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International Monetary Fund

Abstract

Fiscal policy affects sustainable development through its effects on growth, the environment, and resource development. What are the relationships between fiscal policy and sustainable development, and how does the IMF seek to promote sustainable development in its policy advice? What lessons have been learned so far, and how can governments, the international community, and international financial institutions more fully support sustainable development?

International Monetary Fund

positive impact on human development. As such, a sound public expenditure management (PEM) system and transparency in government operations are pivotal not only for good macroeconomic management but also for good governance. Good governance is also essential for promoting environmental sustainability. Progress in alleviating environmental problems in developing countries has been slow, often owing to ill-defined property rights regimes, corruption, and a general lack of capacity and political will at the national level. 53 The IMF’s general emphasis on improving the

International Monetary Fund. African Dept.

directing aid between achieving growth (e.g., spending on infrastructure) and relieving poverty (e.g., spending earmarked for social sectors). Sound public expenditure management (PEM) systems, public auditing bodies, and good governance are likely to increase the benefits of aid, allowing more funds to be channeled to productive uses and reassuring donors that their money is well spent. When aid flows increase, a country has to choose how much to absorb through an increase in the external current account deficit and how much to spend through the government budget

International Monetary Fund

AND THE SECTOR STRATEGY PROCESS 2.1. MACROECONOMIC PERFORMANCE AND OUTLOOK 2.2. PRSP IMPLEMENTATION THROUGH SOUND PUBLIC EXPENDITURE MANAGEMENT 2.3. PRSP IMPLEMENTATION THROUGH SECTOR STRATEGIES AND PARTNERSHIP 3. PROGRESS FOR PRIORITY SECTOR STRATEGIES AND POLICIES 3.1 RURAL DEVELOPMENT AND AGRICULTURAL TRANSFORMATION a. Policy issues and strategy b. Priority programmes 3.2. HUMAN RESOURCE DEVELOPMENT 3.2.1. Education a. Policy issues and strategy b. Priority programmes 3.2.2. Health a. Policy issues and strategy b

International Monetary Fund

poverty, sustaining the fight against HIV/AIDS pandemic, creating employment, tackling the food security problem, ensuring sound public expenditure management and diversification of revenue sources. The current high levels of SACU revenue also provide a window of opportunity to accelerate overdue reforms and address impediments to higher growth. Fiscal Developments 5. The authorities recognize the importance of pursuing a prudent fiscal policy, supported by structural reforms, as the main instrument to restoring macroeconomic stability and engendering sustained

International Monetary Fund

. Facing these problems, the authorities have embarked on a reform process aimed at resuscitating economic growth to the robust levels being experienced by other countries in the region. They are fully aware that there is no room for complacency and the process of reform implementation requires resoluteness on their part. The 2006/07 budget is cast with a view to addressing the main priorities, which include poverty alleviation, fight against HIV/AIDS, employment creation, tackling the food security problem, ensuring sound public expenditure management and revenue

International Monetary Fund

largely achieved, the government is in a better position to address Tanzania’s pressing social needs. Accordingly, it has formulated an ambitious poverty reduction strategy, that hinges on substantial increases in the allocations to priority sectors. For this to be possible without jeopardizing fiscal sustainability, there is a need to ensure (i) higher domestic revenue; (ii) sounder public expenditure management; and (iii) continued external assistance. 29. Revenue enhancement is key to the successful implementation of the poverty reduction strategy without relying

International Monetary Fund

equivalent of over 90 percent of GDP, sound public expenditure management (PEM) cannot be over emphasized. Yet, capacity at all levels in the areas of budget preparation, financial management, procurement and audit is limited. Among other factors, this is reflected in the inability of the GoM to implement the high spending budgeted (outturns were significantly lower than budgeted in 2006, a pattern that is likely to be repeated in 2007), and in delays in the preparation of audited statements, for example. Staffs encourage the authorities to give these areas greater