Mongolia Public Expenditure and Financial Management Review (PEFMR) Overview. Genevieve Boyreau Senior Economist
|
|
- Polly Oliver
- 6 years ago
- Views:
Transcription
1 Mongolia Public Expenditure and Financial Management Review (PEFMR) Overview Genevieve Boyreau Senior Economist 1
2 What this report does Assesses the achievements and challenges for public expenditures and financial management in Mongolia Fiscal management Review of effectiveness of implementation of PSMFL Key service delivery sectors (health, education), social protection, agriculture Reflects on Mongolia's experience during the last five years of economic expansion and proposes practical policy recommendations Review of progress and achievements between 2002 and Assessment of future priorities, with pragmatic recommendations. 2
3 How this report was prepared A team of 10 World Bank staff In collaboration with the cross-ministerial working group appointed by Ministerial decree as official counterpart of the PEFMR Bank team. Series of Bank-Government workshops to share preliminary findings and get feedback. Findings to feed in policy dialogue and reforms. 3
4 The context: Recent economic developments Copper price - $/mt Mongolia external outlook is drastically deteriorating as it faces sharp reductions in the copper price in turn caused by the global downturn. Fiscal and current account balances swung from a surplus into deficit Economic growth is slowing down markedly Togrog depreciated 20 percent Loss in international reserves Question: what needs to be done to address short term imbalances, medium-term sound macro-management? 4
5 2008 outturns % 40% 35% 30% 25% 20% The context: Before the bust: the boom Before the global downturn, Mongolia has seen the most rapid increase in public revenues in decades with large revenues from mining flowing into a fast growing economy. Non-mining revenues Mining revenues 15% 10% 5% 0% Non-mineral growth Mineral growth -5% -10% -15% -20% -25% Non-mineral revenue and grants (%GDP) Mineral revenue (%GDP) Non-mining GDP growth share (%) Mining GDP growth share (%) Overall budget balance (%GDP-right axis) Overall non-mining balance (%GDP) 5
6 MNT billions The context Pro-cyclical fiscal policies 3,000 2,500 Capital expenditure Purchase of goods and services Mongolia saved little during the boom years, and instead increased dramatically public spending on wages, untargeted social transfers and public investment. 2,000 Social welfare Maintenance investment is very low 1,500 1, Social security funds Wages and salaries Net lending Subsidies to public enterprises Interest payments Powerful parliament pushing for more public spending with little legal limit. The extent to which mining revenues translate into sustainable development depend on how much the medium-term fiscal space is managed towards maintaining macroeconomic stability, smoothing expenditures, accumulating physical and human assets. 6
7 Short term Priorities Reduce public spending while maintain propoor pro-growth expenditures Revisit spending priorities to reduce spending and create fiscal space for key long-standing reforms (targeted and fair social protection, public investment program geared towards medium-term development priorities, differentiated public wage policy) Preserve maintenance investment Manage the commodity boom and bust cycle for sustainable development Delink public spending decisions each year from the revenues from the mining sector that year. Adopt fiscal rules which apply to the Medium Term Budget Framework and General Budget to keep the non-mineral deficit under control. Review Parlliament s role in budget formulation. To do so, Mongolia benefits from relatively strong public legal and systemic financial management foundations. 7
8 Philippines Indonesia Vietnam Cambodia Mongolia Achievements Successful implementation of first generation of core public financial reforms Introduction of an internally consistent legal framework Medium-term and annual budget framework Centralization of revenues and expenditures Integrated financial management information system with treasury single account. PFM Component Elements Operational Treasury Single Account System Yes No No No No Integrated Chart of Accounts Consistent with International Accounting Standards Integrated Budget and Treasury System Linked to the Central Bank Updated Debt Management System Providing Input to the Integrated Treasury and Budget System Treasury System Linked with the Revenue Collection Agency(s) Yes No Yes No No Yes No No No No Yes Yes Yes Yes No No No No 8
9 Achievements This has contributed to: Reduced leakages in public finances Improved budget execution significantly Largely eliminated arrears accumulation Clarified roles and responsibilities of budget entities Increased transparency of public finances But role of parliament in budget formulation has to be clarified. 9
10 Future Priorities: Deepen reforms by focusing on sectors Integrate sectoral perspective, donor programs, budget entities and local government needs, civil society demand for accountability and transparency into budget cycle. Focus priorities and role of government (e.g. agriculture) Procurement: limit direct contracting and allow more foreign competition. Audit: build capacity in National Audit Office. Transparency: Institutionalize posting of budget information and forum with civil society on budget priorities. 10
11 Achievements in sectors Mongolia ranks high among comparators in terms of expenditure allocation and final outcomes in health and education. Education/Health: improvement in allocation methodology for costs (education: variable costs allocated on a nationwide basis; health: move away from line item budgeting to case-based payment with 2006 reforms). The 2003 Social Security Master Plan aimed at consolidating and rationalizing an overly complex social system and the Child Money Program initially responded successfully to this attempt. The NDC scheme improved intergenerational sustainability, equity, and predictability of the Pension Insurance Fund 11
12 Challenges ahead in sectors Cost-efficiency of service delivery Rural to urban migration challenges the efficiency and equity of service delivery in a large sparsely populated country such as Mongolia. Scope for increasing cost-efficiency of spending in service delivery units without adverse consequence for outcomes or equity. Cost allocation: fixed costs allocation in education do not encourage saving, while there may be teething problems of case-based payments in health. Domestic investment underfunded in service delivery units, increasing the cost of infrastructure maintenance and heating. Low maintenance investment. Social insurance and assistance: Health insurance coverage is declining and leaves a quarter of population having to pay out of pocket hospital services While representing a significant share of GDP, social assistance is poorly or untargeted, leaving the most needy without adequate safety net. Social insurance has long standing issues identified long ago, but left unaddressed. 12
13 Priorities in sectors Focus service delivery on poor and most vulnerable and increase cost-efficiency. Education: Health Reduce heating costs Promote multi-grade and multi subject teaching Use a combination of poverty targeting and merit to allocate tuition aid. Refocus services to most vulnerables and monitor of outcomes of health services usage Refine geographic resource allocation according to determinants of unit costs. Hospital rationalization: how to bring reform forward? 13
14 Priorities in sectors Social assistance and insurance Maintain service delivery (health, education) spending. Clarify role of Health insurance. In social assistance, revert to targeting the poor and vulnerable and make benefit conditional to human capital investment. In social insurance (pension), engage the longstanding reform of pension parameters (retirement age, benefit indexation, minimum pension provisions, the wage base, disability benefit) 14
15 Looking ahead Short-term: Policymakers will have to make tough decisions in the short-term to reduce fiscal imbalances. i. commitment to macroeconomic stability and sustainability that smoothes public consumption over time (fiscal rules). Improving service delivery cost-efficiency will require: i. a clear and credible medium-term revenue allocation priorities for public spending. ii. to adapt public services to the country s changing structural characteristics: a. A completed transition to a market economy with a change in the government s role from a planner to a regulator and facilitator of private sector growth; b. A rural- urban transition with migration causing spatial inefficiencies and inequities in accessing public services; c. An increasing economic reliance on mining, with large and cyclical amounts of public revenues calling for smoothing revenues over time. To take up the challenge, Mongolia benefits from strong legal, institutional and systemic PFM foundations. Opportunity to implement reforms to address past excess and short-sighted public spending and truly use Mongolia s mining revenues as catalyst for mediumterm development. 15
Mongolia Public Expenditure and Financial Management Review (PEFMR) Education. Prateek Tandon
Mongolia Public Expenditure and Financial Management Review (PEFMR) Education Prateek Tandon 1 Outline Outcomes and Achievements in the Education Sector The Public Financing of Education The Public Financing
More informationManaging Fiscal Revenues From Extractive Industry:
Ministry of Finance, Mongolia Managing Fiscal Revenues From Extractive Industry: The Case of Mongolia October 7, 2015 Ms. Otgonbayar Chimeddorj Director, Macroeconomic Policy Division Managing Fiscal Revenues
More informationThe Government of Mongolia - External Partners Technical Meeting. S.Bayartsogt, Minister of Finance. Ulaanbaatar 30 th October, 2009
The Government of Mongolia - External Partners Technical Meeting S.Bayartsogt, Minister of Finance Ulaanbaatar 30 th October, 2009 1 Content: Current economic situation Stabilization program Fiscal sustainability
More informationMongolia Economic Brief
September 216 http://www.worldbank.org/mongolia Mongolia Economic Brief The budget deficit sharply rose in the first seven months of 216 amid spending increases and revenue shortfalls. The deficit reached
More informationJordan Country Brief 2011
Jordan Country Brief 2011 CONTEXT The Hashemite Kingdom of Jordan is an upper middle income country with a population of 6 million and a per-capita GNI of US $4,390. Jordan s natural resources are potash
More informationPROGRAM INFORMATION DOCUMENT (PID) CONCEPT STAGE. First Governance and Competitiveness Development Policy Operation (DPO1) Region
PROGRAM INFORMATION DOCUMENT (PID) CONCEPT STAGE Report No.: AB6864 Operation Name First Governance and Competitiveness Development Policy Operation (DPO1) Region AFRICA Sector Central government administration
More informationEvaluation Only. Created with Aspose.Words. Copyright Aspose Pty Ltd. International Monetary Fund
Evaluation Only. Created with Aspose.Words. Copyright 2003-2011 Aspose Pty Ltd. International Monetary Fund Czech Republic 2010 Article IV Consultation Concluding Statement January 25, 2010 The macroeconomic
More informationMongolia The SCD-CPF Engagement meeting with development partners September 1 and 22, 2017
Mongolia The SCD-CPF Engagement meeting with development partners September 1 and, 17 This is a brief, informal summary of the issues raised during the meeting. If you were present and wish to make a correction
More informationINTERNATIONAL MONETARY FUND AND INTERNATIONAL DEVELOPMENT ASSOCIATION ETHIOPIA
INTERNATIONAL MONETARY FUND AND INTERNATIONAL DEVELOPMENT ASSOCIATION ETHIOPIA Poverty Reduction Strategy Paper Annual Progress Report Joint Staff Assessment Prepared by the Staffs of the IMF and IDA Approved
More informationMongolia: Social Welfare Support Program
Completion Report Program Number: 49210-001 Loan Number: 3297 June 2018 Mongolia: Social Welfare Support Program This document is being disclosed to the public in accordance with ADB s Public Communications
More informationOverview of Selected Issues
Natural Resource Wealth & Economic Development Overview of Selected Issues Jan Gottschalk TAOLAM This training activity is funded with grants from Japan. Overview I. Some Basic Issues II. Key Factors for
More informationRepublic of Zambia BRIEF BY THE HONOURABLE MINISTER OF FINANCE, MRS. MARGARET D. MWANAKATWE, MP, DURING 2018 MID-YEAR ECONOMIC BRIEF
Republic of Zambia BRIEF BY THE HONOURABLE MINISTER OF FINANCE, MRS. MARGARET D. MWANAKATWE, MP, DURING 2018 MID-YEAR ECONOMIC BRIEF JULY, 2018 1. INTRODUCTION Members of the Civil Society and the Press
More informationExecutive Directors welcomed the continued
ANNEX IMF EXECUTIVE BOARD DISCUSSION OF THE OUTLOOK, AUGUST 2006 The following remarks by the Acting Chair were made at the conclusion of the Executive Board s discussion of the World Economic Outlook
More informationImpact of Economic Crises on Health Outcomes & Health Financing. Pablo Gottret Lead HD Economist, SASHD The World Bank March, 2009
Impact of Economic Crises on Health Outcomes & Health Financing Pablo Gottret Lead HD Economist, SASHD The World Bank March, 2009 Outline How bad is the current crisis How does the current crisis compare
More information1. Project Description
Mongolia Ex-Post Evaluation of Japanese ODA Loan Social Sector Support Program (I) (II) External Evaluator: Naomi Murayama, OPMAC Corporation 0. Summary The objective of this program (hereinafter referred
More informationAccelerator Discussion Frame Accelerator 1. Sustainable Financing
Accelerator Discussion Frame Accelerator 1. Sustainable Financing Why is an accelerator on sustainable financing needed? One of the most effective ways to reach the SDG3 targets is to rapidly improve the
More informationSelf-Reliance through Mutual Accountability Framework (SMAF)
Self-Reliance through Mutual Accountability Framework (SMAF) Realizing the need for deepening mutual accountability between the government of Afghanistan and the international community to face the challenges
More informationMeeting of Ministers and Governors in Melbourne, November Communiqué
Meeting of Ministers and Governors in Melbourne, 18-19 November 2006 Communiqué We, the Finance Ministers and Central Bank Governors of the G-20, held our eighth meeting in Melbourne, Australia, under
More informationUkraine. Systematic Country Diagnostic
For Discussion Only Ukraine Systematic Country Diagnostic Discussion October 2016 1 2 OUTLINE OUTLINE 1. New WBG Country Engagement Approach: What is an SCD? 2. Growth and Sustainability in Ukraine 3.
More informationSECTOR ASSESSMENT (SUMMARY): PUBLIC SECTOR MANAGEMENT (PUBLIC EXPENDITURE AND FISCAL MANAGEMENT) Sector Performance, Problems, and Opportunities
Improving Public Expenditure Quality Program, SP1 (RRP VIE 50051-001) SECTOR ASSESSMENT (SUMMARY): PUBLIC SECTOR MANAGEMENT (PUBLIC EXPENDITURE AND FISCAL MANAGEMENT) 1 Sector Road Map 1. Sector Performance,
More informationThe Development of the Microinsurance Market in the Philippines
The Development of the Microinsurance Market in the Philippines Diana Almoro Senior Advisor, GIZ RFPI Asia 16 April 2014 Inclusive Insurance 2014 International Forum Ulaanbaatar, Mongolia company presentation
More informationTRADE, FINANCE AND DEVELOPMENT DID YOU KNOW THAT...?
TRADE, FINANCE AND DEVELOPMENT DID YOU KNOW THAT...? The volume of the world trade is increasing, but the world's poorest countries (least developed countries - LDCs) continue to account for a small share
More informationRecommendation for a COUNCIL RECOMMENDATION. on the 2016 national reform programme of Portugal
EUROPEAN COMMISSION Brussels, 18.5.2016 COM(2016) 342 final Recommendation for a COUNCIL RECOMMENDATION on the 2016 national reform programme of Portugal and delivering a Council opinion on the 2016 stability
More informationINTERNATIONAL DEVELOPMENT ASSOCIATION AND INTERNATIONAL MONETARY FUND REPUBLIC OF SIERRA LEONE
INTERNATIONAL DEVELOPMENT ASSOCIATION AND INTERNATIONAL MONETARY FUND REPUBLIC OF SIERRA LEONE Poverty Reduction Strategy Paper Joint Staff Advisory Note Prepared by the Staffs of the International Development
More informationChapter 16: National Economy Introduction
16 National Economy 16.1 Introduction This chapter considers the Simandou Project s impacts on the national economy. The chapter considers the Project as a whole and does not distinguish between mine,
More informationIndonesia Economic Quarterly, July 2014 Hard choices. Ndiamé Diop Lead Economist
Indonesia Economic Quarterly, July 214 Hard choices Ndiamé Diop Lead Economist The new administration will face major near-term challenges Fiscal pressures Economic growth Poverty and inequality reduction
More informationCBMS Network Evan Due, IDRC Singapore
Community Based Monitoring System CBMS Network Evan Due, IDRC Singapore Outline of Presentation What is CBMS Rationale for Development of CBMS Key Features of CBMS Case Presentation: CBMS in the Philippines
More informationMacro-Fiscal Policy Frameworks in Resource-Rich Countries (RRCs) OANA LUCA (IMF/FAD) BANGKOK DECEMBER 7, 2016
Macro-Fiscal Policy Frameworks in Resource-Rich Countries (RRCs) OANA LUCA (IMF/FAD) BANGKOK DECEMBER 7, 2016 Stylized Facts Mixed impact of natural resources on growth.with revenue volatility affecting
More informationPoverty Profile Executive Summary. Azerbaijan Republic
Poverty Profile Executive Summary Azerbaijan Republic December 2001 Japan Bank for International Cooperation 1. POVERTY AND INEQUALITY IN AZERBAIJAN 1.1. Poverty and Inequality Measurement Poverty Line
More information2015 NATIONAL CIMC S DEVELOPMENT FORUM
2015 NATIONAL CIMC S DEVELOPMENT FORUM Overview on current state of the economy and plans for effective economic management over the medium term Wednesday 1st July 2015 DAIRI VELE SECRETARY DEPARTMENT
More informationCURRENT ECONOMIC SITUATION OF MONGOLIA, AND THE MEASURES TO ADDRESS THE DOWNTURN
CURRENT ECONOMIC SITUATION OF MONGOLIA, AND THE MEASURES TO ADDRESS THE DOWNTURN Speaker: S. Bayartsogt Minister of Finance March 14, 2009 Ulaanbaatar Content 1. Economic Background 2. Government of Mongolia
More informationEx-Ante Evaluation (for Japanese ODA Loan)
Japanese ODA Loan Ex-Ante Evaluation (for Japanese ODA Loan) 1.Name of the Project Country: Ukraine Project: Economic Reform Development Policy Loan (Ⅱ) Loan Agreement: December 4, 2015 Loan Amount: JPY
More informationJapanese ODA Loan. Ex-ante evaluation
Japanese ODA Loan Ex-ante evaluation 1. Name of the Program Country: The Republic of Indonesia Project name: Connectivity Development Policy Loan Loan Agreement December 2, 2013 Loan Amount: 19,848 million
More informationUNCTAD S LDCs REPORT 2013 Growth with Employment for Inclusive & Sustainable Development
UNCTAD S LDCs REPORT 2013 Growth with Employment for Inclusive & Sustainable Development Media briefing on the Occasion of the Global Launch Dhaka: 20 November 2013 Outline q q q q q q q Information on
More informationCentral government administration (80%); Sub-national government administration (20%) Operation ID
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized PROGRAM INFORMATION DOCUMENT (PID) APPRAISAL STAGE 31 March 2016 Report No.: AB7818 (The
More informationLiberia s economy, institutions, and human capacity were
IDA at Work Liberia: Helping a Nation Rebuild After a Devastating War Liberia s economy, institutions, and human capacity were devastated by a 14-year civil war. Annual GDP per capita is only US$240 and
More informationINTERNATIONAL MONETARY FUND INTERNATIONAL DEVELOPMENT ASSOCIATION SERBIA AND MONTENEGRO. February 27, 2006 I. INTRODUCTION
INTERNATIONAL MONETARY FUND INTERNATIONAL DEVELOPMENT ASSOCIATION SERBIA AND MONTENEGRO Joint Staff Advisory Note on the Poverty Reduction Strategy Progress Reports Prepared by the Staffs of the International
More informationReforms to Budget Formulation in Uganda
Reforms to Budget Formulation in Uganda The challenges of building and maintaining and a credible process Tim Williamson tim@praxisdevelopment.net 1 Why Uganda? Successful Reforms to Public Expenditure
More informationMongolia Macro-Fiscal Model
Summary Guide February 217 Mongolia Macro-Fiscal Model Daniel Baksa, David Mihalyi, Balazs Romhanyi INTRODUCTION Mongolia holds enormous mineral wealth for a country with a population of 3 million. Beneath
More informationKlaus Schmidt-Hebbel
Commodity Prices, Sovereign Wealth Funds, and Fiscal Policy: Lessons from Chile and Norway Klaus Schmidt-Hebbel Catholic University of Chile kschmidt-hebbel@uc.cl Getúlio Vargas Foundation and VALE Conference
More informationMacroeconomic and Financial Development: Mongolia
Macroeconomic and Financial Development: Mongolia WORKSHOPS ON SUPPORTING ASIA PACIFIC LLDCs AND BHUTAN IN MOBILIZING RESOURCES FOR THE SDGs 14 December 201 Current state of macroeconomic and financial
More informationHow does the Treasury s Long-Term Fiscal Model work, and what is our initial analysis showing?
How does the Treasury s Long-Term Fiscal Model work, and what is our initial analysis showing? Speech delivered by Girol Karacaoglu Chief Economist, the Treasury Affording O ur Future Conference 2012 Victoria
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Fourteenth Meeting September 17, 2006 Statement by Okyu Kwon Deputy Prime Minister and Minister of Finance and Economy, Korea On behalf of Australia, Kiribati,
More informationFacing the need for a sustainable growth strategy, Moldova has
IDA at Work Moldova: A Country Ready to Make a Great Leap Forward Facing the need for a sustainable growth strategy, Moldova has been working with the International Development Association (IDA) to address
More informationMongolia Selected Macroeconomic Indicators September 19, 2013
Mongolia Selected Macroeconomic Indicators September 19, 13 For further information, please contact: SSelenge@imf.org Jan-8 May-8 Sep-8 Jan-9 May-9 Sep-9 Jan-1 May-1 Sep-1 May-11 Sep-11 May-1 Sep-1 May-13
More informationClimate Change Finance Mainstreaming: A Snapshot
Climate Change Finance Mainstreaming: A Snapshot The Budget Cycle: Three basic Phases Oversight Preparation Implementation 2 Key Concepts Government/ CC Mitigation and Adaptation Policies Public Financial
More information23 rd Year of Publication. A monthly publication from South Indian Bank. To kindle interest in economic affairs... To empower the student community...
Experience Next Generation Banking To kindle interest in economic affairs... To empower the student community... Open YAccess www.sib.co.in ho2099@sib.co.in A monthly publication from South Indian Bank
More informationCoping with Global market commodity Price Fluctuations: Impact on Fiscal and Debt Management in case of Mongolia
Coping with Global market commodity Price Fluctuations: Impact on Fiscal and Debt Management in case of Mongolia World Bank s Annual Stakeholders Forum of the Debt Management Facility Manila, Philippines
More informationINTERNATIONAL MONETARY FUND AND THE INTERNATIONAL DEVELOPMENT ASSOCIATION MALAWI
INTERNATIONAL MONETARY FUND AND THE INTERNATIONAL DEVELOPMENT ASSOCIATION MALAWI Poverty Reduction Strategy 2003/04 Annual Progress Report Joint Staff Advisory Note Prepared by the Staffs of the IMF and
More informationHealth financing in Thailand Issues for discussion
Health financing in Thailand Issues for discussion NESDB Workshop 11 September 2009 Toomas Palu, Lead Health Specialist Health and health financing in Thailand an international success story Good health
More informationDOCUMENT OF THE EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT STRATEGY FOR SLOVENIA
DOCUMENT OF THE EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT STRATEGY FOR SLOVENIA REPORT ON THE INVITATION TO THE PUBLIC TO COMMENT 1. INTRODUCTION In accordance with the EBRD Public Information Policy
More informationSeventeenth Meeting April 12, 2008
International Monetary and Financial Committee Seventeenth Meeting April 12, 2008 Statement by Anders Borg Minister of Finance, Sweden On behalf of Denmark, Estonia, Finland, Iceland, Latvia, Lithuania,
More informationA/HRC/17/37/Add.2. General Assembly. United Nations
United Nations General Assembly Distr.: General 18 May 2011 A/HRC/17/37/Add.2 English only Human Rights Council Seventeenth session Agenda item 3 Promotion and protection of all human rights, civil, political,
More informationINTERNATIONAL DEVELOPMENT ASSOCIATION AND INTERNATIONAL MONETARY FUND REPUBLIC OF ARMENIA
INTERNATIONAL DEVELOPMENT ASSOCIATION AND INTERNATIONAL MONETARY FUND REPUBLIC OF ARMENIA Poverty Reduction Strategy Paper Second Progress Report Joint Staff Advisory Note Prepared by the Staffs of the
More informationKlaus Schmidt-Hebbel
Fiscal Policy for Commodity Exporting Countries: Experience from Chile Klaus Schmidt-Hebbel Catholic University of Chile kschmidt-hebbel@uc.cl IMF Seminar on Commodity Price Volatility and Inclusive Growth
More informationPROGRAM INFORMATION DOCUMENT (PID) APPRAISAL STAGE November 16, 2016 Report No:
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized PROGRAM INFORMATION DOCUMENT (PID) APPRAISAL STAGE November 16, 2016 Report No: 111025
More informationMacroeconomic Trends and Priorities for Sub-Saharan Africa
Macroeconomic Trends and Priorities for Sub-Saharan Africa Workshop on the Role of Macro-Fiscal Units Dar es Salaam, January 8, 2018 Outline 1. Strong growth, the downturn, the modest recovery 2. Immediate
More informationZambian Mining Conference
Zambian Mining Conference Mining Industry Outlook and the Impact of Capital Markets: Key note address by Mr. Tom Albanese, CEO, Vedanta Resources Plc London, United Kingdom, 29 June 2015: Honorable Minister,
More information2015 Development Policy Financing Retrospective: Preliminary Findings
2015 Development Policy Financing Retrospective: Preliminary Findings Purpose of this Consultation Meeting on the DPF Retrospective The 2015 Retrospective will focus on the Bank s experience with Development
More informationImmunization Planning and the Budget Cycle
Key Points Immunization Planning and the Budget Cycle * Domestic public funding is the most important source of immunization financing, and immunization planning and financing must be considered as a part
More informationPromoting Fairness and Sustainability of Pension Systems in East and Southeast Asia
Promoting Fairness and Sustainability of Pension Systems in East and Southeast Asia Dr. Donghyun PARK, Asian Development Bank (dpark@adb.org) UNESCAP Regional Consultation on Strengthening Income Support
More informationThe previous chapter discussed key reforms
CHAPTER VI Economic Implications of Reform The previous chapter discussed key reforms of governance to which the Government has expressed its strong commitment. The case studies focused on five key areas
More informationProgram Information Document (PID)
Program Information Document (PID) Concept Stage Date Prepared/Updated: 20-Aug-2018 Report No: PIDC25009 Page 1 of 7 DETAILS-NewFin3 BASIC INFORMATION A. Basic Project Data OPS TABLE Country Project ID
More informationLINKED DOCUMENT 2: PUBLIC EXPENDITURE AND FINANCIAL ACCOUNTABILITY (PEFA) 1
Policy-Based Lending 2008 2017: Performance, Results, and Issues of Design, Linked Document 2 LINKED DOCUMENT 2: PUBLIC EXPENDITURE AND FINANCIAL ACCOUNTABILITY (PEFA) 1 A. Armenia: 2008 and 2013 1. Overall,
More information7569/18 DA/NT/fh DGG 1A
Council of the European Union Brussels, 7 May 2018 (OR. en) 7569/18 LEGISLATIVE ACTS AND OTHER INSTRUMTS Subject: ECOFIN 295 UEM 101 SOC 176 EMPL 132 COMPET 186 V 205 EDUC 118 RECH 117 ER 112 JAI 258 COUNCIL
More informationFISCAL STRATEGY PAPER
REPUBLIC OF KENYA MACHAKOS COUNTY GOVERNMENT THE COUNTY TREASURY MEDIUM TERM FISCAL STRATEGY PAPER ACHIEVING EQUITABLE SOCIAL AND ECONOMIC DEVELOPMENT IN MACHAKOS COUNTY FEBRUARY2014 Foreword This Fiscal
More informationINDONESIA ECONOMIC QUARTERLY MARCH 2013
INDONESIA ECONOMIC QUARTERLY MARCH 213 PRESSURES MOUNTING Jim Brumby, PREM Sector Manager & Lead Economist Paramadina Public Policy Institute, March 213 www.worldbank.org/id MARCH 213 IEQ LAUNCH PRESENTATION
More informationHealth Security Financing Assessment Tool HSFAT
Health Security Financing Assessment Tool HSFAT Global Health Security Agenda 3 rd Coordination Conference for ZDAP Strengthening Cooperation and Sharing Effective Approaches Da Nang, Vietnam 29-30, August
More informationPROJECT INFORMATION DOCUMENT (PID) APPRAISAL STAGE. Second Additional Financing to Road Rehabilitation & Maintenance Project Region
Project Name PROJECT INFORMATION DOCUMENT (PID) APPRAISAL STAGE Second Additional Financing to Road Rehabilitation & Maintenance Project Region AFRICA Sector Roads and highways (100%) Project ID P120723
More information2 Macroeconomic Policy Mix for Promoting Sustainable and Inclusive Growth
2 Macroeconomic Policy Mix for Promoting Sustainable and Inclusive Growth Keynote Speech by Dr. Perry Warjiyo Deputy Governor of Bank Indonesia At the ESCAP High Level Policy Dialogue and Eleventh Bank
More informationThe Macroeconomic and Fiscal Context for Health Financing Policy
The Macroeconomic and Fiscal Context for Health Financing Policy Informing the Dialogue Between Health Agencies and Budget Agencies in Low- and Middle-Income Countries Cheryl Cashin World Bank (Consultant)
More informationMongolia Selected Macroeconomic Indicators January 24, 2014
Mongolia Selected Macroeconomic Indicators January 2, 21 For further information, please contact: SSelenge@imf.org 2 2 27 2 29 21 211 212 213 213 Q1 Q2 Q3 Oct. Nov. Dec. Q Total US$-value 1,3 1,97 2,3
More informationPROGRAM INFORMATION DOCUMENT (PID) APPRAISAL STAGE September 30, 2017 Report No.:
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized PROGRAM INFORMATION DOCUMENT (PID) APPRAISAL STAGE September 30, 2017 Report No.: 120338
More informationSURVEY GUIDANCE CONTENTS Survey on Monitoring the Paris Declaration Fourth High Level Forum on Aid Effectiveness
SURVEY GUIDANCE 2011 Survey on Monitoring the Paris Declaration Fourth High Level Forum on Aid Effectiveness This document explains the objectives, process and methodology agreed for the 2011 Survey on
More informationIntroductory remarks. Points on Enlargement - general
Introductory remarks Points on Enlargement - general The EU's enlargement process has gained new momentum with the entry into force of the Lisbon Treaty: this ensures that the EU can pursue its enlargement
More informationGDP growth rate COUNTRY REPORT FOR MONGOLIA 2018 MASD MARKET AND ECONOMY REPORT OF MONGOLIA. 1. Economic Performance Of Mongolia GDP
MARKET AND ECONOMY REPORT OF MONGOLIA GDP 1. Economic Performance Of Mongolia Mongolia s economic performance improved dramatically in 217 and at the beginning of 218 with the GDP growth rate increasing
More informationChapter two Overview of the Macroeconomic Situation and Outlook for Africa
002 Chapter two Overview of the Macroeconomic Situation and Outlook for Overview of the Macroeconomic Situation Economic Outlook for and the Role of the Bank Chapter 002 Overview of the Macroeconomic Situation
More informationForum Communiqué. ON THE THEME: Three Years into the IMF-Supported Extended Credit Facility Arrangement: Is the Ghanaian Economy on the Right Path?
Forum Communiqué THIS COMMUNIQUÉ WAS ISSUED AT A ONE-DAY NATIONAL FORUM ORGANIZED BY THE CIVIL SOCIETY PLATFORM ON THE IMF PROGRAMME WITH SUPPORT FROM OXFAM, ATTENDED BY STAKEHOLDERS ACROSS THE COUNTRY
More informationIncome inequality an insufficient consumption in China. Li Gan Southwestern University of Finance and Economics Texas A&M University
Income inequality an insufficient consumption in China Li Gan Southwestern University of Finance and Economics Texas A&M University 目 1 An Introduction of CHFS Contents 2 3 Inequality and Consumption A
More informationECONOMIC REFORM (SUMMARY) I. INTRODUCTION
Interim Country Partnership Strategy: Myanmar, 2012-2014 ECONOMIC REFORM (SUMMARY) I. INTRODUCTION 1. This economic reform assessment (summary) provides the background to the identification of issues,
More informationSECTOR ASSESSMENT (SUMMARY): PUBLIC SECTOR MANAGEMENT 1
Country Partnership Strategy: Cambodia, 2014 2018 Sector Road Map SECTOR ASSESSMENT (SUMMARY): PUBLIC SECTOR MANAGEMENT 1 1. Sector Performance, Problems, and Opportunities 1. Lagging public sector management
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Thirty-Eighth Meeting October 12 13, 2018 IMFC Statement by Taro Aso Deputy Prime Minister Japan Statement by the Honorable Taro Aso Deputy Prime Minister
More informationBudget Cycle and Key Budget Documents under PFM
Budget Cycle and Key Budget Documents under PFM Stipulations of the PFM Act and Regulations (2015) on Budget Preparation, Presentation and Accountability Feedback from the Office of Controller of Budget
More informationIndonesia Economic Quarterly: October 2012 Maintaining resilience
Indonesia Economic Quarterly: October 1 Maintaining resilience Ndiame Diop Lead Economist & Economic Advisor, Indonesia World Bank October 15, 1 Paramadina Public Policy Institute www.worldbank.org/id
More informationPublic Disclosure Authorized. Public Disclosure Authorized. Public Disclosure Authorized. Public Disclosure Authorized. Report No.
Public Disclosure Authorized Project Name Region Sector Project ID Borrower Report No. PIC2827 Latvia-Welfare Reform Project (@) Europe and Central Asia Social Sector Adjustment LVPA35807 Republic of Latvia
More informationSector Wide Approach for Planning and Expanding Electricity Access Rwanda case study
Sector Wide Approach for Planning and Expanding Electricity Access Rwanda case study Arun P. Sanghvi Consultant, World Bank Dakar, November 14-15, 2011 Presentation Overview Sector wide approach (SWAp)
More informationRecovery with a Human Face Isabel Ortiz, Associate Director Policy and Practice UNICEF New York, 18 February 2010
Recovery with a Human Face Isabel Ortiz, Associate Director Policy and Practice UNICEF New York, 18 February 2010 Fordham University-UNICEF Forum on Child Friendly Budgets for 2010 and Beyond: Toward Global
More informationAchievements and Challenges
LDCs Graduation in Asia-Pacific: Achievements and Challenges Ministerial Meeting of Asia-Pacific Least Developed Countries on Graduation and Post 2015 Development Agenda Kathmandu, Nepal 16-18 December
More informationIndonesia Quarterly Economic Update Battening down the hatches
I N D O N E S I A E C O N O M I C B R I E F I N G N O T E IEB-2008-01 Battening down the hatches 10 December 2008 The last three months have been a critical and trying time for Indonesia. Like many other
More informationMongolia Selected Macroeconomic Indicators December 18, 2013
Mongolia Selected Macroeconomic Indicators December 18, 213 For further information, please contact: SSelenge@imf.org 2 2 27 28 29 21 211 212 213 212 213 Q1 Q2 Q3 Oct. Nov. First 11 months Total US$-value
More informationCONSULTATIVE GROUP MEETING FOR KENYA. Nairobi, November 24-25, Joint Statement of the Government of the Republic of Kenya and the World Bank
CONSULTATIVE GROUP MEETING FOR KENYA Nairobi, November 24-25, 2003 Joint Statement of the Government of the Republic of Kenya and the World Bank The Government of the Republic of Kenya held a Consultative
More informationMATRIX OF STRATEGIC VISION AND ACTIONS TO SUPPORT SUSTAINABLE CITIES
Urban mission and overall strategy objectives: To promote sustainable cities and towns that fulfill the promise of development for their inhabitants in particular, by improving the lives of the poor and
More informationRodrigo Orair International Policy Centre for Inclusive Growth (IPC-IG) Institute for Applied Economic Research (IPEA), Brazil
SASPEN and FES International Conference Sustainability of Social Protection in the SADC: Economic Returns, Political Will and Fiscal Space 21 Oct 2015 How Brazil has cut its Inequality through Fiscal Policy:
More informationInternational Monetary Fund. Not for Redistribution
2006 International Monetary Fund April 2006 IMF Country Report No. 06/139 January 29, 2001 January 29, 2001 January 29, 2001 January 29, 2001 January 29, 2001 Serbia and Montenegro: Poverty Reduction Strategy
More informationLOCALIZATION OF THE SDGs IN MONGOLIA
GOVERNMENT REGULATORY AGENCY NATIONAL DEVELOPMENT AGENCY LOCALIZATION OF THE SDGs IN MONGOLIA Suzanna Sumkhuu Specialist Development Policy and Planning Division 2018.11 SUSTAINABLE DEVELOPMENT AGENDA
More informationCOMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE OF THE REGIONS
EUROPEAN COMMISSION Brussels, 13.10.2011 COM(2011) 638 final COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE OF THE
More informationInternational Monetary Fund Washington, D.C.
2006 International Monetary Fund December 2006 IMF Country Report No. 06/443 Nepal: Poverty Reduction Strategy Paper Annual Progress Report Joint Staff Advisory Note The attached Joint Staff Advisory Note
More informationThe Macro-economy and the Global Financial Crisis
The Macro-economy and the Global Financial Crisis Ian Sheldon Andersons Professor of International Trade sheldon.1@osu.edu Department of Agricultural, Environmental & Development Economics Global economic
More informationStrengths (+) and weaknesses ( )
Country Report Australia Country Report Marcel Weernink Economic growth in Australia decelerates due to lower mining investments. The outlook depends heavily on demand from China for its commodities and
More informationRestoring confidence in South Africa to oil wheels for growth Dimanche, 05 Août :10 - Mis à jour Dimanche, 05 Août :12
Johannesburg, South Africa, August 5 (Infosplusgabon) - Post-apartheid years have brought about remarkable progress in South Africa in terms of poverty reduction, access to education, and reducing unemployment.
More information