Political Science > Environmental Policy

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International Monetary Fund. African Dept.
Kenya is confronted with the need to chart a course that attends directly to the recent public outcry. The widespread protests that started in June and resulted in tragic loss of lives and injuries were triggered by the authorities’ efforts to correct a large tax revenue shortfall in FY2023/24 through revenue raising proposals in the 2024 Finance Bill, some of which were unpopular or seen as regressive. The protests forced the President to withdraw the Bill, introduce significant spending cuts through a Supplementary Budget in July, and reconstitute the Cabinet in August. Persistent difficulties in mobilizing revenue coupled with spending rigidities have led to a further accumulation of pending bills, and necessitated deep cuts in development spending, with potential for knock-on effects on growth and debt sustainability. Against this backdrop, preceded by large exogenous shocks (COVID-19, global developments impacting import price and affordable access to market finance, and severe multi-season droughts), the authorities face a complex and difficult balancing act: meeting critical spending needs for priority areas (social programs, health, and education), servicing large upcoming debt obligations, and boosting domestic revenues. Earlier in the year, Kenya addressed the exceptional balance of payments (BoP) needs associated with repayment of the June 2024 US$2 billion Eurobond, boosting market confidence that helped strengthen the shilling and build reserves. Meanwhile, fiscal pressures continue, including from uncertainty surrounding the constitutionality of the 2023 Finance Act on which the Supreme Court’s decision is awaited.
International Monetary Fund. Fiscal Affairs Dept.
The Government of Seychelles is committed to promoting environmental sustainability and climate resilience, as demonstrated by its decision to prioritize climate as one of the six key areas in the National Development Strategy for 2024-2028 and through the agreements made under the IMF's Resilience and Sustainability Facility, established in May 2023. A central component of these efforts is the identification of climate-related expenditures. This report outlines the development and phased implementation of a Climate Budget Tagging (CBT) framework in Seychelles. CBT is a tailored process that involves identifying, measuring, and monitoring climate-relevant spending across government, serving as a powerful tool to integrate climate change considerations into the budget cycle. By emphasizing the importance of climate change in resource allocation and execution, CBT enhances the government's ability to prioritize climate action, with the ultimate goal of ensuring alignment with Seychelles' climate commitments and Nationally Determined Contributions.
International Monetary Fund. European Dept.
This paper highlights Republic of Moldova’s Fifth Reviews under the Extended Credit Facility and Extended Fund Facility Arrangements, First Review under the Arrangement under the Resilience and Sustainability Facility, and Request for Modification of a Performance Criterion. The recovery of the economy from the multiple shocks has been slower than anticipated, with growth lower than expected in 2023 and more subdued in 2024. Inflation has remained within the National Bank of Moldova’s target band since last October. The authorities’ continued focus on contingency planning, while maintaining agile policies, has helped contain the impact of recent shocks. Going forward, ongoing efforts to undertake growth-friendly reforms, strengthen energy security, and promote climate resilient investments, while pursuing the path toward EU accession, will support Moldova’s development objectives. Continued progress on anti-corruption reforms is needed to further increase trust in Moldova’s institutions and foster socio-economic development. Adoption of the law establishing a new Anti-Corruption Court, expected this summer, would be a key welcomed development, and the authorities should operationalize the Court quickly and effectively.
International Monetary Fund. African Dept.
The Senegalese economy continues to face headwinds. Despite the difficult socioeconomic environment, the authorities remain committed to the program objectives. Some of the downside risks identified at the time of the program request have materialized, leading to a downward revision of near-term growth. Inflation is projected to decline more gradually than anticipated. While near-term risks remain titled to the downside, with appropriate policies and the start of hydrocarbon production, medium-term prospects are favorable.
International Monetary Fund. African Dept.
This paper presents Senegal’s First Reviews under the Extended Fund Facility, The Extended Credit Facility, and the Resilience and Sustainability Facility (RSF) Arrangements, Requests for Modification of the Quantitative Performance Criteria Rephasing of Access. The Senegalese economy continues to face headwinds as it recovers from the coronavirus disease 2019 pandemic. The Senegalese economy continues to face headwinds. Some of the downside risks identified at the time of the program request are materializing, leading to a downward revision of growth and higher inflation projected for 2023/24. Near-term risks remain titled to the downside, but medium-term prospects remain favorable with appropriate policies and the start of hydrocarbon production. Significant progress has been achieved in implementing structural reforms. The authorities are implementing the structural reforms agreed under the program, including steps to strengthen revenue administration and public financial management, enhance governance and improve the anti-corruption frameworks. Reforms agreed under the RSF are being implemented steadily.
International Monetary Fund. European Dept.
This paper presents Republic of Kosovo’s First Reviews Under the Stand-By Arrangement (SBA) and the Arrangement under the Resilience and Sustainability Facility (RSF) and Request for Modification of Reform Measure. The authorities are making very good progress in implementing their policy agenda under the Fund-supported arrangements. The SBA continues to provide a key policy anchor, and the RSF continues to support Kosovo’s climate change mitigation and adaptation efforts including by catalyzing additional climate financing. Program ownership remains strong. All quantitative performance criteria and indicative targets have been met. Structural benchmarks under the SBA and reform measures under the RSF have been implemented. Actions required for subsequent reviews are progressing as expected or have been strengthened. The RSF is laying the foundations for greener and more efficient energy markets and supporting reforms in other areas. The RSF increased the policy space to strengthen the regulatory framework to attract private investment into renewable energy, improve energy market functioning, expand green electricity generation, reduce air pollution and emissions, strengthen energy security, improve the targeting of energy subsidies, and increase preparedness for the implementation of carbon pricing.
International Monetary Fund. Fiscal Affairs Dept.
This Technical Assistance report on Pakistan presents public investment management assessment (PIMA) and Climate PIMA. This report finds that while Pakistan scores slightly above average compared to the emerging market economies that have undertaken the PIMA to date there are still significant gaps in key areas the impede the delivery of critical infrastructure services in Pakistan. Pakistan has taken some important steps to improve public investment management, including through reforms incorporated in the Public Financial Management Act 2019 and the 2021 Manual for Development Projects. With Pakistan’s highly constrained budgetary resources, selecting the right projects for funding becomes even more critical. Government has some skilled staff that can move reforms to address these challenges forward, though it will be difficult. While some staff have a good understanding of strong practices, achieving implementation through changed approaches and culture across the public sector requires focused and sustained effort. Building knowledge of climate change aspects at all stages of the project cycle is also a priority.
International Monetary Fund. African Dept.
This paper presents Senegal’s Requests for an Extended Arrangement under the Extended Fund Facility (EFF), an Arrangement under the Extended Credit Facility (ECF), and an Arrangement under the Resilience and Sustainability Facility (RSF). The Senegalese economy has been severely impacted by different shocks including the rising food and energy prices, tightening financial conditions, weaker external demand, and the US dollar appreciation. The EFF/ECF-supported program will help meet Senegal’s protracted balance of payment needs and address macroeconomic imbalances. Policy priorities under the EFF/ECF program include reducing debt vulnerabilities by embarking on a growth-friendly fiscal consolidation, strengthening governance, and delivering a more inclusive and job-rich growth. The RSF aims to tackle longer-term structural challenges related to climate change and the implementation of climate policies. The RSF will support Senegal's climate change mitigation objectives, accelerate the country’s climate change adaptation, and support work to mainstream climate change considerations into the budget process.
International Monetary Fund. African Dept.
This paper presents Senegal’s Requests for an Extended Arrangement under the Extended Fund Facility (EFF), an Arrangement under the Extended Credit Facility (ECF), and an Arrangement under the Resilience and Sustainability Facility (RSF). The Senegalese economy has been severely impacted by different shocks including the rising food and energy prices, tightening financial conditions, weaker external demand, and the US dollar appreciation. The EFF/ECF-supported program will help meet Senegal’s protracted balance of payment needs and address macroeconomic imbalances. Policy priorities under the EFF/ECF program include reducing debt vulnerabilities by embarking on a growth-friendly fiscal consolidation, strengthening governance, and delivering a more inclusive and job-rich growth. The RSF aims to tackle longer-term structural challenges related to climate change and the implementation of climate policies. The RSF will support Senegal's climate change mitigation objectives, accelerate the country’s climate change adaptation, and support work to mainstream climate change considerations into the budget process.
International Monetary Fund. European Dept.
This paper presents Republic of Kosovo’s Request for Stand-By Arrangement (SBA) and an Arrangement under the Resilience and Sustainability Facility (RSF). The SBA is expected to be precautionary and will provide liquidity in case downside risks materialize, including from Russia’s war in Ukraine. The RSF will provide affordable financing to support Kosovo’s climate change mitigation and adaptation efforts, including through greener electricity production and more efficient energy use, and is expected to catalyze other climate financing. Kosovo is the first European country to access the RSF. The authorities’ prudent fiscal policies and broadly targeted support framework helped rebuild fiscal space while mitigating the impact of the cost-of-living crisis. A strong policy mix is now needed to sustain the recovery and achieve reform objectives. Abiding by the fiscal rule deficit ceiling will provide a moderate impulse to activity in 2023, helping the economy soft land, while contributing to the anchoring of public debt in the medium term. Increasing medium-term growth prospects and reducing the country’s dependence on diaspora flows will require advancing the structural reform agenda and closing infrastructure and governance gaps.