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Business and Economics > Budgeting

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Cover IMF Staff Country Reports
Philippines: Technical Assistance Report-Public Investment Management Assessment
International Monetary Fund. Fiscal Affairs Dept.
This Technical Assistance report highlights institutional weaknesses that need to be addressed and proposes eight priority reform measures to strengthen the public investment management framework in the Philippines. This report reviews public investment management practices in the Philippines, using the IMF’s Public Investment Management Assessment (PIMA) methodology. The PIMA findings could guide the upcoming Public Expenditure Review that is likely to be completed with the support of the World Bank. The PIMA provides a broad overview of institutional strengths and weaknesses along the public investment cycle. Strengthening public investment management in the Philippines would help maximize the return from the infrastructure investment in the coming years. While the public investment management institutions in the Philippines are generally comparable to emerging market economies, there is scope to improve performance. Standard methodologies for maintenance planning and costing of infrastructure assets exist for certain types of assets, and the same practice should be extended to other sectors. It would also be beneficial to establish a central monitoring mechanism to ensure the routine maintenance of major infrastructure assets.
Keywords:
ISCR; CR; public investment; investment project; nonfinancial asset; annual budget; General government investment; investment management; capital project; Public investment and public-private partnerships (PPP); Public investment spending; Infrastructure; Budget planning and preparation; Capital spending; Asia and Pacific; East Asia; South Asia
Cover IMF Staff Country Reports
Malaysia: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper analyzes saving to understand history and identify the drivers in Malaysia. IMF analysis suggests that Malaysia’s current account (CA) surplus is higher than warranted by medium-term fundamentals and desired policies. The changes in the corporate saving rate almost entirely reflect the changes within each group of firms of similar size or age. Leveraging firm-level data for listed firms, the paper focuses on the contribution to the CA surplus of private non-financial corporations. The trend analysis indicates a high dependence of listed firms in Malaysia on internal funds (savings) to finance their investments or, equivalently, a lower dependence on external funds. The results suggest that relaxing firms’ external financing constraints and lifting productivity growth could help encourage investment and reduce excess corporate saving. The regression results show that the transaction cost and precautionary saving motives, as well as their interaction with external financing dependence, could play an important role in explaining corporate net saving.
Keywords:
ISCR; CR; firm; debt; deficit; C. firm level analysis; deficit target; firms in the energy sector; firm's use; use of external finance; development expenditure; debt anchor; Fiscal stance; Government debt management; Medium-term budget frameworks; Capital spending; Global
Cover IMF Staff Country Reports
Malaysia: Technical Assistance Report-Strengthening Outcome Based Budgeting
International Monetary Fund. Fiscal Affairs Dept.
This Technical Assistance report reviews the reforms undertaken by the Government of Malaysia for strengthening outcome-based budgeting (OBB). OBB builds on the previous output-based modified budgeting system, which was in place for more than two decades. OBB aims to improve the efficiency, the performance, and the prioritization of expenditures by aligning national and ministerial outcomes with programs and budgetary resources and by integrating planning, budgeting, and evaluation. OBB has made good progress. The National Budget Office has assisted nine pilot ministries to redesign their program structure to link to outcomes and has plans to assist all ministries. There is an increased awareness in government of the importance of outcomes.
Keywords:
ISCR; CR; government program; evaluation practice; government companies audit; government company; Malaysia government; state agency; State auditor; reform plan; pilot ministry; ministry submission; post authority provision; ministry budget staff; line ministry; Ministry budget; Malaysian government; Budget planning and preparation; Public expenditure review; Performance-based budgeting; Key performance indicators in revenue administration; Africa
Cover IMF Staff Country Reports
Malaysia: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper examines the implications of lower crude oil prices on Malaysia’s economy. Although Malaysia’s net oil exports are now very small as a share of GDP, its gas exports are sizeable. The paper provides some background on the structure of energy production and trade in Malaysia, and presents results from empirical analysis of the oil prices on Malaysia’s growth. It is concluded that the decline in prices is likely to have a net negative impact on growth, even though the recent decline in oil prices partially reflects supply considerations.
Keywords:
ISCR; CR; oil; oil price; price; oil market; market factor; oil inventory; tapis oil; reserve holder; Fiscal risks; Oil prices; Contingent liabilities; Global; Africa; Budget planning and preparation; annual budget
Cover IMF Staff Country Reports
Malaysia: 2010 Article IV Consultation-Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Malaysia
International Monetary Fund
Strong fundamentals and countercyclical policies have helped Malaysia during the global financial crisis. Executive Directors welcomed the authorities' challenge to make progress toward economic growth and structural transformation. Directors welcomed the consolidation effort in the 2010 budget, and stressed that a sound and sustained fiscal adjustment is essential. Directors appreciated the monetary policy stance to sustain noninflation growth. They welcomed the new Central Bank Act, which reinforces the underpinnings of the financial system. Directors also commended the authorities’ decision to participate in the Financial Sector Assessment Program.
Keywords:
ISCR; CR; June CPI; consumption indicator; high-octane gasoline; high-frequency data; octane; staff appraisal; policy normalization; capital expenditure; Budget planning and preparation; Capital flows; Commercial banks; Global; Asia and Pacific
Cover IMF Working Papers
Measuring and Analyzing Sovereign Risk with Contingent Claims
Michael T. Gapen
,
Mr. Dale F Gray
,
Cheng Hoon Lim
, and
Ms. Yingbin Xiao
This paper develops a comprehensive new framework to measure and analyze sovereign risk. Since traditional macroeconomic vulnerability indicators and accounting-based measures do not address risk in a comprehensive and forward-looking way, the contingent claims approach is used to construct a marked-to-market balance sheet for the sovereign, and derive a set of credit-risk indicators that serve as a barometer of sovereign risk. Applications to 12 emerging market economies show the risk indicators to be robust and highly correlated with market spreads. The framework can help policymakers design risk mitigation strategies and rank policy options using a calibrated structural model unique to each economy.
Keywords:
WP; sovereign assets; asset value; balance sheet
Cover IMF Staff Country Reports
Russian Federation: Report on the Observance of Standards and Codes—Fiscal Transparency Module
International Monetary Fund
This report on the Russian Federation’s Observance of Standards and Codes reports on the fiscal transparency module. Russia has achieved considerable progress in fiscal transparency and financial management since 1999, although a number of important reforms remain to be undertaken. The legal framework of the budget and tax system as well as for intergovernmental relations has been reformed. Macroeconomic policy forecasts are soundly based and open for scrutiny. Budget preparation has become sophisticated, with considerable transparency in the process and in the availability of information.
Keywords:
ISCR; CR; government; company; budget; government resolution; debt management; government interference; joint stock; government institution; government Finance Statistics Manual; government plan; State body; government finances; government's budget proposal; federal budget; government shareholding; Budget planning and preparation; Budget execution and treasury management; Fiscal law
Cover IMF Staff Country Reports
Malaysia: Selected Issues
International Monetary Fund
This Selected Issues paper undertakes a brief examination of poverty trends in Malaysia since the early 1970s and the policies that may have contributed to its reduction. The paper presents trends in poverty, and describes some of the policies that may have generated the poverty outcome. It analyzes the legal framework for bankruptcy and insolvency, highlighting that the legal framework in Malaysia appears to be generally comprehensive, especially by regional standards, and has been largely modeled on the United Kingdom system.
Keywords:
ISCR; CR; government; Malaysian authority; discount house; state government; Malaysian authorities; hardcore poverty program; accounts payable; tertiary sector; short-term debt; policy regime; Commercial banks; Public sector; Budget planning and preparation; Loans; East Asia; Asia and Pacific
Cover IMF Staff Country Reports
Indonesia: Selected Issues
International Monetary Fund
This Selected Issues paper on Indonesia explains through econometric analysis the contribution of different factors to export growth and assesses the prospects for its maintenance in the future. The paper reviews developments in Indonesian export growth since 1970. It develops a model of export demand and export supply, provides empirical estimates from the model, and the implications of the results. The paper also addresses medium-term prospects for export growth on the basis of the estimated model and the possible impact of exchange rate changes.
Keywords:
ISCR; CR; bank; Indonesia; poverty; exchange rate; poverty reduction; targeted poverty program; poverty indicator; aggregate cash profit transfer; distribution concern; fiscal policy; poverty incidence; Exports; Poverty reduction; Capital flows; Budget planning and preparation; Export performance; Asia and Pacific; Global
Cover IMF Working Papers
Distributional Implications of Government Tax and Expenditure Policies: Issues, Problems, and Methodology
International Monetary Fund
This paper examines the methodological issues arising in the measurement of the distributional impact of tax and expenditure policies, with emphasis on the problems related to the measurement of the impact of adjustment programs on the welfare of the poor. Both conceptual and empirical considerations suggest that public expenditures are a more potent instrument for distributional purposes than taxes but are also more difficult to analyze and evaluate. The paper concludes that more research is needed toward a better measurement of expenditure benefits.
Keywords:
WP; income; issue; net; public goods; transfer payment; household income; expenditure side; income elasticity; income measure; expenditure benefit; expenditure incidence; expenditure statistics; government expenditure policy; income concept; income level; extent income; consumption basket; Personal income; Income distribution; Tax incidence; Tax expenditures; Global