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Business and Economics > Public Finance

You are looking at 1 - 10 of 66 items for :

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Cover IMF Notes
Agricultural Producer Subsidies: Navigating Challenges and Policy Considerations
David Amaglobeli
,
Todd Benson
, and
Tewodaj Mogues
The objectives underlying agricultural output subsidies can have conflicting implications for the design of subsidy programs. As they tend to affect meaningful swaths of the electorate, subsidies can also be an attractive political instrument. By artificially lowering production costs or assuring higher output prices, direct support measures can result in resource misallocation in instances where they fail to address market failures, such as imperfect information about the returns to fertilizers. Subsidies can also contribute to fertilizer overuse, harming the environment and the agricultural sector in the long term. Furthermore, agricultural production subsidies are often fiscally costly and unfavorable compared to alternative uses of public funds—both within the agricultural sector and outside it—to achieve the same ends. Various design and implementation challenges amplify the shortcomings of producer subsidy programs.
Keywords:
Agricultural subsidies; direct farmer support; payments to agricultural producers; producer subsidy; input subsidy program; IMF note 2024/002; output price subsidy; implementation challenge; Agricultural policy; Government subsidies; Agroindustries; Agricultural sector; Price incentives; Global; Sub-Saharan Africa
Cover IMF Staff Country Reports
Kiribati: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Kiribati
International Monetary Fund. Asia and Pacific Dept
The 2024 Article IV Consultation with Kiribati discusses that the economy strengthened after the removal of all coronavirus disease 2019 restrictions in the second half of 2022. Kiribati is among the most vulnerable countries to the effects of climate change. Infrastructure gaps compound already challenging constraints imposed by distance and dispersion, limiting the development of the private sector in the state-dominated economy, and cementing its reliance on imports, especially for essential commodities such as food and fuel. IMF team recommended initiating an ambitious fiscal consolidation effort through scaling back recurrent spending and strengthening the fiscal policy framework. It is also imperative to implement structural reforms to raise private sector employment and investment, enhance export competitiveness, close infrastructure and human capital gaps, expand financial access, better utilize natural resources, and strengthen institutions and governance. Additionally, it is required to continue capacity development to produce high-quality statistics in a timely manner to support data-driven policy formulation.
Keywords:
Kiribati authorities; private sector employment; IMF headquarters; Kiribati's economy; money market rate; Debt sustainability analysis; Agroindustries; Government debt management; Global; Australia and New Zealand; Pacific Islands
Cover IMF Staff Country Reports
Kiribati: 2023 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Asia and Pacific Dept
The 2023 Article IV Consultation with Kiribati discusses that the recovery is expected to gain momentum in 2023. Real gross domestic product growth is projected at 2.5 percent in 2023, as economic activities return to a more normal state with the resumption of large infrastructure projects and improved weather conditions. The authorities’ strategy to boost export competitiveness and promote private sector development is encouraging and needs to be further augmented with robust structural reforms. Continued efforts to build statistical capacity will facilitate data-based policymaking. The authorities need to strengthen institutional capacity to produce high-quality national accounts, government finance statistics, and financial sector data in a timely manner to support sound economic management. It is encouraging that the authorities plan to implement the IMF’s Enhanced General Data Dissemination System by publishing economic data on a National Summary Data Page, which will help improve the availability of timely statistics.
Keywords:
Kiribati consumer price index; headline inflation; standard of living; IMF headquarters; CPI update; Government finance statistics; Agroindustries; Global; Australia and New Zealand; Pacific Islands
Cover IMF Working Papers
The Impact of the IMF’s COVID-19 Support to Developing and Emerging Economies
Sumin Chun
,
Karmen Naidoo
, and
Nelson Sobrinho
We construct a high-frequency dataset that combines information on all IMF lending and proxies of monthly economic activity during the first two years of the COVID-19 pandemic (2020–21). Using this novel dataset and standard econometric techniques we find a positive and significant marginal effect of IMF financing on economic activity in low-income countries (LICs) and emerging market economies. We also present tentative evidence that IMF financing may have helped economic outcomes by easing fiscal budget constraints, allowing for larger government spending in response to the pandemic. Overall, this evidence suggests that IMF financing helped lessen the negative impacts of the pandemic on economic activity, especially in LICs.
Keywords:
COVID-19 pandemic; External financing; Emerging economies; Developing countries; IMF lending; Economic recovery; Nighttime lights; Mobility; IMF commitment; IMF disbursement; IMF's COVID-19 support; high-frequency dataset; COVID-19; Income; Emergency assistance; Agroindustries; Global
Cover IMF Staff Country Reports
Kiribati: 2018 Article IV Consultation -Press Release; Staff Report; and Statement by the Executive Director for Kiribati
International Monetary Fund. Asia and Pacific Dept
Growth has been strong in recent years and some moderation is expected, with risks skewed to the downside. High fishing revenues improved the fiscal position, but generated pressure to increase spending. There has been progress on fiscal and structural reforms. Yet, public spending needs are large, driven by an infrastructure gap and climate adaptation costs, and the country remains at high risk of debt distress.
Keywords:
ISCR; CR; Kiribati; government; debt; fishing revenue; liability positions vis-à-vis nonresident; government transition; resilience to climate change; private sector growth; government's plan; Agroindustries; Natural disasters; Fiscal accounting and reporting; Global; Pacific Islands; Australia and New Zealand; Asia and Pacific
Cover IMF Staff Country Reports
Solomon Islands: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Solomon Islands
International Monetary Fund. Asia and Pacific Dept
Solomon Islands has made substantial progress since the Tensions in the early 2000s but faces considerable economic and governance challenges and is highly vulnerable to natural disasters. The logging industry confronts depletion and new sources of growth are needed. Governance challenges are significant, stemming from weak oversight of the resource sectors, a lack of transparency and a need to strengthen public financial management.
Keywords:
ISCR; CR; debt; government; spending; shipping grant; liability positions vis-à-vis nonresident; Solomon Islands economy; peg regime; development expenditure; Agroindustries; Contingent liabilities; Global; Pacific Islands; Asia and Pacific
Cover IMF Staff Country Reports
Tuvalu: 2018 Article IV Consultation – Press Release; Staff Report and Statement by the Executive Director for Tuvalu
International Monetary Fund. Asia and Pacific Dept
Tuvalu is a fragile micro state. The country’s remoteness, narrow production base, and weak banking sector constrain private sector activity, leaving public expenditure as the main source of growth. The DSA finds that Tuvalu remains at high risk of debt distress.
Keywords:
ISCR; CR; government; debt; Tuvaluan authorities; deficit; Tuvalu; fishing revenue; fishing revenue forecast; BOP TA; medical treatment scheme; Agroindustries; Climate change; Pacific Islands; Global
Cover IMF Staff Country Reports
Kiribati: 2016 Article IV Consultation-Press Release;Staff Report; and Statement by the Executive Director for Kiribati
International Monetary Fund. Asia and Pacific Dept
This 2016 Article IV Consultation highlights that Kiribati’s recent economic performance has been strong. Growth is estimated to have reached 3.5 percent in 2015, supported by record-high fishing revenue, donor-financed infrastructure projects, and reconstruction in the aftermath of cyclone Pam. The fiscal position has improved markedly in recent years. High fishing revenue contributed to a recurrent fiscal balance of almost 50 percent of GDP in 2015, more than offsetting the increase in recurrent government spending of 13 percent. Growth is projected to moderate somewhat to about 3 percent in 2016, while inflation remains subdued owing to low food and commodity prices.
Keywords:
ISCR; CR; government; Kiribati; real GDP; dollar; development partner; GDP; fishing revenue; private sector growth; government's plan; Kiribati authorities; Climate change; Agroindustries; Government finance statistics; Global; Pacific Islands; Australia and New Zealand
Cover IMF Staff Country Reports
Kiribati: 2015 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Asia and Pacific Dept
KEY ISSUES Context. Donor-financed large infrastructure projects, increased public spending, and a pick-up in credit to households have boosted real GDP growth to close to 4 percent in 2014 and to about 3 percent in 2015. Inflation remains low, underpinned by lower food and commodity prices. Steps are being taken to reduce the many hurdles to private growth that Kiribati faces, among which are high transportation and communication costs and an increasing impact of climate change. Fiscal policy. The fiscal outlook has improved, but further efforts are needed to ensure sustainability. The recurrent balance was in large surplus in 2014 and is expected to remain positive in 2015, reflecting high revenue from license fees, and notwithstanding a large increase in expenditures. But under the historic pace of spending the sovereign wealth fund (Revenue Equalization Reserve Fund—RERF) would be depleted in about 20 years. Ensuring sustainability requires containing nominal expenditure growth to around 1½ per annum over the next five years (after accommodating climate-change-related costs), with transparent and symmetric transfers and withdrawals from the RERF around this path. Structural reforms. There is a consensus among donors that significant progress has been achieved. The State-Owned Enterprise (SOE) Reform Act is being implemented in a satisfactory way, as illustrated by the recent successful privatization of the telecommunication company. Key outstanding issues include further reforming the energy and copra sectors and improving the investment climate.
Keywords:
ISCR; CR; expenditure growth path; development expenditure; debt-to-GDP; real GDP; expenditure path; climate change; fishing license; Agroindustries; Global; Pacific Islands; Australia and New Zealand
Cover IMF Staff Country Reports
Federated States of Micronesia: Staff Report for the 2015 Article IV Consultation
International Monetary Fund. Asia and Pacific Dept
This 2015 Article IV Consultation highlights that Micronesia’s economy is stagnating, as externally funded infrastructure projects are moving slowly. Difficulties in the business climate, in particular those related to land tenure issues, continue to hold back private sector development. Real GDP growth of about 0.1 percent is estimated for the fiscal year 2014. The Micronesian economy is projected to grow at 0.6 percent in the medium term, while risks on the outlook are tilted to the downside. Growth in 2015 is projected to remain subdued at 0.3 percent, while consumer prices are projected to further decline to negative 1.0 percent thanks to the continued pass through of low oil prices.
Keywords:
ISCR; CR; government; FSM authorities; Micronesia; state government; Micronesian authorities; tax reform legislation; expenditure reform; government finance; Extra-budgetary funds; Agroindustries; Pacific Islands; Global; East Asia; Asia and Pacific