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Business and Economics > Public Finance

You are looking at 1 - 10 of 17 items for :

  • Type: Journal Issue x
  • Sustainable Development x
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Cover IMF How To Notes
How to Assess Spending Needs of the Sustainable Development Goals: The Third Edition of the IMF SDG Costing Tool
Piergiorgio M Carapella
,
Ms. Tewodaj Mogues
,
Julieth C Pico-Mejia
, and
Mauricio Soto
This note provides a technical overview and description of the 3rd edition of the IMF SDG costing tool that estimates the additional spending needs to achieve a strong performance in selected SDGs for human capital development (health and education) and physical capital development (infrastructure), in particular, water and sanitation, electricity, and roads. The 3rd edition includes data and methodological updates to, but generally remains faithful to the original approach described in, Gaspar et al. (2019). Globally, additional spending needed to achieve a strong performance in the selected SDGs in 2030 amounts to US$3.0 trillion (3.4 percent of 2030 world GDP). Estimated at 16.1 percent of 2030 LIDC GDP, the average additional SDG cost of this income group is significantly higher than in EMEs, who face additional spending amounting to 4.8 percentage points of their GDP in 2030. In contrast to EMEs and LIDCs, the additional cost for AEs is low, under 0.2 percent of their 2030 GDP.
Keywords:
SDGs; Sustainable Development Goals; expenditure; spending needs; cost; health; education; water; sanitation; electricity; roads; SDG spending; edition SDG; desk estimate; costing tool; Sustainable Development Goals (SDG); Health care spending; Infrastructure; Global; Caribbean; Central Asia and the Caucasus; Middle East; North Africa
Cover IMF Staff Country Reports
Angola: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper explores development planning, sustainable development goals (SDG) progress, and fiscal space in Angola. Economic diversification and poverty reduction in Angola will require more and better-quality spending on human and physical capital and, thus, greater fiscal space. Spending in these areas has historically been lower relative to lower middle-income country peers, although broadly in line with other SSA countries, and with weak outcomes. Boosting human and physical capital with the goal of economic diversification and poverty reduction in mind will likely be a primary focus of the authorities’ 2023-27 National Development Plan. This paper finds that achieving those goals, as benchmarked by the SDGs, will entail greater and more targeted investment, with the largest spending needs falling around education and health. As such, creating additional fiscal space, following through on the structural fiscal reform agenda, and attracting private investment will all be critical components of improving the level and quality of development spending in Angola.
Keywords:
SDG progress; D. SDG performance; financing framework; growth disorder; guarantee scheme; Credit; Sustainable Development Goals (SDG); Health care spending; Total expenditures; Global
Cover IMF Staff Country Reports
Angola: Temas Seleccionados
International Monetary Fund. African Dept.
Temas Seleccionados
Keywords:
SDG progress; D. SDG performance; financing framework; growth disorder; guarantee scheme; Credit; Sustainable Development Goals (SDG); Health care spending; Total expenditures; Global
Cover Departmental Papers
Funding the Future: Tax Revenue Mobilization in the Pacific Island Countries
Mouhamadou Sy
,
Mr. Andrew Beaumont
,
Enakshi Das
,
Mr. Georg Eysselein
,
Mr. David Kloeden
, and
Katrina R Williams
Pacific Island Countries (PICs) face daunting spending needs related to achieving the UN Sustainable Development Goals (SDGs) and adapting to the effects of climate change. Boosting tax revenues will need to be an essential pillar in creating the fiscal space to meet SDG and climate-adaptation spending needs. This paper assesses the additional tax revenue that PICs could potentially collect and discusses policy options to achieve such gains. The main objectives of the paper are to (1) review the critical medium-term development spending requirements and available financing options, (2) document the main stylized facts about tax revenues in the PICs and estimate the additional tax revenue that countries could raise, (3) highlight the main bottlenecks preventing the PICs from further increasing their tax revenue collection with an emphasis on weaknesses in VAT systems, (4) draw lessons from successful emerging and developing countries that have managed to substantially and durably increased their tax revenues, and (5) propose tax policy and revenue administration reform priorities for Pacific Island Countries to boost tax revenues. The paper’s main findings are (1) The current revenue mix is skewed toward non-tax revenues, (2) PICs could collect an additional 3 percent of tax revenue in the short to medium term, (3) Many bottlenecks are preventing the PICs from boosting their tax revenue collection, and (4) The potential offered by efficient VAT systems is not fully exploited. To increase tax revenue in the Pacific Islands, the paper proposes the following reforms: (1) unwinding recent fiscal relief measures, (2) strengthening or introducing a VAT system; (3) rationalizing tax exemptions, (4) closing loopholes in the tax system, (5) reforming tax administration, and (6) introducing a medium-term revenue strategy.
Keywords:
Domestic resource mobilization; Pacific Island Countries; Value added tax; tax policy; tax administration; tax exemptions; tax exemption; Revenue administration measure; VAT system; B. VAT potential; Revenue administration reform; Value-added tax; Tax administration core functions; Revenue mobilization; Consumption taxes; Pacific Islands; Asia and Pacific
Cover IMF Working Papers
Debt-for-Climate Swaps: Analysis, Design, and Implementation
Mr. Marcos d Chamon
,
Erik Klok
,
Mr. Vimal V Thakoor
, and
Mr. Jeromin Zettelmeyer
This paper compares debt-for-climate swaps—partial debt relief operations conditional on debtor commitments to undertake climate-related investments—to alternative fiscal support instruments. Because some of the benefits of debt-climate swaps accrue to non-participating creditors, they are generally less efficient forms of support than conditional grants and/or broad debt restructuring (which could be linked to climate adaptation when the latter significantly reduces credit risk). This said, debt-climate swaps could be superior to conditional grants when they can be structured in a way that makes the climate commitment de facto senior to debt service; and they could be superior to comprehensive debt restructuring in narrow settings, when the latter is expected to produce large economic dislocations and the debt-climate swap is expected to materially reduce debt risks (and achieve debt sustainability). Furthermore, debt-climate swaps could be useful to expand fiscal space for climate investment when grants or more comprehensive debt relief are just not on the table. The paper explores policy actions that would benefit both debt-climate swaps and other forms of climate finance, including developing markets for debt instruments linked to climate performance.
Keywords:
Debt-for-climate swaps; climate mitigation; climate adaptation; climate finance; fiscal space; debt; NDCs; climate swap; debt risk; Debt-Climate swap; IMF working papers; climate investment; Debt conversion; Debt relief; Debt restructuring; Debt service; Global; debt swap operation; trilateral debt swaps; financial support; debt relief debt swap
Cover Departmental Papers
Private Finance for Development: Wishful Thinking or Thinking Out of the Box?
Hilary Devine
,
Adrian Peralta-Alva
,
Hoda Selim
,
Preya Sharma
,
Ludger Wocken
, and
Luc Eyraud
The Covid-19 pandemic has aggravated the tension between large development needs in infrastructure and scarce public resources. To alleviate this tension and promote a strong and job-rich recovery from the crisis, Africa needs to mobilize more financing from and to the private sector.
Keywords:
Sustainable Development Goals; Development Finance; investment risk; participation reform; targeted government incentive; public funds; finance flow; Infrastructure; Private investment; Public investment and public-private partnerships (PPP); Income; Sustainable Development Goals (SDG); Africa; Global; Sub-Saharan Africa; Middle East; Asia and Pacific
Cover IMF Working Papers
A Time to Build: Does TA Matter for Revenue Mobilization?
Mr. Ralph Chami
and
Mr. Oral Williams
We use a unique data set for 115 countries, from 2000–18, and 5-year non-overlapping averages to explore the impact of technical assitance on revenue mobilization. To the authors’ knowledge this is the first such effort to determine a direct relationship between technical assistance and the improvement in tax revenues. The paper finds that technical assistance significantly and positively increases tax revenues. Both income per capita and openness were found to positively improve the tax ratio in line with findings in the literature. Dynamic estimations also uncovered a long-run relationship among technical assistance, income per capita, openness, and tax revenues. This result further underscores that it takes time to build capacity and institutional resilience.
Keywords:
Revenue mobilization; fiscal policy; institutions; financing for development; sustainable development goals.; WP; tax ratio; long-run coefficient; order of magnitude; tax revenue variable; error correction coefficient
Cover IMF Staff Country Reports
Nigeria: Technical Assistance Report-Additional Spending Toward Sustainable Development Goals
International Monetary Fund. Fiscal Affairs Dept.
The contents of this report constitute technical advice provided by the staff of the IMF to the authorities of Nigeria in response to their request for technical assistance. Unlocking the potential of a rapidly growing population requires substantial improvements in human and physical capital. Nigeria is Africa’s most populous country and its largest economy. Recognizing challenges, Nigeria has embraced the Sustainable Development Goals (SDGs) Agenda. The Economic Recovery and Growth Plan 2017–2020 gives prominence to economic, social and environmental issues. This report assesses additional spending associated with making substantial progress along the SDGs. The report focuses on critical areas of human and physical capital. For each sector, the report documents progress to date, assesses Nigeria relative to peers, highlights challenges, and estimates the spending to make substantial SDG progress. Nigeria has shown gradual improvements in education. A gradual and strategic approach should be considered given the relatively large additional spending.
Keywords:
ISCR; CR; Nigeria; authority; IMF staff calculation; road density; insurance system; electricity consumption; Purchased Power Parity dollar; healthcare system; Public expenditure review; Health care spending; Africa; Global; Sustainable Development Goals (SDG)
Cover IMF Staff Country Reports
Cambodia: 2019 Article IV Consultation; Press Release; Staff Report; and Statement by the Executive Director for Cambodia
International Monetary Fund. Asia and Pacific Dept
This 2019 Article IV Consultation with Cambodia discusses stable macroeconomic environment, strong growth and ongoing structural reforms have contributed to significant progress toward Sustainable Development Goals (SDGs). However, uncertainties including slower global growth and potential suspension of preferential market access under the Everything but Arms (EBA) scheme highlight the importance of maintaining macroeconomic stability while meeting still large development needs, addressing elevated financial sector vulnerabilities, and accelerating structural reforms. Continued strong revenue mobilization efforts and a prudent fiscal stance supported by restraining nondevelopment current spending will allow additional spending to address development needs. Expenditures should be oriented toward supporting inclusive growth through priority infrastructure investment, as well as health and education spending. Policies should be geared toward addressing sizeable spending needs to reach SDG targets in health, education and infrastructure, with support from the private sector and international donors. Accelerated implementation of structural reforms is needed to remove structural constraints to growth, correct external imbalances, address governance and corruption weaknesses and promote sustainable and inclusive development.
Keywords:
ISCR; CR; debt; authority; deficit; expenditure prioritization; financing vulnerability; broad money; headline inflation; debt stock; PPG debt; Public investment and public-private partnerships (PPP); Infrastructure; Public investment spending; Global; Asia and Pacific
Cover IMF Working Papers
Doing More with Less: How Can Brazil Foster Development While Pursuing Fiscal Consolidation?
Valentina Flamini
and
Mauricio Soto
Following a benchmarking exercise, we estimate the spending required to reach satisfactory progress in the Sustainable Development Goals in the health, education, and infrastructure sectors in Brazil. We find that there is room for savings in education (up to 1.5 percentage point of GDP) and health (up to 2.5 percentage points of GDP) without compromising the quality of services but additional investments for over 3 percent of GDP per year are needed to close large infrastructure gaps in roads, water, and electricity by 2030. Brazil can do more with less, but increasing efficiency of public spending will require substantial reforms.
Keywords:
WP; spending; cost; infrastructure gap; generation capacity; SDGs; development; fiscal policy; public spending; Brazil; pf GDP; Health expenditure distribution; spending ceiling; GDP Capita; Infrastructure SDG cost; GDP loss; cost estimate; Brazil's GDP; infrastructure quality; spending floor; Infrastructure; Health care spending; South America