Chad

This paper discusses Chad’s Request for a Three-Year Arrangement under the Extended Credit Facility (ECF) and Cancellation of the Current Arrangement. The main elements of the program are the reestablishment of debt sustainability through external debt restructuring, achieving gradual fiscal adjustment by maintaining a tight spending envelope, better mobilizing non-oil revenue, and creating space for domestic arrears clearance. The aim is to stabilize the fiscal position and help achieve a durable economic recovery while supporting regional stabilization efforts. Strengthening public financial management and diversifying the economy are expected to support the efforts to strengthen the fiscal position and boost the non-oil sector. The IMF staff supports the authorities’ request for a new ECF arrangement.

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Kenya

IMF Staff Country Reports ◽

10.5089/9781513526089.002 ◽

2020 ◽

Vol 2020 (2) ◽

Author(s):

Keyword(s):

Financial Management ◽

Early Stage ◽

Present Report ◽

Fiscal Responsibility ◽

Economic Changes ◽

Fiscal Transparency ◽

Radical Reform ◽

Public Financial Management ◽

Oil Sector ◽

Auditor General

This report updates the Fiscal Transparency Evaluation (FTE) of Kenya that was prepared in 2014 and published in 2016. The report is the first full update to be carried out in any country, a recent update of the Russian FTE having a more selective focus. Kenya has experienced a lot of structural and economic changes since 2014. At that time, the 2010 Constitution and the associated Public Financial Management (PFM) Act of 2012 were relatively new, and a radical reform of local government was in the process of transition. The Constitution and the PFM Act placed a strong emphasis on economic and fiscal transparency and accountability, for example, through the establishment of the National Treasury (NT), fiscal responsibility principles, the Parliamentary Budget Office, and enhanced powers of the Auditor General. The present report, like the 2014 assessment, focuses on the first three pillars of the Code. The authorities did not request the Fund to make an evaluation of Pillar IV (Resource Revenue Management) since the development of the oil sector in Kenya is at an early stage, with the volume of reserves uncertain and first oil not expected before 2022 at the earliest.

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Kingdom of Swaziland - Assessment Letter for Multilateral and Bilateral Donors

Policy Papers ◽

10.5089/9781498338967.007 ◽

2011 ◽

Vol 19 (25) ◽

Author(s):

Keyword(s):

Financial Management ◽

Fiscal Crisis ◽

Customs Union ◽

Fiscal Adjustment ◽

Public Financial Management ◽

The Imf

This letter provides an assessment of recent macroeconomic developments in Swaziland and an update on the discussions between IMF staff and the Swaziland authorities. Swaziland faces a fiscal crisis caused by an 11 percent of GDP drop in revenue payments from the Southern African Customs Union (SACU) and one of the largest wage bills in Africa. In response, the authorities have put in place an ambitious Fiscal Adjustment Roadmap and requested IMF staff to monitor its implementation. The IMF Managing Director approved a Staff-Monitored Program with Swaziland on April 4, 2011, that seeks to start the necessary fiscal adjustment, while protecting education, health, and pro-poor spending and improving public financial management. Securing adequate financing in 2011/12 will be critical to avert a more severe fiscal situation.

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Chad

IMF Staff Country Reports ◽

10.5089/9781475557374.002 ◽

2016 ◽

Vol 2016 (364) ◽

Author(s):

Keyword(s):

Performance Criteria ◽

Credit Facility ◽

The Third ◽

Fiscal Adjustment ◽

Social Tensions ◽

Current Arrangement

This paper discusses Chad’s Third and Fourth Reviews Under the Extended Credit Facility (ECF) arrangement, and Requests for Waivers of Nonobservance of Performance Criteria (PCs), Augmentation of Access, Extension of the Current Arrangement, and Rephasing of Disbursements. The authorities in Chad have implemented substantial fiscal adjustment to balance the budget and contain the accumulation of arrears. Nonetheless, liquidity conditions remain very tight, and social tensions have risen recently owing to the large cuts in current spending. IMF staff supports the completion of the third and fourth reviews under the ECF arrangement, the waivers of nonobservance of PCs on the nonaccumulation of domestic arrears and nonaccumulation of external arrears.

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