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Business and Economics > Budgeting

You are looking at 1 - 10 of 1,588 items for :

  • Type: Journal Issue x
  • Public financial management (PFM) x
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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 Climate resilience is also insufficiently addressed, with weak integration of climate risks into project planning and outdated regulatory frameworks.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
Solomon Islands: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Solomon Islands
International Monetary Fund. Asia and Pacific Dept
Solomon Islands has weathered the shocks of civil unrest, pandemic, and commodity price hikes, and achieved the milestones of hosting the Pacific Games in late 2023 and conducting peaceful general elections in April 2024. These achievements have raised the country's profile and strengthened national unity, but with costs—public debt has nearly tripled since before the pandemic, and the government's cash reserves have been significantly depleted. While staff expects continued modest growth in 2024 and 2025, medium-term growth prospects appear moderate and fiscal and current account deficits are expected to persist. Now is the time for the authorities to advance reforms to tackle the perennial challenge of stagnant per-capita income growth, while ensuring fiscal sustainability and resilience.
Keywords:
CBSI assessment; CBSI approval; government estimate; Solomon Islands' economy; article IV consultation discussion; Budget planning and preparation; Asia and Pacific; Pacific Islands; Global
Cover IMF Staff Country Reports
Solomon Islands: Selected Issues
International Monetary Fund. Asia and Pacific Dept
2024 Selected Issues
Keywords:
government debt data; Solomon Islands' challenge; effectiveness of Solomon islands; D. enhancing effectiveness; debt anchor; Budget planning and preparation; Fiscal governance; Government finance statistics; Global
Cover IMF Staff Country Reports
Liberia: First Review Under the Extended Credit Facility Arrangement and Request for a Waiver of Nonobservance of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Liberia
International Monetary Fund. African Dept.
Liberia continues to face substantial long-term development challenges. Resource constraints and substantial gaps in infrastructure and human capital have hindered Liberia’s growth prospects and the authorities’ efforts to improve living standards. Addressing these challenges will require sustained efforts to mobilize additional revenues, enhance financial stability, improve public financial management, and seek external grants and highly concessional loans for key capital investment projects. Improvements in these areas would help create fiscal space to scale up investment in infrastructure and human capital, thus unleashing the country’s growth potential.
Keywords:
Liberian authorities; budget proposal; governance reform; CBL liquidity management operation; reform agenda; Policy discussion; governance shortcoming; IMF's transparency policy; Budget planning and preparation; Credit; Global; West Africa; Africa
Cover Technical Assistance Reports
Slovak Republic: Technical Assistance Report-Next Phase of Spending Reviews
International Monetary Fund. Fiscal Affairs Dept.
Slovak Republic has made significant progress in institutionalizing spending reviews, having completed spending reviews covering 64 percent of total public spending since initiating the spending review project eight years ago. Despite progress, challenges remain, and important choices will need to be made going forward to enhance the budgetary impact of spending reviews. This may be done through more targeted spending reviews, a more comprehensive analysis of potential measures, strengthened coordination within the Ministry of Finance and with line ministries, as well as their better integration into the budget cycle.
Keywords:
Spending reviews; expenditure reviews; expenditure efficiency; value for money; budgeting; fiscal consolidation; Slovak Republic.; IMF FAD mission; IMF's Fiscal Affairs Department; instrumentalities of the TA recipient; World Bank staff; line ministry budget unit; Public expenditure review; Budget planning and preparation; Total expenditures
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.
The authorities have requested a new ECF-supported program, to deepen reforms undertaken under the previous program (completed in July 2024). They have also requested a program under the Resilience and Sustainability Facility (RSF).
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 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 IMF How To Notes
How to Improve Public Investment Management in Low-Income Countries
Khaled Eltokhy
,
Nicoletta Feruglio
,
Kezhou Miao
,
Arturo Navarro
, and
Eivind Tandberg
This How to Note discusses how low-income developing countries (LIDCs) can strengthen the effectiveness and efficiency of their public investment. The note draws on Public Investment Management Assessments and focuses on eight institutions that are likely to be key reform priorities in many LIDCs: project appraisal, multi-year budgeting, maintenance, project selection, procurement, availability of funding, project management, and monitoring of public assets. For each of these, the note discusses basic practices, which should be realistic initial reform objectives for low-capacity countries, as well as medium practices that may be relevant objectives for medium-term reforms. The note also discusses how to overcome reform implementation challenges and consolidate the reforms and provides examples of action plans to implement the different reforms.
Keywords:
Public investment management; public financial management (PFM); low-income developing countries; public investment management assessment (PIMA); public investment efficiency; reform agenda; management bottleneck; management priority; efficiency frontier; management reform; Public investment spending; Budget planning and preparation; Government cash forecasting
Cover IMF Staff Country Reports
The Gambia: Second Review Under the Extended Credit Facility Arrangement, Requests for A Waiver of Nonobservance of Performance Criterion, Modifications of Performance Criteria and Indicative Targets, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for The Gambia
International Monetary Fund. African Dept.
The Gambia hosted the 15th Summit of the Organization of Islamic Cooperation (OIC) in early May 2024—the second largest intergovernmental organization in the world. Economic recovery is strengthening, while inflation has trended down, albeit slowly. Despite strong revenue collection efforts, the fiscal outcome for 2024H1 was weighed down by the costs of hosting the OIC Summit and emergency support to the National Water and Electricity Corporation (NAWEC). The foreign exchange market continues to function smoothly, and foreign reserves remain at a comfortable level. Structural reforms are advancing. The economic outlook is subject to large downside risks, particularly owing to global geopolitical tensions.
Keywords:
procurement authority; headline inflation; ECF arrangement; Policy discussion; introduced foreign exchange policy; Budget planning and preparation; Global; Middle East
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)