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Business and Economics > Budgeting

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

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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 IMF Staff Country Reports
Mexico: Fiscal Transparency Evaluation
International Monetary Fund. Fiscal Affairs Dept.
This Fiscal Transparency Evaluation (FTE) report assesses Mexico’s fiscal transparency practices against the IMF’s Fiscal Transparency Code (FTC), including the draft pillar on resource revenue management. Mexico scores relatively well when compared with other Latin American countries and emerging market economies that have undergone a FTE. Out of the 48 principles across four pillars in the FTC, Mexico meets 16 principles at the basic level, 9 principles at the good level and 15 principles at the advanced level, while one principle does not apply. Fiscal transparency practices are strongest in the areas of resource revenue management and fiscal forecasting and budgeting, while the scores on fiscal risks analysis and management are lower.
Keywords:
ISCR; CR; annual budget; fiscal year; investment strategy; central bank; accounts payable; federal budget; line item; strike price; nominal GDP; fiscal policy; private sector; federal government; accounting data; exchange rate; Budget planning and preparation; Financial statements; Fiscal risks; Oil; Global
Cover IMF Staff Country Reports
Trinidad and Tobago: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper focuses on the impact of adjusting to commodity shocks in Trinidad and Tobago. With commodity resources being nonrenewable, developing a long-term strategy can help avoid unsustainable policies and ensure greater intergenerational equity. Recent country experiences highlight the benefits of precautionary buffers in smoothing fiscal adjustment process. Prudent and countercyclical fiscal policy implementation, structural reforms, and economic diversification can help contain the impact of commodity price booms and busts. Strong fiscal institutions are needed to help achieve and sustain the fiscal adjustment. Different adjustment strategies may be feasible depending on the needed size of the adjustment and country-specific circumstances. Trinidad and Tobago have faced several years of weak or negative growth on the back of terms-of-trade and energy supply shocks. A well-designed fiscal framework that considers potential uncertainties associated with commodity cycles can help improve fiscal management. Countercyclical policy implementation would help smooth the impact of commodity-induced sharp fluctuations in the economy.
Keywords:
ISCR; CR; fund; crime-control program; commodity; crime reduction; property crime; crime management system; crime in Trinidad and Tobago; Commodity prices; Fiscal consolidation; Caribbean; Global
Cover IMF Staff Country Reports
Chad: First Review Under the Extended Credit Facility Arrangement, Request for Waivers of Nonobservance of Performance Criteria, and Request for Modification of Performance Criteria, and Augmentation of Access
International Monetary Fund. African Dept.
This paper discusses Chad’s First Review Under the Extended Credit Facility (ECF) Arrangement, Request for Waivers of Nonobservance of Performance Criteria (PC), and Request for Modification of PC, and Augmentation of Access. Performance under the ECF supported program was broadly satisfactory in 2014, with four of six quantitative PCs observed as of end-December, and sustained implementation of the structural reform agenda. The authorities have adopted decisive measures to address large oil revenue shortfalls and close the external financing gap, particularly through a significant fiscal adjustment in 2015 and beyond. The IMF staff supports the completion of the first review under the ECF arrangement.
Keywords:
ISCR; CR; amortization payment; meat price; staff appraisal; payment due date; Chadian authorities; prudent fiscal policy; Chadian authority; reform agenda; Oil; gas and mining taxes; Oil prices; Budget planning and preparation; Sub-Saharan Africa
Cover IMF Staff Country Reports
Trinidad and Tobago: Selected Issues
International Monetary Fund
This Selected Issues Paper focuses on the Heritage and Stabilization Fund (HSF) and development in the energy sector in Trinidad and Tobago. The HSF, established in 2007, is an important national asset, which has broad-based political and social support. The HSF has developed a strong record since its creation. It has performed well as measured by the accumulation of savings, the portfolio return, and adherence to the Santiago Principles for transparency and governance. This is particularly commendable given global and domestic financial crises.
Keywords:
ISCR; CR; price; HSF Board; natural gas; LNG; revenue; HSF governance structure; HSF portfolio; HSF saving; HSF assets; HSF balance; LNG export; natural gas production; market development; gas reserve; processing train; energy revenue; Energy pricing; Natural gas sector; Oil; Oil prices; Energy sector; Global; Europe; Asia and Pacific; HSF portfolio size; crude oil; HSF portfolio performance; natural gas price indices; Energy prices; Oil production; Caribbean
Cover IMF Staff Country Reports
Uganda: Second Review Under the Policy Support Instrument and Request for Waiver of Assessment Criteria: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Uganda.
International Monetary Fund
Economic growth has recovered, but higher food and fuel prices have sparked a sharp rise in inflation. Monetary policy has been tightened to contain core inflation and effects of the food and fuel price shocks. The government has allowed for scaling up of infrastructure investment spending. The programmed adjustment of fiscal and monetary policies will help put Uganda on a more sustainable medium-term trajectory. Eliminating tax exemptions and incentives will address the revenue gap. The planned oil revenue management framework is encouraging.
Keywords:
ISCR; CR; authority; fiscal policy; debt; deficit; investment project selection; exchange rate; medium term trade balance deficit; debt-burden indicator; macroeconomic fundamentals; Budget planning and preparation; Oil; Inflation; Global; North Africa; Europe
Cover IMF Staff Country Reports
Iraq: Second Review Under the Stand-By Arrangement, Requests for Waiver of Applicability, Extension of the Arrangement, and Rephasing of Access—Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Iraq.
International Monetary Fund
A financial program that aims to ensure macroeconomic stability of Iraq was discussed. The Iraqi economy was severely affected in 2009 by the decline in oil prices. Macroeconomic stability was maintained in 2010, despite a highly uncertain domestic and external environment. Policy discussions were framed by Iraq’s medium-term prospects, especially with regard to the development of its vast hydrocarbon resources. Structural reforms under the program aim at improving public financial management.
Keywords:
ISCR; CR; Iraq; central government spending bill; government; private sector; SDR; investment spending; SBA to SDR; grants waiver; program safeguard; Oil; Budget planning and preparation; Oil exports; Oil prices; Global; Middle East
Cover IMF Staff Country Reports
Democratic Republic of Timor-Leste: 2010 Article IV Consultation—Staff Report; Joint World Bank/IMF Debt Sustainability Analysis; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Timor-Leste
International Monetary Fund
The Timorese economy has improved owing to high oil-financed public spending and a rebound in agriculture, non-oil growth. Despite high bank deposit growth, private sector credit has remained stagnant. The medium-term outlook for growth is positive. Timor-Leste’s key challenge remains to use its petroleum wealth wisely to build a strong non-oil economy and raise living standards. Improvements in financial management and budget execution will be important. Productivity-enhancing structural reforms and efforts to build labor skills would improve competitiveness in non-oil industries and services.
Keywords:
ISCR; CR; authority; higher-than-expected inflation; authorities of Timor-Leste; debt; government; staff appraisal; government cash; revealed determination; Oil; Capital spending; Oil prices; Global
Cover IMF Staff Country Reports
Angola: Fourth Review Under the Stand-By Arrangement, Request for Waivers of Nonobservance of Performance Criteria, Request for Waivers of Applicability of Performance Criteria, and Request for Modification of Performance Criteria.
International Monetary Fund
Angola’s economy was badly buffeted by the sharp drop in global oil prices. Policy discussions for the review focused on the 2011 budget, the handling of the arrears problem, monetary and exchange rate policies, and key elements of the authorities’ administrative and policy reform agenda. Angolan banks have not been severely impaired by the financial instability of the past two years, and the sector maintains an adequate capital buffer. Four elements—public financial management, tax reform, improving the business environment, and transparency and safeguards issues—are discussed.
Keywords:
ISCR; CR; authority; end-December data; December; consumer price inflation; national bank of Angola; arrears accumulation; staff appraisal; Oil prices; Arrears; Budget planning and preparation; Oil; Fiscal stance; Global
Cover IMF Staff Country Reports
Timor-Leste: Report on Observance of Standards and Codes (ROSC)-Fiscal Transparency Module
International Monetary Fund
Timor-Leste is a unitary state and has made significant progress with improving its fiscal transparency. The government has adopted a transparent, fiscally sustainable governance framework for the petroleum sector. Nonetheless, there are still many areas in which Timor-Leste diverges from the International Monetary Fund Code for clarity of roles and responsibilities, openness of the budget process, public availability of information, and guarantees of integrity. Particular attention should be paid to improvement of the systems consolidating fiscal information and enabling fiduciary responsibilities of the Ministry of Finance.
Keywords:
ISCR; CR; budget year; final accounts; cash basis; consolidated fund; prime minister; government priority; petroleum company; government activity; budget documentation; government holding; revenue receipt; customs authorities; Budget planning and preparation; Oil; Fiscal accounting and reporting; Budget execution and treasury management; Global