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Books and Analytical Papers > IMF Staff Country Reports

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Cover IMF Staff Country Reports
Democratic Republic of the Congo: Selected Issues
International Monetary Fund. African Dept.
This paper analyzes domestic revenue mobilization in the Democratic Republic of the Congo (DRC) and offers options to strengthen it. Domestic revenue mobilization (DRM) in the DRC has improved during the Extended Credit Facility ECF program, standing at 13.7 percent over gross domestic product (GDP) in 2023, though it remains persistently low relative to peer countries. The recent improvements in revenue mobilization have been driven by stronger corporate income taxation (particularly stemming from the extractive sector). A comparison between DRC’s and peer countries’ tax structure points to significant room for boosting domestic revenues with stronger mobilization of personal income taxes, taxes on international trade and transactions and goods and services. In addition, the country’s tax potential (estimated on the basis of its structural characteristics and a stochastic frontier model) points to significant scope for improving tax-to-GDP ratio, by about 10 percentage points under more efficient tax policy and tax collection. Finally, tax administration reforms based on recommendations from the recently published the Tax Administration Diagnostic Assessment Tool report can significantly contribute to boosting DRM, with particular focus on tax-avoidance in the mining sector.
Keywords:
spending credibility; General Public service; DRC mining sector revenue; DRC authorities; budget credibility; implemented budget; Revenue mobilization; Budget planning and preparation; Tax administration core functions; Sub-Saharan Africa
Cover IMF Staff Country Reports
Guinea: 2024 Article IV Consultation and Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Guinea
International Monetary Fund. African Dept.
The 2024 Article IV Consultation with Guinea discusses that in part because of the explosion, growth is expected to decelerate to 4.1 percent in 2024 and rebound to 5.6 percent in 2025, sustained by a resilient mining sector. Key priorities for 2024 aim at addressing urgent financing needs mainly linked to assistance to affected households, site cleaning, and decontamination and reconstruction, which could threaten growth and economic development if not addressed. In the medium term, mobilizing domestic revenues, modernizing tax administration, improving public finance management and investment efficiency, and increasing spending on education, health, and social protection will help boost productivity and reduce poverty. The implementation of structural reforms will help manage Guinea’s vulnerability to domestic and external shocks and achieve sustained and inclusive growth. Policies should focus on beefing up fiscal space for priority spending and fiscal sustainability. In particular, mobilizing domestic revenues, especially from the mining sector, modernizing tax administration, improving public finance management and investment efficiency, as well as increasing spending on education, health, and social protection, while anchoring spending on available resources will help boost productivity, diversify the economy, and reduce poverty.
Keywords:
Guinean authorities; FSW emergency financing; Policy discussion; response to the tragedy; RCF disbursement; reporting of the mining companies; oil supply channel; emergency spending; cash basis; authorities' response; Mining sector; Global; West Africa; Africa
Cover IMF Staff Country Reports
Republic of Kazakhstan: Financial Sector Assessment Program-Technical Note on Regulation and Supervision of Crypto Assets
International Monetary Fund. Monetary and Capital Markets Department
This paper presents the Technical Note on Regulation and Supervision of Crypto Assets for the Republic of Kazakhstan Financial Sector Assessment Program. There are limited short-term financial stability implications from crypto assets in Kazakhstan, but this can change quickly. The ultimate goal for authorities should be to move toward a comprehensive regulatory framework for crypto assets, although this might not be a regulatory priority. Regardless of a prohibition or regulation, authorities should improve their domestic collaboration and international cooperation in relation to crypto assets. Authorities should improve user education through joint communication to markets and consumers. In the short term, authorities should work to ensure that users are informed of the trade-offs from using international crypto exchanges that are not registered, are operating illegally. This approach should be wide reaching through online media outlets to reach users most likely to engage with crypto assets. Over the long term, users should be able to consider trade-offs and make informed decisions on their preferred approach.
Keywords:
IMF-World Bank Financial Sector Assessment Program; crypto taxonomy; settlement centre; staff team of the International Monetary Fund; FSAP assessment's finding; Blockchain and DLT; Fintech; Financial Sector Assessment Program; Mining sector; Global