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Business and Economics > Budgeting

You are looking at 1 - 10 of 82 items for :

  • Type: Journal Issue x
  • South Africa x
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Cover IMF Working Papers
Is Tax Policy Costly Industrial Policy in Mozambique?
Santos Bila
,
Utkarsh Kumar
, and
Alexis Meyer-Cirkel
This paper analyzes the use of tax policy as industrial policy in Mozambique. Despite significant foregone tax revenue due to industrial policy in the form of tax incentives, the effectiveness of Mozambique's tax policy remains questionable due to insufficient data and unclear public policy strategy. Through an examination of macro data, tax reports, and data from World Bank Enterprise Surveys, the note underscores the need for a thorough reassessment of existing tax measures. It advocates for a more strategic, targeted and evidence-based design of tax incentives that deliver on industrial policy goals.
Keywords:
Tax Policy; Industrial Policy; Mozambique; Tax Incentives; Foreign Direct Investment (FDI); Revenue Mobilization; Market Distortions; Fiscal Expenditure; Domestic Investment; Mozambique's tax policy; tax report; firm Age; firms in Maputo; accelerated depreciation; Tax expenditures; Corporate income tax; Special economic zones; Global; Africa; Sub-Saharan Africa
Cover Technical Assistance Reports
Pakistan: Technical Assistance Report-Improving Budget Practices
International Monetary Fund. Fiscal Affairs Dept.
Pakistan’s tight fiscal situation will require strong control over the budget in coming years. This report provides recommendations on steps to strengthen the country’s fiscal institutions to deliver a more credible budget, tighten its execution and prevent policy slippages. It also advises on how to digitalize the budget process to improve monitoring and reporting.
Keywords:
Pakistan; budget credibility; digitalization; supplementary grants; budget process.; call circular; IMF resident representative; FAD team; IMF's Fiscal Affairs Department; FCDO staff; FAD expert; Budget planning and preparation; Budget execution and treasury management; Budget execution processes; Macroeconomic and fiscal forecasts; Africa
Cover High-Level Summary Technical Assistance Reports
South Africa: Fiscal Transparency Evaluation
Carolina Renteria Rodriguez
,
Trish N Chiinze
,
Sage De Clerck
,
Foyzunnesa Khatun
,
Natalie Manuilova
, and
Vincent Tang
South Africa has many elements of sound fiscal transparency practices. Based on an assessment of fiscal transparency practices against the IMF’s Fiscal Transparency Code, South Africa’s practices are strongest in fiscal reporting, followed by fiscal forecasting and budgeting, and weakest in fiscal risk analysis. South Africa’s Balance Sheet public sector net worth – including assumptions for the values of non-reported assets – is estimated to be 100 percent of GDP. There is room to improve South Africa’s fiscal reporting, budget transparency, and management of fiscal risks.
Keywords:
Fiscal transparency; fiscal reporting; budgeting; fiscal risks; budget transparency; budget credibility; State capture; procurement deficiency; risk category; Fiscal Transparency Evaluation (FTE); Budget planning and preparation; Africa
Cover Technical Assistance Reports
Bosnia and Herzegovina-Republika Srpska: Technical Assistance Report –Public Investment Management Assessment (PIMA)
International Monetary Fund. Fiscal Affairs Dept.
There have been significant improvements in public investment management (PIM) in Bosnia and Herzegovina - Republika Srpska (RS) over the last decade and the legal and institutional design is now ahead of many regional comparators. The effectiveness of the PIM framework is lagging behind its design, and continued strong and consistent reform efforts will be important to eliminate remaining obstacles to efficient public investment. Many of these reforms are already underway or planned.
Keywords:
Public investment management assessment; PIMA; Infrastructure governance; project appraisal; medium-term fiscal planning; Bosnia and Herzegovina-Republika Srpska.; RS government; government of Republika Srpska; FAD mission; management institution; management in RS; D. investment allocation; Public investment spending; Budget planning and preparation; Capital spending; Infrastructure; Europe; Eastern Europe; Southern Europe; Global
Cover Technical Assistance Reports
South Africa: Technical Assistance Report-Fiscal Transparency Evaluation
International Monetary Fund. Fiscal Affairs Dept.
South Africa has many elements of sound fiscal transparency practices. Based on an assessment of fiscal transparency practices against the IMF’s Fiscal Transparency Code, South Africa's practices are strongest in fiscal reporting, followed by fiscal forecasting and budgeting, and weakest in fiscal risk analysis. There is room to improve South Africa’s fiscal reporting, budget transparency and management of fiscal risks.
Keywords:
South Africa; Fiscal Transparency; Fiscal Reporting; Fiscal Risks; Budget planning and preparation; Economic sectors; Expenditure; Financial statements; Public financial management (PFM); Public sector.; IMF's Fiscal Affairs Department; Group chief financial officer; GFS Division; communication technology; Fiscal Affairs Department of the IMF; Public sector; Africa; Global
Cover Technical Assistance Reports
Arab Republic of Egypt: Technical Assistance Report-Public Investment Management Assessment
International Monetary Fund. Fiscal Affairs Dept.
This report assesses the institutional design and effectiveness of public investment management (PIM) in Egypt. The report concludes that effectiveness is stronger than or on par with comparators for national planning and inter-governmental coordination, and weaker than the average comparator country on several other PIM institutions. Improvements in PIM will be important to close efficiency gaps and enhance the productivity of future public investments. Egypt’s Government has already taken several steps to improve the access to infrastructure and quality of public investment management, including through new legislation, new information systems and significant efforts to enhance staff capacities. The report provides five main recommendations for how these reform steps can be strengthened, sustained and further extended: 1) Strengthen project appraisal and selection processes; 2) Enable private sector involvement in public infrastructure provision: 3) Operationalize PFM law provisions for medium-term budgeting; 4) Strengthen asset management and ensure sufficient maintenance; and 5) Strengthen procurement, project and portfolio management.
Keywords:
Arab Republic of Egypt; PIMA; Investment; Infrastructure; Efficiency; Climate.; General government debt; procurement system; Ministry of petroleum; authorities of the Arab Republic of Egypt; Ministry of housing; Public investment spending; Budget planning and preparation; Middle East; Global
Cover IMF Staff Country Reports
Kingdom of Lesotho: 2023 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. African Dept.
The 2023 Article IV Consultation discusses that Lesotho’s economy continues to face a number of challenges in the wake of the pandemic. Climate shocks, delays to infrastructure projects, high food and fuel prices, declining diamond prices, layoffs in the textiles sector, and weak regional and external demand are weighing on activity. The government is prioritizing fiscal consolidation on the back of windfall transfers from the Southern African Customs Union, which have helped alleviate near-term pressures on financing and reserves. Alongside, broad-ranging structural reforms will be vital for the economy to transition to durable, resilient, inclusive, job-rich, and sustainable private sector-led growth. The IMF Staff strongly encourages efforts to improve the business environment, strengthen financial stability, and enhance business lending. The Staff strongly encourages the authorities to continue their efforts to increase capacity, improve data quality, and coordinate closely on macroeconomic policies. High data quality and information sharing are critical for policymaking—from measuring economic performance to forecasting.
Keywords:
exports threshold; CBL approval; IMF CD; SACU windfall; government finance; policy rate change; Debt sustainability analysis; Africa; Global; Southern Africa
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 IMF How To Notes
How to Manage Fiscal Risks from Subnational Governments
Mr. Sandeep Saxena
Subnational governments can create sizable fiscal risks for central governments. In addition to impacting service delivery at the grassroots level, unsustainable subnational finances can be a continuous drain on central resources. The need for stronger public financial management systems and capacities to analyze and manage risks at the subnational government level cannot be overemphasized. Central governments need to develop sound institutional mechanisms to systematically monitor the health of subnational finances to be able to proactively manage associated risks. This How to Note provides a framework for central governments that seek to assess and manage fiscal risks stemming from weak subnational finances. It analyzes the sources of subnational finance vulnerabilities and argues that central governments would benefit from putting in place the following: (1) a stronger regulatory framework, (2) improved fiscal reporting, and (3) enhanced central oversight. The lessons distilled from the international experience are particularly useful for developing economies where the management of risks can be improved.
Keywords:
fiscal risks; contingent liabilities; subnational debt; public financial management (PFM); fiscal institutions; public debt; fiscal policy; budget planning; subnational finances; Subnational government; Subnational contingent liabilities; national government; sound Subnational PFM system; borrowing regulation; Budget planning and preparation; Global
Cover IMF Staff Country Reports
Kingdom of Lesotho: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Kingdom of Lesotho
International Monetary Fund. African Dept.
Lesotho has been simultaneously hit by the pandemic, declining transfers from the Southern African Customs Union (SACU), and the impact of the war in Ukraine. The pandemic exacerbated the impact of sluggish regional performance, climate shocks, and longstanding structural issues such as regulation, governance, political stability, financial inclusion, and diversification. Public expenditure has continued to increase, such that the decline in external transfers precipitated significant financing pressures and growing domestic arrears. With limited inflows to the private sector, the resulting public sector-driven external imbalances have continued to put pressure on international reserves needed to maintain the exchange rate peg.
Keywords:
CBL approval; Lesotho economy; private sector; government finance; liability positions vis-à-vis nonresident; exports threshold; IMF staff calculation; Africa; Southern Africa; Global