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International Monetary Fund. African Dept.

Revenue Authority (KRA) has identified additional measures (reforming corporate exemptions, and VAT, among others) to enhance revenue administration and collections. In light of the ongoing legal challenges to the Corporate Minimum Tax (CMT), the authorities have identified measures to offset CMT revenue lost, for the FY2021/22. The authorities are confident that the offsets will be achieved with a reduction in recurrent spending and further rationalizing the portfolio of non-priority projects. 11. Expenditure control measures remain vital, to preserve fiscal and debt

International Monetary Fund

control and rationalization of public expenditure. This includes the acknowledged need to address public sector employment. Significantly, following the input from the Public Expenditure Review and Rationalization Study which was prepared with the assistance of the World Bank, important new governance and expenditure control measures are being introduced. Personnel controls are receiving increased attention and the recruitment freeze on public sector positions has been maintained along with new restrictions on the recruitment of casual employees. With time needed to

International Monetary Fund. Western Hemisphere Dept.
This paper focuses on policies to raise growth; underpin fiscal sustainability while enhancing social safety nets; and strengthen financial sector stability, deepening, and inclusiveness. GDP growth has averaged 2 percent during 2000–14, well below the Central American regional average of 4½ percent. While the underlying causes of the low growth are complex, a key channel through which they are expressed appears to be low investment. Given the need to increase growth, revenue-raising measures should be accompanied by cuts in distortionary taxation. Stress tests suggest that financial buffers are adequate to contain most risks. The financial deepening and advancing financial inclusion could have a meaningful impact on both growth and poverty.
International Monetary Fund
Lao People's Democratic Republic (Lao PDR) showed commendable growth owing to its strong macroeconomic performance and structural reforms under the economic program. Executive Directors commended the fiscal performance, bank restructuring, and the private sector developments, and stressed the need to strengthen monetary and exchange rate policies. They welcomed the poverty reduction strategy and emphasized the need to accelerate structural reforms. They agreed that Lao PDR successfully completed the third review under the Poverty Reduction and Growth Facility (PRGF), and approved a waiver and an extension of the PRGF arrangement.