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Business and Economics > Budgeting

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Cover IMF Staff Country Reports
Mali: Request for Three-Year Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Mali
International Monetary Fund. African Dept.
Mali is a low-income fragile country facing significant development challenges that have intensified due to insurgency, terrorism, and social tensions. Implementation of the 2015 peace agreement is challenging, and the authorities have limited control over the North and Center regions. Mali’s social development could be further undermined by the recent instability and interethnic violence that complicates the government’s ability to implement basic social and poverty-reducing programs. The economic outlook for Mali remains positive but subject to important downside risks. The potential real growth rate is estimated at about 5 percent per year and inflation is expected to continue to be contained by the CFAF’s peg to the euro. Downside risks relate to the possible further deterioration of the security situation, potential shocks to the terms of trade (the price of gold, cotton, and fuels), and adverse weather conditions. In addition, a continued shortfall in domestically-financed public investment, if revenue mobilization does not improve as expected, could adversely affect growth potential and performance.
Keywords:
ISCR; CR; revenue administration reform; debt; government; company EDM
Cover IMF Staff Country Reports
Mali: Request for Three-Year Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Mali
International Monetary Fund. African Dept.
This paper discusses Mali’s Request for Three-Year Arrangement Under the Extended Credit Facility (ECF). The economic outlook for Mali remains positive; however, subject to important downside risks. The potential real growth rate is estimated at about 5 percent per year and inflation is expected to continue to be contained by the CFAF’s peg to the euro. Downside risks relate to the possible further deterioration of the security situation, potential shocks to the terms of trade (the price of gold, cotton, and fuels), and adverse weather conditions. Going forward, it is essential to pursue greater spending efficiency, including through strengthened project selection and execution, as well as the rationalization of subsidies. The authorities’ efforts to increase financial inclusion and narrow the gender gap, including by direct measures to economically empower women are welcome. The new ECF arrangement aims to support the authorities’ development strategy (CREDD) for strong and inclusive growth through job creation, economic diversification, and greater resiliency. The main focus in the short term is to significantly increase revenue collection to allow for development spending and to reform the energy sector.
Keywords:
ISCR; CR; revenue administration reform; debt; government; company EDM; executive board discussion; ECF arrangement; spending allocation; market financing; financing needs; dynamics equation; Debt sustainability analysis; Public investment and public-private partnerships (PPP); Sub-Saharan Africa; West Africa; Global
Cover IMF Staff Country Reports
Cote d'Ivoire: Staff Report for the 2018 Article IV Consultation and Third Reviews Under the Arrangement Under the Extended Credit Facility and Extended Arrangement Under the Extended Fund Facility, and Request for Modification of a Performance Criterion
International Monetary Fund. African Dept.
This IMF Staff Report highlights that the robust economic growth in Côte d’Ivoire is projected to continue in 2018. The inflation remains subdued. The program aims to achieve a sustainable balance of payments position, foster inclusive growth and poverty reduction, and create fiscal space for investing in priority infrastructure and social projects. Strong economic performance since 2012, with average annual growth of 9 percent, reflected the economic recovery following political normalization, improved business environment, strong program of reforms, and supportive fiscal policy. A key policy challenge is to sustain robust growth and make it more inclusive and private sector-driven. Robust medium-term growth is expected to be supported by domestic demand.
Keywords:
ISCR; CR; debt; government; summary debt service table; real GDP; government policy; summary table; Ivorian authority; fuel price mechanism; Tax administration core functions; West Africa; Sub-Saharan Africa; Global; Africa
Cover Policy Papers
Public Investment Management Assessment - Review and Update
International Monetary Fund. Fiscal Affairs Dept.
Public Investment Management Assessments (PIMAs) are the IMF‘s key tool for assessing infrastructure governance over the full investment cycle and supporting economic institution building in this area. The PIMA framework was first introduced in the 2015 Board Paper on “Making Public Investment More Efficient,” as part of the IMF’s Infrastructure Policy Support Initiative (IPSI). A key motivation for its development has been that strong infrastructure governance is critical for public investment to spur economic growth. PIMAs offer rigorous assessment of infrastructure governance, that is, the key public investment management (PIM) institutions and processes of a country. On the basis of the PIMAs conducted to date, this paper summarizes the lessons learned and updates the assessment framework itself. PIMAs summarize the strengths and weaknesses of country public investment processes, and set out a prioritized and sequenced reform action plan. The PIMA framework has been well-received by member countries, with over 30 PIMAs conducted to date (mainly in emerging markets (EMs) and low income developing countries (LIDCs), and a pipeline of new requests in place; eight PIMAs have been or are about to be published. The PIMAs conducted show that there is much room for strengthening PIM, with weaknesses spread across the investment cycle. The results and recommendations of several PIMAs have been used in IMF lending, surveillance, and capacity development (CD) work, and have improved support and coordination among CD providers. While leaving the structure of the 2015 framework unchanged, the revised PIMA framework highlights some critical governance aspects more prominently. In particular, it brings out more fully some key aspects of maintenance, procurement, independent review of projects, and the enabling environment (e.g., adequacy of the legal framework, information systems, and staff capacity). Yet, the revised PIMA retains the key features of the 2015 framework, including the three-phase structure (planning, allocation, and implementation) with five institutions assigned to each phase, three dimensions under each institution, and three possible scores under each dimension (i.e., not/partially/fully met). The revision has benefitted from extensive stakeholder feedback, including from IMF teams, World Bank staff, and country authorities.
Keywords:
PP; country authorities; infrastructure governance; investment institution; priority reform; reform priority; section IV; efficiency gap; fund member country; department comment; member country request; investment efficiency; country group; Public Investment Management Assessment (PIMA); Public investment spending; Public investment and public-private partnerships (PPP); Budget planning and preparation; Infrastructure; Africa; Middle East and Central Asia; Europe; Western Hemisphere; Asia and Pacific
Cover IMF Staff Country Reports
Mali: Evaluation de la gestion des investissements publics – PIMA
International Monetary Fund. Fiscal Affairs Dept.
Cette évaluation de la gestion des investissements publics (PIMA) au Mali met en lumière un cadre de gestion robuste dont l’efficience est paradoxalement faible. Conformément à la méthodologie élaborée par le département des finances publiques (FAD) du FMI, cette évaluation PIMA dresse un état des lieux de l’investissement public, ses caractéristiques et son efficience, puis passe en revue les procédures de gestion pour en déterminer les faiblesses (voir tableau 1). Au Mali, le cadre de gestion est assez robuste si on le compare aux pays de la sous-région et aux autres pays en voie de développement, mais il produit peu de capital fixe durable par unité de dépense d’investissement par habitant.
Keywords:
ISCR; CR; investment plan; central government; fiscal year; investment funds; fixed capital capital formation; PPP budget risk; public investment
Cover IMF Staff Country Reports
Mali: Technical Assistance Report-Public Investment Management Assessment
International Monetary Fund. Fiscal Affairs Dept.
This Technical Assistance Report assesses the state of public investment management in Mali. The institutional strength of the public investment management framework is good compared with peer countries. The assessment of the 15 institutions (or components) of the framework pictures generally good scores, at or above average levels for low-income countries in almost all components. There are four exceptions: (1) the institutional framework for public private partnerships is incomplete; (2) there is scope for improvement in accounting and valuation of assets; (3) availability of financing for investments suffers from poor commitment management and cash flow projections; and (4) project assessment is not systematic or comprehensive. These deviations from good practices are being corrected with the implementation of the new legal framework.
Keywords:
ISCR; CR; investment plan; central government; fiscal year; investment funds; fixed capital capital formation; PPP budget risk; public investment; management assessment framework; project database; management framework; local government; plan project database; protection mechanism; Public investment and public-private partnerships (PPP); Public investment spending; Budget planning and preparation; Capital spending; West Africa; Sub-Saharan Africa
Cover IMF Staff Country Reports
Mali: Seventh Review Under the Extended Credit Facility Arrangement, and Request for Extension and Augmentation of Access-Press Release; Staff Report; and Statement by the Executive Director for Mali
International Monetary Fund. African Dept.
This paper discusses Mali’s Seventh Review Under the Extended Credit Facility Arrangement, and Request for Extension of Augmentation of Access. Program implementation is broadly satisfactory but the external position remains difficult and fiscal challenges are mounting. All December 2016 quantitative targets were met. Delays were recorded in the implementation of structural reforms but the authorities have since taken corrective measures. For 2017, expenditures will exceed previously programmed levels to address new security needs as well as costs associated with the decentralization. The IMF staff supports the authorities’ request for an augmentation of access equivalent to 13.6 percent of quota in 2017 and extension of the program through 2018.
Keywords:
ISCR; CR; ECF arrangement; government; authority; disbursement of SDR; growth outlook; government chart; borrowing policy; Debt sustainability analysis; Budget planning and preparation; West Africa
Cover IMF Staff Country Reports
Multi-Country Report: Building Fiscal Capacity in Fragile States-Case Studies-Press Release; Staff Report
International Monetary Fund. Fiscal Affairs Dept.
This report reviews the IMF’s effort to build fiscal capacity in fragile states. It presents case studies on IMF technical assistance (TA) and capacity development in the fiscal area, provided by its Fiscal Affairs Department in collaboration with the Legal Department, in countries including Afghanistan, Haiti, Kosovo, Liberia, Mali, Myanmar, South Sudan, and Timor-Leste. The details in the case studies in various areas of fiscal policy management shed light on country-specific characteristics, how well IMF TA helped countries address fiscal capacity in the past, and lessons learned that could improve TA strategies and delivery in the future.
Keywords:
ISCR; CR; technical assistance; government; IMF mission; IMF area department team; lending; IMF TA; reform plan; partner-government coordination modality; Budget planning and preparation; Tax administration core functions; West Africa
Cover IMF Staff Country Reports
Mali: Rapport d'assistance technique : politique fiscale (diagnostic)
International Monetary Fund. Fiscal Affairs Dept.
Avec un taux de recettes fiscales rapporté au Produit Intérieur Brut (PIB) de 15,4% en 2013, le Mali doit améliorer sa fiscalité pour financer son développement économique et social et atteindre l’objectif de la transition fiscale dans la région UEMOA fixé à 17%. Cette augmentation est également un engagement pris par les autorités dans le cadre du programme appuyé par la facilité élargie de crédit du FMI. Le diagnostic établi dans cet aide-mémoire a revu les principaux impôts et taxes; il est complété par un second aide-mémoire dédié au secteur minier et pétrolier. Ce diagnostic vise également à identifier les thèmes des missions successives qui s’intègrent dans le programme d’assistance technique de fonds fiduciaire TPA-TTF (Tax Policy and Administration, Topical Trust Fund).
Keywords:
ISCR; CR; enterprise; tax; tax expenditure; government; wage
Cover IMF Staff Country Reports
Mali: Technical Assistance Report-Tax Policy-Diagnostic Assessment
International Monetary Fund. Fiscal Affairs Dept.
This paper presents a diagnostic assessment of the tax policy of Mali. The diagnostic assessment looks at the country’s main taxes and levies; it is supplemented by a second report on the mining and petroleum sector. Tax revenues represented 15.37 percent of GDP in 2013, up slightly from the 2012 level (14.87 percent). The revenue structure has scarcely changed since the last general assessment mission conducted in 2011, and the analysis performed then remains relevant now. Mali’s corporate income tax and tax on industrial and commercial profits (IS-BIC) are in compliance with the West African Economic and Monetary Union harmonization directives. The IS-BIC rate is 30 percent.
Keywords:
ISCR; CR; enterprise; tax; tax expenditure; government; wage; tax revenue; benchmark tax; authorities' radar; cost of funds; wage tax reform; tax authorities' radar; analyzing tax expenditure; regime D; beneficiary enterprise; tax expenditure analysis process; flat rate; Tax expenditures; Value-added tax; Consumption taxes; Income and capital gains taxes; Sub-Saharan Africa