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International Monetary Fund
Burundi showed commendable performance owing to its prudent macroeconomic policies and ambitious structural reforms under the Poverty Reduction and Growth Facility (PRGF). Executive Directors appreciated its macroeconomic stability, strong fiscal discipline, and prudent monetary policies in support of low inflation objectives. They emphasized the need to reduce poverty, sustain macroeconomic stability, and strengthen implementation of structural reforms in reaching the MDGs. They appreciated the efforts taken to deepen implementation of the Poverty Reduction Strategy Paper (PRSP), which offers a framework for the diversification of growth and exports, the improvement of public finance management, and the integration of the regional and global economy.
Mr. Robin D Kibuka
The paper reviews the Poverty Reduction Strategy (PRS) approach and efforts to build institutional statistical capacity to permit evidence-based monitoring of the Poverty Reduction Strategy Papers (PRSPs). Integrating the PRS approach and statistical development strategies could provide significant synergies in improving the monitoring of the PRSP goals. Mainstreaming the statistical strategies in such development plans should enhance the national priority for statistical reforms and provide a basis for costing such reforms for their incorporation into the medium-term expenditure framework. The paper concludes that such an outcome is likely to facilitate funding for the implementation of these reforms and boost the effectiveness of statistical technical assistance.
Abhijit Sen Gupta
This paper contributes to the existing empirical literature on the principal determinants of tax revenue performance across developing countries by using a broad dataset and accounting for some econometric issues that were previously ignored. The results confirm that structural factors such as per capita GDP, agriculture share in GDP, trade openness and foreign aid significantly affect revenue performance of an economy. Other factors include corruption, political stability, share of direct and indirect taxes etc. The paper also makes use of a revenue performance index, and finds that while several Sub Saharan African countries are performing well above their potential, some Latin American economies fall short of their revenue potential.
International Monetary Fund
This paper contains background material to the Board paper on "Aid Inflows— The Role of the Fund and Operational Issues for Program Design." The main paper draws operational implications for program design of increased and volatile aid inflows, based on selected case studies (Annex I) and a review of program conditionality (Annex II). It also uses findings on recent developments in official donor assistance (ODA) and meeting the Millennium Development Goals (MDGs) (Annex III).
International Monetary Fund
This paper discusses key findings of the Fifth Review Under the Poverty Reduction and Growth Facility (PRGF) Arrangement for Burundi. Macroeconomic performance under the PRGF-supported program in 2006 was broadly in line with the program. All end-June and end-September 2006 quantitative performance targets were met with the exception of a temporary accumulation of external arrears. Structural reforms lagged in mid-2006. The structural performance criterion at end-September and the structural benchmarks were missed. The measures covered by the performance criterion and three of the benchmarks were implemented by early 2007.