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International Monetary Fund. Asia and Pacific Dept
This 2017 Article IV Consultation highlights that Myanmar’s economy stabilized in 2016/17. The new government saw a challenging first year with lower-than-expected growth of 5.9 percent in 2016/17 mainly owing to weak agriculture production and exports, and temporary suspension of some construction projects in Yangon. Inflation moderated to 6.8 percent, and the current account deficit fell to about 3.9 percent of GDP in 2016/17 from 5.1 percent 2015/16. The medium-term macroeconomic outlook remains favorable. Growth is expected to rebound to 6.7 percent in 2017/18 mainly supported by a recovering agriculture sector and exports. Higher fiscal spending anticipated in the second half of 2017/18 owing to buoyant tax revenues will also support growth.
International Monetary Fund. Asia and Pacific Dept

percent (y/y) in November 2017, from 27 percent (y/y) in September 2017. 6. The authorities launched their Myanmar Sustainable Development Plan (MSDP) on February 26. The MSDP identifies a number of development priorities, reflecting multi-dimensional and vast development needs. While further work is needed to specify reform sequencing and integration with the medium term fiscal framework, the MSDP is a good first step towards setting reform direction, and building an inclusive development agenda.

International Monetary Fund

Europe Vulnerabilities of the projected pension expenditures Fiscal sustainability issues E. Issues Underling Further Reforms Direction of reform Current government proposals Expenditure paths under different reform scenarios Comparing scenarios F. Conclusions Tables 1. Selected European Countries: Old Age and Survivor Benefits 2. Pensions and Social Protection Expenditure–Italy vis-à-vis Other European Countries, 2000 3. Pension Contribution Rates in Selected OECD Countries, 1967–97 4. Expected Old-Age Replacement Rates in Selected OECD

International Monetary Fund

budgeting (and multi-year financial planning through the 3-year rolling Public Investment Program (PIP) and Ministry Budgetary Strategy Framework) will enhance medium-term prospects for refining expenditure prioritization. In this context, it is important that the 2007 budget clearly identifies NSDP-related expenditure and tracks this in implementation and reporting. 20. Governance indicators adopted at the 2006 CG meeting provide firm commitments to complement the NSDP’s broad reform direction . Governance reforms, which are vital for inclusive, pro-poor growth and

International Monetary Fund
The Joint Staff Advisory Note (JSAN) reviews the National Strategic Development Plan (NSDP)—the new Poverty Reduction Strategy Program of Cambodia. It recommends that the institutional arrangements for NSDP should be strengthened to support its implementation and monitoring. It analyzes that there is a need for financial assistance, the integration of planning and public financial management, and links for monitoring annual progress targets. The JSAN appreciated the strong macroeconomic performance under the NSDP and emphasized for the need for good governance, strong strategy implementation, and consolidation of existing programs and policies.
International Monetary Fund. European Dept.

administration (MTA) to build on prior gains in tax administration. Tax arrears have been reduced, and a strategy with a clear reform direction to overhaul auditing and compliance has been adopted to focus on major tax risks. The government has also granted operational autonomy to the MTA. Yet, the operationalization of these significant reforms will encounter challenges. Legislative changes to the interest and penalty regime are also necessary to induce greater tax compliance. 18. The materialization of additional upside risks would increase scope to rebuild fiscal space

International Monetary Fund. Asia and Pacific Dept

SMEs. Appendix III. Surveillance Priorities and Integrated Capacity Development Surveillance priority: Fiscal financing for SDGs and stability CD Focus Past Results Current and Future CD Outcomes Internal revenue Phase 1: • Set reform direction • Developed a project management and governance framework • Formed the Large Taxpayer Office Phase 2: • Modernize tax laws (Tax Administration and Procedures Law; Income Tax Law; Commercial Tax Law) • Extend administrative reform to the medium tax payer segment (add

International Monetary Fund. Asia and Pacific Dept

with completion of the National Risk Assessment Fiscal sector Reduce CBM financing; mobilize domestic revenue; improve spending effectiveness; maintain fiscal stability . Tax policy and administration/ strengthen the Inland Revenue Department Phase 1 of reform led to the setting of reform direction, development of a project management and governance framework, and formation of a Large Taxpayer Office and headquarters restructuring Phase 2 will continue to build staff capacity, extend administrative reform to the medium tax payer segment, introduce an

International Monetary Fund

-related spending pressures. Figure 3. Italy: Pension Expenditures as a Share of GDP, 2005-50 Sources: Fund staff calculations and estimates. Figure 4. Italy: Public Debt Dynamics, 2005-50 (In percent of GDP) Sources: Fund staff calculations and estimates. E. Issues Underlying Further Reforms Direction of reform 43. In recent literature, there have been many proposals to reform the current pension system to achieve both medium-term savings and to increase intergenerational equity. In particular, increases in the effective retirement age and

International Monetary Fund. European Dept.
This 2019 Article IV Consultation with Montenegro highlights that while the implementation of large publicly financed infrastructure projects has added economic growth, the accompanying use of fiscal resources has contributed to a large increase in government debt including guarantees, which reached 79 percent of gross domestic product in 2018. Despite the recent intervention in two non-systemic domestic banks, the overall banking sector exhibits improving asset quality, strong credit growth, high liquidity, and is well capitalized. Efforts to improve banking and Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) supervision are paramount. The emphasis should be a shift to risk-based tools for supervision in both off-site and on-site functions, and the establishment of a stronger supervisory structure within the central bank. The main priorities are reduction of the labor tax wedge and implementation of the new labor law that aims to increase labor market flexibility. Future decisions on the minimum wage should consider a broad set of indicators and require careful analyses of the impact of past increases.