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Business and Economics > Public Finance

You are looking at 1 - 10 of 371 items for :

  • Type: Journal Issue x
  • Climate; Natural Disasters and Their Management; Global Warming x
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Cover Technical Assistance Reports
The Gambia: Technical Assistance Report-Public Investment Management Assessment Update with the Climate Module
International Monetary Fund. Fiscal Affairs Dept.
The IMF’s Fiscal Affairs Department (FAD) conducted a Public Investment Management Assessment (PIMA) and Climate Module (C-PIMA) for The Gambia to assess public investment management (PIM) and its climate sensitivity. The assessment found improvements since the 2019 PIMA, including the 2020 Cabinet Memorandum for strategic project reviews, the 2023 SOE Act for centralized oversight, and enhanced procurement regulations. However, despite these institutional improvements, effectiveness has yet to catch up and, in some cases, has weakened. Climate resilience is also insufficiently addressed, with weak integration of climate risks into project planning and outdated regulatory frameworks. Key recommendations include establishing a public investment management information system, strengthening PIM oversight within the Ministry of Finance, formalizing project selection pipelines, and embedding climate-related criteria in investment decisions.
Keywords:
The Gambia; investment; PIM; PIMA; Climate; Climate Module; C-PIMA.; management institution; procurement authority; IMF climate policy diagnostic; capital cash outlay; D. investment allocation; climate PIMA; Public investment spending; Climate change; Budget planning and preparation; Infrastructure; West Africa; Sub-Saharan Africa; Global
Cover IMF Working Papers
Understanding the Macroeconomic Effects of Natural Disasters
Ha Nguyen
,
Alan Feng
, and
Mercedes Garcia-Escribano
Climate change is causing more frequent and devastating natural disasters. The goal of this paper is two-fold. First, it examines the dynamic effects of natural disasters on the growth of output and its components. Government expenditure in advanced economies (AEs) rises immediately in the same year of the natural disaster, offsetting the decline in private investment growth and thereby mitigating the negative effect on output growth. As a result, output growth in AEs is not significantly affected by natural disasters. In contrast, the increase in government expenditure in emerging markets and developing countries (EMDEs) after a natural disaster is smaller and thus, unable to mitigate the contemporaneous negative effect on output growth (which mainly reflects the fall in investment in non-small-island EMDEs and in net exports in small-island EMDEs). In addition, the output recovery in the subsequent year does not fully offset the decline during the year of the disaster. Second, this paper assesses the role of pre-existing country characteristics in mitigating the adverse impact of natural disasters. The paper finds that small islands and countries with limited pre-disaster fiscal space tend to experience more significant declines in output growth following a natural disaster.
Keywords:
Natural disasters; economic growth; robustness check; export commodity price shock; output recovery; growth of output; aggregate impact; Commodity price shocks; Fiscal space; Fiscal stance; Global
Cover IMF Working Papers
Strengthening Fiscal Frameworks in the Presence of Rising Risk of Natural Disasters
Olusegun Ayodele Akanbi
,
Jessie Kilembe
, and
Do Yeon Park
This study investigates the impact of rising risk of natural disasters on rule-based fiscal frameworks. It explores the extent to which countries adhere to their fiscal rules in the presence of rising risk of natural disasters. To ensure a consistent analysis, we construct an index measuring the strenghth of fiscal rules, utilizing principal component analysis for a panel of 104 countries. The study employs a panel two-stage least squares estimation method to assess the impact of natural disaster risks on fiscal rules. The results, which are robust across various country groupings, suggest that natural disaster risks play a significant role in the determination of rule-based fiscal framework. After controlling for other determinants, the results show that countries with established fiscal rules are strengthening these rules in response to rising natural disaster risks. Nonetheless, the results are mixed across different country groups, with varying magnitude of impact. This suggests that countries currently operating fiscal rules will need to enhance their efforts to more comprehensively integrate natural disaster risks into their fiscal frameworks.
Keywords:
Fiscal Framework; Fiscal Rules; Natural Disasters; Fiscal sustainability; exposure risk index; natural disaster risk; risk of natural disasters; government climate investment profile; high-ERI country; Fiscal governance; Fiscal risks; Global
Cover IMF Staff Country Reports
Grenada: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Grenada
International Monetary Fund. Western Hemisphere Dept.
Through end-June 2024, Grenada’s economy was experiencing sustained strong growth supported by buoyant tourism, moderating inflation, and a narrowing current account deficit. A surge in Citizenship-by-Investment (CBI) revenue supported a strong improvement in budget balances, a build-up of government deposits, and a reduction in public debt. On July 1, Hurricane Beryl caused damage in excess of 16 percent of GDP on the Grenadian islands of Carriacou and Petite Martinique, as well as in the northern parishes of the main island, affecting around 15 percent of the population. In response, the authorities triggered the suspension of fiscal rules to permit temporary deficit spending in support of the recovery and reconstruction.
Keywords:
infrastructure investment facility; IIP source data; TA mission; CBI revenue; tourism infrastructure; CBI program; Natural disasters; Caribbean; Global
Cover IMF Staff Country Reports
Niger: 2024 Article IV Consultation, Sixth Review Under the Extended Credit Facility Arrangement, Requests for a Waiver of Nonobservance of Performance Criterion, Modification of Performance Criteria, Second Review Under the Resilience and Sustainability Facility Arrangement, and Financing Assurances Review-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Niger
International Monetary Fund. African Dept.
Niger remains trapped in high levels of fragility and conflict, which are exacerbated by climate shocks. This year, flooding combined with heavy rain affected more than 1.5 million people. The socio-political environment remains challenging. Political instability and sanctions following the military takeover in July 2023 have severely and persistently affected economic and social conditions. There is still no timetable for the political transition after the military takeover and insecurity remains acute, particularly outside the capital Niamey. The authorities are finalizing a new development strategy, the Resilience Program for the Safeguarding of the Homeland (PRSP).
Keywords:
oil revenue management strategy; debt service arrears; e-government service; climate strategy; RESILIENCE AND SUSTAINABILITY FACILITY; management strategy; Arrears; Climate change; Global; West Africa
Cover IMF Staff Country Reports
Democratic Republic of Congo: Requests for an Arrangement Under the Extended Credit Facility and an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for the Democratic Republic of Congo
International Monetary Fund. African Dept.
The authorities have requested a new ECF-supported program, to deepen reforms undertaken under the previous program (completed in July 2024). They have also requested a program under the Resilience and Sustainability Facility (RSF).
Keywords:
Congolese authorities; RSF arrangements modality; ECF program objective; IFC LPG DRC project; forest policy; DRC country climate; ECF access; Climate change; Budget planning and preparation; Global
Cover IMF Staff Country Reports
The Bahamas: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
2024 Selected Issues
Keywords:
quantifying climate; IMF staff calculation; climate change risk; housing affordability; alleviating supply constraint; housing affordability in The bahamas; Climate change; Electricity; Housing; Natural disasters; Global; Caribbean
Cover IMF Working Papers
The Macroeconomic and Welfare Benefits of Building Resilience in Disaster-Prone Developing Countries
Yehenew Endegnanew
,
Rafael D Goncalves
,
Samuel Mann
,
Marina Mendes Tavares
, and
Harold Zavarce
Natural disasters often have high economic costs, setting back years of investment in developing countries. This paper develops a multi-sector DSGE model to study the macroeconomic and welfare implications of financing resilience-building using different fiscal instruments. The model includes developing countries’ macroeconomic and distributional features, such as a large unproductive rural sector, an incomplete credit market, and an informal sector. The results indicate that investing in resilience capital in a disaster-prone country improves welfare despite its high economic cost, but the financial instrument used to mobilize revenue matters.
Keywords:
Resilient investment; natural disasters; macroeconomics; fiscal sustainability.; implications of financing resilience-building; resilient capital; welfare implication; revenue matter; credit market; Human capital; Consumption; Energy sector; Global
Cover High-Level Summary Technical Assistance Reports
India - State of Odisha - Public Investment Management Assessment — PIMA and Climate PIMA
International Monetary Fund. Fiscal Affairs Dept.
An IMF team found that the State of Odisha had an overall public investment management (PIM) system that compared well with other emerging market economies, reflecting in particular strong institutions at the execution stage, which have helped the State increase significantly its public investment effort over the last few years. The State also displays some encouraging practices in terms of climate-sensitive PIM. However, several challenges persist and have to do mostly with the first stage (planning, appraisal) and the second stage (maintenance, selection of projects) of the PIM cycle. The team has identified five high-priority recommendations that could improve PIM processes and support the effective implementation of the Government of Odisha’s investment policy and development agenda, including to increase resilience against climate change.
Keywords:
Climate change; Climate policy; Public investment management; Public Investment Management Assessment (PIMA); Public investment spending; India; Odisha; IMF team; PIM process; high-priority recommendation; State action plan; PIM cycle
Cover High-Level Summary Technical Assistance Reports
Papua New Guinea: Climate Public Investment Management Assessment – CPIMA
Nicoletta Feruglio
,
Bryn Welham
,
Paul G Seeds
, and
Murray Petrie
An IMF team conducted a Climate Public Investment Management Assessment in Papua New Guinea. This analysis identified some emerging areas of effectiveness related to management of public investment from a climate perspective, but also identified many key weaknesses throughout the public investment cycle that affect efficiency and effectiveness of infrastructure delivery in the face of climate change related challenges. The mission team identified three urgent priority and eight high priority recommendations to improve public investment management from a climate change perspective.
Keywords:
Public investment management; climate change; Papua New Guinea; climate adaptation; public infrastructure; capital expenditure; IMF team; priority recommendation; climate Public Investment Management Assessment; management regulation; SOE oversight framework; C-PIMA evaluation; Climate finance; Public Investment Management Assessment (PIMA); Climate policy; Global