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Business and Economics > Public Finance

You are looking at 1 - 10 of 192 items for :

  • Type: Journal Issue x
  • Welfare, Well-Being, and Poverty: General x
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Cover IMF Staff Country Reports
Benin: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper presents stylized facts on Benin’s ongoing economic transformation, and analyzes the country’s new eco-system. A recent IMF paper explores conditions under which the country’s industrial policy could meet its intended goals while avoiding unintended economic distortions down the road. While economic diversification is found to be associated with higher economic growth, evidence on the causal impact of industrial policies is hard to establish. While empirical evidence suggests that Benin’s reliance on traditional sectors, notably the Port of Cotonou, is moderating, economic diversification remains limited. The government embarked on industrial policy with the transformation of local commodities as main engine, including via the launching of a Special Economic Zone (SEZ) in 2020. It is recommending that the authorities should pursue efforts to ensure transparency in the selection of SEZ-related incentives. Intra-regional trade integration holds significant potential for Benin and could support economic diversification. Ongoing post-electoral policy shifts in Nigeria and formalization underway of economic ties between both nations, if permanent, would curb rent-seeking in Benin.
Keywords:
demographics dividend; B. addressing Internet accessibility; infrastructure investment; Beninese government; completion rate; Digitalization; Exports; Global; Sub-Saharan Africa; West Africa
Cover Technical Assistance Reports
Costa Rica: Technical Assistance Report-Universal Basic Pension: Objectives and Constraints
International Monetary Fund. Fiscal Affairs Dept.
At the request of the Ministry of Finance, a mission from the International Monetary Fund visited San Jose. The purpose of the mission was to assess the proposal to a universal basic pension and to estimate its fiscal and welfare impact on the budget, on pension schemes, and on old age income poverty. Costa Rica is entering a demographic transition which will see the old age dependency ratios significantly worsen in the coming 20 years. The long-term financial sustainability of the general social security pension scheme (IVM) is a concern, despite various reforms introduced over the past three decades and the scheme’s reserves are expected to be exhausted by the mid-2030s. The government’s proposal intends to address financial sustainability, the adequacy of coverage and of benefit levels, as well as distributional equity through the introduction of a universal basic pension. The IMF team’s assessment is that the proposal is unlikely to fully meet its stated objectives. The proposal will worsen social security pension scheme’s financial sustainability and create additional financing needs. This will translate into an accelerated exhaustion of IVM reserves and, after the reserves are depleted, require significant adjustments to IVM parameters or higher government transfers. Old age income security may be more effectively addressed, with less pronounced fiscal side-effects, through improving coverage and compliance in IVM and expanding the reach of the social pension scheme. The primary instruments of achieving these goals are: (a) amending the rules undermining compliance with registration and wage reporting regulations in the contributory schemes, (b) improving coordination between tax and contribution collection agencies, (c) amending the regulations governing eligibility for noncontributory social pensions and (d) ensuring the noncontributory social pension is adequately financed.
Keywords:
resident representative; IMF executive director; IMF Proposal; Asociación Costarricense; PBU replacement; Pensions; Pension spending; Aging; Income; Central America
Cover Policy Papers
Macroeconomic Developments and Prospects For Low-Income Countries—2024
International Monetary Fund
and
World Bank
The outlook for Low-Income Countries (LICs) is gradually improving, but they face persistent macroeconomic vulnerabilities, including liquidity challenges due to high debt service. There is significant heterogeneity among LICs: the poorest and most fragile countries have faced deep scarring from the pandemic, while those with diversified economies and Frontier Markets are faring better. Achieving inclusive growth and building resilience are essential for LICs to converge with more advanced economies and meet the Sustainable Development Goals (SDGs). Building resilience will also be critical in the context of a more shock-prone world. This requires both decisive domestic actions, including expanding and better targeting Social Safety Nets (SSNs), and substantial external support, including adequate financing, policy advice, capacity development and, where needed, debt relief. The Fund is further stepping up its support through targeted policy advice, capacity building, and financing.
Keywords:
Low-Income Countries; Heterogeneity; Debt vulnerability; Resilience building; Inclusive growth towards SDGs; Financing needs and external support; Social Safety Nets; poverty rate; means testing; poverty gap; aggregate poverty gap; SSNS spending; prospects in low-income countries; poverty threshold exit poverty; reform scenario; transparency policy; FAD financing tool; financial support; Poverty reduction; Household consumption; Inflation; Global; Sub-Saharan Africa
Cover IMF Staff Country Reports
Somalia: Poverty Reduction Strategy Paper-Joint Staff Advisory Note
International Monetary Fund. Middle East and Central Asia Dept.
This Joint Staff Advisory Note (JSAN) on the Poverty Reduction Strategy Paper for Somalia highlights that Somalia continued to face challenges while implementing the Ninth National Development Plan in 2021 and 2022. Since 2020, the country has been struggling with the ongoing impacts of a desert locust infestation, persistent drought, the coronavirus disease 2019 pandemic and global food and fuel price increases due to Russia’s invasion of Ukraine. All of these shocks compounded the hardships of the population, including food insecurity. The number of people facing food insecurity due to the drought rose from 3.2 million in January 2022 to5.6 million by end-2022. Parliamentary and Presidential elections that were supposed to commence by end-2020 were not completed until in May 2022, also affecting the timing of external grant disbursements. The mid-term review report addresses concerns raised in staffs’ previous JSAN on Enhanced Heavily Indebted Poor Countries (HIPC) Completion Point, climate change, and revenue mobilization. In terms of progress toward the HIPC Completion Point, as of September 2023 the government has completed 13 of 14 Completion Point triggers.
Keywords:
member country's Poverty Reduction Strategy Paper; Poverty Reduction Strategy Paper to the executive boards; copyright page; objective of the JSAN; government program; Poverty reduction strategy; Global
Cover IMF Staff Country Reports
Somalia: Poverty Reduction Strategy Paper-Joint Staff Advisory Note
International Monetary Fund. Middle East and Central Asia Dept.
This Joint Staff Advisory Note (JSAN) reviews the first Annual Progress Report (APR) on Somalia’s Ninth National Development Plan (NDP9). NDP9 is a nationally owned and comprehensive strategy for poverty reduction and inclusive growth. It covers 2020–2024 and is organized around the four pillars: Inclusive Politics, Security and the Rule of Law, Economic Development and Social Development. Somalia began implementing NDP9 at a time of profound challenges posed by the ‘triple crises’ of locust infestations, a global pandemic, and floods. An outbreak of desert locusts started in 2019 that threatened the food supply across the Horn of Africa. In 2020, the world was hit by the coronavirus disease 2019 pandemic. The IMF Staff concur with the APR’s assessment that important progress has been made on implementation of the NPD9, despite challenges from the triple shocks faced by Somalia in 2020. Notwithstanding the multiple shocks, the Somali authorities preserved macroeconomic stability and maintained the reform momentum, strengthening domestic revenue mobilization, public financial management, financial sector regulation and supervision, statistics and governance.
Keywords:
objective of the JSAN; copyright page; advisory note; feedback to the country; cash transfer program; Poverty reduction strategy; Budget planning and preparation; Global
Cover IMF Working Papers
Rising Child Poverty in Europe: Mitigating the Scarring from the COVID-19 Pandemic
Mr. Jean-Jacques Hallaert
,
Iglika Vassileva
, and
Tingyun Chen
Child poverty increased dramatically during the COVID-19 pandemic. In 2020 alone, the number of children suffering from poverty in the EU increased by 19 percent, or close to 1 million. Left unaddressed, this would not only affect individuals’ life prospects and well-being but also have long-term economic implications. This paper argues that, to limit this potential scarring effect of the pandemic, policies should be deployed to reduce rapidly the number of children affected by poverty and mitigate the long-term impact of poverty. Reducing the number of children affected by poverty can be achieved by (i) labor policies and reforms that increase parental work and the labor income of poor parents and (ii) fiscal spending on family and children that can have a powerful and immediate impact. These policies need to be complemented by public investment in education and childcare, health, and housing to mitigate the long-term impact of child poverty.
Keywords:
child poverty; EU assistance; scarring effect; C. measuring poverty; summary plot; labor income; COVID-19; Income; Poverty reduction; Social protection spending; Europe
Cover IMF Staff Country Reports
Kyrgyz Republic: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues paper discusses governance challenges in the Kyrgyz Republic. This paper aims to assess various aspects of governance in the Kyrgyz Republic and identify some of the key challenges in this area. Governance reforms in the Kyrgyz Republic can leverage linkages to the global economy and structural transformation to deliver higher and more inclusive growth. Combating corruption and strengthening governance, including of state-owned enterprises and public finances, and improving the regulatory environment and the anti-corruption; and Anti-money Laundering and Combating Financial Terrorism (AML/CFT) framework, are critical steps to improve the business climate and promote private sector-led growth. Reforms in these areas have a significant potential to increase efficiency of allocation of public resources and the delivery of public services. The IMF’s analytical work has shown that governance reforms could raise the country’s growth rates by about 1.2 percentage points per year. Strengthening control of corruption and regulatory quality, reforming state-owned enterprises, and enhancing transparency and accountability of the public sector are important priorities to pursue.
Keywords:
climate change prospects in the Kyrgyz Republic; poverty in the Kyrgyz republic; developments in poverty; inclusion indicator; climate change policy; SSNS poverty mitigation effect; poverty rates in the Kyrgyz Republic; Climate change; Social assistance spending; Greenhouse gas emissions; Climate policy; Global; Central Asia; Middle East and Central Asia; Central and Eastern Europe; Europe
Cover Selected Issues Papers
The Efficiency of Social Spending in Niger: Niger
Jean-Marc B. Atsebi
and
Mrs. Paola Ganum
Despite some progress, poverty remains elevated and education and health outcomes are lagging. This paper finds evidence of inefficiencies in education, health, and social protection spending in Niger. Programs are typically not well-targeted, some are regressive, and there are significant coverage gaps. Improving the living standards of the Nigerien as well as education and health systems, a priority of the government, would require not only scaling up social spending but also strenghtening social protection programs through better targeting, supporting girls’ education, and moving away from general subsidies. Moreover, social assistance should focus more on enhancing productivity and resilience to shocks.
Keywords:
Social Spending; Efficiency; Education; Health; Social Protection; Niger; health outcome; health system; copyright page; SPL program; Education spending; Sub-Saharan Africa
Cover Technical Notes and Manuals
IMF Engagement on Social Safety Net Issues in Surveillance and Program Work
International Monetary Fund. Fiscal Affairs Dept.
and
International Monetary Fund. Strategy, Policy, & Review Department
The International Monetary Fund’s engagement on social safety net (SSN) issues is likely to expand as member countries respond to growing challenges in the economic and fiscal landscape. SSNs play a crucial role in protecting households from poverty, promoting inclusive growth, and maintaining social stability. This technical note discusses (1) the different channels through which SSN spending may become macro-critical, (2) how to assess the importance of these channels, and (3) the types of policy responses that are appropriate and the trade-offs involved in choosing among them. To facilitate a more comprehensive assessment of SSN spending, the paper also examines the complementary role of labor market programs (for example, unemployment benefits and active labor market programs). The paper emphasizes the importance of early engagement and coordination with development partners with expertise on social safety nets and with different stakeholders when formulating policy advice.
Keywords:
Fiscal Policy; Social Protection; Social Safety Nets; Spending adequacy; Spending Efficiency; Fiscal Sustainability; SSN spending; labor market program; benefit incidence; SSN program; Benefit-cost ratio; Social assistance spending; Income; Labor markets; Poverty reduction; Sub-Saharan Africa; Global
Cover IMF Working Papers
Recoveries After Pandemics: The Role of Policies and Structural Features
Juan Pablo Cuesta Aguirre
and
Mrs. Swarnali A Hannan
To shed light on the possible scarring effects from Covid-19, this paper studies the economic effects of five past pandemics using local projections on a sample of fifty-five countries over 1990-2019. The findings reveal that pandemics have detrimental medium-term effects on output, unemployment, poverty, and inequality. However, policies can go a long way toward alleviating suffering and fostering an inclusive recovery. The adverse output effects are limited for countries that provided relatively greater fiscal support. The increases in unemployment, poverty, and inequality are likewise lower for countries with relatively greater fiscal support and relatively stronger initial conditions (as defined by higher formality, family benefits, and health spending per capita).
Keywords:
pandemics; output; unemployment; poverty; inequality; fiscal support; informality; social expenditure; health expenditure.; increases in unemployment; copyright page; potential GDP; group four; expenditure group; COVID-19; Income inequality; Health care spending; Maternity and childcare benefit spending; Global