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Business and Economics > Public Finance

You are looking at 1 - 10 of 91 items for :

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Cover IMF Staff Country Reports
Suriname: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
2024 Selected Issues
Keywords:
C. labor market indicator; I. monetary policy framework; labor market outcome; Suriname mineral health; IMF's transparency policy; Gender inequality; Fiscal rules; Monetary policy frameworks; Women; Caribbean
Cover IMF Staff Country Reports
Republic of Kosovo: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper highlights recent trends in the Kosovo labor market and emigration. Like other Western Balkan countries, Kosovo experienced a sharp decline in population over the previous decade, as emigration increased. Using a structural model of the labor market and migration, the paper examines the potential impact of further EU integration. While lower migration costs hurt the economy, productivity convergence brought on by EU integration has an offsetting impact by increasing wages, lowering unemployment, and increase immigration. Policy simulations show that policymakers have a diverse set of tools—including structural reforms, active labor market policies, business support, and labor participation support—to boost potential and support the labor market. A key result from the policy simulations is that, while the policies target various stages of the labor market, they have similar macroeconomic impacts. In this regard, it is important for policymakers to focus on policies with the largest potential impact relative to the cost of implementation. Additionally, policies should be combined with careful monitoring and updating to ensure that they remain effective and efficient.
Keywords:
gender wage gap; ECB monetary policy PASSTHROUGH; EU integration; women wage; ECB policy rate Passthrough; wage gender gap; Pensions; Pension spending; Labor markets; Digitalization; Public employment; Europe; Global; Western Europe
Cover IMF Staff Country Reports
Jordan: 2024 Article IV Consultation, Second Review Under the Extended Arrangement Under the Extended Fund Facility, and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Jordan
International Monetary Fund. Middle East and Central Asia Dept.
This paper discusses IMF’s 2024 Article IV Consultation, Second Review under the Extended Arrangement under the Extended Fund Facility, and Request for Modification of Performance Criteria for Jordan. Jordan continues to show resilience and maintain macro-economic stability, despite the headwinds caused by the regional conflict. This resilience reflects the authorities’ continued implementation of sound macro-economic policies and reform progress. Inflation is projected to remain low, at about 2 percent, reflecting the Central Bank of Jordan’s firm commitment to monetary stability and the exchange rate peg. Jordan’s external position remains relatively strong. Bringing the Jordanian economy onto a higher growth trajectory is essential to create more jobs and raise prosperity. This requires accelerating structural reforms, while maintaining macro-economic stability. Strong and timely international support also remains crucial to help Jordan navigate through the external headwinds, while shouldering the costs of hosting a large number of Syrian refugees.
Keywords:
digitalizing government service; Jordanian authorities; executive board assessment; pandemic preparedness; authority of the Competition Department; development objective; Gender inequality; Fiscal stance; Global
Cover IMF Staff Country Reports
Somalia: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues the state of educational attainment in Somalia and explores the potential growth dividends from increasing access to education and closing gender gaps in education. Somalia experienced significant loss in human capital over two decades of civil strife. Education outcomes in Somalia are among of the lowest in the world, and even worse for women. It will be important that Somalia sets strong foundations for building its education system and expanding access to education, while mobilizing the resources to do so, with continued support from international partners. The paper recommends that Somali authorities gradually increase education spending, by mobilizing both domestic and external resources. Model estimates show that increasing education access to the level of Low Human Development countries and closing gender gaps could raise real gross domestic product by close to 40 percent over the next 25 years. Given extremely limited resources and capacity, Somalia will need to carefully prioritize policies that can deliver near-term wins as it gradually develops its public education system. Improving access and quality of education will require greater resources, supported by additional domestic revenues and sustained support from development partners.
Keywords:
satellite imagery data; EAC accession; sensor data; Somalia's integration; partner States; D. policy priority; satellite data; Pensions; Civil service; Gender inequality; Customs unions; Global; Sub-Saharan Africa; East Africa; Africa
Cover IMF Staff Country Reports
Chad: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Chad
International Monetary Fund. African Dept.
The 2024 Article IV Consultation discusses Chad’s post-pandemic recovery picked up steam in 2023 with growth increasing to 4.9 percent. Economic growth is projected to decline to 3.1 percent in 2024 on account of the impact of the recent floods and a slight decline in oil production but would rebound in the medium term owing to sustained public investment and structural reforms. Risks to the outlook are substantial and tilted to the downside and include potential delays in implementing fiscal consolidation measures, a larger-than-expected decline in oil prices, an increase in the influx of Sudanese refugees, and a further increase in the frequency and severity of climate change-related events. Restructuring plans aimed at improving the operational and financial performance of the two systemic public banks while providing for their recapitalization need to be adopted and implemented expeditiously. Strengthening governance and anticorruption frameworks, together with measures to improve education, increase access to basic infrastructure, and promote formalization and financial inclusion, will be essential to create a favorable business environment.
Keywords:
Chadian authorities; health emergency preparedness; follow-up AFC support initiative; policy coordination; cash management coordination; Gender inequality; Oil prices; Women; Global; Africa; Central Africa
Cover IMF Staff Country Reports
Chad: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper reviews the impact of Chad’s procyclical fiscal policies on fiscal sustainability and macroeconomic outcomes and proposes a fiscal framework to anchor fiscal policy over the medium term. This framework combines a debt target aimed at ensuring that Chad’s risk of debt distress remains moderate and a financial asset floor to maximize its economic stabilization and shock insurance properties, while maintaining feasibility and flexibility to mobilize critical development spending. The proposed anchor could be monitored through a net debt target set at 28 percent of gross domestic product (GDP), to ensure that debt does not exceed a maximum threshold set at 42 percent of GDP even in the face of significant shocks, while the floor on liquid financial assets could be set at 5 percent of GDP. IMF propose a gradual convergence path—which balances prudence and mobilizing critical development spending—aimed at ensuring net debt remains at the target by 2029. The successful implementation of this framework will require accelerated progress on structural reforms and commitment from the Chadian authorities at the highest level.
Keywords:
debt target; Chadian authorities; Policy recommendation; C. climate change policy; D. policy recommendation; Gender inequality; Oil prices; Climate change; Oil, gas and mining taxes; Climate finance; Global; Central Africa; Sub-Saharan Africa; East Asia
Cover IMF Staff Country Reports
Sierra Leone: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper highlights mobilizing mining revenue in Sierra Leone. Sierra Leone is a resource-rich economy, and its mining sector can generate revenue to finance its development goals and ensure debt sustainability. It previously incorporated its mining fiscal regime for industrial miners into mineral license agreements that are difficult to modify. Negotiated tax concessions, combined with acute capacity challenges in revenue administration, are hindering revenue performances and have led to an elevated reliance on fees and trade taxes which increase investor costs, hindering competitiveness. Sierra Leone legislated a new fiscal regime—the Extractive Industries Revenue Act (EIRA)—in 2018 for new investments. Applying the EIRA could significantly boost revenue performance, whilst also ensuring taxes are responsive to changes in economic conditions. Stronger revenue performance will require a stronger revenue administration. Efforts to improve mineral royalty compliance are starting to pay dividends but NRA will need to bolster its resources and widen its skill sets.
Keywords:
trade cost; programs in Sierra Leone; spending program; policy option; Policy recommendation; inflation surge; Climate change; Women; Inflation; Food security; Trade facilitation; Sub-Saharan Africa; Global
Cover IMF Staff Country Reports
Lao People's Democratic Republic: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Lao People's Democratic Republic
International Monetary Fund. Asia and Pacific Dept
The 2024 Article IV Consultation discusses that in Lao People’s Democratic Republic growth gathered momentum in 2023 on the back of recovering external demand, but exchange rate depreciation continues and inflation remains persistently high. The coming increase in the government’s financing needs—especially those foreign exchange-denominated—poses severe challenges. Based on current conditions and policy settings, inflation and debt revaluation would likely intensify, implying a significant drag on growth over time. Substantial uncertainties also cloud the outlook, with risks of an intensification of labor emigration and a decline in investment should exchange rate pressures exacerbate, increased pressures on the banking sector from deteriorating asset quality and continuing currency mismatch, and potentially more frequent and more damaging natural disasters. The external economic environment could also turn out to be less favorable, if growth in major trading partners was weaker than expected or commodity prices more volatile.
Keywords:
foreign exchange bureau; article IV consultation discussion; USD rate; obtaining FX; reference rate; market-clearing exchange rate; Public and publicly-guaranteed external debt; Debt sustainability analysis; Global; Asia and Pacific
Cover IMF Staff Country Reports
Uganda: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Uganda
International Monetary Fund. African Dept.
The 2024 Article IV Consultation highlights that Uganda has navigated the post pandemic recovery well due to sound macroeconomic policies. The economic recovery is strengthening with low inflation, favorable agricultural production, and strong industrial and services activity. While public debt is sustainable, low tax revenues constrain Uganda’s fiscal policy space. Strengthening domestic revenue mobilization and budgetary and cash management practices are key to securing a durable fiscal space. The Bank of Uganda’s tight monetary policy stance has helped anchor inflation expectations and counter external sector pressures. Going forward, monetary policy should remain data driven to ensure price stability and further financial deepening. Continued flexibility of the exchange rate is important to build up adequate foreign exchange reserves. Uganda should continue its efforts to create fiscal space through revenue mobilization and better expenditure discipline, vigilant monetary policy, and exchange rate flexibility, using future oil revenue to address growth impediments and improve social development while advancing governance reform and financial inclusion. Addressing governance deficiencies and regulatory burdens and enhancing regional trade integration are critical to unlocking Uganda’s growth potential.
Keywords:
IMF staff calculation; NDP IV; inflation expectation; fiscal consolidation effort; core inflation; data dependent; headline inflation; Anti-money laundering and combating the financing of terrorism (AML/CFT); Debt sustainability; Global; Africa; Middle East
Cover IMF Staff Country Reports
Saudi Arabia: 2024 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
Saudi Arabia’s unprecedented economic transformation is progressing well. Strong domestic demand is keeping non-oil growth robust while unemployment is at record lows. Inflation is contained and the current account surplus is rapidly narrowing. The recalibration of the authorities’ investment plans would help reduce overheating risks and pressures on fiscal and external accounts.
Keywords:
totaling SDR; PRGT loan resource; PRGT subsidy resource; about SDR; deposit of SDR; Foreign direct investment; Oil prices; Women; Global