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Business and Economics > Budgeting

You are looking at 1 - 9 of 9 items for :

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Cover IMF Staff Country Reports
Senegal: Sixth Review Under the Policy Coordination Instrument and Third Reviews Under the Stand-By Arrangement and the Arrangement Under the Stand-By Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Senegal
International Monetary Fund. African Dept.
This paper focuses on Senegal’s Sixth Review under the Policy Coordination Instrument and Third Reviews under the Stand-By Arrangement and the Arrangement under the Standby Credit Facility. Weaker external demand, rising food and energy prices, tightening financial conditions, and the US dollar appreciation have negatively impacted the Senegalese economy. Moreover, multiple challenges are facing the country, including heightened regional insecurity and growing social demands amid soaring cost of living. Program performance was broadly satisfactory. All end-June 2022 performance criteria and two out of three indicative targets were met. Three out of nine structural benchmarks were implemented on time. Revenue collection through end-September was stronger than expected but soaring energy subsidies led the government to delay some investment projects. Spending pressures are mounting in 2023, making the much-needed fiscal consolidation more difficult. The authorities and staff agreed on a revised 2022 budget that maintains the fiscal deficit at 6.2 percent of gross domestic product, in line with the previous program review, through additional revenue measures and savings to offset larger energy subsidies.
Keywords:
Senegalese authorities; debt policy; deficit target; IMF staff calculation; transparency policy; Energy subsidies; Government debt management; Budget planning and preparation; Global
Cover IMF Staff Country Reports
Senegal: Sixth Review Under the Policy Coordination Instrument and Third Reviews Under the Stand-By Arrangement and the Arrangement Under the Stand-By Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Senegal
International Monetary Fund. African Dept.
Weaker external demand, rising food and energy prices, tightening financial conditions, and the US dollar appreciation have negatively impacted the Senegalese economy. Add to that, multiple challenges facing the country, including heightened regional insecurity and growing social demands amid soaring cost of living. As a result, growth was further revised down to 4.7 percent and inflation up to 8.5 percent in 2022, while the fiscal accounts are under increasing strain. The challenging external and domestic environment will continue to weigh on the economy in the near term and risks are titled to the downside. Medium-term growth prospects appear more favorable with the temporary boost from oil and gas production set to start in late 2023.
Keywords:
Senegalese authorities; debt policy; deficit target; IMF staff calculation; transparency policy; Energy subsidies; Government debt management; Budget planning and preparation; Global
Cover IMF Working Papers
Performance of Publicly Listed Chilean Firms During the 2008-2009 Global Financial Crisis
Mr. Yi Wu
This paper examines publicly listed Chilean firms’ performance during the 2008–09 crisis. In particular, it studies the effects from changes in external financing conditions, aggregate demand, and international trade on firms’ investment, sales, and profits, using firm-specific characteristics measured prior to the crisis. The evidence suggests that the crisis had a larger negative impact on firms with greater reliance on external financing, and firms with higher sensitivity to aggregate demand and exports. Firms with more foreign currency debt also had larger declines in sales, although their investment or profits did not differ significantly from other firms. 
Keywords:
WP; firm; utilities firm; financing needs; firm performance; financial crisis; firms; external financing; firm Summary statistics; cash flow; Government liabilities; Exports; Foreign currency debt; Demand elasticity; Global
Cover Summary Proceedings of the Sixty-Second Annual Meetings 2008
Summary Proceedings of the Sixty-Second Annual Meetings 2008
International Monetary Fund

Abstract

The speeches made by officials attending the IMF–World Bank Annual Meetings are published in this volume, along with the press communiqués issued by the International Monetary and Financial Committee and the Development Committee at the conclusion of the meetings.

Keywords:
AS; fund surveillance; boards of governors of the International Monetary Fund; financial crisis; committee chairman; lending role; managing director of the International Monetary Fund; surveillance agenda; Climate change; Food prices; Inflation; Global; Africa; Sub-Saharan Africa; Europe; Caribbean; West Africa
Cover Fiscal Monitor, September 2011
Fiscal Monitor, September 2011
Addressing Fiscal Challenges to Reduce Economic Risks
International Monetary Fund. Fiscal Affairs Dept.

Abstract

Despite progress in addressing key fiscal weaknesses in many countries, significant policy challenges remain in advanced, emerging, and low-income economies, and must be faced in an environment where downside risks to growth have increased. Many advanced economies face very large adjustment needs to reduce risks related to high debt ratios. The appropriate pace of adjustment in the short run will depend, for each country, on the intensity of the market pressure it confronts, the magnitude of the risks to growth it faces, and the credibility of its medium-term program. The euro area needs to sustain fiscal consolidation, minimize its growth fallout, and address concerns about the adequacy of crisis resolution mechanisms. In Japan and the United States, sufficiently detailed and ambitious plans to reduce deficits and debts are needed to prevent credibility from weakening. Meanwhile, many emerging economies need to make faster progress in strengthening fiscal fundamentals before cyclical factors or spillovers from advanced economies turn against them. Low-income countries also need to rebuild fiscal buffers, while addressing spending needs.

Keywords:
FM; debt; economy; deficit; market participant; government debt dynamics; privatization proceeds; stock-flow adjustment; debt decrease; Privatization; Macroeconomic and fiscal forecasts; Fiscal stance; Value-added tax; Global; Africa; Europe; Middle East; North Africa; Asia and Pacific; Sub-Saharan Africa; growing concern; liquidity pressure; investment process; Bond yields; Food prices; Yield curve; Caribbean
Cover IMF Staff Country Reports
Solomon Islands: Second Review Under the Standby Credit Facility and Request for Modification of Performance Criteria - Staff Report; Press Release on the Executive Board Discussion
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; expenditure prioritization; SCF arrangement; SDR; cash balance; banking system; liquidity management framework; cash reserves; CBSI audit result; nominal exchange rate; basket regime; revenue collection; Budget planning and preparation; Commercial banks; Credit; Currencies; Global
Cover IMF Staff Country Reports
Kenya: First Review Under the Three-Year Arrangement Under the Extended Credit Facility, Request for Waivers and Modification of Performance Criteria: Staff Report; Press Release
International Monetary Fund
Based on the economic development and policies of Kenya, the staff report was prepared. GDP growth was broadly supported by both private and public investment. Policy issues related to monetary tightening to reign in inflationary expectations, medium-term, monitoring and emerging financial risks and gradual fiscal consolidation are discussed. A waiver for the nonobservance of the performance criteria on net domestic asset (NDA) and net international reserves (NIR) is outlined. A comprehensive public financial management at both the central and county government levels was introduced as a structural reform.
Keywords:
ISCR; CR; executive board's decision; economic reform program; SDR; disbursement of SDR; increase accountability; public finance; Inflation; Budget planning and preparation; Global; Africa
Cover IMF Staff Country Reports
Islamic Republic of Afghanistan: Fourth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver of Performance Criterion: Staff Report; Staff Supplement and Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Islamic Republic of Afghanistan
International Monetary Fund
This paper discusses key findings of the Fourth Review Under the Poverty Reduction and Growth Facility (PRGF) for Afghanistan and a Request for Waiver of Performance Criterion. Program performance during the second half of 2007/08 fell short of expectations. The performance criterion on fiscal revenue was missed, and the authorities fell behind on several program commitments. For 2008/09, real GDP growth is projected to moderate to 7.5 percent and inflation to decelerate to 15½ percent by year’s end.
Keywords:
ISCR; CR; MOF's Revenue Department; year-on-year inflation; government; PRGF loan; inflation in June; fuel import price; Debt relief; Budget planning and preparation; Inflation; Middle East
Cover Policy Papers
Statement by the Managing Director on the Work Program of the Executive Board
International Monetary Fund
Our work on restructuring the IMF is now well advanced, but our work on refocusing the IMF is only beginning. Over the next few months I expect to see a shift of emphasis in our work away from our internal concerns such as the size and governance structure of the IMF and toward the actions the IMF will take to help our members meet global challenges. Drawing on the ideas set out in my statement on Strategic Directions in the Medium-Term Budget, I will propose action in some of the major areas of the IMF's work. The principle guiding our work will continue to be responsiveness to our members' needs with a focus on the IMF's comparative advantage. We will aim to make substantial progress over the next few months but in a number of areas, the work will continue beyond the Annual Meetings.
Keywords:
PP; The Fund; Time band; financial risk; risk