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Business and Economics > Budgeting

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Cover Technical Assistance Reports
The Gambia: Technical Assistance Report-Public Investment Management Assessment Update with the Climate Module
International Monetary Fund. Fiscal Affairs Dept.
The IMF’s Fiscal Affairs Department (FAD) conducted a Public Investment Management Assessment (PIMA) and Climate Module (C-PIMA) for The Gambia to assess public investment management (PIM) and its climate sensitivity. The assessment found improvements since the 2019 PIMA, including the 2020 Cabinet Memorandum for strategic project reviews, the 2023 SOE Act for centralized oversight, and enhanced procurement regulations. However, despite these institutional improvements, effectiveness has yet to catch up and, in some cases, has weakened. Climate resilience is also insufficiently addressed, with weak integration of climate risks into project planning and outdated regulatory frameworks. Key recommendations include establishing a public investment management information system, strengthening PIM oversight within the Ministry of Finance, formalizing project selection pipelines, and embedding climate-related criteria in investment decisions.
Keywords:
The Gambia; investment; PIM; PIMA; Climate; Climate Module; C-PIMA.; management institution; procurement authority; IMF climate policy diagnostic; capital cash outlay; D. investment allocation; climate PIMA; Public investment spending; Climate change; Budget planning and preparation; Infrastructure; West Africa; Sub-Saharan Africa; Global
Cover IMF Staff Country Reports
Democratic Republic of Congo: Requests for an Arrangement Under the Extended Credit Facility and an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of Congo
International Monetary Fund. African Dept.
This paper presents Congo’s Requests for an Arrangement under the Extended Credit Facility (ECF) and an Arrangement under the Resilience and Sustainability Facility (RSF). The ECF-supported program aims to preserve macroeconomic stability, improve the business climate, enhance governance and transparency, and foster inclusive growth. The RSF-supported program will support Congo in advancing its climate adaptation and mitigation agenda while consolidating its role as a solution country in the transition to a low-carbon global economy. Under the new ECF arrangement, the authorities plan to boost growth and create fiscal space for priority investment and social spendings. The Central Bank of the Congo has appropriately maintained a tight monetary policy stance to combat inflation, which has consequently declined substantially in 2024. The authorities aim to continue efforts to accumulate international reserves, strengthen the monetary policy implementation framework and the foreign exchange intervention strategy, to help enhance the transmission of monetary policy and alleviate pressures in the foreign exchange market.
Keywords:
Congolese authorities; RSF arrangements modality; ECF program objective; IFC LPG DRC project; forest policy; DRC country climate; ECF access; Climate change; Budget planning and preparation; Global
Cover High-Level Summary Technical Assistance Reports
Maldives: Mainstreaming Climate Change into Public Financial and Investment Management Green PFM and Climate PIMA
Ozlem Aydin
,
Claude P Wendling
,
Bryn Welham
,
Eivind Tandberg
, and
Juana Aristizabal
An IMF Team assessed the green public financial management (PFM) practices, drawing on the IMF’s Green PFM framework, and conducted a Climate Module of the Public Investment Management Assessment (C-PIMA) in the Maldives. It identified strengths related to the recent public investment management (PIM) reforms, but also several remaining priorities along the budget and investment cycle in the Maldives that affect the efficiency, and its capacity to respond to climate change-related challenges. The mission team makes six priority recommendations in integrating climate change considerations in PFM and PIM practices, prioritized based on the country's capacity, financial resources, and ongoing reform initiatives.
Keywords:
climate change consideration; IMF team; IMF's Green PFM framework; Green PFM practice; climate Pima; Climate change; Budget planning and preparation; Public Investment Management Assessment (PIMA)
Cover High-Level Summary Technical Assistance Reports
Guatemala: Assessing Public Investment Management – PIMA and Climate Change PIMA
Jean-Baptiste Gros
,
Christophe Hémous
,
Noel Gallardo
,
Martha E Cubillo
,
Eduardo Aldunate
,
Jorge Baldrich
,
Rui Monteiro
, and
Margarita Rosas
In order to improve the efficiency of their capital investment and improve the access of the population to high-quality infrastructure, the Finance Ministry and the Planning general secretariate SEGEPLAN requested an IMF mission to apply: (i) the public investment management assessment (PIMA) methodology, developed by the Fiscal Affairs Department (FAD), to identify strengths and weaknesses in Guatemala’s public investment management and (ii) the Climate PIMA (C-PIMA) module to ensure climate change mitigation and adaptation are appropriately addressed in the public investment cycle. The mission proposed an action plan to improve public investment management.
Keywords:
Sovereign Wealth Funds; Debt Management; Public Financial Management; Legal Frameworks; IMF mission; climate change mitigation; capacity development recipient; management institution; investment project; Climate change; Public investment spending; Public Investment Management Assessment (PIMA); Budget planning and preparation; Central America
Cover IMF Staff Country Reports
Republic of Moldova: Sixth Reviews Under the Extended Credit Facility and Extended Fund Facility Arrangements, Request for modifications of performance criteria, and Second review Under the Resilience and Sustainability Facility Arrangement-Press Release; Staff Report; and Statement by the Alternative Executive Director for the Republic of Moldova
International Monetary Fund. European Dept.
This paper presents IMF’s Sixth Review under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) Arrangements, Request for Modifications of Performance Criteria, and Second Review under the Resilience and Sustainability Facility (RSF) Arrangement for Moldova. The recovery from adverse spillovers from Russia’s war in Ukraine and energy price shocks is taking hold. Growth picked up in 2024 and is expected to strengthen further in 2025, driven by robust domestic demand. Downside risks remain high, mainly related to Russia’s war in Ukraine and renewed energy shocks. While quantitative performance of the program has been strong, implementation of structural reforms has been uneven. Further reforms to enhance fiscal performance and the allocation of public resources, strengthen energy security, strengthen governance and the rule of law, and advance climate adaptation and mitigation are key to protect Moldova against shocks and improve its growth prospects.
Keywords:
Gradual consolidation; Consultation band; Energy security; Climate policy; Credit; EU integration; EU reform agenda; Natural disasters; Policy commitment; CB governance; Anti-corruption; Letter of intent.; B. government policy; weather events risk; energy transition; RSF reform; authorities' reform; reform measure; Fiscal risks; Budget planning and preparation; Climate change; Global
Cover Technical Assistance Reports
Republic of Tajikistan: Technical Assistance Report-Public Investment Management Assessment with the Climate Module
International Monetary Fund. Fiscal Affairs Dept.
This report summarizes findings from a Public Investment Management Assessment (PIMA) and the Climate Module (C-PIMA) conducted for Tajikistan. The assessment evaluated the country's public investment management practices, including their climate sensitivity. Tajikistan performs well in certain areas but faces significant gaps in others. Parallel external and internally financed processes present recurring challenges across Tajikistan’s public investment management framework, limiting consistency and strategic alignment. Implementing a comprehensive framework for overseeing all projects, regardless of funding source, would significantly improve efficiency and climate responsiveness.
Keywords:
Republic of Tajikistan; Public investment management; PIMA; C-PIMA; climate change; Green PFM; climate-sensitive infrastructure.; D. Investment allocation; authorities of the Republic of Tajikistan; investment project; Republic of Tajikistan analysis; Investment planning; priorities in Tajikistan; management institution; Public investment spending; Budget planning and preparation; Infrastructure; Central Asia; Central Asia and the Caucasus
Cover Technical Assistance Reports
Seychelles: Technical Assistance Report-Developing a Framework for Climate Budget Tagging
International Monetary Fund. Fiscal Affairs Dept.
The Government of Seychelles is committed to promoting environmental sustainability and climate resilience, as demonstrated by its decision to prioritize climate as one of the six key areas in the National Development Strategy for 2024-2028 and through the agreements made under the IMF's Resilience and Sustainability Facility, established in May 2023. A central component of these efforts is the identification of climate-related expenditures. This report outlines the development and phased implementation of a Climate Budget Tagging (CBT) framework in Seychelles. CBT is a tailored process that involves identifying, measuring, and monitoring climate-relevant spending across government, serving as a powerful tool to integrate climate change considerations into the budget cycle. By emphasizing the importance of climate change in resource allocation and execution, CBT enhances the government's ability to prioritize climate action, with the ultimate goal of ensuring alignment with Seychelles' climate commitments and Nationally Determined Contributions.
Keywords:
Green PFM; Green budgeting; Climate Budget Tagging; Climate expenditure; RSF Reform Measures; Climate change; Seychelles.; IMF expert; national Planning; Climate Budget statement; Budget planning and preparation; Global
Cover Technical Assistance Reports
Sierra Leone: Technical Assistance Report-Climate Module of the Public Investment Management Assessment
International Monetary Fund. Fiscal Affairs Dept.
Sierra Leone faces significant climate-related challenges, including rising temperatures, unpredictable precipitation patterns, and increased risks of extreme weather events, which threaten its infrastructure and coastal communities. This assistance assessed Sierra Leone's public investment management through the Climate Module of the Public Investment Management Assessment (C-PIMA). Sierra Leone was found to perform moderately well in some areas of the C-PIMA, but there were key gaps in other areas, often linked to weaknesses in the underlying public investment management framework. The assistance found that addressing these persisting core public investment management challenges is a prerequisite for effective climate-sensitive public investment management.
Keywords:
Sierra Leone; Public investment management; C-PIMA; climate change; Green PFM.; IMF resident representative; FAD mission; IMF Fiscal Affairs Department; B. climate change objective; climate Public Investment Management; FAD expert; Public investment spending; Budget planning and preparation; Sub-Saharan Africa; Global
Cover IMF Working Papers
A Suggested Medium-Term Fiscal Framework for Guyana
Rina Bhattacharya
and
Do Yeon Park
Guyana is growing rapidly, and fiscal policy plays a critical role in ensuring that the country’s wealth is managed effectively and equitably. The paper analyzes crucial elements of a comprehensive fiscal policy framework, anchored on a medium-term fiscal framework, that would help in balancing several, and sometimes competing, fiscal policy objectives common to natural resource rich developing countries.
Keywords:
Fiscal policy framework; Fiscal rules, Non-renewable resources; Natural Resource Funds; resource wealth; fiscal policy path; Guyana's oil; expenditure growth rule; Fiscal sustainability; Natural resources; Oil production; Global
Cover IMF Staff Country Reports
Republic of Moldova: Fifth Reviews Under the Extended Credit Facility and Extended Fund Facility Arrangements, First Review Under the Arrangement Under the Resilience and Sustainability Facility, and Request for Modification of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Moldova
International Monetary Fund. European Dept.
This paper highlights Republic of Moldova’s Fifth Reviews under the Extended Credit Facility and Extended Fund Facility Arrangements, First Review under the Arrangement under the Resilience and Sustainability Facility, and Request for Modification of a Performance Criterion. The recovery of the economy from the multiple shocks has been slower than anticipated, with growth lower than expected in 2023 and more subdued in 2024. Inflation has remained within the National Bank of Moldova’s target band since last October. The authorities’ continued focus on contingency planning, while maintaining agile policies, has helped contain the impact of recent shocks. Going forward, ongoing efforts to undertake growth-friendly reforms, strengthen energy security, and promote climate resilient investments, while pursuing the path toward EU accession, will support Moldova’s development objectives. Continued progress on anti-corruption reforms is needed to further increase trust in Moldova’s institutions and foster socio-economic development. Adoption of the law establishing a new Anti-Corruption Court, expected this summer, would be a key welcomed development, and the authorities should operationalize the Court quickly and effectively.
Keywords:
EU agenda; Policy commitment; EU integration; weather events risk; EU integration agenda; Climate change; Climate finance; Climate policy; Credit; Natural disasters; Global