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Business and Economics > Public Finance

You are looking at 1 - 10 of 179 items for :

  • Type: Journal Issue x
  • Tanzania, United Republic of x
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Cover IMF How To Notes
How to Improve Public Investment Management in Low-Income Countries
Khaled Eltokhy
,
Nicoletta Feruglio
,
Kezhou Miao
,
Arturo Navarro
, and
Eivind Tandberg
This How to Note discusses how low-income developing countries (LIDCs) can strengthen the effectiveness and efficiency of their public investment. The note draws on Public Investment Management Assessments and focuses on eight institutions that are likely to be key reform priorities in many LIDCs: project appraisal, multi-year budgeting, maintenance, project selection, procurement, availability of funding, project management, and monitoring of public assets. For each of these, the note discusses basic practices, which should be realistic initial reform objectives for low-capacity countries, as well as medium practices that may be relevant objectives for medium-term reforms. The note also discusses how to overcome reform implementation challenges and consolidate the reforms and provides examples of action plans to implement the different reforms.
Keywords:
Public investment management; public financial management (PFM); low-income developing countries; public investment management assessment (PIMA); public investment efficiency; reform agenda; management bottleneck; management priority; efficiency frontier; management reform; Public investment spending; Budget planning and preparation; Government cash forecasting
Cover High-Level Summary Technical Assistance Reports
United Republic of Tanzania: Data Quality Assessment for Public Sector Debt Statistics Mission (September 23–27, 2024)
Andrew Kitili
,
David S Bailey
, and
Robert O Osudi
In September 2024, an assessment was undertaken of the data quality of the public sector debt statistics (PSDS) of the United Republic of Tanzania against the IMF’s Data Quality Assessment Framework (DQAF) for PSDS. The mission was undertaken as part of a project to strengthen the quality of public sector debt in select African countries, funded by the Government of Japan. The mission reviewed the PSDS compilation and dissemination practices against each element of the DQAF and presented a series of recommendations to improve the quality and transparency of the PSDS of the United Republic of Tanzania.
Keywords:
Data Quality Assessment Framework (DQAF); Debt Reporting; Debt Transparency; JSA; Public Debt; Public Sector Debt Statistics (PSDS); Tanzania; PSDS compilation; PSDS of the United Republic of Tanzania; debt data; high-level summary; data update; Government finance statistics; Government debt management
Cover IMF Staff Country Reports
United Republic of Tanzania: Fourth Review Under the Extended Credit Facility Arrangement and First Review Under the Resilience and Sustainability Facility Arrangement -Press Release; Staff Report; and Statement by the Executive Director for the United Republic of Tanzania
International Monetary Fund. African Dept.
This paper presents IMF’s Fourth Review under the Extended Credit Facility (ECF) Arrangement and First Review under the Resilience and Sustainability Facility (RSF) Arrangement for Tanzania. Economic growth momentum is picking up in 2024 with improved external and fiscal balances, low inflation within the central bank’s target, and easing pressures in the foreign exchange market. Tanzania’s economic reform program supported by the ECF arrangement remained on track. Structural reforms are essential to promote private sector development and inclusive, resilient, and sustainable growth. Business reforms should focus on removing obstacles to foreign investment, simplifying the regulatory regime, enhancing governance and regulatory transparency, and improving public policy predictability. The authorities are committed to continue implementing reforms to preserve macro-financial stability, promote sustainable and inclusive growth, advance structural reforms, and address the risks and challenges associated with climate change, supported by the ECF and RSF arrangements.
Keywords:
IMF-World Bank; ECF arrangement; interest rate; IMF RSF; ECF program; Trade balance; Credit; Arrears; Global
Cover IMF Working Papers
Managing Foreign Exchange Rate Risk: Capacity Development for Public Debt Managers in Emerging Market and Low-Income Countries
Thordur Jonasson
,
Sheheryar Malik
,
Kay Chung
, and
Michael G. Papaioannou
This paper presents some sound practices for foreign-currency risk management in developing countries and outlines instruments for managing sovereign debt portfolio currency exposures. Adoption of a debt management strategy with well-defined targets for foreign exchange risk is a critical element of public debt risk management. To this end, public debt managers often need to face with complex strategic and operational matters related to public debt hedging practices, including the use of derivatives. In this context, we highlight the main institutional challenges in the management of foreign exchange risk in sovereign debt portfolios and discuss the overall implementation of a foreign exchange risk-management strategy.
Keywords:
exchange rate risk risk management; debt portfolio; public debt manager; currency exposure; risk-management strategy; Government debt management; Debt management; Currencies; Exchange rate risk; Foreign currency debt; Asia and Pacific; Sub-Saharan Africa; Middle East; North Africa; Central Asia; Africa
Cover IMF Staff Country Reports
United Republic of Tanzania: Third Review Under the Extended Credit Facility Arrangement and Request for Extension of the Extended Credit Facility Arrangement and Rephasing of Access, and Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for the United Republic of Tanzania
International Monetary Fund. African Dept.
This paper presents United Republic of Tanzania’s Third Review under the Extended Credit Facility Arrangement, Request for Extension of the Extended Credit Facility (ECF) Arrangement and Rephasing of Access, and Request for an Arrangement under the Resilience and Sustainability Facility. The ongoing growth-friendly fiscal consolidation will help buttress fiscal and debt sustainability. Efforts should be geared toward enhancing domestic revenue mobilization and strengthening cash management and commitment controls. Strengthening public financial and investment management will help contain fiscal risks and improve the efficiency of public investment. Performance under Tanzania’s economic reform program supported by the ECF remained strong. The authorities are committed to continue implementing reforms to preserve macro-financial stability, strengthen the economic recovery, and promote sustainable and inclusive growth. Structural reforms are essential to promote inclusive, resilient, and sustainable growth. Business reforms should focus on streamlining bureaucratic procedures, simplifying the regulatory regime, and enhancing regulatory transparency. Implementation and enforcement of the authorities’ anti-corruption legislation and strategies is central to enhancing governance.
Keywords:
intervention policy; strategy Policy review Department; near-term policy priority; RSF arrangement; interest rate; Climate change; Trade balance; Global; Southern Africa; East Africa
Cover Policy Papers
Macroeconomic Developments and Prospects For Low-Income Countries—2024
International Monetary Fund
and
World Bank
The outlook for Low-Income Countries (LICs) is gradually improving, but they face persistent macroeconomic vulnerabilities, including liquidity challenges due to high debt service. There is significant heterogeneity among LICs: the poorest and most fragile countries have faced deep scarring from the pandemic, while those with diversified economies and Frontier Markets are faring better. Achieving inclusive growth and building resilience are essential for LICs to converge with more advanced economies and meet the Sustainable Development Goals (SDGs). Building resilience will also be critical in the context of a more shock-prone world. This requires both decisive domestic actions, including expanding and better targeting Social Safety Nets (SSNs), and substantial external support, including adequate financing, policy advice, capacity development and, where needed, debt relief. The Fund is further stepping up its support through targeted policy advice, capacity building, and financing.
Keywords:
Low-Income Countries; Heterogeneity; Debt vulnerability; Resilience building; Inclusive growth towards SDGs; Financing needs and external support; Social Safety Nets; poverty rate; means testing; poverty gap; aggregate poverty gap; SSNS spending; prospects in low-income countries; poverty threshold exit poverty; reform scenario; transparency policy; FAD financing tool; financial support; Poverty reduction; Household consumption; Inflation; Global; Sub-Saharan Africa
Cover IMF Staff Country Reports
Rwanda: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper revisits Rwanda’s options to create fiscal space to meet long-term development challenges. It examines strategies and options for a credible and comprehensive domestic revenue mobilization. The paper analyzes the driving factors of past reform successes and use an original dataset to highlight the benefits of implementing comprehensive tax reforms over selective reforms. The paper concludes that selective measures tend to yield protracted loss of revenue while measures implemented comprehensively lead to increases in revenue in the medium term. This stresses the need for an integrated approach to fiscal policy reform coordination to maximize long-term revenue benefits. For Rwanda, a comprehensive strategy for increasing tax revenues by adjusting rates, broadening the domestic tax base, improving tax compliance, and curbing tax evasion is the way forward. The strategy should shift higher tax burden from low-income households to higher income wealth cohorts with the view to advancing distributional fairness against growing inequality.
Keywords:
climate agenda; NDC financing; monetary policy transmission; financing option; implementation framework; Climate finance; Natural disasters; Central bank policy rate; Value-added tax; Global; Africa; Sub-Saharan Africa
Cover IMF Staff Country Reports
United Republic of Tanzania: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues Paper takes stock of progress in the project’s expected timeline, investment and production prospects, and the project’s potential macroeconomic implications. Drawing from review of empirical literature, the paper also highlights key lessons for managing revenues from natural gas. This paper is the first step toward a more comprehensive assessment of the macroeconomic impact of the project, which will require information on the technical details of the projects as well as the fiscal regime. Tanzania’s Liquefied Natural Gas project aims to commercialize natural gas discoveries made in the deep offshore basin. Negotiations between the government and private sector developers have gained momentum recently and a Host Government Agreement is expected to be signed early this year. Meanwhile, preparatory technical work in terms of site selection and acquisition has advanced. Notwithstanding these achievements, several important steps remain, including amendment of relevant laws, preparing project blueprints, environmental assessments, and a final investment decision. If it goes through, the project has the potential to transform the Tanzanian economy.
Keywords:
T-Bill rate shock; monetary policy transmission mechanism; impulse response; interest rates shock; standard deviation shock; Climate change; Natural disasters; Monetary base; Natural gas sector; Business enterprises; Global; Sub-Saharan Africa
Cover IMF Staff Country Reports
United Republic of Tanzania: 2023 Article IV Consultation and First Review Under the Extended Credit Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for the United Republic of Tanzania
International Monetary Fund. African Dept.
This paper focuses on United Republic of Tanzania’s 2023 Article IV Consultation and First Review under the Extended Credit Facility Arrangement. Reforms focus on strengthening the economic recovery, preserving macroeconomic stability, and supporting structural reforms toward sustainable and inclusive growth. Tanzania’s economic reform program is progressing. All quantitative performance criteria and indicative targets for December 2022 were met. The structural benchmarks to prepare and begin implementing a plan to clear all expenditure arrears and to submit the amendments to the Banking and Financial Institutions Act to Parliament were completed ahead of time. Spillovers from the war in Ukraine and domestic factors have weighed on Tanzania’s economic recovery from the pandemic. While inflation remains below target, the Bank of Tanzania should stand ready to tighten monetary policy as needed while allowing more exchange rate flexibility against external shocks. Structural reforms are essential to promote inclusive, resilient, and sustainable growth. Business reforms should focus on streamlining bureaucratic procedures, simplifying the business regulatory regime, and enhancing regulatory transparency.
Keywords:
CPI weight; ECF arrangement; anti-corruption policy; buttress government commitment; financial asset; Trade balance; Debt sustainability; Global; Africa
Cover IMF Staff Country Reports
Nigeria: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper presents stylized facts about food insecurity in Nigeria, investigates its drivers in a cross-country setting, and assesses the role of policies. The paper describes regional aspects of Nigeria’s food insecurity and compares the impact of coronavirus disease 2019 and the war in Ukraine on food security in Nigeria and other countries. It also provides an overview of agricultural production and consumption in Nigeria. The paper investigates the drivers of food security using an empirical cross-country framework including demand, supply, and price factors, and offers thoughts on policies to improve agricultural yields and production. The important role of inputs is evident in the policy experience of comparator countries. Nigeria has achieved a substantial increase in agricultural production associated with its policies but some have been less successful. Import dependency for key staples has not fallen and the cost of these agricultural products remains driven by international prices. Further, central bank credit to the agricultural sector has not succeeded in increasing production beyond the stimulus of high rainfall and high food prices.
Keywords:
EIU FOOD INSECURITY index; World wheat price inflation; tax revenue mobilization; food supply; fuel subsidy reform; food price inflation; Mobile banking; Financial inclusion; Food security; Excises; Global; Sub-Saharan Africa