' government has implemented measures to enhance financial oversight and strengthen the governance of SOEs over several years. The ongoing reforms have already yielded positive results. Additional measures are needed to strengthen SOEs corporate governance and accountability practices. Establishing and regularly updating a consolidated inventory of public entities is essential to ensure SOE accountability. Good SOE governance requires a coordinated and sequential approach to reforms. Coordination among various stakeholders and decision makers is paramount and calls for developing and publishing a reform strategy with benchmarks to track progress. A SOE ownership policy should also be developed. This policy could outline the state's ownership rationale and define the roles and responsibilities of the institutions involved in SOE oversight and governance to provide clarity on the objectives and guidelines for effective ownership and management of SOEs. The policy should set clear accountability lines of respective agencies involved in the SOE ownership, governance, and oversight process. Their responsibilities would depend on the chosen ownership model the government will decide.
Keywords:
Cyprus SOE Governance; request of the Ministry of Finance; IMF's Fiscal Affairs Department; oversight of state-owned enterprises; Cyprus asset management company Ltd; Public enterprises; Fiscal risks; Public sector; Budget planning and preparation; Corporate governance; Europe
Cover IMF Staff Country Reports
Republic of Lithuania: Fiscal Transparency Evaluation
International Monetary Fund. Fiscal Affairs Dept.
This Fiscal Transparency Evaluation (FTE) paper on the Republic of Lithuania estimated Lithuania’s public sector financial position to take a more comprehensive view of public finances in Lithuania. While Lithuania’s overall assessment is comparable to or better than other EU Member States that have undergone an FTE, there is room for further improvement. While the Lithuanian authorities publish a large volume of fiscal reports, they are somewhat fragmented and not easily comparable. The paper also highlights that fiscal risk analysis and management also meets good or advanced practice in many areas but are slightly weaker than the other pillars of the evaluation. It is recommended to consolidate the present array of fiscal reports into a smaller number of user-friendly reports that improve the consistency and comparability of information, as well as its transparency. The report also provides a more detailed evaluation of Lithuania’s fiscal transparency practices and recommended reform priorities.
Keywords:
ISCR; CR; State budget implementation report; central government; real GDP; balance sheet; gross revenue; State consolidated financial statements; annual budget; insurance fund; equity investment; natural resources; government balance; financial assets; Budget planning and preparation; Financial statements; Fiscal risks; Fiscal reporting; Europe; Global
Cover IMF Working Papers
A New Index of Currency Mismatch and Systemic Risk
Mr. Romain Ranciere
,
Aaron Tornell
, and
Mr. Athanasios Vamvakidis
This paper constructs a new measure of currency mismatch in the banking sector that controls for bank lending to unhedged borrowers. This measure explicitly takes into account the indirect exchange rate risk that banks undertake when they lend to borrowers that will not be able to repay in the event of a sharp depreciation. Such systemic risk taking is not captured by indicators that are based only on banks’ balance sheet data. The new measure is constructed for 10 emerging European economies and for a broader sample that includes 19 additional emerging economies, for the period 1998 - 2008. Comparisons with previous currency mismatch measures that do not adjust for unhedged foreign currency borrowing illustrate the advantages of the new approach. In particular, the new measure flagged the indirect currency mismatch vulnerabilities that were building up in a number of emerging economies before the recent global crisis. Measuring currency mismatch more accurately can help country authorities in their efforts to address vulnerabilities at the right time, avoiding hurting growth prospects.
Keywords:
WP; currency; currency mismatch; foreign currency; bank; loan
Cover Experience with Large Fiscal Adjustments
Experience with Large Fiscal Adjustments
Mr. Mark A Horton
,
Mr. George C. Tsibouris
,
Wojciech Maliszewski
, and
Mr. Mark J Flanagan

Abstract

When policymakers have little option but to consider a sizable fiscal adjustment, they are confronted by the following questions: Can a large fiscal adjustment be implemented succesfully? How is a large adjustment best designed and implemented? What will be its impact on the economy? This Occasional Paper addresses these questions by describing the experience of countries that have undertaken large fiscal adjustments in the last three decades. It provides operational guidance to policymakers by identifying preconditions, common policy approaches, and institutional arrangements underlying successful and unsuccessful adjustment episodes.

Keywords:
OP; IMF staff estimate; expenditure measure; event study technique; country authorities; adjustment design; Fiscal consolidation; Fiscal stance; Africa; Global; Western Europe; Baltics; macroeconomic outcome; consolidation episode
Cover IMF Staff Country Reports
Hungary: Selected Issues
International Monetary Fund
This Selected Issues paper evaluates Hungary’s growth and current account performance by using a simple empirical model that provides benchmarks to measure GDP growth rates and current account deficits. The cross-country analysis suggests that in general, larger current account deficits are associated with faster income convergence. The model’s benchmark for Hungary suggests that its current account deficit has been larger than would be expected based on the income convergence process. The paper describes the motivation for, and specifics of, the modeling strategy, and the data used in the analysis.
Keywords:
ISCR; CR; current account deficit; budget institution; inflation persistence; inflation expectation; current account performance; Current account deficits; Inflation; Current account; Personal income; Budget planning and preparation; Global; Europe; Baltics; Central and Eastern Europe; Western Europe
Cover IMF Staff Country Reports
Republic of Latvia: Staff Report for the 2004 Article IV Consultation
International Monetary Fund
This 2004 Article IV Consultation highlights that since the last Article IV consultation discussions, economic activity in Latvia has maintained its momentum. GDP grew 7½ percent in 2003 and 8¾ percent year over year in the first quarter of 2004; however, inflation climbed to 6.1 percent at end-June, from 3.6 percent at end-2003. Fiscal performance has improved appreciably, and public debt remains low. The general budget deficit, at 1.6 percent of GDP in 2003, narrowed by nearly 1 percentage point from 2002, reflecting lower-than-budgeted expenditures, unexpectedly high tax revenues, and lower net lending.
Keywords:
ISCR; CR; deficit; fiscal policy; EU accession; Latvia; procedure; EU market; EU entry; exchange rate; indexation procedure; Current account deficits; Credit; Inflation; Baltics; Europe; Global
Cover IMF Working Papers
IMF and the Baltics: A Decade of Cooperation
Mr. Adalbert Knöbl
and
Mr. Richard D Haas
The paper is an economic history of the IMF’s involvement in the Baltic states. It describes and analyzes the initial economic stabilization; the period of consolidation and recovery; the effects of the Russian crisis of 1998; and the current growth phases of Lithuania, Latvia, and Estonia. There is also an assessment of cooperation with the Fund based on interviews with a number of ex-officials. The major conclusion is that the Baltics have been so successful because of their early commitment to change the stabilization and reform policies needed for successful transition, and their ownership of their IMF-supported programs.
Keywords:
WP; Fund staff; country authorities; Baltic country; monetary policy; policy advice; currency reform; currency board; transition to market economy; Lithuanian authorities; authorities of the logic; Estonian authority; Latvian authorities; government intervention; Budget planning and preparation; Currency boards; Structural reforms; Currencies; Baltics
Cover IMF Staff Country Reports
Republic of Latvia: Statistical Appendix
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; Latvia; exchange rate; foreign currency; current account; broad money; economic activity; liquidity ratio; Budget planning and preparation; Agroindustries; Commercial banks; Credit; Middle East; Western Hemisphere; Baltics; Central Asia; East Asia
Cover IMF Staff Country Reports
Republic of Lithuania: Third Review Under the Stand-by Arrangement
International Monetary Fund
This paper focuses on the Republic of Lithuania’s Third Review Under the Stand-By Arrangement. Program implementation has been good and all end-December 2002 quantitative performance criteria were met. Macroeconomic performance in 2002 was better than expected: real GDP grew by 5.9 percent, led by domestic demand. Further progress was made in structural reforms during 2002, including tax reform, municipal finances, health care expenditure, banking privatization, financial sector reforms, and energy sector privatization. Some measures, however, were implemented with some delays, including privatization in the energy sector.
Keywords:
ISCR; CR; government; EU membership referendum; Lithuania to SDR; SDR; objective; currency board arrangement; EU accession; government coalition; Debt service; International reserves; Europe; Baltics; Global
Cover IMF Staff Country Reports
Republic of Lithuania: Report on the Observance of Standards and Codes-Fiscal Transparency Module
International Monetary Fund
This report examines the Observance of Standards and Codes on Fiscal Transparency for the Republic of Lithuania. Lithuania’s fiscal institutional framework meets many requirements of the Code of Good Practices on Fiscal Transparency. Important strengths are clearly defined roles and responsibilities of the three branches of government; limited scope for quasi-fiscal activity at the central government level; and binding debt rules for all levels of government. The reforms that are being implemented promise to ultimately move Lithuania toward best practices in several areas.
Keywords:
ISCR; CR; annual budget; government regulation; government resolution; debt statistic; audit program; central government; debt data; government deposit; government obligation; policy tool; strategic planning effort; asset registry; internal audit; government asset; government debt statistic; budget year; Budget planning and preparation; Internal audit