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Business and Economics > Budgeting

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Cover IMF Working Papers
Macro-Fiscal Management Practices in Eastern and Southern Africa
Mr. Ian Lienert
This paper examines the institutional arrangements of the macro-fiscal function in 16 African countries. Most ministries of finance (MoFs) have established a macro-fiscal department or unit, but their functions, size, structure and outputs vary considerably. Based on a survey, we present data on staff size, functional scope and the forecasting performance of macro-fiscal departments and identify common challenges in the countries reviewed. Some MoFs perform many macro-fiscal functions, but actions of various kinds are needed to strengthen their macro-fiscal departments. This paper provides some guidance for policy-makers in the region for enhancing the quality and scope of macro-fiscal outputs.
Keywords:
macro-fiscal; macroeconomic; fiscal; function; medium-term; annual; forecasts; projections; policy analysis; fiscal strategy; ministry of finance; organizational; WP; MFD staff; MFD output; MFD characteristic; MFD director; MFDS monitor debt development
Cover IMF Staff Country Reports
Senegal: Second Review Under the Policy Support Instrument and Request for Modification of an Assessment Criterion-Press Release; and Staff Report
International Monetary Fund. African Dept.
This paper discusses key issues related to Senegal’s economy. Government proposals for constitutional reforms were approved by 63 percent of the vote in a referendum held on March 20, 2016. Growth was robust at 6.5 percent in 2015 and is projected to continue at a similar level this year. Although the economic outlook remains favorable, downside risks remain. Economic policies and structural reforms are needed to sustain growth and continued fiscal consolidation to meet regional convergence criteria. To keep growth buoyant, steadfast action is needed in following three areas: (1) improving business environment to open economic room for small- and medium-sized enterprises and foreign direct investment; (2) strengthening public financial management and governance; and (3) rebuilding government's fiscal space.
Keywords:
ISCR; CR; convergence criteria; authority; government; PFM; regime; governance structure; executive board discussion; government royalty; Senegalese authorities; convergence criterion; structural reforms agenda; Public investment spending; Public investment and public-private partnerships (PPP); Budget planning and preparation; Loans; West Africa
Cover IMF Staff Country Reports
Senegal: Request for a Three-Year Policy Support Instrument-Press Release; Staff Report; and Statement by the Executive Director for Senegal
International Monetary Fund. African Dept.
This paper discusses Senegal’s Request for a Three-Year Policy Support Instrument (PSI). Performance under the two previous PSIs was mixed. The new PSI aims to support a three-year program of macroeconomic reforms designed to advance the authorities’ growth strategy—Plan Senegal Emergent (PSE). The growth goals enshrined in the PSE are achievable provided reforms are successfully implemented. Early signs indicate positive momentum owing to observed progress in reform implementation and favorable external factors. However, more remains to be done to solidify this momentum. Also, there are significant but manageable risks, which include sluggish implementation of reforms and election-driven pressures in 2016 and 2017. The IMF staff supports the authorities’ request for a PSI.
Keywords:
ISCR; CR; deficit; revenue shortfall; reform; reform implementation; real GDP; plan Sénégal emergent; financing assumption; DSA baseline; Senegalese government; royalty regime; Public and publicly-guaranteed external debt; Budget planning and preparation; West Africa
Cover Departmental Papers
Faire du Sénégal un carrefour pour l'Afrique de l'Ouest: Faire du Sénégal un carrefour pour l'afrique de l'Ouest
Mr. Alexei P Kireyev
and
Mr. Ali M. Mansoor
Cette publication du département Afrique dresse le bilan des réalisations du Sénégal au cours des dernières années dans le cadre de programmes appuyés par le FMI et indiquent des domaines de réforme essentiels pour l'avenir. Les services du FMI analysent la nouvelle stratégie de développement du Sénégal, le « Plan Sénégal émergent », qui vise à faire du Sénégal un pays émergent d'ici 2035.
Keywords:
DPPP; DP; exchange rate; public spending; current account; foreign direct investment
Cover Departmental Papers
Making Senegal a Hub for West Africa: Reforming the State, Building to the Future
Mr. Alexei P Kireyev
and
Mr. Ali M. Mansoor
This Departmental Paper takes stock of Senegal’s achievements in the past few years under IMF-supported programs and identifies key reform pillars for the future. IMF staff analyses Senegal's new development strategy, Plan Sénégal Emergent, which aims to make Senegal an emerging market economy by 2035.
Keywords:
DPPP; DP; exchange rate; public spending; current account; foreign direct investment; opportunity cost; private sector; debt management; Exports; Budget planning and preparation; Export diversification; Public investment and public-private partnerships (PPP); Sub-Saharan Africa; West Africa; Global; Africa; North America
Cover IMF Staff Country Reports
Senegal: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper on Senegal revisits the challenges of emergence by tapping on the experience of other countries across the world that became emerging economies in the past two decades. It then looks at the preconditions needed for growth acceleration in Senegal. The paper also discusses options for strengthening Senegal’s fiscal framework to support Plan Sénégal Emergent (PSE) implementation while keeping risks of debt distress low. It provides an assessment of Senegal’s external stability and explores how to improve the structure of the Senegalese economy to make it more competitive with more diversified exports. The paper describes the electricity problem as a major impediment to growth acceleration. Improved revenue performance and expenditure composition are critical for creating the fiscal space to support the PSE. There is an opportunity cost for development spending, as the economy still faces bottlenecks from high electricity costs and insufficient electricity production. The share of the population living below the poverty line and its exposure to shock remains unacceptably high.
Keywords:
ISCR; CR; Senegal; PSE implementation; government; Plan Sénégal Emergent; PSE target; PSE investment; growth potential; reform agenda; Export diversification; Exports; Electricity; Budget planning and preparation; Sub-Saharan Africa; Global; West Africa; Africa
Cover IMF Staff Country Reports
Sénégal: Questions générales
International Monetary Fund. African Dept.
Keywords:
ISCR; CR; Senegal; PSE implementation; government; Plan Sénégal Emergent
Cover Policy Papers
FY2014-FY2016 Medium-Term Budget
International Monetary Fund
The proposed FY 14–16 Medium-Term Budget was formulated within the Fund’s strengthened strategic planning framework and seeks to align the allocation of resources to the delivery of institutional priorities. Despite the additional resources that have been provided to meet crisis demands, crisis related work and overall work pressures remain elevated. At the same time, available resources are not being fully utilized. Therefore, the budget strategy—instead of asking for further additional resources—is geared toward making more efficient use of existing resources to reduce work pressures and meet new demands.
Keywords:
PP; fy; staff; capital budget; overtime; work pressure; contingency reserve; budget envelope; budget formulation flow; resource allocation; staff position; total spending; budget proposal; budget strategy; Budget planning and preparation; Personal income; Total expenditures; Global
Cover IMF Staff Country Reports
Republic of Congo: Staff Report for the 2012 Article IV Consultation
International Monetary Fund. African Dept.
The key issue facing Congo is how to use oil and mineral resources effectively in support of inclusive growth. Economic conditions are supportive--macroeconomic stability is in place, the terms of trade are favorable, and the external position is strong. External risks are mitigated by membership in CEMAC, under which all members benefit from the French convertibility guarantee, and large fiscal buffers. Yet, growth has not been inclusive. Over half of the population lives in poverty and a labor skills mismatch results in high unemployment and underemployment, especially among youth. The difficult business climate holds back diversification. On March 4, 2012 a munitions depot exploded in Brazzaville causing death and destruction; near-term policies focus on reconstruction and addressing the humanitarian crisis.
Keywords:
ISCR; CR; business climate; surplus; report; economy; budget; revenue collection; basic non-oil primary deficit; article IV report; budget envelope; Capital spending; Current spending; Oil prices; Europe; Africa; Global
Cover IMF Staff Country Reports
Mauritius: Public Expenditure and Financial Accountability (PEFA) Assessment
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; annual budget; central government; stimulus package; financial year; internal audit; economic development; collection ratio; Budget planning and preparation; Auditing; Internal audit; Financial statements; Global