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Business and Economics > Budgeting

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Cover IMF Staff Country Reports
Zambia: Technical Assistance Report-Diagnostic Report on Governance and Corruption
International Monetary Fund. Legal Dept.
This technical assistance report on Zambia discusses the governance and anti-corruption assessment. Acknowledging the need to address corruption, strengthen governance and the rule of law, the President and authorities of Zambia have announced a series of important initiatives. Consistently high fiscal deficits, inefficient public investment and weak controls on spending led to Zambia accumulating large fiscal and external imbalances. In the challenging environment, the authorities sought the IMF’s assistance to analyse governance weaknesses and corruption vulnerabilities and make specific, country-tailored and feasible recommendations to address governance and corruption risks in wide-ranging areas. The report identifies on near-term reform steps and structural policy measures that require more time and resources but are necessary for sustainable change. All recommendations coming out of the diagnostic shall contribute to the formulation of governance and anticorruption policies and programs, improvement of the legal and institutional frameworks, as well as governance and anti-corruption reform measures agreed to in the Extended Credit Facility Arrangement for Zambia.
Keywords:
governance weakness; governance arrangement; governance inefficiency; frameworks of Zambia's Revenue Administration; governance Rating; information framework; IMF resident representative; IMF recommendation; terms and conditions; risk assessment; prudential framework; Corruption; Anti-money laundering and combating the financing of terrorism (AML/CFT); Revenue administration transparency and accountability; Corporate governance; Budget planning and preparation; Southern Africa; East Africa
Cover IMF Staff Country Reports
Cote d'Ivoire: Staff Report for the 2018 Article IV Consultation and Third Reviews Under the Arrangement Under the Extended Credit Facility and Extended Arrangement Under the Extended Fund Facility, and Request for Modification of a Performance Criterion
International Monetary Fund. African Dept.
This IMF Staff Report highlights that the robust economic growth in Côte d’Ivoire is projected to continue in 2018. The inflation remains subdued. The program aims to achieve a sustainable balance of payments position, foster inclusive growth and poverty reduction, and create fiscal space for investing in priority infrastructure and social projects. Strong economic performance since 2012, with average annual growth of 9 percent, reflected the economic recovery following political normalization, improved business environment, strong program of reforms, and supportive fiscal policy. A key policy challenge is to sustain robust growth and make it more inclusive and private sector-driven. Robust medium-term growth is expected to be supported by domestic demand.
Keywords:
ISCR; CR; debt; government; summary debt service table; real GDP; government policy; summary table; Ivorian authority; fuel price mechanism; Tax administration core functions; West Africa; Sub-Saharan Africa; Global; Africa
Cover IMF Working Papers
Medium-Term Budget Frameworks in Sub-Saharan African Countries
Mr. Richard I Allen
,
Taz Chaponda
,
Ms. Lesley Fisher
, and
Rohini Ray
More than 15 years ago, many countries in sub-Saharan Africa embarked on a program of budgetary reform, an important element of which was a medium-term budget framework (MTBF). This working paper focuses on the performance of these frameworks in six countries–– Kenya, Namibia, South Africa, Tanzania, Uganda, and Zambia. It assesses the effectiveness of MTBFs in achieving improved fiscal discipline, resource allocation, and certainty of funding, as well as wider economic and social criteria such as poverty reduction and more efficient public investment. In most countries, early successes were not sustained, and budgetary outcomes did not improve, partly for technical reasons, such as poor data and inadequate forecasting methodologies, but also because the reforms were largely supply driven. The paper argues that the development of MTBFs typically falls into four distinct phases. To make the transition from one phase to the next, developing countries should focus on building their capability in macrofiscal forecasting and analysis, and in improving the credibility of the annual budget process.
Keywords:
WP; country; case country; budget; medium-term expenditure frameworks; public financial management; sub-Saharan Africa; budget office; PFM system; budget framework; challenge function; budget review process; program budget; budget preparation process; Budget planning and preparation; Medium-term budget frameworks; Macroeconomic and fiscal forecasts; Africa
Cover IMF Staff Country Reports
Zambia: Technical Assistance Report-Towards an Integrated Legal Framework for Public Financial Management
International Monetary Fund. Fiscal Affairs Dept.
This Technical Assistance report proposes a roadmap for completing the process of drafting and adopting an Integrated Legal Framework for Public Financial Management (PFM) in Zambia. The legal framework for PFM in Zambia is fragmented, and much of it is outdated. The government has prioritized a revision of the existing legal framework for PFM and national development planning. This revision will permit a range of important PFM reforms that are ongoing or planned to be incorporated within the legal framework. An updated legal framework would also permit other important improvements in current practices to be incorporated.
Keywords:
ISCR; CR; public finance; oversight role; government list; MoF officer; sanctions regime; terms and conditions; annual budget; cash management; financial year; central government; government payment; government budget; government policy; fiscal strategy statement; Budget planning and preparation; PFM legal and regulatory frameworks; Legal support in revenue administration; Budget execution and treasury management; Africa
Cover IMF Staff Country Reports
Zambia: 2013 Article IV Consultation
International Monetary Fund. African Dept.
This Information Annex highlights that safeguards assessments of the Bank of Zambia (BoZ) were completed in June 2004, January 2009, and October 2010. The 2009 assessment concluded that the bank had adequate safeguards in several areas, but confirmed the existence of certain vulnerabilities in the BoZ’s legal framework and financial reporting. The 2010 update report concluded that the BoZ had made progress in implementing safeguards recommendations. The IMF staff noted improvements in the internal audit and internal control mechanisms. Weak statutory independence remains a substantive safeguards concern. Further, Zambia continues to maintain an exchange restriction, which is subject to IMF approval under Article VIII, arising from limitations imposed by the government on access to foreign exchange for the making of payments and transfers for current international transactions.
Keywords:
ISCR; CR; real GDP; current account; debt management strategy; debt; credit growth; government creditor; Zambian authorities; reform plan; Government debt management; Budget planning and preparation; Global; Sub-Saharan Africa
Cover IMF Staff Country Reports
Zambia: Staff Report for the 2012 Article IV Consultation
International Monetary Fund
Despite Zambia's continued battle with poverty, the authorities have maintained sustained growth and macroeconomic stability during the past decade. 2011 showed robust GDP growth supported by agricultural activities and strong bank credit. But the Executive Board expressed concern over the risks arising from the volatility of copper prices and the delay in implementing measures required to meet the 2012 budget deficit target. Directors recommended strengthening the tax administration and reducing subsidies and incentives for achieving the fiscal targets.
Keywords:
ISCR; CR; real GDP; monetary policy; current account; debt; monetary policy stance; policy reversal; policy stance; debt management; Government debt management; Budget planning and preparation; Global; monetary policy objective; monetary policy formulation; inflation expectation; article IV of the IMF's article; Public and publicly-guaranteed external debt
Cover IMF Staff Country Reports
Zambia: Fifth Review Under the Three-Year Arrangement Under the Extended Credit Facility, Requests for Waiver of Nonobservance of Performance Criterion and Modification of Performance Criteria, and Financing Assurances Review
International Monetary Fund
Zambia showed strong economic performance with robust growth and moderating inflation under the Extended Credit Facility (ECF). It showed sound macroeconomic policies and progress in structural reforms. The Zambian authorities consider their main challenge to create fiscal space for priority spending, enhance economic diversification, and reduce poverty. The strengthening of debt management and project appraisal capacity are critical in this regard. To meet the financing needs for addressing growth-critical infrastructural requirements, the Zambian authorities requested a waiver for the nonobservance of a performance criterion on nonconcessional external debt.
Keywords:
ISCR; CR; authority; government support; financing; Zambian authorities; discussion of Zambia; executive board's discussion; authorities request; Government debt management; Monetary base; Budget planning and preparation; Credit; Middle East; Africa; Global; Central Asia; East Asia
Cover IMF Staff Country Reports
Zambia: 2009 Article IV Consultation, Third Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, and Request for Modification of Performance Criteria: Staff Report; Staff Supplement: Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Zambia
International Monetary Fund
This 2009 Article IV Consultation highlights that the Zambian economy has performed well in recent years and showed some resilience to the recent global recession. Growth in 2009 is now projected at 5.3 percent, in line with the average for recent years, as the slowdown in the tertiary sector was compensated by a significant increase in copper production and a bumper crop. Executive Directors have commended the Zambian authorities for their prudent macroeconomic management, observing that the Zambian economy has proven resilient to the global economic crisis.
Keywords:
ISCR; CR; SDR; government spending efficiency; spending; contraction; digit inflation; disbursement of an amount equivalent; floating exchange rate regime; risk of debt distress; Exchange rates; Monetary base; Budget planning and preparation; Global
Cover IMF Staff Country Reports
Zambia: First and Second Reviews of the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, Request for Waivers of Nonobservance of Performance Criteria, and Augmentation of Access: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director of Zambia
International Monetary Fund
Zambia’s nonperforming loans are expected to increase and banks have become more cautious in their lending. The staff report for the Zambia’s first and second reviews of the Three-Year Arrangement under the Poverty Reduction and Growth Facility and request for Waivers of Nonobservance of Performance Criteria, and Augmentation of Access is examined. The slowdown in external demand and uncertainty about the global outlook have negatively affected growth prospects and the balance of payments, and made the program targets for reserve accumulation unattainable.
Keywords:
ISCR; CR; growth facility; Three-Year arrangement; Three-Year; request; nonobservance; program implementation; growth performance; sector strategy; International reserves; Inflation; Metal prices; Global
Cover IMF Staff Country Reports
Zambia: 2007 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Zambia
International Monetary Fund
The Zambian economy has performed well owing to its strong macroeconomic policies, high copper export prices, and extensive debt relief. Executive Directors encouraged the authorities to reduce poverty and attain the Millennium Development Goals (MDGs) under the Fifth National Development Plan (FNDP), and emphasized to authorities to improve budget execution and create fiscal space for increased spending on infrastructure and social sectors. They commended the tight monetary policy and fiscal stances, revenue reforms, and efforts to strengthen debt management. They welcomed financial sector reforms and also the trade regime to accelerate export development.
Keywords:
ISCR; CR; Reserve money growth; poverty headcount; staff appraisal; government; revenue performance; revenue collection; Exchange rates; Budget planning and preparation; Current account; Global; Southern Africa