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Publication Date:
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December 11, 2014
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Electronic Access:
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Free Full text
(PDF file size is 1,852KB).
Use the free
Adobe Acrobat Reader
to view this PDF file
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Summary:
EXECUTIVE SUMMARY
Context: Economic recovery is under way but remains fragile. The buildup of the large- scale donor
support has been hampered by serious lapses in public financial management (PFM), which raised
governance concerns. As a result, the first review, initially scheduled for June, was delayed and
donor budget support was temporarily put on hold.
Program performance: With remedial measures now in place to address the PFM weaknesses, the program
remains on track. The authorities are requesting waivers for performance criteria (PC) on: tax
revenue, which was missed owing to a shortfall in revenue from the gold sector and weaknesses in
tax administration; and non- concessional borrowing, to accommodate an investment project in
hydroelectricity, which is narrowly non-concessional. They are also requesting a modification for
end- December 2014 PCs on bank and market financing of the government and gross tax revenue owing
to this weakness in tax revenue and the incorporation of off-budget spending as part of the
remedial measures for the PFM lapses.
Main policy recommendations:
• Strictly implement budget and procurement rules to restore business, consumer and donor
confidence.
• Maintain macroeconomic stability by keeping the basic fiscal balance close to zero and the
overall fiscal balance in line with debt sustainability.
• Raise tax revenue by close to 0.5 percent of GDP annually.
• Improve public financial management.
• Accelerate reforms to improve the business environment, including by strengthening
governance and anti-corruption efforts.
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Order a print copy
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Series:
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Country Report No. 14/337
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Notes
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Also available in French
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French
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Publication Date:
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December 11, 2014
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ISBN/ISSN:
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9781498306621
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Format:
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Paper
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Stock No:
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1MLIFA2014004
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Pages:
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115
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Price:
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Please address any questions about this title to
publications@imf.org
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