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Business and Economics > Budgeting

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Cover IMF Working Papers
Cash Flow Analysis of Fiscal Regimes for Extractive Industries
Thomas Benninger
,
Dan Devlin
,
Eduardo Camero Godinez
, and
Nate Vernon
Mining and petroleum projects share characteristics distinguishing them from other sectors of the economy, which has led to the use of dedicated fiscal regimes for these projects. The IMF’s Fiscal Affairs Department uses fiscal modeling to evaluate extractive industry fiscal regimes for its member countries, and trains country officials on key modeling concepts. This paper outlines important preconditions needed for effective fiscal modeling, key evaluation metrics, and emphasizes the importance of transparent modeling practices. It then examines the modeling of commonly-used fiscal instruments and highligts where their economic impact differs, and how fiscal models can inform fiscal regime design.
Keywords:
Natural resource taxation; extractive industries; progressivity; economic rents; fiscal modeling; investment analysis; mining; petroleum.; D. resource rent tax; cash flow; petroleum project; regime design; Corporate income tax; Production sharing; Fiscal Analysis of Resource Industries (FARI); Oil; Carbon tax; Global
Cover Technical Notes and Manuals
Digital Solutions Guidelines for Public Financial Management
Lorena Rivero del Paso
,
Sailendra Pattanayak
,
Gerardo Uña
, and
Hervé Tourpe
The Digital Solutions Guidelines for Public Financial Management (Guidelines) are intended to serve as a comprehensive reference material for the assessment, design, and improvement of digital initiatives in the public financial management (PFM) area. To support the digital transformation of PFM functions, the Guidelines are structured around three Pillars – Functional, IT Architectural, and Governance and Management. Each pillar comprises six principles, which are further broken down into one to four attributes to promote more efficient and transparent PFM operations while fostering innovation and managing digital risks. These Guidelines also allow a graduated approach to digital transformation of PFM through three levels of maturity for each Attribute – foundational, intermediate, and advanced – to help take into account country-specific contexts and capacities in digital transformation strategies.
Keywords:
Digitalization; Digital Transformation; Public Financial Management; GovTech; Financial Management Information Systems; Open Data; IMF Library; PFM function; solutions guidelines implementation tool; manuals 2023/07; title page; PFM information systems; Budget execution and treasury management; Budget planning and preparation; Global
Cover Policy Papers
FY2018–FY2020 Medium-Term Budget
International Monetary Fund
The Fund has been operating under a flat real resource envelope for the past six years. With continued efforts to maximize the use of available resources, spending in FY 17 is projected to reach 99 percent of the net administrative budget, and a low vacancy rate has helped stabilize overtime at 11 percent. Internal savings and reallocations have allowed the Fund to dedicate more resources to country work, including capacity development, without requiring an increase in the approved budget—apart from $6 million provided in FY 17 to cover rising security costs. An unchanged real net administrative budget in FY 18, despite deeper Fund engagement in a number of areas, as well as increased costs for corporate modernization. Accordingly, the budget proposal incorporates significant savings from reallocations and efficiency gains to fund new demands, as well as a further increase in the upfront allocation of carry-forward funds by about $10 million. The broad themes of the proposal are: (i) more intensive country work with a shift from surveillance to programs, but net savings in field offices; (ii) significant policy and analytical work on the financial sector and the role of the Fund (global safety net, facilities, and quotas), albeit less than in FY 17, with more work on structural issues and new challenges; (iii) funding for transforming IT and HR services, offset by central savings; and (iv) enhanced risk mitigation and knowledge management (KM), with the establishment of a KM unit to support cross-country analysis and knowledge transfer. At this stage, a flat resource envelope is assumed also for the medium term, contingent on continued reprioritization and a broadly unchanged global economic environment. Upward pressure on resources will arise from growing capacity development activities and certain revenue losses. Savings are expected from the TransformIT initiative and internal efficiency gains. But for the budget to remain flat, the Fund will need to continuously reprioritize and adjust its activities to make room for new demands. Even then, a more challenging global environment, with a further ramping up of Fund lending, or significant demands for deeper engagement in other areas, would put significant strains on resources over the medium term. The proposed capital budget envelope for FY 18–20 remains broadly unchanged from current levels. Some frontloading, however, is planned for the first two years, due to the cyclical nature of these investments and to accommodate strategic IT projects.
Keywords:
PP; Medium-Term Budget; capital plan; Fund priority; budget proposal; capital investment; CD activity; work program; zero growth budget environment; office of budget; demand management; unit price; budget envelope; Budget planning and preparation; Securities; Personal income; Global
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