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Business and Economics > Public Finance

You are looking at 1 - 10 of 195 items for :

  • Type: Journal Issue x
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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.
This paper presents Ethiopia’s Second Review under the Extended Credit Facility (ECF) Arrangement and Financing Assurances Review. The Ethiopian authorities have demonstrated strong commitment to achieving the objectives of the Fund-supported program. Implementation of ECF-supported reforms is advancing well. Reaching a positive real monetary policy rate is a key step to build the credibility of the new monetary policy framework and change market expectations for inflation and the exchange rate. Continued implementation of financial sector reforms, including modernizing the bank regulation framework, strengthening bank supervision, and monitoring nonperforming loans, will support financial sector stability. While tightening policies and adjustment will constrain economic activity in the near term, policy reforms are expected to support higher growth and continued easing of inflation over the medium term. Key downside risks include persistent inflation or depreciation expectations, security risks or social unrest, policy slippages and commodity price volatility.
Keywords:
debt treatment option; inflation outturn; OCC members' feedback; debut listing; staff appraisal; Debt sustainability analysis; Debt service; Debt sustainability; Global; Southern Africa
Cover High-Level Summary Technical Assistance Reports
Republic Of Tajikistan: Fiscal Risk Management and Transparency of State-Owned Enterprises
International Monetary Fund. Fiscal Affairs Dept.
High-Level Summary Technical Assistance Report: Republic Of Tajikistan: Fiscal Risk Management and Transparency of State-Owned Enterprises
Keywords:
SOE performance; soes operation; increase SOE transparency; reform target; Ministry of Finance effectiveness; Public enterprises; Fiscal risks
Cover Selected Issues Papers
State-Owned Enterprises in Mozambique: Current Situation and Policy Options
Can Sever
and
Santos Bila
This paper documents the role of state-owned enterprises (SOEs) in Mozambique, discusses some important fiscal issues, and makes the case for improvements in governance and transparency. A first step is to enhance timely and regular collection of data that is easily accessible to better assess the performance of SOEs and raise awareness about associated fiscal costs and risks.
Keywords:
State-owned enterprises; governance; transparency; policy option; state-owned enterprises in Mozambique; role of state-owned enterprises; procurement policy; SOE sector; Public enterprises; Fiscal risks; Arrears; Sub-Saharan Africa
Cover IMF Staff Country Reports
Cabo Verde: Fourth Review of the Arrangement Under the Extended Credit Facility and First Review of the Arrangement Under the Resilience and Sustainability Facility and Request of Rephasing of Availability Dates-Press Release; and Staff Report
International Monetary Fund. African Dept.
This paper discusses Cabo Verde’s Fourth Review under the Extended Credit Facility Arrangement, Request for Modifications of Performance Criteria, and First Review of the Arrangement under the Resilience and Sustainability Facility (RSF) and Request of Rephasing of Availability Dates. Macroeconomic performance in 2023 was strong, with real gross domestic product (GDP) growth of 5.1 percent, a strong primary fiscal surplus, low inflation, and a prudent level of reserves to protect the peg. The public debt-to-GDP ratio continues on a downward path, and the financial sector remains resilient. The authorities are improving the monetary and financial policy frameworks. Reforms to foster productivity and diversification underpin the authorities’ growth and climate resilience strategy. The RSF arrangement supports strong reforms in the energy-water nexus with the aim of facilitating private sector development, building the appropriate infrastructure, reducing costs, and managing the energy transition. The near-term outlook is favorable despite some downside risks. Reforms focus on climate-resilience, preserving debt sustainability, advancing strong reforms in the energy-water nexus and managing the energy transition, while targeting social spending to protect the most vulnerable from the costs of the transition. State-owned enterprises reforms are key to reducing fiscal risks, and improving inter-island connectivity is critical for competitiveness.
Keywords:
RSF arrangement; Cabo Verdean authorities; RSF reform; public debt-to-GDP ratio; climate resilience strategy; Public enterprises; Fiscal risks; Economic recession; Global
Cover IMF Staff Country Reports
Republic of Mozambique: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper discusses current situation and policy options related to state-owned enterprises (SOE) in Mozambique. SOEs play an important role in the Mozambican economy providing much-needed utilities, and also regarding employment and investment dynamics. A first step is to enhance timely and regular collection of data that is easily accessible to better assess the performance of SOEs and raise awareness about associated fiscal costs and risks. Enhancing governance and transparency in the SOE sector remains essential to strengthen performance, oversight and accountability, aimed at containing the associated costs and risks. Besides the consolidated accounts, there is a need for action to regularly publish granular data on SOEs to improve transparency and accessibility. It is also important to improve transparency in the SOEs’ procurement processes to address vulnerabilities to corruption and improve public spending efficiency. Undertaking a comprehensive analysis of the SOE sector is important to set a holistic strategy for prioritizing and sequencing needed reforms going forward.
Keywords:
state-owned enterprises in Mozambique; SOE sector; policy option; procurement policy; procurement process; soes' operations; SOE ownership policy; Public enterprises; Fiscal risks; Arrears; Sub-Saharan Africa
Cover Selected Issues Papers
Bulgaria: Fiscal Risks from State-Owned Enterprises
Anh D. M. Nguyen
State-owned enterprises’ (SOEs) economic and financial performance may have important fiscal implications. This study evaluates related fiscal risks in Bulgaria from both aggregate and firm-level perspectives. The low level of state-guaranteed debt of SOEs poses minimal fiscal risk. However, contingent liabilities could be a fiscal concern in the long term due to the low profitability of major SOEs and their inefficient resource allocation. Given their crucial role in the production network, their inefficiencies likely negatively impact the overall economy’s productivity and competitiveness. Additionally, liquidity and solvency risks are evident in several key SOEs. These findings underscore the need for monitoring and improving SOEs’ financial performance.
Keywords:
Bulgaria; State-Owned Enterprises; SOEs; Fiscal Risks; SOEs’ financial performance; solvency risk; risk threshold; return on assets; health check tool; loss-making SOEs; Public enterprises; Contingent liabilities; Energy sector; Solvency; Europe
Cover Selected Issues Papers
Mitigating Fiscal Risks in Oman
Abdullah Alhassan
and
Dalia Aita
Fiscal risks are multifaceted in Oman and their potential impact on the fiscal position could be significant. Identification, monitoring, transparent reporting, and effective risk management of fiscal risks are a key component of a sound medium-term fiscal framework and paramount in underpinning fiscal credibility and the sustainability of public finances. This note revisits the exposure of Oman’s fiscal position to an array of potential risks, zooming in on the impact of oil price volatility and potential risks stemming from state-owned enterprises. It documents actions taken by Omani policymakers to mitigate the impact of fiscal risks and provides further recommendations on fiscal risk disclosure and management.
Keywords:
Oman; Fiscal Risks; Oil Price; Transparency; oil price volatility; copyright page; impact of fiscal risk; SOEs performance; SOEs debt; budget preparation process; downside oil price scenario; SOEs governance; Oil prices; Public enterprises; Global
Cover Technical Assistance Reports
Republic of Armenia: Technical Assistance Report-Strengthening State-Owned Enterprises Accountability Framework
International Monetary Fund. Fiscal Affairs Dept.
Over the past decades the Republic of Armenia has implemented significant reforms to reduce the state footprint in their economy and to improve the performance of the State Owned Enterprises (SOEs) where the Government intends to retain ownership. The Government has taken concrete steps focusing on improving the financial transparency and fiscal viability of SOEs. This report discusses how the Government can further strengthen the SOE financial accountability, transparency and oversight, and SOEs corporate governance in line with good international practices. These measures should be combined with further efforts in reducing the number of SOEs, focusing on those that do not align with the Government strategic priorities and the state ownership policy.
Keywords:
CD; Republic of Armenia; State-Owned Enterprises; Oversight; Corporate Governance; Accountability; Transparency.; state-owned enterprises accountability framework; I. SOE landscape; IMF resident Representative; IMF's Fiscal Affairs Department; Armenia's SOE portfolio; Public enterprises; Fiscal risks; Financial statements; Middle East and Central Asia; Global; Middle East; North Africa; Central Asia; Asia and Pacific
Cover IMF Staff Country Reports
Cyprus: Technical Assistance Report–Strengthening the Governance and Oversight of State-Owned Enterprises
International Monetary Fund. Fiscal Affairs Dept.
This paper presents Cyprus’ technical assistance report on strengthening the governance and oversight of state-owned enterprises (SOE). Cyprus' government has implemented measures to enhance financial oversight and strengthen the governance of SOEs over several years. The ongoing reforms have already yielded positive results. Additional measures are needed to strengthen SOEs corporate governance and accountability practices. Establishing and regularly updating a consolidated inventory of public entities is essential to ensure SOE accountability. Good SOE governance requires a coordinated and sequential approach to reforms. Coordination among various stakeholders and decision makers is paramount and calls for developing and publishing a reform strategy with benchmarks to track progress. A SOE ownership policy should also be developed. This policy could outline the state's ownership rationale and define the roles and responsibilities of the institutions involved in SOE oversight and governance to provide clarity on the objectives and guidelines for effective ownership and management of SOEs. The policy should set clear accountability lines of respective agencies involved in the SOE ownership, governance, and oversight process. Their responsibilities would depend on the chosen ownership model the government will decide.
Keywords:
Cyprus SOE Governance; request of the Ministry of Finance; IMF's Fiscal Affairs Department; oversight of state-owned enterprises; Cyprus asset management company Ltd; Public enterprises; Fiscal risks; Public sector; Budget planning and preparation; Corporate governance; Europe
Cover IMF Staff Country Reports
Costa Rica: Technical Assistance Report-Sovereign Asset and Liability Management—Scoping Mission
International Monetary Fund. Monetary and Capital Markets Department
This technical assistance report on Costa Rica discusses the scoping mission on sovereign asset and liability management (SALM). A comprehensive SALM framework can have significant advantages over separate management of sovereign assets and liabilities. It allows analysis of the financial characteristics of the whole balance sheet of the sovereign, identification of sources of costs and risks, and quantification of the correlations among those sources. An analysis of the balance sheet of each entity in Costa Rica’s broader public sector is the first step in developing a consolidated sovereign balance sheet. The balance sheet composition of each entity, or type of entity, is shaped by the nature of its business, historic policy decisions, and the regulatory regime under which it operates. The SALM framework provides insights into the management of liquidity risk. Committee on Sovereign Assets and Liabilities should establish a framework for cash and liquidity management, including a target for a liquidity buffer broken down between individual entities.
Keywords:
BCCR balance sheet; SALM framework; balance sheet composition; balance sheet dollarization; Banco de Costa Rica; Financial statements; Government asset and liability management; Government debt management; Global