Diego Mesa Puyo, Zhiyong An, Thomas Benninger, and Nate Vernon
Mauritania requested capacity development from the Fiscal Affairs Department on carbon taxation, fossil fuel pricing and fiscal aspects of hydrogen development. This is a high-level summary of the technical assistant and the recommendations provided to the authorities. The report assesses options to gradually introduce a carbon tax to bring the country in line with its Nationally Determined Contribution for 2030 and net-zero pledge for 2050, including targeted support for vulnerable households. It then reviews approach to price fossil fuel products and proposes a revised methodology better aligned with international petroleum markets, along with a fiscally neutral smoothing mechanism to mitigate the impact of abrupt price changes on Mauritanian consumers. Finally, the report evaluates fiscal aspects related to the development of the low and zero-emissions hydrogen to ensure the country continues to position itself as an attractive investment destination without foregoing future revenue streams.
The International Monetary Fundās mission to Papua New Guinea sought to revitalize the development of fiscal and debt statistics following a period of disruption caused by a ransomware attack, Covid-19, and high staff turnover. To that end, the mission provided a combination of formal training and technical assistance on the priority development areas, notably on the resolution of the general data quality issues, the expansion of the statistical coverage to the provincial tier of government, and the compilation of debt statistics for the state-owned enterprises.
Bryn Battersby, Diala Al Masri, Robert N Clifton, Ed Hearne, Murray Petrie, and Jad Mazahreh
The assistance assessed how climate change impacts and mitigation and adaptation responses are addressed in the public investment cycle using the Climate Module of the Public Investment Management Assessment (C-PIMA). The assistance also evaluated the scope to advance Green Public Financial Management (PFM) practices, drawing on the IMFās new Green PFM framework. Jordan was found to performs well in the climate-aware planning and coordination institutions of the C-PIMA, but some gaps were identified in implementation aspects of the framework, and there were several areas where climate could be better integrated in the PFM system.
The technical assistance is focused on enhancing the joint financial stability report of the Central Bank of Barbados and the Barbados Financial Services Commission. The mission concluded that the preparation of a detailed FSR production plan and communication strategy is of critical importance and could facilitate improvements and promote the report. The report should encompass all crucial elements of financial stability assessment and needs to be streamlined to follow the central storyline with key messages. The quality of the report could be further enhanced though advancements in the analytical toolkit employed and the utilization of all available data sources.
Carolina Renteria Rodriguez, Trish N Chiinze, Sage De Clerck, Foyzunnesa Khatun, Natalie Manuilova, and Vincent Tang
South Africa has many elements of sound fiscal transparency practices. Based on an assessment of fiscal transparency practices against the IMFās Fiscal Transparency Code, South Africaās practices are strongest in fiscal reporting, followed by fiscal forecasting and budgeting, and weakest in fiscal risk analysis. South Africaās Balance Sheet public sector net worth ā including assumptions for the values of non-reported assets ā is estimated to be 100 percent of GDP. There is room to improve South Africaās fiscal reporting, budget transparency, and management of fiscal risks.
Anastassiya Marina, Phousnith Khay, David Farelius, Vernon McKinley, Ravi M Periyakavil R., and Rodolfo Wehrhahn
The IMF conducted a diagnostic review of the financial system of the Kingdom of Eswatini and proposed a Technical Assistance Roadmap to support the authoritiesā detection of risks and vulnerabilities and to enhance capacity in financial sector oversight. The financial stability module focused on areas agreed with the country authorities: financial stability and systemic risk monitoring, macroprudential frameworks and tools; crisis management and financial safety net; and supervision and regulation of banks, nonbank deposit-taking institutions, insurance, and retirement funds. The financial sector statistics module focused on key gaps in monetary and financial statistics and financial soundness indicators that hamper financial stability analysis.
Paulo Paz, Antonia Dias, Clair Hickmann, and Gustavo Figueiredo
This summary provides an overview of the guidance provided to the Guinea-Bissau tax administration on the consolidation of its modernization agenda, underpinned by the tax administrationĀ“s digital transformation. Starting amid the COVID-19 pandemic, the digitalization journey has progressively improved taxpayer services with FAD guidance. The tax administration reformĀ“s next steps should focus on the use of information technology and third-party data to enhance timely voluntary tax compliance, enforce accurate reporting, and incentivize and monitor revenue mobilization. The TA report also reviewed the next steps to the Value-Added Tax implementation.
Guohua Huang, Ozlem Aydin, Lishuo Li, and Juana Aristizabal
An IMF team found that Mongolia has made progress in public investment management since the 2016 PIMA. However, several challenges persist, and new issues are emerging. The team has identified five high-priority recommendations that could improve PIM processes and support the effective implementation of the government's investment aspirations.