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Business and Economics > Budgeting

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Cover IMF Staff Country Reports
Ukraine: Seventh Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for Modification of a Performance Criterion, Rephasing of Access, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Alternate Executive Director for Ukraine
International Monetary Fund. European Dept.
This paper presents Seventh Review under the Extended Arrangement under the Extended Fund Facility (EFF), Requests for Modification of a Performance Criterion, Rephasing of Access, and Financing Assurances Review. Ukraine’s economy remains resilient, and performance remains strong under the EFF despite challenging conditions. The authorities met all end-December and continuous quantitative performance criteria, the prior action for this review, and the majority of structural benchmarks. Sustained reform momentum, progress at domestic revenue mobilization, as well as full and timely disbursement of external support during the program period, is necessary to safeguard macroeconomic stability, restore fiscal and debt sustainability, and improve governance. While the financial sector remains stable, vigilance is needed given heightened risks. Institutional weaknesses in the security markets regulator need to be tackled. Looking ahead, improving Ukraine’s capital markets infrastructure will be one of the key steps to attracting foreign capital for reconstruction.
Keywords:
merchandise trade deficit; EU directive; administrative court; preliminary data; inflation expectation; Budget planning and preparation; Inflation; Europe
Cover Technical Assistance Reports
Kingdom of the Netherlands-Aruba: Technical Assistance Report; Options for a New Rules-Based Fiscal Framework
International Monetary Fund. Fiscal Affairs Dept.
This technical assistance (TA) mission on Fiscal Rules was conducted from October 31 to November 12, 2024. Public debt management is crucial for Aruba, particularly due to its economic reliance on tourism. Following the 2008 Global Financial Crisis, debt levels surged to over 70 percent of GDP, and the COVID-19 pandemic further exacerbated this, pushing debt to 112.3 percent in 2020. To address these issues, Aruba aims to reduce public debt to 50 percent of GDP by 2040 through fiscal tightening and revised fiscal rules. Key recommendations include simplifying fiscal rules, implementing a Medium-Term Fiscal Framework (MTFF), and enhancing institutional capacity for effective fiscal management. These measures are essential to ensure fiscal sustainability and economic resilience in Aruba.
Keywords:
Capacity Development; Fiscal Rules; Technical Assistance; Aruba; Fiscal Council; Fiscal Policy; Forecasting and Other Model Applications.; expenditure rule; IMF team; Aruba negotiation committee; Aruban authorities; Debt-to-GDP ratio evolution; Fiscal stance; Budget planning and preparation; Global; Caribbean
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
Angola: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper focuses on harnessing non-oil economic growth and its impact on economic diversification in Angola. While Angola’s economy has heavily relied on oil, employment remains concentrated in the non-oil sector. Human capital and education investment reforms support diversification. Efforts to improve the labor force’s skills will serve Angola well in its pursuit of diversification. In addition, addressing Angola’s weak social infrastructure, particularly newborn and children health outcomes will be important to support medium- and long-term diversification. Strengthening macroeconomic stability is a prerequisite for advancing Angola’s diversification plans. Bolstering the macroeconomic environment helps create fiscal space and reduce debt financing costs for necessary infrastructure spending. A robust enabling environment for credit growth could yield tangible benefits for economic diversification. Emerging market economies can experience an increase in output of up to 2 percent following the implementation of reforms related to business regulation and domestic credit markets.
Keywords:
WGI subcategory; governance indicator; Angola's governance; NON-OIL economic growth; Angola's economy; private sector credit; Corruption; Infrastructure; Human capital; 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
The 2024 Article IV Consultation discusses that Solomon Islands has weathered important shocks including civil unrest and the pandemic, successfully hosted the Pacific Games, and conducted peaceful general elections. While IMF 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. There is an urgent need to enhance the effectiveness of fiscal policy by addressing fundamental weaknesses in fiscal data and public financial management: a financing gap in the budget proposal should be eliminated, among others. The monetary policy stance is appropriate and should remain data dependent. There is scope for significant productivity gains in the agriculture and fisheries sectors through targeted mechanization and improved connectivity in rural areas. Concrete measures are needed to strengthen the capacity of anticorruption institutions and address governance weaknesses in the forestry and mining sectors.
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
This Selected Issues paper underscores broader issues of governance and the necessity for a comprehensive approach to bolster fiscal data governance in Solomon Islands. It lays out high-level policy recommendations and identifies specific technical assistance needs where IMF can support the improvement of fiscal reporting and data within the transparency framework for better integration of surveillance and capacity development. The International Public Sector Accounting Standards Board recommends that authorities responsible for presenting financial statements should maintain consistency in the presentation format used for budget reports. The precise delineation of Government Finance Statistics by government subsectors and the consolidated statistics are instrumental in setting effective goals and monitoring policy execution. The government should aim to recommence the release of quarterly and monthly budget outturns and to complete improvements in cash management and control by June 2025. As fiscal data has a critical role in sound policy planning and public communication, regular dissemination of fiscal and budget data will immensely enhance policy credibility and attract investors and donors.
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
Qatar: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Qatar
International Monetary Fund. Middle East and Central Asia Dept.
The 2024 Article IV Consultation with Qatar highlights that growth normalization after the 2022 FIFA World Cup continued with signs of activities strengthening more recently. Fiscal and external surpluses softened mainly due to lower hydrocarbon prices. Banks are healthy but pockets of vulnerabilities remain. Near-term growth is expected to strengthen gradually. The medium-term outlook is more favorable, bolstered by massive liquid natural gas production expansion and reform gains. Fiscal and external surpluses will likely remain but moderate. The authorities’ commitment to continued fiscal prudence is welcome. The currency peg continues to serve the country well. Efforts to strengthen liquidity management are welcome and should be guided by the recent IMF technical assistance. Successful Third National Development Strategy implementation requires proper reform prioritization and inter-agency coordination.
Keywords:
Qatar national; holdings of SDR; Qatari economy well; headline inflation; hydrocarbon price; Anti-money laundering and combating the financing of terrorism (AML/CFT); Public sector; Capital spending; 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.
This paper presents Liberia’s First Review under the Extended Credit Facility (ECF) Arrangement and Request for a Waiver of Nonobservance of a Performance Criterion. The ECF arrangement is expected to support the economic reform agenda recently adopted by the authorities. In order to achieve this reform objective, the authorities have committed to creating fiscal space through domestic revenue mobilization and expenditure rationalization, addressing financial sector weaknesses, and tackling governance shortcomings. Program performance has been broadly satisfactory, meeting most of the quantitative targets and implementing all structural reforms, although some with delays. Recent progress in mobilizing tax revenues, reining in recurrent spending, and anchoring financial stability is promising. Broader governance reforms are key to the success of the program and the country’s long-term development prospects. Strengthening the capacity of integrity institutions, enacting necessary amendments to anti-corruption legislation, and rigorously enforcing public laws and regulations are critical. Strengthening banking sector supervision and the regulatory framework is important to address banking sector vulnerabilities.
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.
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