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Business and Economics > Public Finance

You are looking at 1 - 10 of 3,126 items for :

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Cover IMF Staff Country Reports
Angola: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Angola
International Monetary Fund. African Dept.
The economy recovered in 2024 as oil sector rebounded from its slump. However, fiscal consolidation efforts somewhat waned, auguring the start of a political cycle. Buffers built during the 2018–21 EFF—supported program are being eroded by fiscal slippages from higher capital expenditures and a slower fuel subsidy reform. Nevertheless, public debt relative to GDP declined in 2024, benefiting from high nominal GDP growth and debt repayments. High external debt service constrains development spending, while oil dependence represents a drag on sustainable growth. Inflation remains elevated, fueled by exchange rate depreciation, and import substitution measures that have restricted food supply. The National Development Plan 2023–27 remains the main element for the authorities’ diversification strategy.
Keywords:
AFRITAC South; debt management effort; production capacity; inflation expectation; policy transmission; Credit; Inflation; Global; Africa
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 Policy Papers
Debt Vulnerabilities And Financing Challenges In Emerging Markets And Developing Economies—An Overview Of Key Data
International Monetary Fund. Strategy, Policy, & Review Department
Many emerging markets and developing economies face elevated debt vulnerabilities and financing needs. Following the 2020-21 surge in debt levels associated with the COVID-19 shock, and the subsequent tightening in global financial conditions, many emerging markets and developing economies (EMDEs)1 are grappling with rising debt service burdens that squeeze the space available for development spending. Pandemic-induced deficits have declined, and debt levels have stabilized and are projected to remain stable or slightly decline under staff’s baseline assumptions. However, many EMDEs are confronting high costs of financing, large external refinancing needs, and a decline in net external flows amid important investment and social spending needs. To help address these challenges, countries would benefit from actions, both at domestic and international level, to proactively expand their capacity to finance development spending. There are also important risks to the baseline that will require careful monitoring. This paper aims to help inform the international debate on these issues by providing factual data and insight on the debt vulnerabilities and financing pressures facing EMDEs.
Keywords:
IMF SRDSF risk rating; IMF-World Bank LIC-DSF; debt vulnerability; financing capacity; IMF-World Bank LIC-DSF database; debt challenge; PPG debt flow; debt burden indicator; Debt burden; Debt service; Debt sustainability; Global; Middle East and Central Asia; Sub-Saharan Africa; Asia and Pacific
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 IMF Staff Country Reports
Cabo Verde: Fifth Review Under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance of Quantitative Performance Criterion, Modification of Quantitative Performance Criteria, and Second Review Under the Resilience and Sustainability Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Cabo Verde
International Monetary Fund. African Dept.
Cabo Verde's recent strong economic growth is driven by tourism, exports, private consumption, and remittances, but hampered by slow government investment. The government has maintained macro-financial stability but faces risks from global uncertainties, supply chain issues, and commodity price fluctuations.
Keywords:
RSF reform; state-owned enterprise reforms stall; climate governance; BCV reserve; RSF arrangement; import growth; Debt sustainability analysis; Debt service; Fiscal risks; Global
Cover IMF Staff Country Reports
Nicaragua: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Nicaragua
International Monetary Fund. Western Hemisphere Dept.
The Nicaraguan economy is experiencing robust growth. Real GDP growth accelerated to around 4½ percent in 2023 and the first half of 2024, from about 3.8 percent in 2022, on the back of robust domestic demand, while inflation is moderating. Prudent macroeconomic policies and record-high remittances sustained this performance, a decrease in the estimated poverty ratio, and also led to twin surpluses, a steady decline in debt, and the accumulation of strong buffers. Gross international reserves reached US$5.7 billion, or 7.2 months of imports, by end-October 2024. The economy remains open and resilient, after confronting multiple large shocks, and on a backdrop of transfers of private property to the state, international sanctions, and reorientation of official financing. Going forward, domestic and international political developments may impact economic performance, by potentially increasing the cost of doing business and impacting other cross-border flows.
Keywords:
update safeguard assessment; transmission mechanism; Policy coordination; safeguards recommendation; tax audit procedure; exports threshold; authority of the BCN; headline inflation; Public sector; Financial sector stability; Global; Central America; Caribbean
Cover IMF Staff Country Reports
Grenada: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Grenada
International Monetary Fund. Western Hemisphere Dept.
Through end-June 2024, Grenada’s economy was experiencing sustained strong growth supported by buoyant tourism, moderating inflation, and a narrowing current account deficit. A surge in Citizenship-by-Investment (CBI) revenue supported a strong improvement in budget balances, a build-up of government deposits, and a reduction in public debt. On July 1, Hurricane Beryl caused damage in excess of 16 percent of GDP on the Grenadian islands of Carriacou and Petite Martinique, as well as in the northern parishes of the main island, affecting around 15 percent of the population. In response, the authorities triggered the suspension of fiscal rules to permit temporary deficit spending in support of the recovery and reconstruction.
Keywords:
infrastructure investment facility; IIP source data; TA mission; CBI revenue; tourism infrastructure; CBI program; Natural disasters; Caribbean; Global
Cover IMF Staff Country Reports
Samoa: 2024 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Asia and Pacific Dept
The Samoan economy has bounced back strongly over the last two years, supported by a recovery in tourism. Fiscal surpluses, in part due to high grant flows, have helped the country emerge from the pandemic with enhanced buffers. At the same time, several longstanding and emerging factors—including lack of economies of scale, climate vulnerabilities, ML/TF concerns, delays in the implementation of public investment due to capacity constraints, and rising outward migration—pose challenges to the economic outlook in the medium term.
Keywords:
APG plenary; basket of currencies; TF risk; follow-up process; burden indicator; inflation risk; help of IMF TA; Anti-money laundering and combating the financing of terrorism (AML/CFT); Credit; Global; Pacific Islands; Australia and New Zealand
Cover IMF Staff Country Reports
The Federal Democratic Republic of Ethiopia: Second Review Under the Extended Credit Facility Arrangement and Financing Assurances Review-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for The Federal Democratic Republic of Ethiopia
International Monetary Fund. African Dept.
The Board approved Ethiopia’s request for a four-year arrangement under the Extended Credit Facility (ECF arrangement) in July 2024 to support the authorities’ Homegrown Economic Reform Agenda. The Fund-supported program addresses macroeconomic imbalances, aiming to restore external debt sustainability, and lay the foundations for high, private sector-led growth. Strong ownership has underpinned early success of reforms, strengthening support for the authorities’ program. Foreign exchange (FX) market functioning is improving; and initial steps to modernize monetary policy, mobilize domestic revenue, enhance social safety nets, strengthen state-owned enterprises (SOEs), and anchor financial stability are promising, with continued commitment needed to sustain their success. Debt discussions with the Official Creditor Committee of the Common Framework are advancing. Staff assesses that there is sufficient progress towards an agreement on the key terms of a debt treatment consistent with reaching a moderate risk of debt distress by the end of the program.
Keywords:
debt treatment option; inflation outturn; OCC members' feedback; debut listing; staff appraisal; Debt sustainability analysis; Debt service; Debt sustainability; Global; Southern Africa
Cover IMF Staff Country Reports
Niger: 2024 Article IV Consultation, Sixth Review Under the Extended Credit Facility Arrangement, Requests for a Waiver of Nonobservance of Performance Criterion, Modification of Performance Criteria, Second Review Under the Resilience and Sustainability Facility Arrangement, and Financing Assurances Review-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Niger
International Monetary Fund. African Dept.
Niger remains trapped in high levels of fragility and conflict, which are exacerbated by climate shocks. This year, flooding combined with heavy rain affected more than 1.5 million people. The socio-political environment remains challenging. Political instability and sanctions following the military takeover in July 2023 have severely and persistently affected economic and social conditions. There is still no timetable for the political transition after the military takeover and insecurity remains acute, particularly outside the capital Niamey. The authorities are finalizing a new development strategy, the Resilience Program for the Safeguarding of the Homeland (PRSP).
Keywords:
oil revenue management strategy; debt service arrears; e-government service; climate strategy; RESILIENCE AND SUSTAINABILITY FACILITY; management strategy; Arrears; Climate change; Global; West Africa