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Business and Economics > Budgeting

You are looking at 1 - 10 of 18 items for :

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Cover IMF Staff Country Reports
Republic of Kosovo: 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Kosovo
International Monetary Fund. European Dept.
Kosovo has been hit hard by the COVID-19 pandemic. Despite policy support, economic activity is estimated to have fallen 6 percent in 2020 on account of the combined effect of strict domestic containment measures and international travel restrictions. The fiscal deficit increased to 7.7 percent of GDP, given the large fall in tax revenues and the implementation of mitigation and recovery measures of 4.2 percent of GDP. The current account deficit is estimated to have increased to 7.5 percent of GDP mainly due to a large decline in diaspora-related inflows, most notably in tourism. Gross international reserves declined but remain adequate in part due to the purchase under the IMF’s Rapid Financing Instrument (RFI) in April 2020 and the use of other external financing. Banks have weathered the recession well to date, and the high pre-COVID19 liquidity levels and ample capital buffers bode well for the system’s stability.
Keywords:
ISCR; CR; targeted cash support; Kosovar authorities; bank asset quality; Kosovo authorities; deficit rule
Cover IMF How To Notes
How to Manage the Fiscal Costs of Natural Disasters
Mr. Serhan Cevik
and
Guohua Huang
This how-to note focuses on the management of the fiscal costs associated with natural disaster risks. Unlike other types of fiscal risks (for example, unexpected macroeconomic changes or materialization of contingent liabilities), a natural disaster presents a unique challenge to fiscal risk-management and budget processes because of its exogenous nature and potentially overwhelming scale. This note discusses how governments can build fiscal resilience against natural hazards and strengthen fiscal management after a disaster, including through budgeting frameworks and other fiscal policies. The note aims to answer three central questions: How large should fiscal buffers be? How should fiscal buffers be built up? How should fiscal buffers be used efficiently and transparently once a natural disaster has struck? These three questions directly relate to fiscal policy, fiscal risk management, and the budget process—all core areas of IMF expertise. To address them, the note focuses on fiscal strategies for financing recovery efforts and considers approaches to mitigate disaster impact. The note also provides guidance on how to conduct regular risk analyses of natural disasters’ potential fiscal consequences and outlines best practices for defining and accounting for the contingent liabilities associated with natural disasters in budgeting frameworks. Finally, the note touches on approaches for risk reduction, disaster risk financing strategies, and risk transfer mechanisms, such as various insurance instruments.
Keywords:
FADHTN; HTN; fund; financing; contingency reserve; cost; cash flow; unexpended LDRRMF funds; investment strategy; budget reallocation; fund balance; contingency reserve fund; NDF management; contingency financing plan; VRRF resource; disaster risk financing strategy; Natural disasters; Budget planning and preparation; Fiscal space; Fiscal risks; Caribbean; fiscal cost; costs of natural disasters; costs of natural DisastersHow; natural DisastersHow; annual budget; fiscal policy
Cover IMF Working Papers
Enforcing Public-Private Partnership Contract: How do Fiscal Institutions Matter?
Manabu Nose
Public-private partnerships (PPPs) have increased rapidly in emerging and developing countries, creating both opportunities and fiscal challenges. One of the main challenges is that while governments have increased commitments in guarantees and direct subsidies to promote PPPs, contractual disputes remain high with significant costs. This paper examines how fiscal institutions affect the selection of PPP contracts and the probability of contract disputes using about 6,000 PPP contract-level data. The analysis shows that larger government financing needs, lower budget transparency and bureaucratic efficiency are associated with higher probability for governments to offer guarantees. Propensity score matching results show that disputes are more common for guaranteed contracts due to adverse selection and contingent liability effects. PPP management quality and budget transparency are found to be key determinants for a longer survival of PPPs.
Keywords:
WP; adverse selection; capital stock; Public-private partnerships; public investment management; fiscal risk; propensity score matching; dispute risk; PPP contract; drive government decision; PIM quality index; government involvement; government financing; dispute case; management quality; indebted government; PPP investment; provision of guarantee; PPP project; Public investment and public-private partnerships (PPP); Budget planning and preparation; Fiscal risks; Contingent liabilities; Asia and Pacific
Cover IMF How To Notes
How to Strengthen the Management of Government Guarantees
International Monetary Fund. Fiscal Affairs Dept.
This note highlights commonly observed weaknesses in the management of government guarantees, good practices, and measures governments could take to strengthen: (i) the evaluation of guarantee proposals; (ii) the quantification of risks arising from guarantees and their mitigation; and (iii) the budgeting, accounting, monitoring, and disclosure of guarantees.
Keywords:
FADHTN; HTN; government guarantee; guarantee fee rate; guarantee portfolio; credit guarantee; credit rating; guarantee claim; guarantee proposal; one-of guarantee; reserve fund; guarantee seeker; Contingent liabilities; Government liabilities; Budget planning and preparation; Loans; Africa; Global
Cover IMF Staff Country Reports
Turkey: Fiscal Transparency Evaluation
International Monetary Fund. Fiscal Affairs Dept.
This paper discusses findings of the evaluation of fiscal transparency in Turkey. As a result of several reforms, Turkey has made significant progress against the 36 principles of the IMF’s new Fiscal Transparency Code. Of the 36 principles in the Code, Turkey now meets 10 principles at the basic level, 13 principles at the good level, and 6 principles at the advanced level. Fiscal transparency practices are strongest in the area of fiscal reporting. Moreover, in 5 of the areas where Turkey’s transparency practices do not currently meet basic practice, this could be readily addressed by publishing data that are already collected for internal management purposes.
Keywords:
ISCR; CR; balance sheet; annual budget; central government; final accounts; budget proposal; contingency reserve; local government; General government debt; service fee; government transfer; property holding; government report; government data; income statement; appropriation authority; government forecast; Budget planning and preparation; Fiscal risks; Macroeconomic and fiscal forecasts; Financial statements; Global; Europe
Cover IMF Working Papers
The Evolving Functions and Organization of Finance Ministries
Mr. Richard I Allen
,
Yasemin Hurcan
,
Peter Murphy
,
Mr. Maximilien Queyranne
, and
Mr. Sami Yläoutinen
There is relatively little literature that analyses the role, functions, and organization of finance ministries. The purpose of this working paper is to review international experiences in this area, in an effort to formulate guiding principles of organizational design and the allocation of functions, while recognizing the crucial importance of each country’s history and institutional context. Over the past 30 years many finance ministries have moved from a “traditional” to an “emerging” model of organizational design in which there is greater openness and transparency, more flexible management practices, and a broader focus on strategic policy issues. In addition, many operational functions have been devolved to arm’s–length agencies or line ministries. The paper describes the challenges facing developing countries in strengthening their finance ministries, and the principles, approaches, and strategies that can be applied.
Keywords:
WP; finance ministry; public finance; business process; line ministry; Public administration; finance function; public financial management; finance ministries transfer responsibility; Budget planning and preparation; Macroeconomic and fiscal forecasts; Fiscal accounting and reporting; Africa; Global
Cover IMF Staff Country Reports
Malaysia: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper examines the implications of lower crude oil prices on Malaysia’s economy. Although Malaysia’s net oil exports are now very small as a share of GDP, its gas exports are sizeable. The paper provides some background on the structure of energy production and trade in Malaysia, and presents results from empirical analysis of the oil prices on Malaysia’s growth. It is concluded that the decline in prices is likely to have a net negative impact on growth, even though the recent decline in oil prices partially reflects supply considerations.
Keywords:
ISCR; CR; oil; oil price; price; oil market; market factor; oil inventory; tapis oil; reserve holder; Fiscal risks; Oil prices; Contingent liabilities; Global; Africa; Budget planning and preparation; annual budget
Cover IEO Annual Report 2013
IEO Annual Report 2013
International Monetary Fund. Independent Evaluation Office

Abstract

The Independent Evaluation Office (IEO) evaluation on International Reserves: IMF Concerns and Country Perspectives was discussed by the Board in December 2012. This evaluation examined the IMF’s analysis of the effect of reserves on the stability of the international monetary system and its advice on reserve adequacy assessments in the context of bilateral surveillance. In the multilateral context, the evaluation acknowledged the IMF’s broader work stream on the international monetary system but noted that this work had not sufficiently informed the analysis and recommendations regarding reserves. The IEO evaluation of The Role of the IMF as Trusted Advisor was discussed by the Board in February 2013. This evaluation found that perceptions of the IMF had improved, but that they varied markedly by region and country type. Recognizing that there will always be an inherent tension between the IMF’s roles as a global watchdog and as a trusted advisor to member country authorities, the evaluation report explored how the IMF could sustain the more positive image it had achieved in the aftermath of the recent global crisis. The evaluation found that among key challenges facing the IMF were improving the value added and relevance of IMF advice and overcoming the perception of a lack of even-handedness.

Keywords:
IEOR; IEO; evaluation; IMF concern; IEO evaluation; IMF performance; office of budget; discretionary budget; IMF-World Bank Spring Meetings; staff allocation; Fiscal consolidation; International reserves; Balance of payments need; Budget planning and preparation; Global; Sub-Saharan Africa; Caribbean; IEO work program; budget proposal; IEO budget; IMF surveillance; International monetary system; Poverty reduction strategy
Cover IMF Staff Country Reports
Former Yugoslav Republic of Macedonia: Staff Report for the 2011 Article IV Consultation.
International Monetary Fund
This 2011 Article IV Consultation highlights that Macedonia is poised to achieve low but positive growth under the baseline scenario of a shallow recession in the euro area. Under a downside scenario, growth would be weaker, and external financing pressures could arise. In the near term, the government would need to reduce expenditure growth to meet the 2012 deficit target. A key longer-term challenge would be to reconcile the competing objectives of higher public investment and increases in pensions and public wages while preserving low public debt and low taxes.
Keywords:
ISCR; CR; NBRM authority; authority; government; FYR Macedonia; deficit target; headline inflation; FDI inflow; nominal exchange rate; EU integration process of the Republic of Macedonia; Macedonian banking system; Government debt management; Budget planning and preparation; Current account deficits; Global; Europe; Eastern Europe; Western Europe; Southern Europe
Cover Policy Papers
Staff Guidance Note on the Use of Fund Resources for Budget Support
International Monetary Fund
This paper proposes that the Fund establish an administered account and a subaccount under the Framework Instrument for Selected Fund Activities (the “SFA”), to enhance the new external financing architecture for capacity building and related Fund activities. The specific accounts proposed to be established are: (1) an administered account for interim holdings of voluntary contributions for Fund activities, that would primarily accommodate contributions from donors for Fund activities that are planned but not yet fully developed (“The Interim Holding Administered Account,” hereinafter, the “Holding Account”); and (2) a Subaccount for the administration of selected smaller-scale capacity building and related activities (the “Catch-All Subaccount”) under the SFA Instrument, which would facilitate the administration of external funds for smaller, one-off projects.
Keywords:
PP; financial support; fund; central bank; Bop; budget; Fund resource; Fund liability; central bank NDA; Fund purchase; Fund repurchase; Treasury transaction; Budget planning and preparation; Balance of payments need; Balance of payments assistance; Global