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Business and Economics > Public Finance

You are looking at 1 - 10 of 71 items for :

  • Type: Journal Issue x
  • North Macedonia, Republic of x
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Cover IMF Staff Country Reports
Republic of North Macedonia: 2023 Article IV Consultation and First Review Under the Precautionary and Liquidity Line-Press Release; Staff Report; and Statement by the Executive Director for Republic of North Macedonia
International Monetary Fund. European Dept.
This paper discusses Republic of North Macedonia’s 2023 Article IV Consultation and First Review under the Precautionary and Liquidity Line (PLL). The authorities are progressing toward PLL objectives, encompassing the safeguarding of public finances, reduction of energy subsidies, addressing high inflation, and ensuring financial stability. The economy is recovering post the surge in energy and food prices triggered by Russia's war in Ukraine. Economic activity in 2023 was driven by strong exports and reduced energy imports, and it is set to strengthen into 2024. Going forward, the authorities’ policy agenda focuses on continued fiscal consolidation to rebuild buffers. In this context, parliament has approved a credible 2024 budget that targets significant fiscal consolidation while preserving space for priority spending. North Macedonia faces significant medium-term challenges. Arresting emigration and boosting productivity are crucial for re-accelerating income convergence with the EU. North Macedonia is also exposed to climate change and will be impacted by the EU-Carbon Broder Adjustment Mechanism. Addressing these challenges requires among others improving the business environment and rule of law, and accelerating the green transition.
Keywords:
PLL negotiations; inflation expectation; inflation risk; authorities' agenda; fund RELATIONS; authorities' ability; Inflation; Credit; Public investment spending; Global
Cover IMF Working Papers
Energy Support for Firms in Europe: Best Practice Considerations and Recent Experience
Mr. Anil Ari
,
Philipp Engler
,
Gloria Li
,
Manasa Patnam
, and
Ms. Laura Valderrama
The surge in energy prices due to Russia’s February 2022 invasion of Ukraine significantly increased costs for European firms, prompting governments to introduce a range of support schemes. Although energy prices had eased by early 2023, uncertainty around prices remains unusually large. Against this backdrop, this paper examines the case for government intervention and identifies best practices with a view to improving the design of existing energy support schemes, facilitating exit from those schemes, and preparing policymakers for a downside scenario in which energy prices flare up again. The paper argues that support should be limited in size, strictly temporary in nature, narrowly targeted, and accompanied by strong safeguards and conditionality, while preserving price signals as much as possible to encourage energy conservation. Finally, the paper reviews recent support schemes introduced by European governments in light of the identified best practice considerations.
Keywords:
Energy prices; energy subsidies; financial support; price caps; energy crisis; Russia’s invasion of Ukraine; energy support scheme; price signal; best practice consideration; Annex II; support scheme; Energy pricing; Energy conservation; Fuel prices; Solvency; Europe
Cover IMF Staff Country Reports
Republic of North Macedonia: Informational Annex
International Monetary Fund. European Dept.
This paper highlights the Informational Annex on Republic of North Macedonia. The National Bank of the Republic of North Macedonia (NBRNM) participates in the foreign exchange market, in order to achieve the goals of the monetary and foreign exchange policies. The NBRNM implements the monetary strategy of targeting the nominal exchange rate against the euro. The intermediary objective of the monetary policy is to maintain a stable denar exchange rate. Thus, the NBRNM maintains a stable exchange rate within a narrow band of bid-ask exchange rates determined by the Committee for Operational Monetary Policy. The de facto exchange rate arrangement is classified as a stabilized arrangement. North Macedonia has accepted the obligations of Article VIII, Sections 2, 3 and 4 and currently maintains an exchange system free of multiple currency practices and restrictions on the making of payments and transfers for current international transactions. The first consultation with the Republic of North Macedonia was concluded in August 1993. The last consultation was concluded on January 22, 2020.
Keywords:
debt data; financial asset; liquidity data; public finance; IMF-World Bank collaboration; IBRD project; CPF objective; government of the Republic; Government finance statistics; External sector statistics
Cover IMF Working Papers
The Future of PPPs in the Western Balkans
Mr. Jan Kees Martijn
,
Ms. Yan M Sun
,
William Lindquist
,
Yen N Mooi
,
Ezgi O. Ozturk
,
Hoda Selim
, and
Armine Khachatryan
Public-Private Partnerships (PPPs) are increasingly an important vehicle for several Western Balkan countries to increase investment to reduce their infrastructure gaps. While there are benefits to well-designed and implemented PPPs, they also carry a potential for large fiscal risks and increased costs if not managed well. Countries with successful PPP programs typically benefit from a clear and well-designed PPP governance framework, which covers all stages of the PPP life cycle. Western Balkan countries need to address gaps in their PPP governance frameworks to fully reap the potential benefits from PPPs.
Keywords:
Infrastructure; Public-private partnerships; Western Balkans; governance framework; PPP procurement; PPP life cycle; future of PPP; PPP project; Fiscal risks; Public investment spending; PPP legislation; Risks of public-private partnership; Europe; Global
Cover IMF Staff Country Reports
Republic of North Macedonia: Request for an Arrangement under the Precautionary and Liquidity Line-Press Release; Staff Report; and Statement by the Executive Director for Republic of North Macedonia
International Monetary Fund. European Dept.
North Macedonia's economy has been hit by two large external shocks. While recovering from the pandemic, the outlook deteriorated again following Russia's invasion of Ukraine and sharply rising energy and food prices. Given high dependence on energy imports, the external financing need has increased, while at the same time, global financial conditions have tightened, increasing the cost of market financing.
Keywords:
authorities of the Republic; A. Policy commitment; policy implementation; authorities' action; government financing; EU accession negotiations; Energy prices; Inflation; Tariffs; Global
Cover IMF Staff Country Reports
North Macedonia: Technical Assistance Report - Public Expenditure and Financial Accountability Performance Assessment
International Monetary Fund. Fiscal Affairs Dept.
This paper highlights North Macedonia’s Technical Assistance report on public expenditure and financial accountability (PEFA) performance assessment. This PEFA assessment provides a snapshot of the country’s Public Financial Management (PFM) system performance in order to support the government in defining PFM reform priorities. The assessment informed evaluation of the implementation of the PFM Reform Program 2018-2021, and preparation of a new reform program. The Public Financial Management Reform Program (PFMRP) is the key strategic document in the area of public financial management, which describes the planned reforms and set targets and indicators to measure implementation results. The Government completed the implementation of the PFMRP covering the period 2018-2021 and is in the process of preparation of a new program. A number of reforms have been implemented under the PFMRP 2018-2021, but the assessment identified further remaining areas for improvement. The assessment aims to inform the Government about the performance of its PFM system in line with the PEFA methodology, as well as to track the changes between the 2015 assessment and the current one.
Keywords:
PEFA secretariat; performance assessment report; PEFA assessment; Public Sector specialist World Bank; budget user; PEFA report; budget documentation; government performance; Budget planning and preparation; Budget execution and treasury management; Auditing; Global; Eastern Europe; Europe; Southern Europe
Cover IMF Staff Country Reports
Albania: Technical Assistance Report-Medium-Term Revenue Strategy: Revenue Administration Reform Options
International Monetary Fund. Fiscal Affairs Dept.
Albania is formulating a Medium-Term Revenue Strategy (MTRS) with IMF support. The decision to commit to the development of an MTRS was taken against the background of revenue persistently falling short of budget projections, revenue continuing to lag behind regional peers in tax to Gross Domestic Product (GDP) ratios and the Government’s assessment that an increase of revenue of 2.2 – 3.0 percent of GDP will be required to finance its additional spending needs over the next five years.
Keywords:
FAD mission; MTRS governance arrangement; increase tax certainty; I. MTRS gap analysis; MTRS development; B. MTRS context; MTRS approach; IMF's Fiscal Affairs Department; Medium term revenue strategy; Tax administration core functions; Value-added tax; Training and development in revenue administration; Global; Eastern Europe
Cover IMF Staff Country Reports
Albania: Technical Assistance Report-Tax Policy Reform Options for the MTRS
International Monetary Fund. Fiscal Affairs Dept.
Albania is preparing a Medium-Term Revenue Strategy (MTRS) to finance its development spending of an estimated 2.2–3.0 percent of GDP over five years. Revenue mobilization will be supported by comprehensive tax policy and administration reforms. International and regional comparisons suggest that there is room for additional revenues as well as improvement in the composition of tax revenues. This report presents options for tax policy reform to raise at least an additional 1.34 percent of GDP in revenues over five years and to improve the quality and efficiency of the tax system, that will enable the mobilization of further domestic revenues.
Keywords:
IMF resident representative office; Reform proposal; IMF's Fiscal Affairs Department; c-efficiency ratio; VAT revenue; value-added tax; Value-added tax; Personal income tax; Corporate income tax; Social security contributions; Central and Eastern Europe; Europe
Cover IMF Staff Country Reports
Republic of North Macedonia: Selected Issues
International Monetary Fund. European Dept.
Selected Issues
Keywords:
growth acceleration plan; investment trend; deviation from baseline; IMF government finance statistics database; investment plan; Public investment spending; Value-added tax; Infrastructure; Global
Cover IMF Staff Country Reports
Republic of North Macedonia: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of North Macedonia
International Monetary Fund. European Dept.
The economy is rebounding. After a 6 percent drop in 2020, real GDP is projected to grow at 4 percent both in 2021 and 2022, reflecting improved mobility, a return of the diaspora, and continued policy support. With uncertainty remaining high, including about the course of the pandemic, policies need to be kept flexible. Emphasis should be on limiting the economic scars from the pandemic crisis while making progress on long-standing reform priorities such as further strengthening public financial management and revenue administration and buttressing the financial safety net.
Keywords:
minimum wage increase; staff appraisal; productivity development; staff project; policy support; COVID-19; Minimum wages; Inflation; Global; Europe