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Business and Economics > Public Finance

You are looking at 1 - 10 of 59 items for :

  • Type: Journal Issue x
  • South Sudan, Republic of x
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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
Republic of South Sudan: Third Review Under the Staff-Monitored Program with Board Involvement-Press Release; Staff Report; and Statement by the Executive Director for the Republic of South Sudan
International Monetary Fund. African Dept.
This paper focuses on South Sudan’s Third Review under the Staff-Monitored Program with Board Involvement. Severe spillovers from the conflict in Sudan, including refugee inflows and damages to an oil pipeline, have exacerbated South Sudan’s difficult humanitarian and macroeconomic situation, resulting in an economic slowdown, sharp exchange rate depreciation, high inflation, and higher spending needs against the backdrop of large fiscal revenue losses. Discussions with the South Sudanese authorities during the Third Review of the Staff-Monitored Program with Board Involvement (PMB) focused on re-calibrating macroeconomic policy to address the impact of the external shocks. The authorities remain committed to implementing strong policies and reform measures to restore macroeconomic stability. IMF Management completed the Third review of the PMB with South Sudan. The implementation of commitments taken by the authorities under the Letter of Intent will continue to support macroeconomic stability and debt sustainability. The authorities remain committed to fiscal and monetary prudence and to implementing their medium-term reform agenda.
Keywords:
authorities' priority; government operation; VAT regime; authorities view; reform agenda; Oil production; Quasi-fiscal operations; Oil, gas and mining taxes; Global
Cover IMF Staff Country Reports
Democratic Republic of the Congo: 2024 Article IV Consultation, Sixth Review Under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance of Quantitative Performance Criterion, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Democratic Republic of the Congo
International Monetary Fund. African Dept.
This paper presents Democratic Republic of the Congo’s 2024 Article IV Consultation, Sixth Review under the Extended Credit Facility (ECF) Arrangement, Request for a Waiver of Nonobservance of Quantitative Performance Criterion, and Financing Assurances Review. The Democratic Republic of the Congo has made significant progress under the ECF arrangement, although performance during the sixth review has been constrained by the persistent security and humanitarian crises, fiscal slippage, and ongoing inflationary pressures. The domestic fiscal deficit for 2024 is projected to narrow compared to 2023, as higher mining revenue would help ease pressures from higher security spending and investment. Performance under the program has been generally positive, with most quantitative targets met and key reforms implemented, albeit at a slow pace. The economic outlook remains positive but is subject to substantial downside risks. This calls for continued prudent policies and increasing reform efforts in fiscal and monetary frameworks and in governance.
Keywords:
STX EM; EM support; Congolese authorities; reform agenda; LTX mission; Fiscal stance; Global; Africa; Middle East; Sub-Saharan Africa
Cover IMF Staff Country Reports
Republic of South Sudan: 2023 Article IV Consultation, and First and Second Reviews under the Staff-Monitored Program with Board Involvement-Press Release; Staff Report; and Statement by the Executive Director for Republic of South Sudan
International Monetary Fund. African Dept.
This paper presents Republic of South Sudan’s 2023 Article IV Consultation, and First and Second Reviews under the Staff-Monitored Program with Board Involvement (PMB). South Sudan is significantly impacted by the war in Sudan, especially from a very large and growing number of refugees, and by a sharp decline in oil production and exports since mid-February 2024 due to damages to the oil pipeline. Article IV discussions focused on putting economic reforms on a sustainable footing, boosting domestic revenue mobilization, enhancing social spending, and implementing governance and transparency reforms to reduce corruption. The extension of the PMB provides time to the authorities to implement corrective actions to bring macroeconomic policies back on track and implement governance reforms; building a strong track record is essential for any financial arrangement with the IMF. In order to help address these challenges, as well as the fallout from the damage to the oil pipeline, the authorities have requested a 3-year arrangement under the Extended Credit Facility (ECF). Successful completion of the current PMB would help establish track record toward a potential ECF arrangement in the future.
Keywords:
BSS staff; auction rate; authorities endeavor; government program; FX auction; Debt sustainability analysis; Oil; Oil, gas and mining taxes; Global; Sub-Saharan Africa; Africa; Middle East
Cover Technical Notes and Manuals
A Framework for Monitoring of and Reporting for External Project Loans in Developing Countries
Emre Balibek
,
Guy T Anderson
, and
Kieran McDonald
To produce timely and accurate debt reports at the central government level, it is essential to have a sound legal, administrative, and operational framework in place for debt data compilation, reconciliation, accounting, monitoring, and reporting. This note focuses on the arrangements for external project-based debt, which present distinctive challenges in debt reporting particularly in low-income and developing countries. The discussion complements existing literature and guidance on debt transparency by focusing on stages prior to the production of debt reports. The note also identifies the links between the management of project loans and other public financial management (PFM) processes, such as public investment management, budget preparation, fiscal and financial reporting. It shows that a comprehensive approach that considers these linkages can improve efficiency and transparency in fiscal and debt management. Although the focus is on the central government’s debt obligations, the ideas can be extended to cover government-guaranteed loans and public sector debt in general.
Keywords:
public debt management; public debt transparency; debt reporting; fiscal transparency; external debt; project loans; public investment management; maturity status template; debt transparency; core loan term; IMF Library; loan disbursement advice; Government debt management; Loans; Debt service; Global
Cover Policy Papers
FY2023—Output Cost Estimates and Budget Outturn
International Monetary Fund. Office of Budget and Planning
The paper presents highlights from the FY 2023 budget, followed by a discussion of outputs based on the Fund Thematic Categories and of inputs.
Keywords:
output cost estimate; administrative budget; budget augmentation; inflation; geopolitical fragmentation; transparency policy; staff growth; CD spending; staff FTE; phased budget augmentation; Budget planning and preparation; Capital spending; Climate change; Total expenditures; Global
Cover Policy Papers
Review of Experience with The Food Shock Window Under The Rapid Financing Instrument and The Rapid Credit Facility
International Monetary Fund. Finance Dept.
,
International Monetary Fund. Legal Dept.
, and
International Monetary Fund. Strategy, Policy, & Review Department
The Food Shock Window (FSW) under the Rapid Credit Facility (RCF) and the Rapid Financing Instrument (RFI) was approved in September 2022 for 12 months, as a complement to the tools used by the Fund to support the broader international effort to address the global food shock. The Fund has been working closely with partners to provide a coordinated international response to the global food shock, and has contributed through policy advice, technical assistance and lending. Where needed and possible, financial support to countries affected by the global food shock has been delivered by the IMF through multi-year Fund-supported programs The FSW complemented this support in situations where these programs were not feasible or not necessary. As the global food shock and associated balance of payment pressures are expected to continue throughout 2023, the IMF extended the FSW until end-March 2024 to allow the FSW to continue serving as a contingency tool. This extension will also provide sufficient time to observe if the FSW can lapse without limiting the capacity of the Fund to support its members. To ensure adequate borrowing space under the emergency financing limits for those countries that have received support through the FSW, the IMF also extended the additional 25 percent of quota added to the Cumulative Access Limit until end-2026 for countries that have accessed the Food Shock Window through the RFI and until the completion of the 2024/25 PRGT review for those that accessed the Food Shock Window through the RCF.
Keywords:
Cumulative Access Limits; Rapid Financing Instrument; Rapid Credit Facility; Food Insecurity; FSW request; FSW financing; UCT-quality program; FSW relative; FSW experience; FSW resource; Food security; Food prices; Emergency assistance; Balance of payments need; Global
Cover Policy Papers
Staff Guidance Note on The Implementation of The IMF Strategy for Fragile and Conflict-Affected States (FCS)
International Monetary Fund. Institute for Capacity Development
This note provides operational advice and information to help staff implement the IMF Strategy for Fragile and Conflict-Affected States (FCS) approved by the Executive Board on March 9, 2022. Topics covered include (i) the new IMF FCS classification methodology, which is aligned with that of the World Bank; (ii) the preparation of Country Engagement Strategies (CES) that will be rolled out across FCS to ensure that Fund engagement is appropriately tailored to country-specific manifestations of fragility and/or conflict; (iii) advice on tailoring the thematic focus of Article IV consultations and Fund analytics to FCS, as well as on the prioritization, design, and implementation of capacity development (CD) projects in fragile contexts; (iv) guidance on making full use of the flexibilities of the lending toolkit; (v) guidance on engaging in specific FCS situations, including building accountable institutions to exit fragility, cases of rising fragility risks, active conflict, post-conflict, and addressing the impact of external shocks and spillovers; and (v) strengthening partnerships with humanitarian, development, and peace actors, in accordance with the Fund’s mandate. Dedicated annexes provide additional information on the CES process, addressing good governance in FCS, program design, and country examples of Fund engagement in FCS.
Keywords:
fragility; conflict; fragile and conflict-affected states; political economy; inclusive growth; macroeconomic policy; absorptive capacity; balance of payments; country engagement strategies; capacity development; surveillance; partnerships; governance; FCS staff development; FCS strategy; FCS list; FCS classification; FCS circumstances; Balance of payments need; Capacity utilization; Climate change; West Africa; Sub-Saharan Africa; Global
Cover IMF Staff Country Reports
Republic of South Sudan: Third Review Under the Staff-Monitored Program, Request for Disbursement Under the Rapid Credit Facility, and Program Monitoring with Board Involvement-Press Release; and Staff Report
International Monetary Fund. African Dept.
This paper presents Republic of South Sudan’s Third Review under the Staff-Monitored Program, Request for Disbursement under the Rapid Credit Facility, and Program Monitoring with Board involvement. About two-thirds of South Sudan’s population is experiencing severe food insecurity, the highest level since independence. Significant reforms have been introduced since the start of the SMP in March 2021, including the unification of the official and parallel exchange rates and increased transparency of oil revenue and government operations. The authorities plan to channel part of the food stock window disbursement via the World Food Programme and International Organization of Migration making use of their systems to provide immediate humanitarian assistance to address food insecurity. In order to help guide their reform agenda aimed at maintaining macroeconomic stability and debt sustainability and improving governance and transparency, the authorities have also requested completion of the existing SMP and a new nine-month Staff Program Monitoring with Board Involvement to lay the ground for an eventual Extended Credit Facility.
Keywords:
government operation; South Sudanese authorities; FSW disbursement; IMF team; authorities' effort; reform gain; customs administration reform; Oil; Government debt management; Debt sustainability analysis; Monetary base; Global; Southern Africa; East Africa
Cover IMF Staff Country Reports
Republic of South Sudan: 2022 Article IV Consultation And Second Review Under The Staff-Monitored Program
International Monetary Fund. African Dept.
and
International Monetary Fund. Strategy, Policy, & Review Department
South Sudan is a very fragile post-conflict state and one of the most vulnerable countries in the world to climate-driven disasters. The pandemic reversed the economic recovery that followed the 2018 peace agreement. The oil price shock from the pandemic resulted in a massive loss of revenue, causing the government to run up expenditure arrears and resume monetary financing. This led to sharp exchange rate depreciation and runaway inflation. The policies implemented under a Staff Monitored Program (SMP) that was approved in March 2021 and supported by two disbursements under the RCF (in November 2020 and March 2021) have helped restore macroeconomic stability and eliminate a long-standing system of multiple exchange rates. Higher oil prices have dampened the effects of floods on lower oil production and sustained international reserves in the face of a rising import bill. The sharp rise in global food prices risks is exacerbating the dire humanitarian situation in South Sudan, where 70 percent of the population suffers from acute food insecurity, at a time when aid budgets are being cut.
Keywords:
government obligation; auction rate; debt stock; government website; AFRITAC East; FX auction; Oil prices; Exchange rates; Debt sustainability analysis; Food prices; Oil; Global; East Africa; Africa; Southern Africa