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Business and Economics > Public Finance

You are looking at 1 - 10 of 615 items for :

  • Type: Journal Issue x
  • General Financial Markets: Government Policy and Regulation x
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Cover IMF Staff Country Reports
Central African Economic and Monetary Community (CEMAC): Press Release; Staff Report; and Statement by the Executive Director
International Monetary Fund. African Dept.
The CEMAC’s economy lost momentum in 2023. The external position weakened, with the current account shifting to a deficit and foreign reserve accumulation slowing. While inflation continued to ease, it remained elevated. Available data indicate a deterioration in the underlying fiscal positions of many countries. The near-term outlook points to stronger economic activity, with growth projected to accelerate to 3.2 percent in 2024, supported by elevated oil prices and a rebound in oil output. However, the end-June 2024 regional policy assurance on NFA––and, according to preliminary information, the end-December 2024 targets––were not met, indicating a deviation in reserves from the targeted path. Debt vulnerabilities have also worsened in some countries, as evidenced by the growing pressures in the regional government debt market. Following the strong commitment expressed at the extraordinary Heads of State Summit in December 2024 to address macroeconomic imbalances and strengthen regional institutions, all countries are expected to tackle fiscal slippages, restore fiscal prudence, and implement structural reforms to steer the region toward a more resilient medium-term outlook. This should help reduce risks to the capacity to repay the Fund. However, the projections remain uncertain, as the details of corrective measures and reforms are still being finalized between staff and national authorities.
Keywords:
CEMAC authorities; CEMAC country; CEMAC economy; CEMAC heads of state; policy assurance; Financial sector stability; Anti-money laundering and combating the financing of terrorism (AML/CFT); Government securities; Fiscal stance; Global; Central Africa
Cover Global Financial Stability Notes
Pension Funds and Financial Stability
This Global Financial Stability Note examines the growth of the pension fund sector and the potential financial stability implications. Historically, pension funds have been seen as a contributor to financial stability because of their long-term and well-diversified liabilities. However, the sector has undergone significant structural shifts accelerated by a prolonged period of low interest rates, increasing its exposure to traditional risks while introducing emerging risks; this is reflected in growing intra-financial sector interconnectedness and exposure to long-term sovereign bonds. The recent transition to higher interest rates should be positive for the pension sector, albeit its pace and abruptness has been associated with liquidity stress and contagion risks in some countries.
Keywords:
Pension Funds; Financial Stability; Assets; Risks; Pension Plans; major pension fund sector; IMF Library; major pension savings market; structural liquidity; asset-liability duration mismatch; risk analysis; Pension spending; Pensions; Financial sector stability; Liquidity risk; 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
Chile: 2024 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Western Hemisphere Dept.
The economy is broadly balanced but modest potential growth has constrained increases in living standards and makes it difficult to address fiscal and social needs. Policy priorities are therefore mainly of structural nature. They include boosting productivity and employment as well as strengthening fiscal, external, and financial sector buffers—particularly in the context of a challenging global environment.
Keywords:
pension reform bill; draft bill; FSAP mission; liquidity risk supervision; interest rate risk supervision; Fiscal stance; Inflation; Labor markets; Global; South America
Cover IMF Staff Country Reports
Republic of Kazakhstan: 2024 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
After reaching 5.1 percent in 2023, growth is expected to slow to 3.9 percent in 2024, while inflation would decline to 8.2 percent. The banking sector remains resilient amid continued rapid consumer credit growth. A moderate current account deficit is expected this year. The outlook is subject to elevated risks, including from an uncertain external environment. Decisive reforms are necessary to diversify the economy, make growth higher and more inclusive, and address challenges from climate change.
Keywords:
IMF TA; IMF's holding; money-market development; inflation pressure; central bank communications; Policy effectiveness; NBK policy rate; oil revenue; IMF's transparency policy; Fiscal stance; Financial Sector Assessment Program; Government finance statistics; Global
Cover IMF Staff Country Reports
South Africa: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for South Africa
International Monetary Fund. African Dept.
A new Government of National Unity (GNU) has been in place since June 2024, which the markets have welcomed. The GNU faces difficult challenges: declining GDP per capita, high unemployment, poverty and inequality, and rising public debt and debt service, which crowd out other urgent spending needs. Its fresh mandate represents an opportunity to pursue ambitious reforms to safeguard macroeconomic stability and address these challenges, placing the economy on a path toward higher, more inclusive, and greener growth.
Keywords:
support policy credibility; headline inflation; debt management strategy; Policy recommendation; implementation framework; Policy credibility; Government debt management; Exchange rate arrangements; Currency markets; Africa; Global; private sector; short-term debt; Financial sector stability; Inflation
Cover VITARA Reference Guide
VITARA Reference Guide
The Audit Program
Inter-American Center of Tax Administrations
,
International Monetary Fund
,
Intra-European Organisation of Tax Administrations
, and
Organisation for Economic Co-operation and Development

Abstract

This VITARA Reference Guide provides a solid understanding of audit as a key tool available to a tax administration to promote and enforce compliance. The guide explains international good practices in designing and managing an effective audit program including the necessary legal powers, audit-related organization, and governance arrangements as well as the staff expertise and resources needed for audit and auditor performance evaluation. It focuses on practical issues such as how audit cases are selected, the different types and scope of audit, and audit methods that are available to staff. It also discusses the concepts of audit integrity, audit quality assurance, and the Random Audit Program as well as electronic audit tools and how they can be used in conducting audits. A potential annual operational performance dashboard that can be implemented to allow program monitoring throughout the fiscal year is also included. Finally, the guide highlights the key components of an audit process.

Keywords:
Audit; audit program; compliance; compliance risk management; revenue; revenue mobilization; tax; tax administration; revenue administration; asset betterment method; audit case selection; cash expenditure; percentage markup; audit manager; Auditing; Tax administration core functions; Tax audits; Audit standards and procedures; Tax gap; Global
Cover IMF Staff Country Reports
Cambodia: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cambodia
International Monetary Fund. Asia and Pacific Dept
Cambodia’s economy is at a crossroads. While the economic recovery continues, its pace remains uneven. The sharp slowdown in credit growth has exposed the economy to increased financial sector vulnerabilities. Policy formulation must ensure a durable and inclusive recovery in the near term and achieving development goals over the medium term. The path forward will require a refocus on more resilient and diversified growth drivers, with the graduation from Least Developed Country (LDC) status expected by 2030.
Keywords:
IMF-World Bank FSAP mission; introduced Medium Term Fiscal Framework; authorities' plan; broad money; credit supply; IMF's article; Financial sector stability; Government finance statistics; Global; Middle East
Cover IMF Staff Country Reports
Paraguay: Fourth Review Under the Policy Coordination Instrument, Request for Modification of Targets, Second Review Under the Arrangement Under the Resilience and Sustainability Facility, and Request for Rephasing Access-Press Release; and Staff Report
International Monetary Fund. Western Hemisphere Dept.
This paper focuses on Paraguay’s Fourth Review under the Policy Coordination Instrument (PCI), Request for Modification of Targets, Second Review under the Arrangement under the Resilience and Sustainability Facility (RSF), and Request for Rephasing Access. Buoyant activity continues, reflecting high consumer confidence and expanding services and manufacturing sectors. Going forward, it would be essential to maintaining fiscal sustainability and continue with the structural reform efforts. The program performance under the PCI has been solid, underpinned by actions to preserve macroeconomic stability to enhance the country’s economic growth prospects. Progress on the climate agenda under the RSF remains strong, bolstering Paraguay's resilience to climate shocks. Stabilizing the finances of the public pension system should remain a priority. Monetary policy should continue to be guided by data when contemplating further easing. The structural reform implementation should be accelerated in promoting growth and inclusiveness specifically through reforms in labor markets, addressing a high level of informality, and improving governance and addressing corruption.
Keywords:
RSF program implementation; Sustainability facility update; E. World Bank engagement; government expenditure efficiency; RSF Reviews; Resilience and Sustainability Facility update; Credit; Basel Core Principles; Global; South America
Cover IMF Staff Country Reports
Republic of Kosovo: 2024 Article IV Consultation and Third Reviews Under the Stand-By Arrangement and the Arrangement Under the Resilience and Sustainability Facility-Press Release; and Staff Report
International Monetary Fund. European Dept.
This paper presents Republic of Kosovo’s 2024 Article IV Consultation and Third Reviews under the Stand-By Arrangement (SBA) and the Arrangement under the Resilience and Sustainability Facility (RSF). Kosovo’s economic performance has been strong, with growth accelerating in 2024 and inflation falling sharply. The near-term outlook is favorable despite some downside risks. The authorities continue to show strong performance under both programs. All quantitative targets and structural conditions for the completion of the Third Review under the SBA were met. Most RSF Reform Measures have been completed. Fiscal policy should continue to balance sustainability and development objectives and be framed within a solid, rules-based fiscal framework. The 2025 budget envisages a fiscal impulse with full-year implementation of spending measures announced in 2024, a proposed increase in public wages, and the expected improvement in public investment execution. Structural reforms are urgently needed to raise potential growth. Priority should be given to further advancing green reforms and decarbonization, implementing policies to boost female labor-force participation, attracting foreign capital—including from the diaspora—into productive sectors of the economy, and accelerating digitalization.
Keywords:
Kosovo authorities; governance reform; EBRD's operation; RSF implementation; CBK governance; EIB's involvement; Budget planning and preparation; Income; Europe; Global; Middle East; Western Europe