Country Reports
2021
November 1, 2021
Cabo Verde: Technical Assistance Report-Government Finance Statistics and Public Sector Debt Statistics
Description: A technical assistance (TA) mission on Government Finance Statistics (GFS) and Public Sector Debt Statistics (PSDS) visited the city of Praia, Republic of Cabo Verde, from July 22 to August 2, 2019, with the aim of putting more and better-quality fiscal data —particularly on PSDS — in the hands of public decision makers. The mission was funded by the Data for Decisions (D4D) fund under module 1 on fiscal data including debt.
October 29, 2021
Union of Comoros: Request for a Staff-Monitored Program-Press Release; and Staff Report
Description: Comoros is a small, fragile island state (population: 850,000) with persistently low and shock-prone growth. The last Article IV Consultation (completed in early 2020) assessed Comoros’ fragility as arising from two vicious circles: economic fragility manifests in low fiscal revenue, insufficient government investment in human and physical capital, and pronounced vulnerability to shocks; while institutional fragility manifests in governance challenges, low government implementation capacity, and a weak judicial system. The circles feed into each other, undermining economic performance and stability. Overcoming fragility requires breaking both circles.
October 28, 2021
St. Kitts and Nevis: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for St. Kitts and Nevis
Description: St. Kitts and Nevis entered the Covid-19 pandemic from a position of fiscal strength following nearly a decade of budget surpluses. A significant part of the large CBI revenues was prudently saved, reducing public debt below the regional debt target of 60 percent of GDP and supporting accumulation of large government deposits.
October 20, 2021
Philippines: Technical Assistance Report—Government Finance Statistics Mission
Description: A remote follow-up technical assistance (TA) mission on government finance statistics (GFS) and public sector debt statistics (PSDS) was conducted, with the assistance of the Department of Finance (DOF), during October 19–27, 2020. The mission made further progress in implementing recommendations of previous TA missions in the area of GFS and PSDS. The mission was undertaken within the GFS/PSDS TA project for Asia, funded by the Government of Japan (JSA3).
October 20, 2021
Maldives: Technical Assistance Report—Estimating Tax Expenditures
Description: The Maldives has identified the estimation and regular reporting of tax expenditures (TEs) as one of the top priority areas in continuing its tax modernization process. TEs are alternative policy tools (e.g., to direct transfers and other spending measures) in the form of provisions in the tax legislation that modify the tax liability of individuals or companies. The cost of TEs should be identified, measured, and publicly reported to improve transparency in fiscal management.
October 20, 2021
Cambodia: Technical Assistance Report—Government Finance Statistics Mission
Description: The A remote technical assistance (TA) mission to the Ministry of Economy and Finance (MEF) was conducted during ten days over the period of August 31–November 30, 2020.1 This activity was part of Cambodia’s participation in the Japan-funded Government Finance Statistics (GFS) and Public Sector Debt Statistics (PSDS) Project for selected Asian countries (JSA3)2. The overall goal of the JSA3 Project is to assist the MEF in strengthening compilation and dissemination of fiscal data in line with the GFS Manual 2014 and the PSDS: Guide for Compilers and Users to support macro-fiscal surveillance and decision making. The mission liaised with Mr. Alexandros Mourmouras, Director of the Capacity Development Office in Thailand (CDOT), Mr. Rifaat Basanti, the IMF Regional JSA3 GFS/PSDS Project Manager, Mr. Suhas Joshi, the IMF Regional Treasury Advisor—both in the CDOT, Mr. Yasuhisa Ojima, the IMF’s Resident Representative for Cambodia, and Ms. Magdalena Tomczynska-Smith, the IMF’s Budget Planning Advisor for Cambodia. The mission would like to thank the authorities for their excellent collaboration and support (Appendix I lists the main official contacts).
October 19, 2021
Kingdom of the Netherlands—Sint Maarten: Technical Assistance Report—Sustainable Tax Reforms
Description: Sint Maarten’s economy has been hit hard over the last 4 years. In 2017, two major hurricanes struck the island causing significant damage. While reconstruction was largely financed by insurance proceeds and grants from The Netherlands, economic recovery from the hurricane damage was slow and in early 2020 the coronavirus pandemic shut down most of Sint Maarten’s tourism sector. As a result, fiscal revenue declined by 15 percent since 2016; payroll tax revenue declined by only 4.5 percent, whereas the turnover tax revenue declined by 23 percent. Since April 2020, The Netherlands has provided immediate financial support to cushion the economic shock of the pandemic. In December 2020, Sint Maarten concluded an agreement with The Netherlands to receive more substantial financial support for recovery and ensuring long-term fiscal sustainability. In return, the authorities committed to make structural changes to their tax system, making it more growth-friendly and equitable, while optimizing and ensuring its revenue mobilization capacity.
October 15, 2021
India: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for India
Description: The ongoing COVID-19 pandemic has created a prolonged health crisis. Economic activity was slowing prior to the pandemic. Two COVID-19 waves have resulted in a deep and broad-based economic downturn with the potential for a longer lasting impact. The authorities have responded with fiscal policy, including scaled-up support to vulnerable groups, monetary policy easing and liquidity provision, and accommodative financial sector and regulatory policies. Despite the pandemic, the authorities have continued to implement structural reforms.
October 8, 2021
Jordan: Technical Assistance Report-Fiscal Transparency Evaluation
Description: Jordan has taken important steps to enhance its fiscal transparency over the past decade. Notably, there is a comprehensive legal framework for the management of public finances. Fiscal reports have become more comprehensive and cover a high proportion of public sector institutions. The frequency of in-year reporting is at an advanced level, as is the timeliness of publication of the government’s annual financial statements. Fiscal statistics are disseminated in accordance with international standards (SDDS). Fiscal forecasts and budgets have become more forward looking and policy oriented with the introduction of a five-year medium-term budget framework and a program classification. As a result of improvements in fiscal transparency practices, in the 2019 Open Budget Survey, Jordan scored above the global average for transparency, and is the only country in the region ranked overall as ‘green’ on this measure. Nevertheless, the FTE provides a more detailed and in-depth analysis with a broader focus.
October 7, 2021
South Africa: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism
Description: This report summarizes the AML/CFT measures in place in the Republic of South Africa (South Africa) as at the date of the onsite visit (October 22 to November 12, 2019). It analyses the level of compliance with the FATF 40 Recommendations and the level of effectiveness of South Africa’s AML/CFT system and provides recommendations on how the system could be strengthened.