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Business and Economics > Budgeting

You are looking at 1 - 10 of 32 items for :

  • Type: Journal Issue x
  • Slovak Republic x
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Cover Technical Assistance Reports
Slovak Republic: Technical Assistance Report-Next Phase of Spending Reviews
International Monetary Fund. Fiscal Affairs Dept.
Slovak Republic has made significant progress in institutionalizing spending reviews, having completed spending reviews covering 64 percent of total public spending since initiating the spending review project eight years ago. Despite progress, challenges remain, and important choices will need to be made going forward to enhance the budgetary impact of spending reviews. This may be done through more targeted spending reviews, a more comprehensive analysis of potential measures, strengthened coordination within the Ministry of Finance and with line ministries, as well as their better integration into the budget cycle.
Keywords:
Spending reviews; expenditure reviews; expenditure efficiency; value for money; budgeting; fiscal consolidation; Slovak Republic.; IMF FAD mission; IMF's Fiscal Affairs Department; instrumentalities of the TA recipient; World Bank staff; line ministry budget unit; Public expenditure review; Budget planning and preparation; Total expenditures
Cover Technical Assistance Reports
Republic of Slovenia: Technical Assistance Report-Public Investment Management Assessment
International Monetary Fund. Fiscal Affairs Dept.
Slovenia’s public investment management institutions, as assessed by the PIMA, perform well overall relative to European peers. Availability of funding for public investment, fiscal targets and rules, maintenance funding and monitoring of public assets are areas of strength. Key areas for improvement are appraisal and selection of projects, procurement, and portfolio management and oversight. The near-term challenge will be to address bottlenecks in the execution of capital projects. Over the medium to longer term, tighter fiscal constraints will raise the premium for stronger appraisal and selection processes.
Keywords:
Public investment management assessment; PIMA; Infrastructure governance; project appraisal; medium-term fiscal planning; Republic of Slovenia.; State secretary; IMF's Fiscal Affairs Department; D. investment implementation; management institution; C. investment allocation; Public investment spending; Budget planning and preparation; Infrastructure; Fiscal risks; Capital spending; Eastern Europe; Europe; Global
Cover IMF Staff Country Reports
Slovak Republic: Technical Assistance Report-Fiscal Transparency Evaluation
International Monetary Fund. Fiscal Affairs Dept.
This Technical Assistance report on the Slovak Republic focuses on the Fiscal Transparency Evaluation. The evaluation in this report confirms Slovakia’s generally strong record of accomplishment on fiscal transparency. It shows that most aspects of Slovakia’s fiscal reporting, budgeting and risk management are in line with the good or advanced practices of the IMF’s Fiscal Transparency Code (FTC). It highlights that the broad coverage of institutions in fiscal reports, which extends across the whole public sector, both in terms of stocks and flows, makes Slovakia one of the world leaders in the reporting of a public sector balance sheet. The evaluation also highlights several areas where Slovakia’s fiscal transparency practices could be further improved. In addition to the evaluation against the FTC, this report provides a series of recommendations to address the above-mentioned gaps. These recommendations are actionable and targeted and have been selected according to the importance of the key issues facing Slovakia. The report also compiles a public sector balance sheet for Slovakia using publicly available information and information supplied by the authorities and provides a comparison with country peers.
Keywords:
General government investment; local government; government finance statistics manual; multiannual expenditure ceiling; authorities of the Slovak Republic; Budget planning and preparation; Public sector; Financial statements; Global
Cover IMF Staff Country Reports
Slovak Republic: Technical Assistance Report-Implementing Public Expenditure Limits
International Monetary Fund. Fiscal Affairs Dept.
This Technical Assistance Report on Slovak Republic discusses implementing public expenditure limits (PEL). The main objective behind the introduction of the PEL is to create an operational instrument to strengthen fiscal discipline and fiscal sustainability. The introduction of the PEL provides an opportunity to move beyond the annual budget and take strategic budgeting a step further into the medium term. To strengthen the budget process, the report proposes a strategic phase to the budget process, currently lacking, which could start with a Fiscal Strategy Report outlining fiscal challenges and policy options for consideration by the Council of Ministers. Based on the recommendations in this report, the current caretaker government has a unique opportunity to propose an agenda of public financial management reforms to the new government that will emerge from the elections in September. These recommendations rely heavily on the experience of countries that have to some extent successfully implemented PEL and progressively moved toward medium-term budgeting. Further detailed work will be needed in many of the above areas to flesh out the precise laws, decrees, regulations, or processes that will need to be changed to kick start the reforms.
Keywords:
State secretary; PEL methodology; budget chapter; state budget; authorities of the Slovak Republic; Value-for-Money Unit; Budget planning and preparation; Budget execution and treasury management; Fiscal space
Cover IMF How To Notes
How to Design and Institutionalize Spending Reviews
Laura Doherty
and
Amanda Sayegh
Spending reviews refer to the process of conducting in-depth assessments of existing public expenditure in order to identify opportunities to reduce or redirect spending from low-priority, inefficient, or ineffective spending. They offer a systemic approach to ensuring that spending is aligned with the government’s policy priorities, is effective in achieving its intended objectives and is deployed efficiently. This How to Note outlines the various objectives of spending reviews and provides guidance on designing a spending review process, including the organizational architecture and roles and responsibilities of various stakeholders. It also discusses the various stages of con¬ducting spending reviews and mechanisms for integrat¬ing their outcomes into the budget process. This note draws on lessons and experiences from countries that have established spending reviews, while recognizing that this is an emerging area for further reform.
Keywords:
• Spending reviews; public expenditure; public financial management; budget planning; program performance; efficiency and effectiveness; analyzing spending; A. spending review objective; IMF's Fiscal Affairs Department; spending review methodology; PFM reform; Public expenditure review; Budget planning and preparation; Expenditure efficiency; Europe; Global
Cover PIMA Handbook
PIMA Handbook
Public Investment Management Assessment, 1st Edition
International Monetary Fund. Fiscal Affairs Dept.

Abstract

This handbook is aimed at anyone who is involved in a Public Investment Management Assessment (PIMA) or who has a practical interest in public investment management. It is intended to be useful for country authorities, IMF staff, staff of other financial institutions and development organizations, and anyone who is interested in exploring different aspects of public investment management to understand how country systems are designed and how they work in practice.

Keywords:
IMF Public Investment Management Assessment; public investment; PIMA; PIM; public investment management; handbook; investment; government; governance; country; spending; infrastructure governance; investment efficiency; investment shock; investment spending; public investment spending; public investment and public-private partnerships (PPP); infrastructure; budget planning; planification; allocation; execution; fiscal rules; global; Asia and Pacific; Africa; Caribbean; Sub-Saharan Africa; Western Hemisphere; Middle East; investment trend; infrastructure investment spending; Pima report; investment planning; PPP investment; Budget planning and preparation; Capital spending; Capital budget
Cover IMF Staff Country Reports
Slovak Republic: Technical Assistance Report-Public Investment Management Assessment
International Monetary Fund. Fiscal Affairs Dept.
This Technical Assistance paper assesses Slovak Republic’s public investment management framework using the IMF’s Public Investment Management Assessment (PIMA) methodology and advises the authorities on options to strengthen further the management of public investment. State-owned enterprises are major investors in infrastructure but are subject to little central oversight of their operational or financial performance. The report makes seven recommendations aimed at strengthening PIM institutions and reducing the identified efficiency gap. These recommendations focus on key bottlenecks and challenges in the investment process. Issues that warrant the authorities’ primary attention include introducing a strategic planning framework for public investment; developing a fully-operational pipeline of major projects, based on clear and robust selection criteria; and improving the credibility of the annual budget and medium-term budget ceilings. It also recommends establishing a national strategy and norms for routine and capital maintenance budgeting that will enhance the quality of strategic existing infrastructure.
Keywords:
ISCR; CR; government; subnational government; establishment; country; expertise involvement; annual budget; capital expenditure; Slovak authorities; EU rule; central government; capital spending; capital stock; cash flow; Public investment and public-private partnerships (PPP); Public investment spending; Budget planning and preparation; Capital spending; Infrastructure; Europe; Global; Eastern Europe; Africa
Cover IMF Staff Country Reports
Chile: Technical Assistance Report-Introducing and Institutionalizing Spending Reviews
International Monetary Fund. Fiscal Affairs Dept.
This technical assistance report on Chile focuses on introducing and institutionalizing spending reviews (SR). The Chilean government has announced its commitment to achieving its fiscal target and containing expenditure growth. This report proposes a SR framework with targeted reviews conducted on an annual rolling basis, combined with a periodic comprehensive review at most once every four years. Both types of reviews include targets to identify savings options. Targeted reviews focus on a limited predefined review topic or area and on value for money and efficiency. Comprehensive reviews do not have any predefined review topics; they undertake an unconstrained search for the best saving options. The report sets out a four-stage process for conducting an SR, which would start in September and have final saving decisions made in April or May of the following year. The government will need to announce the topic for the first full targeted review to Congress in September 2019. This review will be conducted in late 2019 and early 2020; the results will be ready in April 2020 in time for incorporation into the process for the 2021 budget.
Keywords:
ISCR; CR; budget process; government property; policy priority; leverage government purchasing power; procurement practice; annual budget; government nonspecialist estate; evaluation system; budget Director; government policy priority; government estate; OECD government; government program; improved government effectiveness; value for money of government program; Budget planning and preparation; Public expenditure review; Fiscal consolidation; Medium-term budget frameworks
Cover IMF Staff Country Reports
Chile: Informe de Asistencia Técnica-Adopción e institucionalización de las revisiones del gasto
International Monetary Fund. Fiscal Affairs Dept.
El Gobierno de Chile ha anunciado que está comprometido a alcanzar su meta fiscal y contener el crecimiento del gasto. El objetivo de la meta fiscal es reducir el déficit estructural en 0,2% del PIB en cada año del mandato presidencial (2018-2021). A fin de alcanzar esa meta, el Gobierno anunció un plan de consolidación cuatrienal para reducir gradualmente el gasto anual, en aproximadamente US$1.100 millones, para lograr un ahorro total de US$4.400 millones durante el período1. El Gobierno ha alcanzado la meta que había fijado para el balance estructural de 2018. Con el objetivo de facilitar la consecución de estas metas en los próximos años, y liberar espacio fiscal para el programa del Presidente, el Gobierno está adoptando una nueva herramienta: las revisiones del gasto (RGs).
Keywords:
ISCR; CR; budget process; government property; policy priority; leverage government purchasing power; procurement practice
Cover IMF Staff Country Reports
Former Yugoslav Republic of Macedonia: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper analyzes export competitiveness in the Former Yugoslav Republic of Macedonia (FYR Macedonia). Export performance in FYR Macedonia has been strong over the last decade, critically contributing to overall growth. Exports have been re-oriented toward new products with higher technological content, allowing for the build-up of revealed comparative advantages in these products. The analysis based on Constant Market Share analysis shows that the overall competitiveness gap of FYR Macedonia with respect to other emerging European countries has narrowed. There appears to be significant room for quality improvement, including for the most successful export products. Although the contribution of exports to GDP growth has been significant, spillover into the domestic tradable sector from the foreign investment led export sector remains limited so far.
Keywords:
ISCR; CR; FYR Macedonia; firm; center; FYR; competitiveness gap; renewed stimulus; General government debt; liquidity constraint; export growth; exports of product; Fiscal rules; Exports; Budget planning and preparation; Export performance; Europe; Global; Eastern Europe