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International Monetary Fund. Statistics Dept.

following : (i) Expenditure measures: (a) welfare supports to company (SSF members) employees from SSF. The Lao Government will collect the information on affected families and company employees, unsupported by SSF, in the region by Covid-19 pandemic to provide support from the Budget. (b) 15% of central budget and 10% of local budget will be cut and non-urgent expenditure implementation will be postponed. (c) These expenditure measures are financed from Reserve fund (State accumulation fund etc.), external grants and domestic grants (from private companies and

International Monetary Fund. Asia and Pacific Dept

deal with future shocks. They encouraged the authorities to exercise restraint in civil service wage increases which could crowd out higher priority spending. Directors recommended anchoring fiscal goals around the nonmining deficit. They welcomed the establishment of the State Accumulation Fund sourced by excess revenues and underspending, which will strengthen the ability of the budget to respond to future shocks. Directors recognized the improved debt sustainability assessment and called for further strengthening of the debt management framework and maintaining

International Monetary Fund

sector will be crucial, given its potential contribution to external viability, debt sustainability, and overall growth. Appropriate fiscal and regulatory regimes, as well as proper environmental standards, will help to maximize gains from sector development and improve governance. Directors accordingly called for the development of a comprehensive strategy for resource management, anchored in a medium-term fiscal framework, and welcomed the operationalization of the State Accumulation Fund as a resource for addressing longer-term expenditure needs. Directors suggested

International Monetary Fund. Asia and Pacific Dept

room, the authorities have established the State Accumulation Fund (SAF) this year, which will be managed under a new State Revenue Department of the MOF. The resources of SAF will be sourced from fiscal saving, either from revenue over-performance including higher share of mining revenue or from under-spending. The funds from SAF will be used for unforeseen circumstances, such as natural disasters or counter cyclical policies. 10. The authorities are of the view that public sector debt is well managed. Financing is important to deliver the PRSP goal for the

International Monetary Fund

.8 -4.7 0.0 -4.6 Financing 3.3 4.5 3.8 2.7 3.8 1.7 2.2 1.4 Domestic financing (net) 6/ -0.3 0.2 -1.1 -1.1 0.6 -1.1 -0.2 -1.0 Bank financing -0.3 0.2 -1.1 -1.0 0.5 -1.2 -0.3 -1.0 Of which :State Accumulation Fund -- -- -0.1 -0.1 -0.5 -0.5 -0.1 -0.1 Nonbank financing 0.0 0.0 0.0 -0.2 0.1 0.1 0.1 0.0 Foreign financing (net) 4.3 4.9 3.9 3.1 2.7 2.4 2.5 Disbursements 4.5 5.3 5.8 4.8 4.1 3.9 3

International Monetary Fund

contribution rate is capped at 7 percent. The second pillar will be organized as a state accumulation fund which chooses asset management companies to manage the funds which will earn an aggregate rate of return. An option to individually choose the asset manager and obtain an individual rate of return will be provided to participants eleven years after the launch of the second pillar. Legislation provides strict requirements for asset managers and investment limits. 89 The mandatory pension funds will be supervised by the Non-bank Financial Supervisor which was

Mr. Carlo Cottarelli, Mr. Luis M. Cubeddu, and Mr. M. Cangiano
This paper reviews developments in pension systems in 11 transition economies during the 1990s, highlighting the forces behind their rapid weakening. It focuses on the challenges these systems face—including those arising from demographic factors—and discusses why most transition countries are considering shifting, or have already shifted, from traditional defined-benefit pay-as-you-go systems to defined-contribution fully funded systems. Finally, the paper looks at the main options that arise in introducing fully funded components, including the relative mix between funding and pay-as-you-go, and the speed of the transition toward the new system.
Mr. Carlo Cottarelli, Mr. Luis M. Cubeddu, and Mr. M. Cangiano

has established a government-run pension fund, the State Accumulation Fund (akin to the Banco de la Nacion scheme in Argentina). The state accumulation fund will be authorized to invest only in securities issued by the government, deposits of state banks, and international financial institutions. In Hungary, restrictions on internal asset management have also been introduced, including mandatory internal reserves equal to at least 0.5 percent of the stock of individual accounts. Table 10. Main Features of Mandatory Fully Funded Pillar Countries

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).
International Monetary Fund

1,928 1,788 81 1,240 0 Of which: Off-budget (local government) … … … … 615 1,397 1,416 0 Of which: State Accumulation Fund -234 -50 -50 -50 -110 -110 -50 Nonbank financing 16 0 519 17 704 638 161 358 0 Of which: Off-budget (SEA game related) … … 118 … 536 536 … 196 Other financing (including discrepancy) -252 -161 1 0 0 -67 0 0 Foreign financing (net) 1,390 1,484 1,363 1,151 1,151 1