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Business and Economics > Public Finance

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Cover High-Level Summary Technical Assistance Reports
Uzbekistan: Medium-Term Debt Management Strategy and Annual Borrowing Plan
Marie S Kim
,
Lilia Razlog
,
Juan Carlos Vilanova
, and
Juan Lorenzo Maldonado
At the request of the authorities, a joint World Bank-IMF technical assistance (TA) mission visited Tashkent, Uzbekistan during October 9–20, 2023 to help the authorities in developing a mediumterm debt management strategy (MTDS), designing an Annual Borrowing Plan (ABP), and to train the authorities on the use of the Medium-term Debt Management Strategy Analytical tool (MTDS AT) and ABP AT. The mission presented its main findings and recommendations to the authorities and left a draft report at the end of the mission.
Keywords:
Annual Borrowing Plan; Debt Management Strategy; Local Currency Government Securities; Medium-term Debt Strategy; Ministry of Economy; Finance; Technical Assistance; Uzbekistan; debt transparency; debt portfolio; CD recipient; IMF's Monetary; investor relation function; Government debt management; Securities markets; Government securities
Cover Technical Assistance Reports
Zambia: Technical Assistance Report-Report on Data Quality Assessment for Public Sector Debt Statistics (September 30–October 4, 2024)
International Monetary Fund. Statistics Dept.
This report discusses the findings and recommendations of the 2024 assessment of the data quality of the public sector debt statistics (PSDS) of the Republic of Zambia against the IMF’s Data Quality Assessment Framework (DQAF) for PSDS. The assessment was undertaken as part of a project to strengthen the quality of public sector debt in select African countries, funded by the Government of Japan. The December 2023 DSA, assessed Zambia’s debt risk as in debt distress. This followed Zambia’s default on its sovereign Eurobonds in 2020 and the accumulation of arrears to both official bilateral and other commercial external creditors. As a result, the authorities have made significant efforts to strengthen public debt management including establishing Public Debt Management Act, 2022, and the operationalization of the Debt Management Office. Zambia’s PSDS have improved significantly in the last two years, consistent with the strong and sustained commitment of the government to improve debt data transparency and accountability. The report notes strengths in the legal framework and institutional arrangements underpinning the compiled and reported PSDS and finds the disseminated statistics to be broadly reliable, transparent, and of good quality. Recommendations include expanding the sector coverage beyond the budgetary central government, transparently publishing reconciliations of stocks and flows and a more detailed breakdown of arrears and making the PSDS more widely available in machine readable formats, including through the National Summary Data Page (NSDP) and joint IMF-World Bank Quarterly Public Sector Debt statistics database (QPSD).
Keywords:
Data Quality Assessment Framework (DQAF); Debt Reporting; Debt Transparency; JSA; Public Debt; Public Sector Debt Statistics (PSDS); Zambia.; IMF-World Bank; IMF's Statistics department; IMF executive directors; public sector debt statistics; statistics database; Government finance statistics; Government debt management; Government securities
Cover Technical Assistance Reports
United Republic of Tanzania: Technical Assistance Report-Report on Data Quality Assessment for Public Sector Debt Statistics (September 23–27, 2024)
International Monetary Fund. Statistics Dept.
This report discusses the findings and recommendations of the 2024 assessment of the data quality of the public sector debt statistics (PSDS) of the United Republic of Tanzania against the IMF’s Data Quality Assessment Framework (DQAF) for PSDS. The assessment was undertaken as part of a project to strengthen the quality of public sector debt in select African countries, funded by the Government of Japan. In recent years, Tanzania has made significant progress in strengthening the compilation and dissemination of public sector debt statistics. The Debt Database Management Section of the Debt Management Division (DMD) in the Ministry of Finance (MOF) has been modernized by implementing the Commonwealth Secretariat web-based debt management system (CS Meridian) in the financial year (FY) 2022/23. The report notes strengths in the legal framework and institutional arrangements underpinning the compiled and reported PSDS and finds the disseminated statistics to be broadly reliable, transparent, and of good quality. Recommendations include expanding the sector coverage beyond the budgetary central government, improving the available metadata, adopting a transparent revision policy, and making the PSDS more widely available, including through the National Summary Data Page (NSDP) and joint IMF-World Bank Quarterly Public Sector Debt Statistics database (QPSD).
Keywords:
Data Quality Assessment Framework (DQAF); Debt Reporting; Debt Transparency; JSA; Public Debt; Public Sector Debt Statistics (PSDS); Tanzania.; IMF's statistics department; debt data; statistics database; data information; data transparency; data coverage; debt report; Government finance statistics; Government debt management; Securities
Cover Selected Issues Papers
Financial Conditions and Their Growth Implications for Qatar
Dorothy Nampewo
This paper develops a Financial Conditions Index (FCI) for Qatar and uses the Growth-at-Risk (GaR) framework to examine the impact of financial conditions on Qatar’s non-hydrocarbon growth. The analysis shows that the FCI is an important leading indicator of Qatar’s non-hydrocarbon growth, highlighting its predictive potential for future economic performance. The GaR framework suggests that overall, the current downside risks to Qatar’s baseline non-hydrocarbon growth projections are relatively mild.
Keywords:
Financial conditions; non-hydrocarbon growth; Qatar; GaR framework; growth projection; Qatar's baseline; copyright page; financial conditions indicator; Financial conditions index; Oil prices; Central bank policy rate; Deposit rates; Post-clearance customs audit; Global
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
India: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for India
International Monetary Fund. Asia and Pacific Dept
Prudent macroeconomic policies have supported India’s economic resilience, with growth expected to recover from a recent softening and inflation expected to converge to target. Risks to the outlook include deepening geoeconomic fragmentation and a slower pace of domestic demand recovery.
Keywords:
IMF article; headline inflation; fund approval; gross investment; potential GDP; Anti-money laundering and combating the financing of terrorism (AML/CFT); Capital spending; Global; Eastern Europe
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
Qatar: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
2024 Selected Issues
Keywords:
AI readiness; AI adoption; B. Qatar's progress; artificial intelligence in Qatar; innovation policy; Export diversification; Capital spending; Exports; Human capital; Global; Middle East; Eastern Europe; Europe
Cover IMF Staff Country Reports
Thailand: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Thailand
International Monetary Fund. Asia and Pacific Dept
Thailand’s cyclical recovery is underway, though it has yet to become broad-based. Growth is projected to accelerate moderately, reaching 2.7 percent in 2024 and 2.9 percent in 2025, supported by the rebound of tourism-related activities and fiscal stimulus. The slow recovery, weaker than in ASEAN peers, is rooted in Thailand’s longstanding structural weaknesses and emerging headwinds that also contribute to a muted inflation trajectory. Significant uncertainty in the external environment and downside risks cloud the outlook.
Keywords:
inflation expectation; inflationtargeting monetary policy framework; supply and use tables; monetary policy analysis; Thai baht; Trade balance; Inflation; Credit; 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