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Displaying results 1 to 10 of 10.

  1. Maldives
    technical assistance report : revising the fiscal responsibility act
    Published: January 2022
    Publisher:  International Monetary Fund, Washington, D.C.

    The Fiscal Responsibility Act (FRA) came into effect in 2013 to reduce rising public debt and achieve fiscal stability. Maldives has experienced rapid public debt accumulation over the past decade. The FRA establishes objectives for maintaining debt... more

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    The Fiscal Responsibility Act (FRA) came into effect in 2013 to reduce rising public debt and achieve fiscal stability. Maldives has experienced rapid public debt accumulation over the past decade. The FRA establishes objectives for maintaining debt at a sustainable level and reducing the overall fiscal balance. The Act also sets minimum standards for fiscal transparency and accountability and requires the Government to prepare and publish medium-term fiscal and debt strategy reports

     
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  2. Republic of Kosovo
    2021 Article IV consultation : press release and staff report
    Published: January 2022
    Publisher:  International Monetary Fund, Washington, D.C.

    After contracting more than 5 percent in 2020, Kosovo's economy is projected to have recovered by 7.5 percent in 2021, thanks to mobility normalization, extraordinary diaspora inflows, and strengthened confidence. Improved vaccination rates supported... more

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    Duale Hochschule Baden-Württemberg Villingen-Schwenningen, Bibliothek
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    After contracting more than 5 percent in 2020, Kosovo's economy is projected to have recovered by 7.5 percent in 2021, thanks to mobility normalization, extraordinary diaspora inflows, and strengthened confidence. Improved vaccination rates supported these trends and mitigation and recovery measures provided lifelines to those most affected by the pandemic. Though GDP growth is expected to normalize in 2022, the new omicron variant is a reminder that the pandemic continues to represent the main downside risk

     
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  3. Trust what you hear
    policy communication, expectations, and fiscal credibility
    Author: End, Nicolas; Hong, Gee Hee
    Published: 2022 FEB
    Publisher:  International Monetary Fund, [Washington, D.C.]

    How do policy communications on future f iscal targets af fect market expectations and beliefs about the future conduct of f iscal policy? In this paper, we develop indicators of f iscal credibility that quantify the degree to which policy... more

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    How do policy communications on future f iscal targets af fect market expectations and beliefs about the future conduct of f iscal policy? In this paper, we develop indicators of f iscal credibility that quantify the degree to which policy announcements anchor expectations, based on the deviation of private expectations f rom official targets, for 41 countries. We find that policy announcements partly re-anchor expectations and that f iscal rules and strong fiscal institutions, as well as a good policy track record, contribute to magnifying this effect, thereby improving fiscal credibility. Conversely, empirical analysis suggests that markets reward credibility with more favorable sovereign financing conditions

     
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  4. How to prepare expenditure baselines
    Author: Rahim, Fazeer; Wendling, Claude; Pedastsaar, Eliko
    Published: 2022
    Publisher:  International Monetary Fund, Publication Services, Washington, DC, U.S.A.

    Expenditure baseline projections (hereafter, "base¬lines") are a key analytical concept in budget preparation that refers to estimates of future expenditure on the assumption that current policies remain unchanged. They serve as reference points... more

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    Duale Hochschule Baden-Württemberg Villingen-Schwenningen, Bibliothek
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    Expenditure baseline projections (hereafter, "base¬lines") are a key analytical concept in budget preparation that refers to estimates of future expenditure on the assumption that current policies remain unchanged. They serve as reference points against which other data, such as proposed or approved budgets, or expenditure ceilings, can be compared. In many countries they are a basic tool for starting the preparation of the budget. They represent neither future spending allocations nor total expected outturn as they do not incorporate estimates of the cost of new policies and the expected impact of saving measures. Other features of baselines are that they are generally produced over a multiyear period, they can be calcu¬lated at any level or form of the budget classification (that is, ministries, economic classification, specific policies, functions or programs), and can be summed up to higher levels (such as the whole budget). Hence, they can be useful at both a micro and an aggregate level. This note aims to clarify and establish a framework that covers baselines' various purposes and uses. It first discusses the definition and objectives of baselines and the methodology used for producing them before outlining how they should be prepared. It concludes with a discussion of the key success factors for making the most effective use of baselines

     
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  5. Republic of Madagascar
    first review under the extended credit facility arrangement : press release; staff report; and statement by the Executive Director for Republic of Madagascar
    Published: March 2022
    Publisher:  International Monetary Fund, Washington, D.C.

    Madagascar continues to be severely affected by the COVID-19 pandemic. After a contraction of GDP estimated at 7.1 percent in 2020, the economic recovery has been sluggish, partly reflecting a delayed reopening of the economy. Postponement of some... more

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    e-Book Nationallizenz
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    Duale Hochschule Baden-Württemberg Villingen-Schwenningen, Bibliothek
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    Madagascar continues to be severely affected by the COVID-19 pandemic. After a contraction of GDP estimated at 7.1 percent in 2020, the economic recovery has been sluggish, partly reflecting a delayed reopening of the economy. Postponement of some external budget support, following delays in structural reforms, will open a fiscal financing gap in 2022

     
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  6. Republic of Madagascar
    first review under the extended credit facility arrangement : press release; staff report; and statement by the Executive Director for Republic of Madagascar
    Published: March 2022
    Publisher:  International Monetary Fund, Washington, D.C.

    Madagascar continues to be severely affected by the COVID-19 pandemic. After a contraction of GDP estimated at 7.1 percent in 2020, the economic recovery has been sluggish, partly reflecting a delayed reopening of the economy. Postponement of some... more

    Access:
    Verlag (kostenfrei)
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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Inter-library loan:
    Unlimited inter-library loan, copies and loan

     

    Madagascar continues to be severely affected by the COVID-19 pandemic. After a contraction of GDP estimated at 7.1 percent in 2020, the economic recovery has been sluggish, partly reflecting a delayed reopening of the economy. Postponement of some external budget support, following delays in structural reforms, will open a fiscal financing gap in 2022

     
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  7. How to prepare expenditure baselines
    Author: Rahim, Fazeer; Wendling, Claude; Pedastsaar, Eliko
    Published: 2022
    Publisher:  International Monetary Fund, Publication Services, Washington, DC, U.S.A.

    Expenditure baseline projections (hereafter, "baselines") are a key analytical concept in budget preparation that refers to estimates of future expenditure on the assumption that current policies remain unchanged. They serve as reference points... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
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    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Inter-library loan:
    Unlimited inter-library loan, copies and loan

     

    Expenditure baseline projections (hereafter, "baselines") are a key analytical concept in budget preparation that refers to estimates of future expenditure on the assumption that current policies remain unchanged. They serve as reference points against which other data, such as proposed or approved budgets, or expenditure ceilings, can be compared. In many countries they are a basic tool for starting the preparation of the budget. They represent neither future spending allocations nor total expected outturn as they do not incorporate estimates of the cost of new policies and the expected impact of saving measures. Other features of baselines are that they are generally produced over a multiyear period, they can be calculated at any level or form of the budget classification (that is, ministries, economic classification, specific policies, functions or programs), and can be summed up to higher levels (such as the whole budget). Hence, they can be useful at both a micro and an aggregate level. This note aims to clarify and establish a framework that covers baselines' various purposes and uses. It first discusses the definition and objectives of baselines and the methodology used for producing them before outlining how they should be prepared. It concludes with a discussion of the key success factors for making the most effective use of baselines

     
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  8. Maldives
    technical assistance report : revising the fiscal responsibility act
    Published: January 2022
    Publisher:  International Monetary Fund, Washington, D.C.

    The Fiscal Responsibility Act (FRA) came into effect in 2013 to reduce rising public debt and achieve fiscal stability. Maldives has experienced rapid public debt accumulation over the past decade. The FRA establishes objectives for maintaining debt... more

    Access:
    Verlag (kostenfrei)
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    Location:
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
    Inter-library loan:
    Unlimited inter-library loan, copies and loan

     

    The Fiscal Responsibility Act (FRA) came into effect in 2013 to reduce rising public debt and achieve fiscal stability. Maldives has experienced rapid public debt accumulation over the past decade. The FRA establishes objectives for maintaining debt at a sustainable level and reducing the overall fiscal balance. The Act also sets minimum standards for fiscal transparency and accountability and requires the Government to prepare and publish medium-term fiscal and debt strategy reports

     
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  9. Republic of Kosovo
    2021 Article IV consultation : press release and staff report
    Published: January 2022
    Publisher:  International Monetary Fund, Washington, D.C.

    After contracting more than 5 percent in 2020, Kosovo's economy is projected to have recovered by 7.5 percent in 2021, thanks to mobility normalization, extraordinary diaspora inflows, and strengthened confidence. Improved vaccination rates supported... more

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    After contracting more than 5 percent in 2020, Kosovo's economy is projected to have recovered by 7.5 percent in 2021, thanks to mobility normalization, extraordinary diaspora inflows, and strengthened confidence. Improved vaccination rates supported these trends and mitigation and recovery measures provided lifelines to those most affected by the pandemic. Though GDP growth is expected to normalize in 2022, the new omicron variant is a reminder that the pandemic continues to represent the main downside risk

     
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  10. Trust what you hear
    policy communication, expectations, and fiscal credibility
    Author: End, Nicolas; Hong, Gee Hee
    Published: 2022 FEB
    Publisher:  International Monetary Fund, [Washington, D.C.]

    How do policy communications on future f iscal targets af fect market expectations and beliefs about the future conduct of f iscal policy? In this paper, we develop indicators of f iscal credibility that quantify the degree to which policy... more

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    How do policy communications on future f iscal targets af fect market expectations and beliefs about the future conduct of f iscal policy? In this paper, we develop indicators of f iscal credibility that quantify the degree to which policy announcements anchor expectations, based on the deviation of private expectations f rom official targets, for 41 countries. We find that policy announcements partly re-anchor expectations and that f iscal rules and strong fiscal institutions, as well as a good policy track record, contribute to magnifying this effect, thereby improving fiscal credibility. Conversely, empirical analysis suggests that markets reward credibility with more favorable sovereign financing conditions

     
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