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Asia and Pacific > Thailand

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Cover IMF How To Notes
How to Develop and Implement a Medium-Term Fiscal Framework
Teresa R Curristine
,
Isabell Adenauer
,
Virginia Alonso-Albarran
,
John Grinyer
,
Koon Hui Tee
,
Claude P Wendling
, and
Delphine Moretti
This Note provides guidance on developing and implementing a medium-term fiscal framework (MTFF). MTFFs aim to promote fiscal discipline and sustainability, transparency, and better-informed fiscal decisions. An MTFF comprises a set of institutional arrangements for prioritizing, presenting, reporting, and managing fiscal aggregates - revenue, expenditure, balance, and debt - generally over a three-to-five-year period. It incorporates a fiscal strategy, medium-term projections of key macroeconomic variables and fiscal aggregates, and ceilings on total expenditure to guide subsequent annual budgets. By introducing a medium-term perspective into fiscal and budgetary decision making, MTFFs provide a clearer understanding of the impact, trade-offs, and risks of policy choices. MTFFs contribute to enhancing transparency and accountability by communicating the government’s medium-term fiscal goals, policies, and fiscal performance. Ultimately, clarity on medium-term fiscal plans and on their effective implementation can bolster confidence in the government’s ability to manage its finances prudently and competently. In addition to providing guidance on how to design an MTFF and the institutional and technical arrangements needed to support implementation, the Note discusses key challenges and presents country examples from across the globe by income group and concludes with lessons learned.
Keywords:
fiscal frameworks; fiscal planning; budget cycles; MTFF; medium-term fiscal framework; emerging market economy country example; MTFF specification; koon hui tee; MTFF projection Tool; MTFF time horizon; Budget planning and preparation; Fiscal rules; Fiscal risks; Caribbean
Cover IMF Staff Country Reports
Thailand: Technical Assistance Report-Government Finance Statistics
International Monetary Fund. Statistics Dept.
The main purpose of this mission—undertaken with the support of the Government of Japan’s government finance statistics (GFS) project for selected Asian countries—was to improve the quality of the GFS for nonfinancial public corporations (NFPCs) in Thailand by designing a simpler, but more complete, compilation system for the GFS compilers in the Fiscal Policy Office (FPO) of the Ministry of Finance. The mission also discussed some specific general government GFS data compilation issues with the compilers and recommended some actions that would lead to further improvements in data quality as well as consistency with other macroeconomic statistics. In addition, the mission commended the recent momentum gained by the Public Debt Management Office (PDMO) on the reporting of timely, quarterly public sector debt statistics and encouraged them to continue with the regular, quarterly reporting.
Keywords:
ISCR; CR; financial statement; government finance statistic; Thailand; balance sheet; profit and loss statement; compilation system; TA mission; GFS data; top-level GFS code; GFS compiler; GFS mission; GFS aggregate; Government finance statistics; Financial statements; Public sector; Fiscal accounting and reporting
Cover IMF Staff Country Reports
Malaysia: Staff Report for the 2013 Article IV Consultation
International Monetary Fund. Asia and Pacific Dept
The IMF staff report for the 2013 Article IV Consultation focuses on Malaysia’s economic developments and policies. The IMF report discusses that continued growth in domestic demand, especially investment, and a pickup in external demand should help maintain robust growth going forward despite the fiscal tightening. Amidst concerns about Malaysia’s public finances and sharp narrowing of the external surplus in spring–summer of 2013, authorities have taken timely action to secure fiscal sustainability and assure markets. It suggests that authorities’ decisions in 2013 are close to a fiscal policy breakthrough aiming to contain federal debt and related fiscal risks.
Keywords:
ISCR; CR; policy flexibility; policy; regulation; public finance; policy issue; market distortion; household debt; exchange arrangement; data standard; policy stance; Inflation; Value-added tax; Fiscal consolidation; Global; Asia and Pacific
Cover IMF Staff Country Reports
Thailand: 2010 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Thailand
International Monetary Fund
The Thai economy has demonstrated its strength in its rapid rebound from the global crisis. But the loss of its former dynamism has slowed trend growth and left it largely dependent on exports. Executive Directors encourage an infrastructure-led growth strategy to make a difference to Thailand’s medium-term outlook. The significant obstacles to this strategy is that large infrastructure projects are particularly complex, with difficulties at the design, contracting, and implementation phases. An infrastructure-led growth strategy would also require budgetary resources and strengthening the medium-term fiscal framework.
Keywords:
ISCR; CR; monetary policy response; fiscal policy; stimulus package; fiscal policy space; sizeable fiscal policy; FSMP II; committee's decision; Exports; Central bank policy rate; Public sector; Credit; Global; Asia and Pacific
Cover Japan Administered Account for Selected IMF Activities (JSA)--Annual Report for Fiscal Year 2009
Japan Administered Account for Selected IMF Activities (JSA)--Annual Report for Fiscal Year 2009
International Monetary Fund

Abstract

This paper provides a brief description of the IMF and its activities, focusing in particular on its technical assistance (TA) activities. The report then describes in greater detail the Japan Administered Account for Selected Fund Activities (JSA)—including its scope and objectives, the size and uses of the TA contribution, and assessments of its TA activities and scholarship programs—with a focus on fiscal year (FY) 2009. Japan has provided grant contributions to support IMF technical assistance to member countries since 1990. In 1997, the scope of the administered account was widened to allow for financing other IMF activities in Asia and the Pacific, carried out through the IMF Regional Office for Asia and the Pacific in Tokyo. Regular consultations are held between the IMF and the Japanese authorities; the most recent formal meeting took place in April 2009. The use of JSA resources is flexible. JSA funds can be used to cover the cost of short- and long-term TA experts and other costs associated with conducting seminars and workshops, such as room rental fees.

Keywords:
MISC RPT; MISC; Accounts-Japan Financial Statement Fy2009; Japan; audit of the JSA; annual audit; certificate of completion; fund activity; Budget planning and preparation; Bank supervision; Tax administration core functions; Asia and Pacific; Africa; Central Asia; Middle East; Middle East and Central Asia; TA activity; review mission; IMF TA; scholarship program; IMF expert; IMF customs expert; IMF department; IMF economist; Anti-money laundering and combating the financing of terrorism (AML/CFT); Capital markets; Financial Sector Assessment Program; Caribbean
Cover IMF Staff Position Notes
Disclosing Fiscal Risks in the Post-Crisis World
International Monetary Fund
This paper discusses appropriate methods for disclosing fiscal risks from exogenous shocks and the realization of explicit or implicit contingent obligations of the government. Expanding on previous guidance prepared prior to the crisis, the note focuses on fiscal risks emerging from recent public interventions in the financial sector. Information on fiscal risks and its public reporting leads to a better understanding of the true state of the public finances. Thus, it helps policymakers design and gets public support for, appropriate responses to the realization of various contingencies. More specifically, in the context of the unfolding global financial crisis, a wide range of public sector interventions have been in support of the financial system. Although these interventions have been necessary, they have generated further fiscal risks. Comprehensive reporting would help governments to define a management strategy of the assets and liabilities that they have taken on their balance sheet and to prepare exit strategies for reducing their presence in the financial sector and eventually withdrawing support.
Keywords:
SPN; financial crisis; debt; risk; public finance; fiscal risk; debt stock; asset recovery; debt repayment; fair value; asset price volatility; commercial paper; purchased assets; recovery rate; risk ratings approach; forward-looking risk estimate; Fiscal risks; Contingent liabilities; Public sector; Financial statements; Global
Cover IMF Staff Country Reports
Philippines: Staff Report for the 2005 Article IV Consultation and Post-Program Monitoring Discussions
International Monetary Fund
The staff report for the 2005 Article IV Consultation on the Philippines highlights managing short-term vulnerabilities and higher investment and growth. Power generation tariffs have been raised to substantially cut the losses of the National Power Corporation (NPC). A risk to the near-term outlook for the Philippine economy is that political events, such as possible constitutional change, serve to sideline economic reforms. Executive Directors agreed that rebalancing the composition of public expenditure, with reduced current outlays providing space for capital and social spending, should form an integral part of the fiscal consolidation.
Keywords:
ISCR; CR; GDP; VAT reform package; deficit; reform; government; reform package; privatization receipt; authorities definition; US$ billion; nonfinancial public sector revenue net; Public sector; Value-added tax; Privatization; Global
Cover IMF Staff Country Reports
Argentina: Staff Report for the 2005 Article IV Consultation
International Monetary Fund
This 2005 Article IV Consultation highlights that Argentina’s economy has rebounded strongly from the financial crisis in late 2001. Reflecting buoyant domestic demand, real GDP grew close to 9 percent in both 2003 and 2004, bringing real output level back to the peak level achieved prior to the crisis. Growth has continued in the first quarter, and consumer and business confidence indicators remain at high levels. Inflation, however, has accelerated amid rising demand, increased capacity constraints, growing wage pressures, and monetary accommodation.
Keywords:
ISCR; CR; government; country risk risk premium; government financing; government paper; central bank president; tax administration law; Public sector; Arrears; Fiscal stance; Global; Asia and Pacific
Cover IMF Working Papers
The Contingent Claims Approach to Corporate Vulnerability Analysis: Estimating Default Risk and Economy-Wide Risk Transfer
Ms. Yingbin Xiao
,
Mr. Dale F Gray
,
Cheng Hoon Lim
, and
Michael T. Gapen
In this paper, we examine the ability of the contingent claims approach (CCA) to identify corporate sector and economy-wide vulnerabilities. We apply the Moody's MfRisk model, which uses aggregated CCA principles, to assess vulnerabilities retroactively in two historical country cases. The results indicate that the method may prove helpful in identifying corporate sector vulnerabilities and estimating the associated value of risk transfer across interrelated balance sheets of the corporate, financial, and public sectors.
Keywords:
WP; asset value; credit risk; asset volatility; bank assets; put option; short-term debt
Cover IMF Staff Country Reports
India: Recent Economic Developments and Selected Issues
International Monetary Fund
India rebounded strongly from its 1991 balance-of-payments crisis, aided by structural reforms and other policy adjustments. The government has sought to reinvigorate the process of structural and fiscal reform. The paper examines trends in interstate differences in rural poverty; reviews India's postal saving system and possible reform issues; describes and evaluates the current system of pensions and provident funds, and discusses reform options. The paper also briefly reviews the structure of and recent developments in the Indian foreign exchange market.
Keywords:
ISCR; CR; India; GDP; exchange rate; deposit; U.S. dollar; dollar rate; chapter IX; private sector; reform issue; Commercial banks; Pensions; Public sector; Global; Africa; Asia and Pacific; Western Europe