The Role of the Fund in Governance Issues - Review of the Guidance Note - Preliminary Considerations PDF Download
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Author: International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
ISBN: 1498346529
Category : Social Science
Languages : en
Pages : 77
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Book Description
Following the request of the IMFC, this paper represents a first step in reassessing the Fund’s approach to tackling governance issues, the guidelines for which are contained in a 1997 Guidance Note. The paper examines the record of implementation of these guidelines in the period since the last such review was conducted in 2004, focusing on the handling of issues relating to corruption.
Author: International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
ISBN: 1498346529
Category : Social Science
Languages : en
Pages : 77
Get Book
Book Description
Following the request of the IMFC, this paper represents a first step in reassessing the Fund’s approach to tackling governance issues, the guidelines for which are contained in a 1997 Guidance Note. The paper examines the record of implementation of these guidelines in the period since the last such review was conducted in 2004, focusing on the handling of issues relating to corruption.
Author: International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
ISBN: 1498346480
Category : Social Science
Languages : en
Pages : 112
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Book Description
The Background Notes in this Supplement provide essential context and analysis needed to understand the problem of governance and corruption, its impact on the economies of Fund members, and the history and nature of Fund engagement on these issues. They also seek to support the assessment of the Fund’s overall approach to promoting good governance and reducing corruption—including through the lenses of key stakeholders—with a view to identifying strength and closing any remaining gaps.
Author: International Monetary Fund. Fiscal Affairs Dept.
Publisher: International Monetary Fund
ISBN: 1498308368
Category : Social Science
Languages : en
Pages : 62
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Book Description
This paper proposes the adoption of a framework that would supplement the 1997 Fund’s Guidance Note on the Role of the Fund in Governance Issues, adopted by the Executive Board (the “1997 Governance Policy”). While the 1997 Governance Policy remains an appropriate basis for the Fund’s work in this area, further guidance from the Executive Board is needed to ensure that the objectives of that policy are achieved. Experience over the past 20 years has underscored the critical impact that governance issues can have on the Fund’s work. In particular, there is evidence that corruption can have a pernicious effect on a country’s ability to achieve sustainable, inclusive economic growth. As requested by the Executive Board, the proposed Framework for Enhanced Engagement by the Fund (“Framework for Enhanced Fund Engagement”) is designed to promote more systematic, effective, and candid engagement with member countries regarding those governance vulnerabilities, including corruption, that are judged to be macroeconomically critical. Perhaps most importantly, the application of the Framework for Enhanced Fund Engagement to all members on a systematic basis will enhance evenhandedness. Finally, the Framework is designed to strengthen the global fight against corruption by promoting governmental measures that prevent private actors from offering bribes or providing services that enable the proceeds of corrupt acts to be concealed, particularly in the transnational context.
Author: International Monetary Fund. Fiscal Affairs Dept.
Publisher: International Monetary Fund
ISBN: 1498308600
Category : Social Science
Languages : en
Pages : 62
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Book Description
This paper proposes the adoption of a framework that would supplement the 1997 Fund’s Guidance Note on the Role of the Fund in Governance Issues, adopted by the Executive Board (the “1997 Governance Policy”). While the 1997 Governance Policy remains an appropriate basis for the Fund’s work in this area, further guidance from the Executive Board is needed to ensure that the objectives of that policy are achieved. Experience over the past 20 years has underscored the critical impact that governance issues can have on the Fund’s work. In particular, there is evidence that corruption can have a pernicious effect on a country’s ability to achieve sustainable, inclusive economic growth. As requested by the Executive Board, the proposed Framework for Enhanced Engagement by the Fund (“Framework for Enhanced Fund Engagement”) is designed to promote more systematic, effective, and candid engagement with member countries regarding those governance vulnerabilities, including corruption, that are judged to be macroeconomically critical. Perhaps most importantly, the application of the Framework for Enhanced Fund Engagement to all members on a systematic basis will enhance evenhandedness. Finally, the Framework is designed to strengthen the global fight against corruption by promoting governmental measures that prevent private actors from offering bribes or providing services that enable the proceeds of corrupt acts to be concealed, particularly in the transnational context.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498310435
Category : Business & Economics
Languages : en
Pages : 47
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Book Description
"Attainment of the Sustainable Development Goals (SDGs) will require that the Association of Southeast Asian Nations (ASEAN) countries continue their considerable past achievements. The Millennium Development Goals—which were to have been met by 2015—helped focus attention on achieving progress towards poverty reduction, better health outcomes, and improvements in education in the ASEAN developing countries. The 17 SDGs—adopted in 2015 and to be met by 2030—cover a wider set of interlinked development objectives, such as inclusion and environmental sustainability, which are important for all countries, including all ASEAN member countries. ASEAN countries have made significant progress in improving incomes and economic opportunities, including for women, and reducing poverty since 2000. Reflecting the economic dynamism of the region, strong income growth, structural transformation, and infrastructure improvements continue to support sustainable development in ASEAN. With continued income growth and strong policy efforts, most ASEAN countries are on track to eradicate absolute poverty by 2030, a major milestone. Also, several ASEAN countries already do relatively well in terms of gender equality. As a result, given support from continued income gains, economic welfare in ASEAN countries is expected to continue converging towards advanced Asia levels. Ensuring more inclusive and environmentally sustainable growth presents a key challenge for ASEAN. Despite some progress, income inequality remains relatively high in several countries and the shift towards manufacturing strains environmental sustainability. These challenges hamper ASEAN welfare convergence relative to advanced Asia. Policies to close these gaps in sustainable development can lead to significant gains. For the lower-middle-income ASEAN countries, in particular, more determined policy efforts are needed to improve infrastructure, as well as health and education outcomes. Remaining sustainable development challenges call for comprehensive, country-specific SDG strategies formulated in the context of national development plans and close monitoring through the voluntary review process. Pursuing sustainable development entails sizeable spending needs. Estimates for Indonesia and Vietnam, the two cases studies considered in this paper, show that reaching the level of best performers in their income group in infrastructure, health, and education by 2030 could entail an additional cost of 51⁄2–61⁄2 percent of GDP per year. While development needs vary across countries, estimates suggest large spending needs for most ASEAN countries. Meeting them will require efforts on multiple fronts, including improvements in spending efficiency, tax capacity, and support from the private sector. For developing ASEAN countries, concessional financing from development partners will be required. The IMF continues to engage ASEAN countries in key areas as they pursue their SDGs. As called for in their mandates, ASEAN and the IMF both strive for economic growth and sustainable development through economic integration and collaboration among their member countries. The IMF has increased its engagement with ASEAN countries to support their policy efforts through its policy diagnostics, advice, and capacity development. ASEAN countries have also received support through IMF initiatives in strengthening revenue mobilization, building state capacity for infrastructure provision, pursuing economic and financial inclusion, addressing the challenges of climate change, strengthening economic institutions for good governance, and building statistical capacity. While fundamental reforms to improve sustainable development take time to bear fruit, there is evidence that efforts have started to pay off. "
Author: Mr.Giovanni Melina
Publisher: International Monetary Fund
ISBN: 1498312047
Category : Business & Economics
Languages : en
Pages : 29
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Book Description
This paper argues that oil revenue management and public investment in Congo are vulnerable to corruption as a result of limited transparency and accountability. Corruption has potentially contributed to poor macro-fiscal outcomes. The paper acknowledges the authorities’ anti-corruption efforts made so far and proposes further critical reforms to reduce remaining vulnerabilities. Using a dynamic stochastic general equilibrium model results show that, depending on the reforms adopted, the potential additional growth can range between 0.8 to 1.8 percent per year over the next 10 years, and debt can decline by 2.25 to 3 percent of GDP per year over the same period. These results suggest that macrofiscal gains from anti-corruption reforms could be substantial even under conservative reform scenarios.
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1513508393
Category : Business & Economics
Languages : en
Pages : 175
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Book Description
This paper discusses Republic of Congo’s Review Under the Extended Credit Facility (ECF). The Republic of Congo’s ECF program supports the authorities’ efforts to restore fiscal sustainability and rebuild regional reserves while improving governance and protecting vulnerable groups. The Congolese authorities have stepped up efforts in 2018 and 2019 to address the economic crisis and the associated governance challenges. The ECF-supported program aims to help the Republic of Congo restore macroeconomic stability, including debt sustainability, and lay the foundations for higher and more inclusive growth. It also seeks to improve governance to achieve greater efficiency and transparency in the management of public resources, especially in the oil sector. The Fund-supported program is expected to contribute positively to the regional strategy and stability efforts of the Central African Economic and Monetary Union. The report also highlights that it is key to promote the productivity of factor inputs by increasing investments in human capital.
Author: Ms. Monique Newiak
Publisher: International Monetary Fund
ISBN: 1513584057
Category : Business & Economics
Languages : en
Pages : 348
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Book Description
Governance and corruption issues have taken the center stage in international discussions, especially after the adoption by the IMF in 2018 of a new framework for engagement on governance and corruption. Sound institutions that guarantee integrity in the management of public affairs are critical on the path toward higher and more inclusive growth. Corruption undermines the quality of institutions, weakens the effectiveness of government programs, and compromises social trust in government policies. Indeed, countries around the world that improved their governance systems are reaping a “governance dividend,” and governance-enhancing reformist countries in sub-Saharan Africa include Botswana, Rwanda, and Seychelles. In addition, Liberia, Sierra Leone, and Angola demonstrate that important reforms are possible, including in fragile environments. The importance of good governance has acquired even more importance as countries try to introduce policies to fight the ongoing COVID-19 pandemic. Special attention to governance in an emergency context, including situations associated with conflict, other health crises and natural disasters, is therefore essential. Innovation and new technologies are critical instruments that policymakers can use in their efforts to improve governance and transparency.
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1484392868
Category : Business & Economics
Languages : en
Pages : 60
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Book Description
This Selected Issues paper looks at some Central African Economic and Monetary Community (CEMAC) specific regional dimensions of a possible strategy to enhance governance, which would support specific reforms in this area at the country level. The paper describes the specific dimensions of governance covered in the note. The paper also analyzes governance and corruption in the areas of public financial management, anti-money laundering, and the link between the oil sector and public resources. The CEMAC regional institutions will have to play a central role to lead progress in these areas, and support member countries’ own efforts. Due to such actions result in giving a coherent framework to actions conducted at the country level, the synergic dimension can spur a virtuous circle, key to earn the benefit of an economic and monetary union. The success of the regional strategy that CEMAC member countries and regional institutions are implementing to exit the severe crisis they are facing depends critically on creating the conditions for laying the ground for a diversified economy, within a well-functioning regional market and an environment that provides opportunities for all and where public resources are geared to most productive use.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1513550292
Category : Business & Economics
Languages : en
Pages : 47
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Book Description
This paper provides an interim update on implementation of the 2018 Framework for Enhanced Fund Engagement on Governance. This update is in advance of a comprehensive formal review of the Framework scheduled for mid-2021.
