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Business and Economics > Budgeting

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Cover IMF Staff Country Reports
The Gambia: Article IV Consultation, Third Review under the Extended Credit Facility Arrangement, Request for Waivers of Nonobservance of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for The Gambia
International Monetary Fund. African Dept.
Prior to the onset of the pandemic, The Gambia had shown strong macroeconomic performance in the few years following the remarkable political transition in 2016-17. Economic growth accelerated, debt vulnerabilities decreased, external stability strengthened, structural and legislative reforms advanced, and key social indicators improved. However, the COVID-19 pandemic halted some of the hard-won progress, stagnating economic activity and re-igniting extreme poverty. The Gambia experienced a third wave of the pandemic in mid-2021, which has receded recently. The COVID-19 vaccination rate currently stands at about 12 percent of the adult population. Presidential and parliamentary elections are planned for December 2021 and April 2022, respectively.
Keywords:
TA mission; budget support; vaccination campaign; IMF SDR allocation; ECF program; procurement contract; ECF arrangement; COVID-19; Debt service; Debt sustainability analysis; Global; Middle East
Cover Policy Papers
2018 Quinquennial Review of the Funds Capacity Development Strategy: Concept Note
International Monetary Fund
(CD), including technical assistance (TA) and training, is one of the three core pillars of the Fund’s work. Its main objective is to help member countries build institutions and capacity necessary to formulate and implement sound economic and financial policies. The Institute for Capacity Development (ICD) was established in 2012 with a specific mandate to further define and develop the Fund's strategy on capacity building and provide a clear institutional framework to bring the coordination and oversight over TA and training activities under one umbrella, while building on partnerships with donors. The Fund’s capacity development strategy was last discussed by the Board in June 2013, and the Board subsequently endorsed the 2014 statement on IMF Policies and Practices on Capacity Development. The 2018 review of the CD strategy will include backward- and forward-looking components: The backward-looking component will consider the prioritization, funding, monitoring and evaluation, and delivery of CD as set out in the 2014 statement. The forward-looking component will provide the opportunity to outline reforms to increase the impact of CD. Emphasis will be on making CD more effective and efficient while building on its existing strengths. Conclusions from the 2018 review will be reflected in a revised statement on IMF Policies and Practices on Capacity Development.
Keywords:
PP; Capacity development; Fund; delivery; CD activity; CD priority; CD service; CD governance; CD knowledge; CD department; Budget planning and preparation; Western Hemisphere
Cover Policy Papers
Arab Countries in Transition - Economic Outlook and Key Challenges
International Monetary Fund
In spite of deepening and spreading conflicts in the region, as well as, in many cases, a challenging internal socio-political environment, the Arab Countries in Transition (Egypt, Jordan, Libya, Morocco, Tunisia and Yemen) have broadly maintained macroeconomic stability. At the same time, however, their economies are not delivering the growth rates needed for a meaningful reduction in unemployment, in particular for the youth and women. Notwithstanding diversity of conditions, countries should quickly advance structural reforms to foster higher and more inclusive growth, and continue to strengthen fiscal and external buffers to maintain stability amid heightened uncertainty. Coordinated support from the international community will be crucial in the form of financing, improved trade access, and capacity building assistance.
Keywords:
PP; current account; monetary policy; excl. grant; exchange rate; economic activity; labor market; private sector; government balance; Current account deficits; Government debt management; Budget planning and preparation; Middle East; Global
Cover Policy Papers
Arab Countries in Transition - An Update on Economic Outlook and Key Challenges
International Monetary Fund
Despite uneven progress, there are early signs of improvement and macroeconomic stabilization in some Arab Countries in Transition (ACTs). 1 However, persistently weak growth and subdued private investment amid heightened regional insecurity continue to weigh on the task of reducing unemployment. This calls for accelerated reform efforts by the authorities to achieve higher, more inclusive, and more private sector-led growth, supported by external partners. In addition, mobilizing affordable external financing could help boost well-implemented public investment and provide a short-term impetus to growth and employment, thereby stabilizing difficult socio-political conditions on the ground and providing space for deeper structural reforms.
Keywords:
PP; job creation; economic activity; private sector; real GDP; trading partner; financial support; current account; government balance; Government debt management; Budget planning and preparation; Current account deficits; Inflation; Global; Middle East; Europe
Cover Policy Papers
Framework Administered Account for Selected Fund Activities -Financial Access Survey Subaccount
International Monetary Fund
In March 2009 the Fund established a new Framework Administered Account to administer external financial resources for Selected Fund Activities (the “SFA Instrument”). The financing of activities under the terms of the SFA Instrument is implemented through the establishment and operation of subaccounts within the SFA. This paper requests Executive Board approval to establish the Financial Access Survey Subaccount (“the Subaccount”) under the terms of the SFA Instrument.
Keywords:
PP; href; list of Subaccounts; Socialist People's Libyan Arab Jamahiriya Subaccount; General government spending; Anti-money laundering and combating the financing of terrorism (AML/CFT); Sovereign wealth funds; Tax administration core functions; Investment banking; Africa; Middle East; Central America; West Africa; East Africa
Cover Policy Papers
Arab Countries in Transition - Economic Outlook and Key Challenges - Deauville Partnership Ministerial Meeting
International Monetary Fund
In an environment of heightened socio-economic tensions, regional insecurity, and strained public finances, the Arab Countries in Transition (ACTs) 1 face the difficult task of delivering on the expectations for jobs and growth. Despite patchy improvements in some countries, economic growth remains subdued, private investment is weak, and external and fiscal buffers are running low. Fostering social cohesion and avoiding a downward spiral of economic and political malaise calls for urgent implementation of economic reforms and coordinated support from the international community.
Keywords:
PP; excl. grant; exchange rate; job creation; monetary policy; foreign exchange; General government balance; financial support; government balance; reform program; grant financing; financing needs; transition countries' financing gap; credit growth; Current account deficits; Government debt management; Inflation; Budget planning and preparation; Global; Middle East; Deauville partnership ministerial meeting; countries in transition; title page; key challenge; North Africa; East Africa
Cover Policy Papers
Framework Administered Account for Selected Fund Activities - Africa Regional Technical Assistance Center West 2 Subaccount
International Monetary Fund
In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for selected Fund activities (the “SFA Instrument”). The financing of activities under the terms of the SFA Instrument is implemented through the establishment and operation of a subaccount within the SFA. This paper requests Executive Board approval to establish the Africa Regional Technical Assistance Center West 2 (AFRITAC West 2) Subaccount (the “AFRITAC West 2 Subaccount” or the “Subaccount”) under the terms of the SFA Instrument.
Keywords:
PP; href; list of Subaccounts; Socialist People's Libyan Arab Jamahiriya Subaccount; General government spending; Anti-money laundering and combating the financing of terrorism (AML/CFT); Sovereign wealth funds; Tax administration core functions; Investment banking; Africa
Cover Policy Papers
Framework Administered Account for Selected Fund Activities - Government of Australia Subaccount for Selected Fund Activities
International Monetary Fund
In March 2009, the Fund adopted the Instrument to establish a new Framework Administered Account to administer external financial resources for Selected Fund Activities (the “SFA Instrument”).1 The financing of activities under the terms of the SFA Instrument is implemented through the establishment and operation of subaccounts. This paper requests Executive Board approval to establish the Government of Australia Subaccount for Selected Fund Activities (the “Subaccount”) under the terms of the SFA Instrument.
Keywords:
PP; href; list of Subaccounts; Socialist People's Libyan Arab Jamahiriya Subaccount; General government spending; Anti-money laundering and combating the financing of terrorism (AML/CFT); Sovereign wealth funds; Tax administration core functions; Investment banking; Africa; Middle East; Central America; West Africa; East Africa
Cover IMF Staff Country Reports
Libya: Technical Assistance Report—Public Financial Management Reform Priorities in the New Environment
International Monetary Fund. Fiscal Affairs Dept.
Libya faces a number of challenges to establishing a robust, efficient, and transparent public financial management system. There is a need to establish a clear macrofiscal policy framework. The Sovereign Wealth Fund (SWF) should be a financing fund system with clear and rigid inflow and outflow rules and should be based on clear and regulated investment criteria. Under the existing legal and regulatory framework, budget expenditures cannot exceed the initial ceilings specified in the annual budget law. This should be strictly enforced.
Keywords:
ISCR; CR; cash management; reserve account; budget process; budget preparation; budget classification; commercial bank; internal audit; strategy paper; budget allocation; budget integration; execution report; fiscal year; budget decision making; natural resource; Budget planning and preparation; Fiscal accounting and reporting; Budget execution and treasury management; Global
Cover Policy Papers
Middle East and North Africa - Economic Outlook and Key Challenges - Deauville Partnership Ministerial Meeting
International Monetary Fund
Historic transitions in the Arab Spring countries are coming under increasing strain frommacroeconomic pressures and unmet social demands. Domestic uncertainty over the countries' future course, compounded by the global slowdown and rising oil prices, took a toll on growth during 2011. The outlook for 2012 and 2013 is equally challenging. The protracted political transition, lower global growth, and euro zone weakness are likely to result in a slow and drawn-out economic recovery, with unemployment at best stabilizing at high levels. Maintaining macroeconomic stability in this environment will be challenging, not least since policy buffers were reduced during 2011. Indeed, gross external and fiscal financing needs of MENA oilimporters are projected at about $93 and $103 billion, respectively, in 2012-13. With capital markets expected to provide only a small part of these funds, official financial support will be essential to allow countries to continue on their path toward economic transformation. But at the same time, countries need to make tangible progress on that path. This requires bold reform and modernization agendas that command broad consensus and are embedded in a sustainable medium-term macroeconomic policy framework to build confidence, anchor expectations, and pave the way for sustained and inclusive growth.
Keywords:
PP; job creation; economic recovery; labor market; central bank; economic activity; exchange rate; GDP growth; Government debt management; Current account deficits; Budget planning and preparation; Unemployment; Global; Europe; Middle East