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Business and Economics > Public Finance

You are looking at 1 - 10 of 72 items for :

  • Type: Journal Issue x
  • Solomon Islands x
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Cover IMF Staff Country Reports
Solomon Islands: Selected Issues
International Monetary Fund. Asia and Pacific Dept
2024 Selected Issues
Keywords:
government debt data; Solomon Islands' challenge; effectiveness of Solomon islands; D. enhancing effectiveness; debt anchor; Budget planning and preparation; Fiscal governance; Government finance statistics; Global
Cover IMF Staff Country Reports
Solomon Islands: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Solomon Islands
International Monetary Fund. Asia and Pacific Dept
Solomon Islands has weathered the shocks of civil unrest, pandemic, and commodity price hikes, and achieved the milestones of hosting the Pacific Games in late 2023 and conducting peaceful general elections in April 2024. These achievements have raised the country's profile and strengthened national unity, but with costs—public debt has nearly tripled since before the pandemic, and the government's cash reserves have been significantly depleted. While staff expects continued modest growth in 2024 and 2025, medium-term growth prospects appear moderate and fiscal and current account deficits are expected to persist. Now is the time for the authorities to advance reforms to tackle the perennial challenge of stagnant per-capita income growth, while ensuring fiscal sustainability and resilience.
Keywords:
CBSI assessment; CBSI approval; government estimate; Solomon Islands' economy; article IV consultation discussion; Budget planning and preparation; Asia and Pacific; Pacific Islands; Global
Cover Technical Assistance Reports
Solomon Islands: Technical Assistance Report-Central Bank Risk Management
International Monetary Fund. Monetary and Capital Markets Department
This report provides an overview of the assistance provided by the IMF to the Central Bank of Solomon Islands on enhancing its risk management in line with international best practices for central banks.
Keywords:
Central banking; risk management; central bank governance; central bank independence; Solomon Islands.; TA mission team; Department mission; CBSI officer; MCM Department; CBSI documentation; IMF executive director; Operational risk; Auditing; Central bank risk management
Cover Technical Notes and Manuals
User Manual for the DIGNAD Toolkit
Mr. Zamid Aligishiev
,
Cian Ruane
, and
Azar Sultanov
This note is a user’s manual for the DIGNAD toolkit, an application aimed at facilitating the use of the DIGNAD model (Debt-Investment-Growth and Natural Disasters) by economists with no to little knowledge of MATLAB and Dynare via a user-friendly Excel-based interface. DIGNAD is a dynamic general equilibrium model of a small open economy developed at the International Monetary Fund. The model can help economists and policymakers with quantitative assessments and policy scenario analysis of the macrofiscal effects of natural disasters and adaptation infrastructure investments in low-income developing countries and emerging markets. DIGNAD is tailored to disaster-prone countries, which typically are small countries or low-income countries that are particularly exposed to large climate shocks—countries where shocks that can disrupt the entire economy are frequent. However, DIGNAD can be relevant also for larger countries that may potentially be exposed to extreme climatic disasters in the future.
Keywords:
natural disasters; adaptation; resilient infrastructure; public investment; public investment efficiency; debt sustainability; DIGNAD toolkit; IMF copyright; DIGNAD model; GNU General Public License; third-party software; Infrastructure; Public investment spending; Total factor productivity; Depreciation; Sub-Saharan Africa
Cover IMF Staff Country Reports
Solomon Islands: 2023 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Asia and Pacific Dept
This 2023 Article IV Consultation highlights that the economy is recovering from multiple shocks in the past three years, but the recovery is still fragile in the Solomon Islands. Near-term fiscal policy should focus on prudent execution of the 2023 budget, followed by rebuilding of the government’s cash balance. Prudent management of public investment projects including their financing arrangements is an urgent priority. The current exchange rate regime remains appropriate, but a timely review of the currency basket is called for, given changes in trade patterns. Solomon Islands’ external position in 2022 is assessed to be substantially weaker than the level consistent with medium-term fundamentals and desirable policies. Developing new growth drivers, including by enhancing natural resource wealth management, market regulation, and addressing governance weaknesses and corruption vulnerabilities, is an urgent priority. The IMF continues to support capacity development of the authorities in collaboration with development partners.
Keywords:
CBSI staff; liability positions vis-à-vis nonresident; CBSI approval; CBSI assessment; BOP unit; External sector statistics; Commercial banks; Global; Pacific Islands
Cover IMF Staff Country Reports
Solomon Islands: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Solomon Islands
International Monetary Fund. Asia and Pacific Dept
Strong and timely containment measures have successfully prevented a domestic COVID-19 outbreak but have also weighed on economic activity and aggravated pre-existing socio-economic tensions. Following a contraction in 2020, growth is projected to recover gradually starting this year and to gain strength as containment measures are relaxed and borders re-opened. Elevated pandemic-related uncertainties as well as longstanding social, economic and governance challenges and vulnerability to natural disasters pose headwinds to inclusive growth. Despite strong external buffers, weaker fiscal position increases vulnerability to shocks, while the decline in logging weighs on fiscal revenues and growth prospects.
Keywords:
IMF executive board staff; financing gap; CBSI data; COVID expenditure; land mass; COVID-19; External sector statistics; Pacific Islands; Global
Cover IMF Working Papers
Review of the Public Financial Management Reform Strategy for Pacific Island Countries, 2010-2020
Mr. Richard I Allen
,
Ms. Majdeline El Rayess
,
Laura Doherty
, and
Priya Goel
This paper reviews the Public Financial Management (PFM) reform stategy for 16 Pacific Island Countries (PICs) during the period 2010-2020. The strategy was endorsed by the finance and economic ministers of the region (FEMM) in 2010. The paper analyzes more than 30 PEFA assessments carried out across the region. The region shares the generally slow pace of PFM reform that is also a feature of most developing countries. Some PICs have improved their PFM performance significantly, while others have done less well. PFM reforms have suffered from the small size and low capacity of many PICs, poorly designed PFM roadmaps, variable political suppport for reform, and vulnerability to natural disasters. The paper recommends that in the next five years, there should be a more granular and targeted approch to PEFAs. PICs should focus on basic PFM reforms and (where capacities allow) more transparent public finances, as well as better management of climate change considerations, public infrastructure, gender inequalities, and state-owned enterprises. Perseverance by countries in implementing reforms and leadership by finance ministries are critical. PFTAC’s advice is highly regarded across the region, and it could consider alternative modalities of CD delivery and stronger coordination with other development partners.
Keywords:
WP; PEFA assessment; PFM advisor; PFM reform; PFM performance; PFM system; CD activity; Public Expenditure and Financial Accountability (PEFA); Budget planning and preparation; Fiscal risks; Budget execution and treasury management; Pacific Islands; Pacific Islands Countries; public finance management (PFM) reform; PFTAC; PEFA
Cover IMF Working Papers
Tax Revenues in Fragile and Conflict-Affected States—Why Are They Low and How Can We Raise Them?
Mr. Bernardin Akitoby
,
Mr. Jiro Honda
, and
Keyra Primus
Raising revenues has been a formidable challenge for fragile and conflict-affected states (FCS), a fact confirmed once again in the COVID-19 crisis. Nonetheless, achieving sizable gains in tax collection in fragile environments is not impossible. This paper—with empirical analyses and case studies—contributes to policy discussions on tax reform in such challenging environments. Our analyses show that many FCS achieved some recovery of tax revenues, even though they found it challenging to sustain the momentum beyond three years. We also find that changes in the quality of institutions (e.g., government effectiveness and control of corruption) are a key contributory factor to their tax performance (much more so than for non-FCS). Next, we look into the tax increase episodes of four countries (Liberia, Malawi, Nepal, and the Solomon Islands). Although each FCS is unique, their experiences suggest two lessons: (i) tax reforms can be pursued even with initially weak institutions; and (ii) strong political commitment is important to sustain reform efforts and realize long-lasting, sizable gains.
Keywords:
WP; customs administration reform; reform effort; modernization program; governance issue; revenue administration reform; tax administration modernization program; income tax; tax reform; country authorities; tax administration reform; customs duty; tax reform strategy; governance variable; effectiveness index; Tax administration core functions; Tax collection; Customs administration core functions; Excises; Middle East; Sub-Saharan Africa; Global; Tax Revenue Mobilization; Fragile; Conflict-Affected States; government effectiveness; administration reform
Cover IMF Staff Country Reports
Solomon Islands: Requests for Purchase under the Rapid Financing Instrument and Disbursement under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for the Solomon Islands
International Monetary Fund. Asia and Pacific Dept
This paper presents Solomon Island’s Requests for Purchase Under the Rapid Financing Instrument and Disbursement Under the Rapid Credit Facility. In order to address the pandemic, the Solomon Islands’ authorities have taken measures to prevent the entry of coronavirus disease 2019 (COVID-19), to increase health and containment spending, and to provide targeted support for vulnerable households and businesses. IMF financing will help fill immediate financing needs and catalyze additional financing from its development partners to support the COVID-19 response. The authorities’ immediate policy response has focused on strong and timely containment measures to limit the risk of a local outbreak while reprioritizing spending toward health care. They have also adopted a fiscal stimulus package with measures targeted at providing social assistance, protecting jobs and incomes and stabilizing the domestic economy. Beyond the immediate response to the external shock, the authorities should remain committed to policies that promote inclusive growth and resilience while containing external pressures, protecting financial stability and preserving fiscal sustainability.
Keywords:
ISCR; CR; financing; Solomon Islands government; government; IMF lending tracker; IMF financial support; fund support; financing gap; COVID-19; Credit; Global
Cover IMF Staff Country Reports
Solomon Islands: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Solomon Islands
International Monetary Fund. Asia and Pacific Dept
This 2019 Article IV Consultation with the Solomon Islands highlights that the country 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. Finding new sources of growth is becoming urgent with the decline in logging. The consultation focused on similar issues to last year—restoring fiscal buffers to build resilience, strengthening public financial management and public investment management, setting a medium-term fiscal strategy, improving governance, improving exchange rate management and building conditions for sustainable growth. The report recommends developing a holistic approach to medium-term fiscal policy by setting a realistic spending envelope and establishing a medium-term revenue strategy. Together with strengthened budget planning and expenditure control, this would provide greater budget predictability and support natural disaster contingency planning. It is also imperative to strengthen enforcement of governance standards, apply the mining fiscal regime rigorously, improve transparency and advance the anti-corruption agenda.
Keywords:
ISCR; CR; center; authority; debt; government cash balance; CBSI data; liability positions vis-à-vis nonresident; Solomon Islands economy; expenditure reform; bank process; Natural disasters; Stress testing; Global; Pacific Islands; Asia and Pacific