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Business and Economics > Budgeting

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Cover IMF Staff Country Reports
Togo: Third Review under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Togo
International Monetary Fund. African Dept.
Economic activity shows incipient signs of stabilization in some sectors while it remains weak in others. The fiscal consolidation efforts continued and the domestic primary balance at end-June 2018 improved by 0.3 percent of GDP relative to the same period in 2017. Inflation has turned positive at 0.9 percent in September 2018 and is expected to remain below the WAEMU convergence criterion of up to 3 percent during the program period. The government is revisiting its strategy on the two public banks and is relaunching their privatization. The socio-political tensions have abated but the situation remains uncertain, particularly in light of the upcoming elections at end-2018.
Keywords:
ISCR; CR; reform agenda; disbursement to Togo; debt
Cover IMF Staff Country Reports
Togo: Third Review under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Togo
International Monetary Fund. African Dept.
Economic activity shows incipient signs of stabilization in some sectors while it remains weak in others. The fiscal consolidation efforts continued and the domestic primary balance at end-June 2018 improved by 0.3 percent of GDP relative to the same period in 2017. Inflation has turned positive at 0.9 percent in September 2018 and is expected to remain below the WAEMU convergence criterion of up to 3 percent during the program period. The government is revisiting its strategy on the two public banks and is relaunching their privatization. The socio-political tensions have abated but the situation remains uncertain, particularly in light of the upcoming elections at end-2018.
Keywords:
ISCR; CR; reform agenda; disbursement to Togo; debt; Togo's performance; Executive Board's discussion; authorities' NDP; Fiscal stance; Africa; West Africa; Sub-Saharan Africa; Global
Cover Policy Papers
Public Investment Management Assessment - Review and Update
International Monetary Fund. Fiscal Affairs Dept.
Public Investment Management Assessments (PIMAs) are the IMF‘s key tool for assessing infrastructure governance over the full investment cycle and supporting economic institution building in this area. The PIMA framework was first introduced in the 2015 Board Paper on “Making Public Investment More Efficient,” as part of the IMF’s Infrastructure Policy Support Initiative (IPSI). A key motivation for its development has been that strong infrastructure governance is critical for public investment to spur economic growth. PIMAs offer rigorous assessment of infrastructure governance, that is, the key public investment management (PIM) institutions and processes of a country. On the basis of the PIMAs conducted to date, this paper summarizes the lessons learned and updates the assessment framework itself. PIMAs summarize the strengths and weaknesses of country public investment processes, and set out a prioritized and sequenced reform action plan. The PIMA framework has been well-received by member countries, with over 30 PIMAs conducted to date (mainly in emerging markets (EMs) and low income developing countries (LIDCs), and a pipeline of new requests in place; eight PIMAs have been or are about to be published. The PIMAs conducted show that there is much room for strengthening PIM, with weaknesses spread across the investment cycle. The results and recommendations of several PIMAs have been used in IMF lending, surveillance, and capacity development (CD) work, and have improved support and coordination among CD providers. While leaving the structure of the 2015 framework unchanged, the revised PIMA framework highlights some critical governance aspects more prominently. In particular, it brings out more fully some key aspects of maintenance, procurement, independent review of projects, and the enabling environment (e.g., adequacy of the legal framework, information systems, and staff capacity). Yet, the revised PIMA retains the key features of the 2015 framework, including the three-phase structure (planning, allocation, and implementation) with five institutions assigned to each phase, three dimensions under each institution, and three possible scores under each dimension (i.e., not/partially/fully met). The revision has benefitted from extensive stakeholder feedback, including from IMF teams, World Bank staff, and country authorities.
Keywords:
PP; country authorities; infrastructure governance; investment institution; priority reform; reform priority; section IV; efficiency gap; fund member country; department comment; member country request; investment efficiency; country group; Public Investment Management Assessment (PIMA); Public investment spending; Public investment and public-private partnerships (PPP); Budget planning and preparation; Infrastructure; Africa; Middle East and Central Asia; Europe; Western Hemisphere; Asia and Pacific
Cover IMF Staff Country Reports
Togo : rapport des services du FMI pour les consultations de 2013 au titre de l’article IV
International Monetary Fund. African Dept.
Points principaux : contexte. Après plusieurs ajournements, les élections législatives de juillet — qui se sont déroulées de manière pacifique — ont donné la majorité absolue au parti sortant. Le nouveau gouvernement dispose donc d’un solide mandat pour mettre en œuvre des politiques de promotion de la croissance et pour répondre aux attentes de la population qui espère une amélioration de son niveau de vie. La croissance s’accélère sous l’effet des investissements privés étrangers et publics dans l’infrastructure. Entretiens au titre de l’Article IV: Les déficits budgétaires se sont creusés ces dernières années ce qui a limité la marge de manœuvre budgétaire et soulevé des préoccupations au niveau de la viabilité. Même si elle a repris ces dernières années, la croissance n’a pas été solidaire. Le principal enjeu à moyen terme consiste à obtenir une croissance plus élevée, soutenable et solidaire. Le gouvernement a un rôle important à jouer pour accroître le potentiel de croissance en offrant une infrastructure cruciale, en améliorant le climat des affaires et en approfondissant le secteur financier. Les principales recommandations des services du FMI sont les suivantes : Remanier la politique budgétaire pour assurer sa viabilité. Mettre fin à la détérioration budgétaire et mettre en œuvre un ajustement en vue d’accroître progressivement le solde primaire afin de réduire le fardeau de la dette. Améliorer les recettes et la gestion des finances publiques. Améliorer le recouvrement des recettes grâce à la proposition d’une nouvelle autorité des recettes. Améliorer les opérations du trésor et la gestion de la dette. Satisfaire les besoins sociaux et de développement du pays en réduisant le coût du fonctionnement de l’État et en optimisant le ciblage et l’efficacité des dépenses publiques. Remédier aux vulnérabilités du secteur financier. Prendre rapidement des mesures correctrices pour remédier aux faiblesses qui apparaissent susceptibles de compromettre la stabilité du secteur financier. Éliminer les goulets d’étranglement de la croissance et mettre l’accent sur l’inégalité. Assurer que la croissance est diversifiée et soutenable et que ses dividendes sont largement partagés. Restrictions et régime de change. Le Togo, membre de l’UEMOA, a accepté les obligations au titre de l'article VIII, Sections 2, 3 et 4 des Statuts du FMI au 1 er juin 1996 et son régime de change n'impose aucune restriction aux paiements et transferts au titre des transactions internationales courantes. Le régime de change de l’UEMOA est fondé sur un arrimage classique à l'euro.
Keywords:
ISCR; CR; Togo; revenue; authority; government
Cover IMF Staff Country Reports
Togo: Staff Report for 2013 Article IV Consultation
International Monetary Fund. African Dept.
This Debt Sustainability Analysis update highlights Togo’s continued moderate risk of debt distress. After full Heavily Indebted Poor Countries (HIPC) assistance, Multilateral Debt Relief Initiative, and beyond HIPC assistance, Togo’s external and public debt indicators improved significantly in 2010/11 and remained stable under the previous Extended Credit Facility–supported program. In 2012, Togo contracted significant external debt. Although debt indicators are projected to remain below the policy-relevant indicative thresholds in the 20-year period under the baseline scenario, Togo remains vulnerable to certain shocks and could breach the policy-relevant thresholds for the present value (PV) of debt to GDP, PV of debt to exports, PV of debt to revenue, and debt-service-to-revenue ratios under some alternative scenarios in the outer years.
Keywords:
ISCR; CR; Togo; revenue; authority; government; revenue administration efficiency; treasury cash management committee; increase revenue; authorities' action; PFM reform plan; CFA franc; government efficiency; government sector; economic growth; government finance high frequency data; Government debt management; Public investment and public-private partnerships (PPP); West Africa; Global; I. Togo risk assessment matrix; article IV discussion; treasury operation; Budget planning and preparation
Cover IMF Staff Country Reports
Togo: Technical Assistance Report: Launch of the Project for Strengthening Public Financial Management
International Monetary Fund. Fiscal Affairs Dept.
This article discusses the mission to strengthen the financial system of the Republic of Togo. The European Union Delegation and the Fiscal Affairs Department of the IMF signed a technical agreement with the Togolese government. According to the project, a communication program and a training strategy was established, and works have begun to improve budget execution, accounting, finance report, cash management, and so on. The purpose of this mission was to evaluate the government's public finance, but it needs some improvements to attain a perfect form.
Keywords:
ISCR; CR; government accountant; net government position; accounting data; trial balance; government cash management framework; recording government operation; double-entry bookkeeping; expenditure process; organization chart; Budget execution and treasury management; Fiscal accounting and reporting; Budget planning and preparation; West Africa
Cover IMF Staff Country Reports
Togo: Poverty Reduction Strategy Paper-Progress Report
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; financial support; private sector; regulatory authority; natural resources; public expenditure; real GDP; Budget planning and preparation; Global; West Africa; Africa
Cover IMF Staff Country Reports
Togo: Staff-Monitored Program
International Monetary Fund
This paper focuses on the Staff-Monitored Program (SMP) for Togo. The SMP aims to support the preparation of a realistic 2007 budget, with a moderate primary adjustment; anchor budget execution in a pre-election period; strengthening fiscal governance, especially on expenditure management; initiating urgent banking sector reforms; and preparing for state-owned enterprise reforms. During the SMP, the authorities intend to update Togo’s Interim Poverty Reduction and Growth Strategy Paper (I-PRSP), set up a program monitoring mechanism, and reengage with donors, whose technical and financial assistance will be crucial for medium-term prospects.
Keywords:
ISCR; CR; government; company; government debt.; unity government; government sector; government's LOI; Togolese authorities; exchange rate; private bank; financial situation; permanent secretary; Arrears; Commercial banks; Budget planning and preparation; State-owned banks; West Africa
Cover IMF Working Papers
Public Expenditure Management in Francophone Africa: A Cross-Country Analysis
Mr. Yaya Moussa
There are strong similarities between the French and French-inspired African PEM systems in terms of the legal setting, rules, and procedures. However, there are differences in practice, particularly in accounting and reporting, audit, and external control. Among the African countries themselves, there are many common features but also marked differences in audit and external control.
Keywords:
WP; PEM system; government account; executive branch; African country; budget law; Budgeting; Public Expenditure Management; Technical Assistance; Africa; PEM weakness; cash plan; PEM subcategory; Budget planning and preparation; Fiscal law; Fiscal accounting and reporting; Auditing
Cover IMF Working Papers
Budgetary Convergence in the WEAMU: Adjustment Through Revenue or Expenditure?
Mr. Jean-Claude Nachega
and
Mr. Ousmane Dore
A regional convergence pact adopted recently by the Conference of Heads of States of WAEMU provides a framework for fiscal convergence similar to the European Union’s Maastricht Treaty. Using bivariate co-integration and error-correction models, this paper investigates the relationship between revenue and expenditure in seven member countries to determine the feasibility and nature of the policy adjustment required to meet the new convergence criteria. The results indicate that, in the long run, there is causality running from revenue to expenditure in Burkina Faso and Senegal, from expenditure to revenue in Benin and Togo, a bidirectional causality in Côte d’Ivoire and Mali, and no causality in Niger.
Keywords:
WP; revenue; Convergence; Granger causality; Co-integration; Error-correction; expenditure objective; granger cause expenditure; outlays ECM; expenditure granger; time series; expenditure data; expenditure decision; expenditure move; Government debt management; Budget planning and preparation; Fiscal stance; West Africa