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Asia and Pacific > Thailand

You are looking at 1 - 10 of 31 items for :

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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 Working Papers
A Multi-Currency Exchange and Contracting Platform
Mr. Tobias Adrian
,
Federico Grinberg
,
Mr. Tommaso Mancini Griffoli
,
Robert M. Townsend
, and
Nicolas Zhang
Cross-border payments can be slow, expensive, and risky. They are intermediated by counterparties in different jurisdictions which rely on costly trusted relationships to offset the lack of a common settlement asset as well as common rules and governance. In this paper, we present a vision for a multilateral platform that could improve cross-border payments, as well as related foreign exchange transactions, risk sharing, and more generally, financial contracting. The approach is to leverage technological innovations for public policy objectives. A common ledger, smart contracts, and encryption offer significant gains to market efficiency, completeness, and access, as well as to transparency, transaction and compliance costs, and safety. This paper is a first step aiming to stimulate further work in this space.
Keywords:
Cross-border payments; multilateral platforms; digital money; CBDC; programmability; encryption; exchange-market illiquidity; risk sharing; market design; hedging risk; cross-border payment; Smart contracts; Currencies; Currency markets; Financial statements; Global
Cover IMF Staff Country Reports
Lao People’s Democratic Republic: Technical Assistance Report on Government Finance Statistics Mission (October 4-29, 2021)
International Monetary Fund. Statistics Dept.
This paper presents Lao People’s Democratic Republic’s Technical Assistance report on government finance statistics (GFS) mission. There has been a progress on a gradual basis in the timeliness of GFS compilation and dissemination to the IMF due to an improvement in coordination between the Fiscal Policy and Law Department and data providers on the provision of source data, but these data are still not reconciled in a more regular and timelier basis. Monthly budget execution data which is used for GFS compilation, such as other allowances and subsidies in expenditure in particular, are aggregated and prepared according to source data from the data providers. The Annual budget for FY2022 including fiscal package including fiscal measures for coronavirus disease 2019 (COVID-19) pandemic response was submitted to the National Assembly in Nov/Dec 2021. The report recommends to coordinate with relevant departments including the Budget Department in the reporting system and/or the Inter-ministerial Committee to collect data for COVID-19 related spending for tracing and monitoring the spending.
Keywords:
IMF capacity development office; PSDS data compilation; IMF's Statistics Department; execution data; data dissemination to IMF; Government finance statistics; Budget execution and treasury management; Capital spending
Cover IMF Staff Country Reports
Lao People’s Democratic Republic: Technical Assistance Report-Government Finance Statistics and Public Sector Debt Statistics
International Monetary Fund. Statistics Dept.
This technical assistance (TA) report on government finance statistics (GFS) covers the remote TA to the Ministry of Finance (MOF) during September 21–October 2 and December 14–18, 2020 and March 9–13 and April 19–23, 2021 (which was extended to May 2021). These peripatetic activities were conducted remotely due to the travel restrictions resulting from the COVID-19 situation. This report documents the main achievements from these activities. These activities were part of the GFS and Public Sector Debt Statistics (PSDS) project funded by the Government of Japan (JSA3) and implemented by the IMF Statistics Department (STA) and the IMF Capacity Development Office in Thailand (CDOT).
Keywords:
MOF website; IMF capacity development office; IMF's Statistics Department; MOF staff; government finance information system; TA for April; Government finance statistics; COVID-19; Budget planning and preparation; Data collection; Budget execution and treasury management
Cover IMF Staff Country Reports
Thailand: Financial Sector Assessment Program-Detailed Assessment of Observance-Insurance Core Principles
International Monetary Fund. Monetary and Capital Markets Department
This Detailed Assessment of Observance on Insurance Core Principles on Thailand discusses that the government of Thailand has made a concerted effort to develop the insurance sector. The government has implemented a series of insurance development plans toward this end. Some significant regulatory and supervisory challenges remain, however, if Thailand is to continue to meet the pressures of a changing market and to continue to build the trust on which future growth depends. Consideration should be given to vesting more supervisory authority for key supervisory decisions with the Commission rather than with the Minister and Cabinet. Vesting authority with the Commission will help to ensure that the insurance supervisor has adequate powers to meet the objectives of insurance supervision. With respect to winding up and exit from the market, the insurance legislation should be amended to clearly establish a point at which it is no longer permissible for a troubled insurer to continue in business.
Keywords:
ISCR; CR; risk management; state enterprise; corporate governance; insurance coverage; steering committee; board of directors; interest rate; risk assessment; credit risk; senior management; limited company; risk capital; independent auditor; cash flow; preference shares; Insurance companies; Insurance; Internal controls; Capital adequacy requirements; Auditing; Global
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 Behind the Scenes with Data at the IMF
Behind the Scenes with Data at the IMF
An IEO Evaluation
International Monetary Fund. Independent Evaluation Office

Abstract

This report examines whether the IMF has effectively leveraged an important asset: data. It finds that in general, the IMF has been able to rely on a large amount of data of acceptable quality, and that data provision from member countries has improved markedly over time. Nonetheless, problems with data or data practices have, at times, adversely affected the IMF’s surveillance and lending activities. The roots of data problems are diverse, ranging from problems due to member countries’ capacity constraints or reluctance to share sensitive data to internal issues such as lack of appropriate staff incentives, institutional rigidities, and long-standing work practices. Efforts to tackle these problems are piecemeal, the report finds, without a clear comprehensive strategy that recognizes data as an institutional strategic asset, not just a consumption good for economists. The report makes a number of recommendations that could promote greater progress in this regard.

Keywords:
IEOR; IEO; data; data management; evaluation; data practice; IMF data provision; model data management guideline; data management framework; data deficiency; Special Data Dissemination Standard (SDDS); Data dissemination; Financial statistics; Financial statements; Global; data challenge; data management initiative; evaluation team; IMF document; Data collection
Cover IMF Working Papers
G-20 Data Gaps Initiative II: Meeting the Policy Challenge
Mr. Robert M Heath
and
Evrim Bese Goksu
The G-20 Data Gaps Initiative (DGI), which aimed at addressing the information needs that were revealed by the 2007/2008 global financial crisis, concluded its first phase and started a second phase (DGI-2) with the endorsement of G-20 Finance Ministers and Central Bank Governors in September 2015. The DGI-2 recommendations maintain the continuity of DGI-1 but reflecting the evolving policy needs focus more on datasets that support the monitoring of risks in the financial sector and the analysis of the inter-linkages across the economic and financial systems. The paper presents the DGI as an overarching initiative, bringing together various statistical frameworks for a complete picture of the economic and financial system to support the work of policy makers.
Keywords:
WP; economy; DGI; G20 industrial nations; market; global financial system; data gaps; financial interconnections; global financial crisis; cross-border interconnectedness; financial sector; surveillance; regulation; securities financing market; IMF CDIS; short-term debt; data standard; DGI recommendation; DGI project; IMF paper; IMF managing director's action plan; DGI framework; CDS market; market complexity; Financial sector stability; Financial statements; Government finance statistics; Commercial banks; Global
Cover IMF Working Papers
Stress Testing Corporate Balance Sheets in Emerging Economies
Mr. Julian T Chow
In recent years, firms in emerging market countries have increased borrowing, particularly in foreign currency, owing to easy access to global capital markets, prolonged low interest rates and good investment opportunities. This paper discusses the trends in emerging market corporate debt and leverage, and illustrates how those firms are vulnerable to interest rate, exchange rate and earnings shocks. The results of a stress test show that while corporate sector risk remains moderate in most emerging economies, a combination of macroeconomic and financial shocks could significantly erode firms’ ability to service debt and lead to higher debt at risk, especially in countries with high shares of foreign currency debt and low natural hedges.
Keywords:
WP; emerging market; corporate; balance sheet; emerging market corporate; interest expense; Emerging market corporate debt; leverage; debt at risk; balance sheet information; on-balance sheet derivatives obligation; debt issuance; liabilities structure; banking sector; expenses of the corporate; debt index; foreign currency issuance; Emerging and frontier financial markets; Financial statements; Stress testing; Currencies; Corporate sector; Global
Cover IMF Working Papers
Conventional and Insidious Macroeconomic Balance-Sheet Crises
Mr. Bas B. Bakker
and
Mr. Leslie Lipschitz
This paper describes the anatomy of two types of balance-sheet macroeconomic crises. Conventional balance-sheet crises are triggered by external imbalances and balance sheet vulnerabilities. They typically occur after capital inflows have led to a substantial build up of foreign currency exposure. Insidious crises are triggered by internal imbalances and balance sheet vulnerabilities. They occur in high-growth economies when an initially equilibrating shift in relative prices and resources and credit in favor of the nontraded sector overshoots equilibrium. The paper argues that policymakers are now better able to forestall conventional crises, but they are much less capable of early detection and avoidance of insidious crises.
Keywords:
WP; asset; price; current account; deficit; exchange rate; interest rate; crises; balance sheets; business cycles; capital flows; construction boom; emerging market economy; foreign exchange; FX assets; capital account; Capital inflows; Financial statements; Return on investment; Current account deficits; Global