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Business and Economics > Budgeting

You are looking at 1 - 10 of 48 items for :

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Cover Technical Assistance Reports
Pakistan: Technical Assistance Report-Improving Budget Practices
International Monetary Fund. Fiscal Affairs Dept.
Pakistan’s tight fiscal situation will require strong control over the budget in coming years. This report provides recommendations on steps to strengthen the country’s fiscal institutions to deliver a more credible budget, tighten its execution and prevent policy slippages. It also advises on how to digitalize the budget process to improve monitoring and reporting.
Keywords:
Pakistan; budget credibility; digitalization; supplementary grants; budget process.; call circular; IMF resident representative; FAD team; IMF's Fiscal Affairs Department; FCDO staff; FAD expert; Budget planning and preparation; Budget execution and treasury management; Budget execution processes; Macroeconomic and fiscal forecasts; Africa
Cover IMF Staff Country Reports
Slovak Republic: Technical Assistance Report-Implementing Public Expenditure Limits
International Monetary Fund. Fiscal Affairs Dept.
This Technical Assistance Report on Slovak Republic discusses implementing public expenditure limits (PEL). The main objective behind the introduction of the PEL is to create an operational instrument to strengthen fiscal discipline and fiscal sustainability. The introduction of the PEL provides an opportunity to move beyond the annual budget and take strategic budgeting a step further into the medium term. To strengthen the budget process, the report proposes a strategic phase to the budget process, currently lacking, which could start with a Fiscal Strategy Report outlining fiscal challenges and policy options for consideration by the Council of Ministers. Based on the recommendations in this report, the current caretaker government has a unique opportunity to propose an agenda of public financial management reforms to the new government that will emerge from the elections in September. These recommendations rely heavily on the experience of countries that have to some extent successfully implemented PEL and progressively moved toward medium-term budgeting. Further detailed work will be needed in many of the above areas to flesh out the precise laws, decrees, regulations, or processes that will need to be changed to kick start the reforms.
Keywords:
State secretary; PEL methodology; budget chapter; state budget; authorities of the Slovak Republic; Value-for-Money Unit; Budget planning and preparation; Budget execution and treasury management; Fiscal space
Cover IMF How To Notes
How to Design and Institutionalize Spending Reviews
Laura Doherty
and
Amanda Sayegh
Spending reviews refer to the process of conducting in-depth assessments of existing public expenditure in order to identify opportunities to reduce or redirect spending from low-priority, inefficient, or ineffective spending. They offer a systemic approach to ensuring that spending is aligned with the government’s policy priorities, is effective in achieving its intended objectives and is deployed efficiently. This How to Note outlines the various objectives of spending reviews and provides guidance on designing a spending review process, including the organizational architecture and roles and responsibilities of various stakeholders. It also discusses the various stages of con¬ducting spending reviews and mechanisms for integrat¬ing their outcomes into the budget process. This note draws on lessons and experiences from countries that have established spending reviews, while recognizing that this is an emerging area for further reform.
Keywords:
• Spending reviews; public expenditure; public financial management; budget planning; program performance; efficiency and effectiveness; analyzing spending; A. spending review objective; IMF's Fiscal Affairs Department; spending review methodology; PFM reform; Public expenditure review; Budget planning and preparation; Expenditure efficiency; Europe; Global
Cover IMF How To Notes
How to Collaborate Effectively to Improve Data Quality and Use in Revenue Administration and Official Statistics
Elizabeth Gavin
This note outlines the interest of Revenue Administrations (RAs) and National Statistical Offices (NSOs) in the quality of data at their disposal, and how collaboration between these organizations can contribute to improving data quality. The similarities between the data collection and processing steps in revenue administration and in the production of economic statistics underlie meaningful information and data sharing. Mutually beneficial collaboration between RAs and NSOs can be achieved, particularly in efforts to improve the coverage of registers and to update register information; classify economic activity; and analyze joint data to address data shortcomings. Since there are differences in concepts and definitions used in revenue administration and official statistics, dialogue is necessary to ensure the effective use of data from the partner organization. Collaboration can improve the quality of data available to both institutions: for RAs, this can assist in realizing improved taxpayer compliance and revenue mobilization, and for NSOs, tax-administrative data sources may enable expanded coverage of the economy in official statistics and reduce timeframes required for publishing economic time series and national accounts. Together, these outcomes can enhance the policy formulation, planning, and service delivery capability of governments. To that end, this note delineates concrete steps to engender sustainable and meaningful interchange of information and data between the RA and NSO.
Keywords:
data quality; RA-NSO engagement; assessment tool; taxpayer information; quality challenge; Tax administration core functions; Data collection; Information for taxpayers; Economic classification; Africa
Cover IMF Staff Country Reports
Kingdom of the Netherlands-Curacao and Sint Maarten: 2019 Article IV Consultation-Press Release and Staff Report; and Statement by the Executive Director for the Kingdom of the Netherlands-Curacao and Sint Maarten
International Monetary Fund. Western Hemisphere Dept.
This 2019 Article IV Consultation focuses on Curaçao and Sint Maarten’s near and medium-term challenges and policy priorities and was prepared before coronavirus disease 2019 became a global pandemic and resulted in unprecedented strains in global trade, commodity and financial markets. The fiscal position in Curaçao improved in the past two years, in part due to implemented fiscal measures. Both Curaçao and Sint Maarten would benefit from introducing a Fiscal Responsibility Framework. It could incorporate a central government debt ratio as a long-term anchor and operational rules calibrated to meet it. The report suggests that risks in the financial sector need to be addressed as a matter of priority. The authorities should develop a strategy for addressing financial sector vulnerabilities with the objective of preserving financial stability while minimizing fiscal costs. Significant strengthening of supervision and a complete overhaul of the bank resolution framework are also urgently needed. An across-the board improvement in the governance framework should be a key priority in both countries. Vulnerabilities in the financial system point to the need to strengthen governance in the financial sector.
Keywords:
ISCR; CR; Sint Maarten authorities; IMF staff estimate; en Sint Maarten; Curaçao payroll process; article IV consultation discussion; economy of Sint Maarten; Sint Maarten authority; trust fund; labor market; recovery in Sint Maarten; financial system; current account; CAD in Curaçao; consultation discussion; liability positions vis-à-vis nonresident; capital expenditure; union GDP; Fiscal stance; Tourism; Caribbean; Global; Extra-budgetary funds
Cover IMF Staff Country Reports
Chile: Informe de Asistencia Técnica-Adopción e institucionalización de las revisiones del gasto
International Monetary Fund. Fiscal Affairs Dept.
El Gobierno de Chile ha anunciado que está comprometido a alcanzar su meta fiscal y contener el crecimiento del gasto. El objetivo de la meta fiscal es reducir el déficit estructural en 0,2% del PIB en cada año del mandato presidencial (2018-2021). A fin de alcanzar esa meta, el Gobierno anunció un plan de consolidación cuatrienal para reducir gradualmente el gasto anual, en aproximadamente US$1.100 millones, para lograr un ahorro total de US$4.400 millones durante el período1. El Gobierno ha alcanzado la meta que había fijado para el balance estructural de 2018. Con el objetivo de facilitar la consecución de estas metas en los próximos años, y liberar espacio fiscal para el programa del Presidente, el Gobierno está adoptando una nueva herramienta: las revisiones del gasto (RGs).
Keywords:
ISCR; CR; budget process; government property; policy priority; leverage government purchasing power; procurement practice
Cover IMF Staff Country Reports
Chile: Technical Assistance Report-Introducing and Institutionalizing Spending Reviews
International Monetary Fund. Fiscal Affairs Dept.
This technical assistance report on Chile focuses on introducing and institutionalizing spending reviews (SR). The Chilean government has announced its commitment to achieving its fiscal target and containing expenditure growth. This report proposes a SR framework with targeted reviews conducted on an annual rolling basis, combined with a periodic comprehensive review at most once every four years. Both types of reviews include targets to identify savings options. Targeted reviews focus on a limited predefined review topic or area and on value for money and efficiency. Comprehensive reviews do not have any predefined review topics; they undertake an unconstrained search for the best saving options. The report sets out a four-stage process for conducting an SR, which would start in September and have final saving decisions made in April or May of the following year. The government will need to announce the topic for the first full targeted review to Congress in September 2019. This review will be conducted in late 2019 and early 2020; the results will be ready in April 2020 in time for incorporation into the process for the 2021 budget.
Keywords:
ISCR; CR; budget process; government property; policy priority; leverage government purchasing power; procurement practice; annual budget; government nonspecialist estate; evaluation system; budget Director; government policy priority; government estate; OECD government; government program; improved government effectiveness; value for money of government program; Budget planning and preparation; Public expenditure review; Fiscal consolidation; Medium-term budget frameworks
Cover IMF Staff Country Reports
Kingdom of the Netherlands—Curaçao and Sint Maarten: 2018 Article IV Consultation-Press Release and Staff Report
International Monetary Fund. Western Hemisphere Dept.
Weak growth and underlying structural vulnerabilities persist in both Curaçao and Sint Maarten. Worsened macroeconomic conditions—reflecting the spillovers from one of Curaçao’s largest trading partners and the devastation from Hurricanes Irma and Maria in Sint Maarten—make the need for policy adjustment and structural reforms aimed at ensuring fiscal sustainability, enhancing competitiveness, strengthening investor confidence, and developing capacity more urgent.
Keywords:
ISCR; CR; discussion; real GDP; government; IMF staff estimate; liability positions vis-à-vis nonresident; growth in Curaçao; positions of Curaçao; finance of Curaçao; Budget planning and preparation; Fiscal space; Caribbean; Global
Cover IMF Working Papers
The Limits of Meritocracy
Mr. John Morgan
,
Justin Tumlinson
, and
Mr. Felix J Vardy
We show that too much meritocracy, modeled as accuracy of performance ranking in contests, can be a bad thing: in contests with homogeneous agents, it reduces output and is Pareto inefficient. In contests with sufficiently heterogeneous agents, discouragement and complacency effects further reduce the benefits of meritocracy. Perfect meritocracy may be optimal only for intermediate levels of heterogeneity.
Keywords:
WP; aggregate output; Meritocracy; Efficiency; Level Playing Field; contest organizer; competition effect; prize schedule; equilibrium behavior; study contest design; participation prize; output measure; Competition; Income inequality; Budget planning and preparation
Cover IMF Working Papers
Independent Fiscal Councils: Recent Trends and Performance
Mr. Roel M. W. J. Beetsma
,
Mr. Xavier Debrun
,
Xiangming Fang
,
Young-Bae Kim
,
Victor Duarte Lledo
,
Samba Mbaye
, and
Xiaoxiao Zhang
Countries increasingly rely on independent fiscal councils to constrain policymakers’ discretion and curb the bias towards excessive deficits and pro-cyclical policies. Since fiscal councils are often recent and heterogeneous across countries, assessing their impact is challenging. Using the latest (2016) vintage of the IMF Fiscal Council Dataset, we focus on two tasks expected to strengthen fiscal performance: the preparation or assessment of forecasts, and the monitoring of compliance with fiscal rules. Tentative econometric evidence suggests that the presence of a fiscal council is associated with more accurate and less optimistic fiscal forecasts, as well as greater compliance with fiscal rules.
Keywords:
WP; output gap; bond yield; interest rate; independent fiscal councils; fiscal rule compliance; fiscal forecasts; fiscal council; IFC dummy; government effectiveness; absolute value; EU law; council interaction; public finance; Fiscal councils; Fiscal rules; Fiscal stance; Budget planning and preparation; Europe; Global