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Business and Economics > Budgeting

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Cover IMF Staff Country Reports
Paraguay: Fifth Review Under the Stand-By Arrangement: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Paraguay
International Monetary Fund
The rebound in inflation since mid-2007 is mostly owed to a jump in food prices in Paraguay. The price volatility of fruits and vegetables explains the divergence between headline and core inflation indicators observed in 2007. Following a decline that started in 2006, core inflation has risen in the second part of 2007. High export volume growth, coupled with a slowdown in import growth, have led to a turn around in the current account from a small deficit in 2006 to a surplus of about 1 ½ percent of GDP in 2007.
Keywords:
ISCR; CR; prudent fiscal policy; surplus; authority; SDR; fiscal policy; rate of return; transfer program; fiscal authorities; headline inflation; program GDP ratio; Public sector; Inflation; Public enterprises; Currencies; Global
Cover IMF Working Papers
The Role of Fiscal Transparency in Sustaining Growth and Stability in Latin America
Ms. Taryn R Parry
Latin America has experienced a resurgence in growth in recent years. However, it is also a region that has been prone to crises while growth has not delivered a significant reduction in poverty and inequality. Maintaining a strong and stable macroeconomic performance in Latin America will depend on further cuts in public debt, identification and reduction of fiscal vulnerabilities and improvements in the quality of public spending. Improvements in governance and the business environment will also aid in attracting investment. This paper draws on assessments of fiscal transparency in twelve countries in Latin America to highlight good fiscal management and improvements in fiscal transparency that might enhance the prospect for sound fiscal performance and a more favorable investment environment. This would be an important step toward sustaining stable, higher quality growth in the region.
Keywords:
WP; emerging market; annual budget; central government; countries in Latin America
Cover IMF Staff Country Reports
Paraguay: Report on Observance of Standards and Codes: Fiscal Transparency Module
International Monetary Fund
This report on the Observance of Standards and Codes on Paraguay examines the Fiscal Transparency Module. Paraguay has made important progress toward greater fiscal transparency. The fairly comprehensive financial administration law has been complemented by legal reforms that eliminated most tax exemptions, revamped revenue administration procedures, and introduced standardized transparency requirements for public procurement, all of which reduce the scope for corruption. The framework for public employment should be modernized to increase the role of merit-based transparent and objective criteria in the hiring, selection, and promotion procedures.
Keywords:
ISCR; CR; departmental government; audit rule; term of office; constitution state; state budget; fiscal policy; government transfer; debt information; private sector; government activity; government manager; Budget planning and preparation; Budget execution and treasury management; Public sector; Fiscal accounting and reporting
Cover IMF Staff Papers
IMF Staff papers: Volume 4 No. 2
International Monetary Fund. Research Dept.
This paper reviews the impact of liberalization of intra-European trade in the framework of the Organization for European Economic Cooperation (OEEC). Commercial relations have been most intensive between the industrialized countries of Western Europe, which have carried on a considerable trade with each other both in manufactured products and in such industrial raw materials as they produce in substantial quantities. With the depression of the thirties, international trade declined sharply, and normal trade relations between European countries were disrupted by the widespread tendency to protect domestic markets. OEEC initiatives for the progressive achievement of a single market were taken in various fields. Early experience, however, showed that it would be premature to attempt to promote economic integration through close and effective international planning; and since that time, coordinated action relating to internal financial stability, investments, manpower, has been tentative and fragmentary.
Keywords:
SP; exchange control regulation; import; exchange budget; exchange contract; member country; import price; income-import relationship; enterprise sector; Imports; Real exports; Budget planning and preparation; Exports; Exchange restrictions; Western Europe; Europe