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Business and Economics > Budgeting

You are looking at 1 - 10 of 12 items for :

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Cover IMF Working Papers
A Suggested Medium-Term Fiscal Framework for Guyana
Rina Bhattacharya
and
Do Yeon Park
Guyana is growing rapidly, and fiscal policy plays a critical role in ensuring that the country’s wealth is managed effectively and equitably. The paper analyzes crucial elements of a comprehensive fiscal policy framework, anchored on a medium-term fiscal framework, that would help in balancing several, and sometimes competing, fiscal policy objectives common to natural resource rich developing countries.
Keywords:
Fiscal policy framework; Fiscal rules, Non-renewable resources; Natural Resource Funds; resource wealth; fiscal policy path; Guyana's oil; expenditure growth rule; Fiscal sustainability; Natural resources; Oil production; Global
Cover Technical Assistance Reports
Indonesia: Technical Assistance Report-Subnational Government Endowment Funds
International Monetary Fund. Fiscal Affairs Dept.
The Indonesian authorities are exploring options for the establishment of subnational government endowment funds and the Ministry of Finance (MoF) has drafted regulations in that context. However, the motivations and objective for establishing an endowment fund at the subnational level diverge across various stakeholders. Clarity of the objectives and purpose of the endowment fund will be critical for informing features of its architecture, and the endowment fund should be aligned with the national fiscal policy objectives. Establishing such funds at a time of fiscal deficit entails a “borrowing-to-save” approach which is not optimal from a fiscal policy perspective. Currently, there is a misalignment between the design of inflow and outflow rules, the endowment fund’s objectives, and the fiscal/economic context. In addition, the current draft MoF regulations restrict the investment policy to conform with the law on decentralization enacted in 2022. This report emphasizes that regardless of the structure of the endowment fund, it needs to be fully integrated within the budget. The report also provides recommendations on assessing the full cost of the subnational government endowment fund, its design and implementation, and provides suggestions to improve the draft MoF regulations.
Keywords:
Indonesia; Subnational government; Local government; Endowment Fund; Sovereign wealth fund; Intergovernmental fiscal relations; Decentralization; Intergenerational wealth; Inflows; outflow rules.; CD recipient; IMF Resident representative; government endowment funds; IMF Fiscal Affairs Department; draft government; FAD expert; Budget planning and preparation; Investment policy; Budget execution and treasury management; Natural resources; Public employment
Cover Fiscal Monitor, October 2015
Fiscal Monitor, October 2015
The Commodities Roller Coaster - A Fiscal Framework for Uncertain Times
International Monetary Fund. Fiscal Affairs Dept.

Abstract

This issue of the Fiscal Monitor examines the conduct of fiscal policy under the uncertainty caused by dependence on natural resource revenues. It draws on extensive past research on the behavior of commodity prices and their implications for macroeconomic outcomes, as well as on extensive IMF technical assistance to resource-rich economies seeking to improve their management of natural resource wealth.

Keywords:
FM; def; country abbreviation; statistics manual; commodity exporter; commodity price; resource revenue windfall; Fiscal stance; Macroeconomic and fiscal forecasts; Commodity prices; Global; Middle East; North Africa; Asia and Pacific; Africa; commodity revenue; oil price shock; commodity cycle; commodity dependence; price dynamics; commodity price swing; commodity price upturn; price-smoothing rule; price windfall; commodity price cycle; unexpected commodity price swing; Natural resources; Commodity price fluctuations
Cover IMF Staff Country Reports
Burkina Faso: Staff Report for the 2014 Article IV Consultation, First Review Under the Three-Year Arrangement Under the Extended Credit Facility, and Request for Waiver and Modification of Performance Criteria
International Monetary Fund. African Dept.
EXECUTIVE SUMMARY Growth remains robust, despite slight downward revisions. Growth estimates for 2013 and projections for 2014 were revised to 6.6 and 6.8 percent, respectively, reflecting weather and weaker terms of trade. Inflation is around zero, partly due to subsidized food prices. The revised 2013 current account deficit rose to 7 percent of GDP, with a drawdown of imputed reserves. The 2013 fiscal deficit increased to 3.5 percent of GDP, reflecting weaker revenues and spending for subsidies, partly offset by higher grants. In line with 2011 Article IV recommendations, the authorities maintained a prudent fiscal stance, despite numerous shocks, and implemented structural reforms that have improved the resilience of agriculture, especially cotton. Social transfers have been bolstered to ensure the benefits of growth are better distributed. An updated external stability analysis shows that the exchange rate is broadly in line with fundamentals, and an updated joint debt sustainability analysis maintains a “moderate” risk of debt distress. Program performance has been satisfactory. The authorities are requesting a waiver for a non-observance in the performance criterion for net domestic financing at end-December 2013, with most other quantitative targets met and all structural benchmarks for end-January and end-March met. Program targets differ mainly due to higher budget support projections. The 3 percent fiscal deficit target for the medium term macroeconomic framework remains unchanged, although with a higher share of current spending. Policy discussions focused on composition and quality of spending, transfers to public enterprises, and natural resource revenues. The authorities recently submitted a supplemental budget that increases the share of current spending for a higher wage bill and more social and public enterprise transfers, but remains within program targets as a result of spending offsets and higher budget support. The authorities are proposing an audit of large public enterprises to estimate needs for the medium term, and inform reforms to reduce transfer needs. The National Assembly did not approve a new mining taxation code by end-2013 as expected, rather, the draft code was sent back to the authorities for further consideration of investors’ concerns.
Keywords:
ISCR; CR; authority; real GDP; deficit; authorities plan; alleviating growth constraint; EITI compliance; Executive Board assessment; Burkinabè authorities; Natural resources; Debt sustainability analysis; Public enterprises; West Africa; Sub-Saharan Africa; Global
Cover IMF Staff Country Reports
Burkina Faso : septième revue de l’accord au titre de la facilité élargie de crédit et demande d’un nouvel accord triennal au titre de la facilité élargie de crédit
International Monetary Fund. African Dept.
Résumé. L’activité économique a continué d’augmenter rapidement en 2013. Les projections de croissance ont été révisées légèrement à la baisse, à 6,8 % en 2013 et en 2014, à cause de la baisse des cours de l’or et du coton qui entraîne une légère diminution de la production, ainsi que de l’impact de la base élevée de la production agricole en 2012 sur la croissance en 2013. L’inflation a continué de baisser, pour atteindre 2 %, du fait d’une diminution des prix des produits alimentaires et des produits essentiels. Le solde des transactions extérieures courantes se détériorera probablement plus que prévu en raison de la dégradation des termes de l’échange, ainsi que de l’augmentation du volume des importations de carburants et de biens d’équipement. L’exécution du programme reste solide. Les recettes demeurent conformes à l’objectif, mais ne dépassent plus les objectifs comme ces dernières années, tandis que l’exécution des dépenses est inférieure à l’objectif. Presque tous les objectifs fixés dans le programme ont été atteints, y compris en ce qui concerne le financement intérieur net et le solde budgétaire. Tous les repères structurels fixés pour juin et septembre ont été respectés. Les autorités sollicitent un nouvel accord triennal au titre de la facilité élargie de crédit (FEC) afin de satisfaire les besoins de financement de la balance des paiements qui sont prévus. Sur la base d’accords ad referendum, le nouveau programme appuyé par la FEC qui est sollicité vise à s’attaquer à des problèmes structurels à long terme, tout en préservant la stabilité dans un environnement macroéconomique qui pourrait être plus difficile à terme. Les réformes structurelles s’articulent autour de quatre thèmes principaux : gérer l’utilisation des recettes des ressources naturelles, améliorer la qualité et le rythme des dépenses d’investissement, appuyer les efforts déployés pour mieux partager les bienfaits d’une croissance élevée, et, dans le secteur de l’énergie, accroître l’offre tout en assurant la viabilité financière. Le cadre macroéconomique à moyen terme vise à contenir le déficit aux environs de 3% du PIB tout en prévoyant d’accroître les dépenses sociales et les dépenses d’investissement. Le programme vise un ajustement des dépenses courantes, principalement par le biais de l’expiration des dépenses exceptionnelles nécessaires pour faire face à des chocs exogènes, qui ira de pair avec une croissance modeste des recettes et du financement. Les besoins résiduels de financement du budget et de la balance des paiements seraient modestes sur la période de trois ans qui est couverte par le programme ; l’accès proposé de 45 % de la quote-part comblerait environ un tiers des besoins établis.
Keywords:
ISCR; CR; authority; proceeds; gold export proceeds; AFW mission
Cover IMF Staff Country Reports
Burkina Faso: Seventh Review Under the Extended Credit Facility Arrangement and Request for a New Three-Year Extended Credit Facility Arrangement
International Monetary Fund. African Dept.
This paper discusses Burkina Faso’s Seventh Review Under the Extended Credit Facility (ECF) Arrangement and Request for a new Three-Year ECF Arrangement. Economic activity in Burkina Faso continued to grow at a brisk pace in 2013. Program performance remains strong. Revenue performance remains on target, but is no longer overshooting targets as in recent years, while spending execution is below target. Almost all program targets were met, including on net domestic financing and the fiscal balance. All structural benchmarks slated for completion in June and September were also met. The IMF staff supports completion of the seventh review of the current ECF arrangement and the authorities’ request for a new three-year ECF arrangement with access equivalent to 45 percent of quota.
Keywords:
ISCR; CR; authority; proceeds; gold export proceeds; AFW mission; revenue mobilization effort; Burkina Faso's authorities; Extended Credit Facility arrangement; exchange arrangement; Mining sector; Natural resources; Inclusive growth; West Africa; Africa; Global; Sub-Saharan Africa
Cover IMF Staff Country Reports
Niger: Consultations de 2011 au titre de l’article IV
International Monetary Fund
Depuis plusieurs années, le FMI publie un nombre croissant de rapports et autres documents couvrant l'évolution et les tendances économiques et financières dans les pays membres. Chaque rapport, rédigé par une équipe des services du FMI à la suite d'entretiens avec des représentants des autorités, est publié avec l'accord du pays concerné.
Keywords:
ISCR; CR; authority; GDP; AFRITAC W; real GDP
Cover IMF Staff Country Reports
Niger: Staff Report for the 2011 Article IV Consultation
International Monetary Fund
Niger's government has adopted an ambitious development plan, based on the use of oil and mining revenue for public investment in infrastructure, agriculture, health, and education. IMF staff underlined the need to step up efforts to improve the business climate in Niger to attract more jobs, thereby creating private investment in the nonnatural resources sector of the economy. Expanded reliance on revenues from natural resources will increase Niger’s vulnerability to commodity price fluctuations, augmenting the high vulnerability to climatic shocks.
Keywords:
ISCR; CR; authority; GDP; AFRITAC W; real GDP; authorities' intention; SDR equivalent; CFA franc; public finance management; update assessment; fund staff's policy advice; policy discussion; Natural resources; Budget planning and preparation; West Africa; Global; North Africa
Cover Policy Papers
Framework Administered Account for Selected Fund Activities - Managing Natural Resource Wealth Topical Trust Fund Subaccount
International Monetary Fund
In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for selected Fund activities (the “SFA Instrument”). The financing of activities under the terms of the SFA Instrument is implemented through the establishment and operation of a subaccount within the SFA. This paper requests Executive Board approval to establish the Managing Natural Resource Wealth (MNRW) Topical Trust Fund (TTF) subaccount (the “Subaccount”) under the terms of the SFA Instrument.
Keywords:
PP; Subaccount; contributor; terms and conditions of the Subaccount; ex ante concurrence
Cover Guide on Resource Revenue Transparency (2007)
Guide on Resource Revenue Transparency (2007)
International Monetary Fund

Abstract

The Guide on Resource Revenue Transparency applies the principles of the revised IMF Code of Good Practices on Fiscal Transparency (‘the Code’) to the unique set of transparency problems faced by countries that derive a significant share of their revenues from natural resources and need to address complex and volatile transaction flows. The Guide identifies and explains generally recognized good or best practices for transparency of resource revenue management. It supplements the IMF Manual on Fiscal Transparency. The Guide has been revised to reflect the new Code and to provide more recent examples of good practice by individual countries. It is designed to give a framework for assessing resource-specific issues within broader fiscal transparency assessments (including so-called ‘fiscal ROSCs’). The Guide has been used by the governments and legislatures of resource-rich countries, civil societies, providers of technical support, and interested academics and observers.

Keywords:
M&G; resource; government; unit resource rent; audit; hydrocarbon resource; mineral depletion; export proceeds; World Bank world development indicators definition; budget documentation; A budget calendar; Budget planning and preparation; Natural resources; Oil; Global; Africa; Asia and Pacific; North America; Northern Europe