## mnrw2021ar

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### Executive summary and program scope
- The Managing Natural Resource Wealth Thematic Fund (MNRW) is the main external funding vehicle in the IMF for capacity development (CD) for natural resource rich low and lower-middle income countries.
- FY21 is defined as May 2020 – April 2021.
- Phase II started in May 2017 and, as of the report, has three years remaining to be completed at the end of FY24.
- The MNRW is organized into five topical modules and multi-country training:
  - Module 1: Design and Implementation of extractive industries tax policy including fiscal modeling and revenue forecasting.
  - Module 2: Revenue administration of extractive industries.
  - Module 3: Macro-fiscal and public financial management.
  - Module 4: Monetary policy, exchange rate policy frameworks and macro-prudential frameworks.
  - Module 5: Economic statistics for natural resources.

### Impact of COVID-19 and delivery modality
- All MNRW CD activities in FY21 were delivered remotely.
- Project experience categories during the pandemic:
  - (i) Activities carried on broadly as envisaged with travel budget savings.
  - (ii) Activities continued at reduced scale reflecting changed priorities or delivery constraints.
  - (iii) Projects with no traction during the pandemic due to reprioritization or counterpart changes.
- Benefits of remote delivery:
  - Enabled experimentation with alternative technical assistance and training modes, including increased integration of online training platforms.
  - In some instances facilitated more ongoing engagement and quicker responses to emerging needs.
- Limitations of remote delivery:
  - Remote delivery is not a sustainable substitute for in-country delivery in terms of effectiveness, equity, and efficiency.
  - Building relationships with policy-making and technical counterparts is more difficult remotely, especially for new projects or where counterpart turnover occurred.
  - Remote modality raises equity issues due to differences in technological connectivity, time zones, and reliance on interpretation; countries most in need of CD are often those most affected.

### FY21 spending, cumulative execution, and financial outlook
- FY21 total MNRW spending: $3.1 million.
- FY21 reported as "A total of $3 million was spent during the year" and FY21 actual expenses reported in tables: 3,038 (thousands of U.S. dollars).
- FY21 spending level relative to recent years: about 60 percent.
- Estimated foregone travel cost in FY21: upwards to $700,000.
- Cumulative Phase II spending (May 2017–April 2021): about $17.7 million (also reported as Actual Total Expenses (Apr 2021): 17,685 (thousands of U.S. dollars) and MNRW total execution to date is US$17.68 million).
- Total committed/approved funding for Phase II: $29 million (text) and Total Approved Budgets as of April 2021: 29,242 (thousands of U.S. dollars).
- Programmatic expectation: committed funding will be fully utilized by the end of the program phase.
- Financial projections and cashflow:
  - Expenditures projected for FY22 and FY23: US$5 million and US$4.2 million respectively.
  - MNRW FY21 implementation has reached US$3.1 million.
  - The total workplan endorsed to date is US$29.2 million.
  - Endorsement sought for program budget decrease in the amount of US$0.5 million resulting in total workplan of US$ 28.72 million.
- Trust Fund Management Fee: Latest Approved Budget: 1,913 (thousands of U.S. dollars); Actual Total Expenses (Apr 2021): 1,157 (thousands of U.S. dollars). Revised Management Fee in proposed revisions: US$1,879 (thousands of U.S. dollars).

### Program portfolio management and adjustments
- All committed funds under the MNRW have been allocated to approved projects; primary focus is execution of the program portfolio for the remaining funding phase.
- The program portfolio will be proactively managed, aligning funds with CD traction and progress in line with Steering Committee guidance.
- Six projects are proposed to the Steering Committee for extension (four with budget adjustments).
- Any excess funding in projects will be gradually moved into the uncommitted pool, enabling a few additional projects to be considered in the next one to two years.
- Planned scoping missions for FY22 include Guinea Bissau, South Sudan, and Zimbabwe.
- Selected project-level proposed budget changes (amounts in thousands of U.S. dollars):
  - Guyana (M2): Endorsed Budget as of Apr 2021 1,324; Proposed Change -75; Proposed Multi-Year Budget 1,249.
  - Kenya (M2): Endorsed Budget as of Apr 2021 922; Proposed Change 162; Proposed Multi-Year Budget 1,084.
  - Liberia (M2): Endorsed Budget as of Apr 2021 368; Proposed Change 216; Proposed Multi-Year Budget 584.
  - Uganda (M2): Endorsed Budget as of Apr 2021 521; Proposed Change 477; Proposed Multi-Year Budget 999.
  - Uganda (M3): Endorsed Budget as of Apr 2021 510; Proposed Change 0; Proposed Multi-Year Budget 510.
  - Niger (M3): Endorsed Budget as of Apr 2021 590; Proposed Change 0; Proposed Multi-Year Budget 590.
  - Statistics GO (M5) Project ended: Endorsed Budget as of Apr 2021 985; Proposed Change -130; Proposed Multi-Year Budget 855.
  - Statistics RE (M5) Project ended: Endorsed Budget as of Apr 2021 2,066; Proposed Change -702; Proposed Multi-Year Budget 1,364.
  - Madagascar Scoping Mission Project to end: Endorsed Budget as of Apr 2021 79; Proposed Change -19; Proposed Multi-Year Budget 61.
  - Ghana (M2) Project to end: Endorsed Budget as of Apr 2021 611; Proposed Change -447; Proposed Multi-Year Budget 164.

### Thematic and regional allocation (approved work program figures)
- Approved work program by module (exact allocations, in U.S. dollars):
  - Module 1: 6,270,000
  - Module 2: 5,782,000
  - Module 3: 4,616,000
  - Module 4: 1,875,000
  - Module 5: 3,051,000
  - Research: 1,260,000
  - Training: 4,232,000
  - Workshop: 289,000
- Approved work program by region (exact allocations, in U.S. dollars):
  - Africa: 13,202,000
  - Asia Pacific: 1,622,000
  - Middle East & Central Asia: 770,000
  - Western Hemisphere: 3,284,000
  - Note: excludes projects that cover multiple regions or are not region specific (e.g., Research).

### Module-level CD focus, country activities, and selected FY21 results
- Module 1 (Tax policy; 12 active projects):
  - Purpose: design and implementation of tax policy for extractive industry sectors, underpinned by FARI methodology and tool; modeling sometimes extended to revenue forecasting.
  - Country highlights (selected):
    - Chad (M1): New oil production onstream in 2020; revenue forecasting workshop in February 2021 built capacity for using and maintaining the FARI petroleum revenue forecasting model; model extended to include domestic refinery and new production area.
    - Ghana (M1): Continued support for baseline petroleum revenue forecast and preparation for a new Extractive Industry Fiscal Law; MOF staff progressively leading baseline revenue calculations; draft bill and TA report work ongoing; next steps include petroleum revenue forecasting manual and a mining revenue forecasting model.
    - Guyana (M1): Engagement disappointing despite critical petroleum development stage; petroleum revenue forecasting model updated to incorporate alternative oil price forecasts; STX support through December 2020 on PSC valuation and terms; future CD contingent on clearer authorities’ engagement.
    - Liberia (M1): Focus on expanding iron ore extraction and 4th petroleum licensing round; inputs provided for Model Production Sharing Contract (MPSC) and Sectoral Mining Model (SMM) updates; training on FARI for evaluating oil licensing bids.
    - Mozambique (M1): Remote updates to FARI LNG revenue forecasting model and review of international tax policy issues related to LNG; future in-country CD to focus on fiscal regime implementation and LNG revenue forecasting.
    - Myanmar (M1): Following the military coup on February 1, 2021, all IMF CD activities suspended; prior to suspension webinars delivered in November 2020 and January 2021.
    - Nigeria (M1): Government finalized comprehensive draft petroleum sector legislation; FAD undertook two reviews and evaluated new petroleum fiscal regime; legislation submitted to National Assembly in early 2021.
    - Sierra Leone (M1): Introductory training course on fiscal regime modeling developed; legislative corrections to Extractive Industries Revenue Act under consideration; model building slowed due to data sharing difficulties.
    - Solomon Islands (M1): Initial advice on nickel pricing for tax and royalty valuation; active authority engagement.
    - The Gambia (M1): Tailored online petroleum fiscal modeling training course developed and ready for use; IMF petroleum fiscal model ready for handover; authorities expected to commence training in May 2021.
    - Uganda (M1): Progress toward final investment decision with signing of host government agreement for pipeline; revenue forecasting workshop in August 2020 on FARI use and maintenance.
    - Uzbekistan (M1): Inputs for draft mining tax law; explored mining rent tax policy options and royalties; customized training course prepared with 40 government officials signed up.

- Module 2 (Revenue administration; 8 projects):
  - Purpose: CD to revenue authorities on administering revenue collections from extractive industries; coordinated closely with the Revenue Mobilization Thematic Fund (RMTF).
  - Staffing: In November 2020, a francophone-speaking EI revenue administration expert was recruited by FAD.
  - Country highlights (selected):
    - Ghana (M2): Limited engagement in FY21; project not extended when ending June 2021; remaining funds to be reallocated to Uganda, Liberia, and Kenya.
    - Guyana (M2): Good engagement; established Customs Petroleum Unit, conducted risk assessment, developed petroleum reporting forms, enhanced oil and gas accounting knowledge; EI peripatetic advisor deployed August 2020; skills development plan completed; framework discussed for two-year extension up to October 2023.
    - Kenya (M2): Oil and gas risk matrix completed; EI skills assessment and skills enhancement plan underway; framework discussed for two-year extension.
    - Liberia (M2): Limited progress due to internet connectivity; October 2020 STX visit assisted EI skills gap analysis; authorities requested two-year extension.
    - Mozambique (M2): CD mainly via on-demand STX support; oil and gas sector risk matrix completed pending translation and review.
    - Nigeria (M2): Initial delays due to COVID-19 and remote delivery transition; HQ missions in Dec 2020 and Jan 2021 developed revised 24-month workplan; FY22 CD to focus on FIRS industry knowledge, audit skills, risk assessment, and compliance strategy.
    - Sierra Leone (M2): 1 HQ review mission and 3 STX assignments on international tax risk identification, legislative interpretation, and practice materials.
    - Uganda (M2): URA commenced audits to verify deductible costs; STX activities completed oil and gas risk matrix and EI skills gap assessment; peripatetic advisor planned to develop audit skills.

- Module 3 (Macro-fiscal and PFM; five active projects):
  - Purpose: CD on macro-fiscal and PFM frameworks for countries with current or prospective natural resources.
  - Country highlights:
    - Bolivia (M3): Activities delayed due to political developments; expected to restart following change in government.
    - Congo, D.R. (M3): Four remote TA missions on public investment management, budget processes, and fiscal risks; two STX remote missions on cash management; two ongoing STX remote missions updating MTBF and developing fiscal risks statement; authorities requested additional missions in FY2022.
    - Mauritania (M3): First mission in May 2021 to identify issues and develop workplan; strong interest to revamp fiscal framework for gas and increased mining dependence.
    - Niger (M3): Significant assistance on macro-fiscal function and fiscal risk management; limited progress in FY21 due to COVID-19 and elections; proposal to extend project to December 31, 2022 with unchanged budget and objectives.
    - Senegal (M3): Production expected onstream in 2023; support for macro-fiscal framework, fiscal responsibility framework, and FARI petroleum revenue forecasting model; remote HQ-led mission in March 2021 identified prerequisites and proposed procedural fiscal rules.
    - Uganda (M3): MOF staff using FAD models to update oil revenue management analysis; draft Charter for Fiscal Responsibility principles prepared; proposal to extend project to June 30, 2022 with unchanged budget and objectives.

- Module 4 (Monetary policy, exchange rate, macro-prudential):
  - TA activity continued via virtual missions.
  - Virtual missions to Kyrgyz Republic and Uzbekistan advised on modernizing monetary policy and operations and coping with COVID-19 shock.
  - Virtual mission to the Philippines focused on monetary policy communications with follow-up envisaged in 2021H2.
  - Draft chapters for a TA handbook are under review.

- Module 5 (Statistics; two umbrella projects on government revenue and real sector statistics):
  - Real sector:
    - Two one-week remote TA missions: Guyana (September 2020) and Uzbekistan (March 2021).
    - Guyana populated five of the eight template tables; Uzbekistan populated four of the eight template tables; Uzbekistan’s statistical agency expected to publish these annually from July 2021.
    - By-April 2021, the project completed planned bilateral and regional activities; Module 5 projects on economic statistics completed and will be closed in FY21.
  - Government finance statistics:
    - By-April 2021, four TA missions and five face-to-face regional workshops were completed as planned (note: one follow-up TA mission to Guyana was canceled at authorities’ request).

### Multi-country training, FARI modernization, and research
- Training adaptations:
  - ICD conducted three virtual “face-to-face” courses instead of in-person courses.
  - Online self-paced training made available in English and French with extended timelines; online training in Russian launched end-April 2021.
  - Pandemic led to a significant increase in demand for virtual training.
- FARI workshop series and tool modernization:
  - Regional FARI workshop series for Anglophone and Lusophone African countries concluded remotely; approximately half of the 70 participants from first workshop continued remotely.
  - Remote delivery allowed cross-region discussions and peer-learning but posed pacing and technical challenges.
  - Modernized FARI tool and curriculum integrating webinars, recorded lectures, and online material were tested.
  - New mission models are well tested and fully operational in mission work (examples applied in Chile and Madagascar) and research work.
  - Updated simplified model framework expected to be made available on the IMF website during the coming year.
  - FAD integrated carbon pricing into FARI and is developing a tailored model for LNG tax policy analysis.

### Climate change integration and policy questions
- IMF encourages forceful action on climate change mitigation and adaptation; work includes research on carbon pricing and fossil fuel subsidies.
- Key policy questions highlighted:
  - Role of tax policy to incentivize switch from coal and oil toward natural gas during transition; curtail methane leakages; encourage carbon capture and sequestration technologies.
  - Appropriate tax policy design for minerals (e.g., copper, lithium, and rare earth minerals) to ensure supply for electrification and renewable energy while ensuring fair sharing of benefits.
  - How fossil fuel dependent economies can prepare for the energy transition by diversifying economy and revenue sources, increasing savings and investment, and considering taxing carbon emissions at source.
  - Tax policy choice whether to reduce government take to compete for shrinking investment pools or maximize revenue from fossil fuel assets already in production.
- FARI developments related to climate:
  - FARI extended to integrate carbon pricing into fiscal regime and investment analysis and to explore impacts of taxing at point of extraction (Scope 1) or indirect emissions from final combustion (Scope 3).
  - Ongoing work to refine revenue impact estimates under various global climate change mitigation scenarios (working closely with the IEA).
- Positioning:
  - MNRW is positioned to support natural resource dependent countries in preparing for a low carbon transition through policy design, implementation advice, and capacity building; expected to become a key focus of future CD activities.

### Results-based Monitoring (RBM) and mid-term independent evaluation
- RBM performance:
  - COVID-19 hampered RBM performance; more projects moved into the ‘red’ zone for milestone and outcome ratings as of April 2021 compared to April 2020.
  - Overall, RBM performance remained satisfactory in most projects; most projects remained in ‘yellow’ or ‘green’.
  - Outcome ratings improved in a substantial number of projects, especially in revenue administration (Module 2).
  - Close to 100 milestones came due during FY21, with about half either largely or fully met.
  - The share of largely or fully met milestones increased over the past six months.
  - With extension of the current MNRW phase through FY24, there should be sufficient time to recover from setbacks.
- Mid-term independent evaluation:
  - An independent evaluation takes place no later than 40 months after the activities of each funding cycle have begun, per the Essential Terms and Conditions for the Administration of the MNRW Subaccount.
  - The upcoming evaluation for MNRW Phase II will cover January 2017 – April 2021.
  - A Request for Proposals (RFP) was issued on February 5, 2021 to 28 evaluation companies and posted on the IMF external procurement website; bids were scored and IMF Procurement unit is working to award the firm with the highest score.
  - An Inception Note (IN) will outline purpose, scope, sample of projects, methodology, key evaluation questions, proposed timeline, suggested countries for case studies, and questionnaires; a draft IN will be shared with the Evaluation Sub Committee (ESC).
  - Evaluation purposes include assessing relevance, efficiency, effectiveness, coherence, sustainability, and impact (following OECD DAC criteria), identifying factors accounting for performance, and lessons learned.

### Selected key FY21 results (highlights)
- Congo, DRC (M3): Progress on drafting decrees for managing expenditures related to the 100-day investment program; new Treasury system work; tools for macroeconomic framework and natural resources revenue projections, fiscal risks identification, cash management, and COVID-19 operations monitoring.
- The Gambia (M1): Tailored online petroleum fiscal modeling training course developed and ready for use.
- Guyana (M1 & M2): On-demand support on petroleum valuation and PSC matters (M1); skills development plan completed (M2).
- Research (FARI): Using new simplified FARI models, 3 regional workshops delivered targeting 11 Anglophone and Lusophone African countries.
- Kenya (M2): Oil and gas risk matrix completed; EI skills gap assessment and development plan on course; two milestones largely achieved.
- Liberia (M1): Sectoral Mining Model upgraded; associated milestone partially achieved.
- Mozambique (M2): Oil and gas risk matrix completed (pending review); two staffing and staff development milestones largely achieved.
- Nigeria (M1): Comprehensive draft petroleum sector legislation submitted to National Assembly in early 2021; associated milestone largely achieved.
- Senegal (M3): Continued work on legal framework for oil and gas revenue management and sovereign wealth fund; development of FARI petroleum revenue forecasting model.
- Sierra Leone (M1): Core MS Excel fiscal modeling training completed; introductory fiscal regime modeling course developed and trialed.
- Uganda (M2): URA commenced audits to verify deductible costs incurred by upstream petroleum companies.
- Uzbekistan (M1): Authorities produced a mining fiscal regime draft law and are fine-tuning fiscal parameters and implementation issues.
- Module 4 (M4): Missions assisted Kyrgyz Republic, Uzbekistan, and Bangko Sentral ng Pilipinas on monetary policy modernization, FX operations, and policy communications.
- Statistics (M5): TA provided to Guyana and Uzbekistan to improve measures of natural resource activity in national accounts and to strengthen government finance statistics.

*Source: The Managing Natural Resource Wealth Thematic Fund (MNRW) FY21 Executive Summary, IMF.*

### EXECUTIVE SUMMARY ___________________________________________________________________________  6

### EXECUTIVE SUMMARY

### I. Introduction
- The Managing Natural Resource Wealth Thematic Fund (MNRW) is the main external funding vehicle in the IMF for capacity development (CD) for natural resource rich low and lower-middle income countries.
- FY21 is defined as May 2020 – April 2021.
- Phase II started in May 2017 and, as of the report, has three years remaining to be completed at the end of FY24.
- The MNRW is organized into five topical modules and multi-country training:
  - Module 1: Design and Implementation of extractive industries tax policy including fiscal modeling and revenue forecasting.
  - Module 2: Revenue administration of extractive industries.
  - Module 3: Macro-fiscal and public financial management.
  - Module 4: Monetary policy, exchange rate policy frameworks and macro-prudential frameworks.
  - Module 5: Economic statistics for natural resources.

### II. Developments and Outlook
#### A. Impact of COVID-19 Pandemic
- All MNRW CD activities in FY21 were delivered remotely.
- Categories of project experience during pandemic:
  - (i) Activities carried on broadly as envisaged with travel budget savings.
  - (ii) Activities continued at reduced scale reflecting changed priorities or delivery constraints.
  - (iii) Projects with no traction during the pandemic due to reprioritization or counterpart changes.
- Benefits of remote delivery:
  - Enabled experimentation with alternative technical assistance and training modes, including increased integration of online training platforms.
  - In some instances facilitated more ongoing engagement and quicker responses to emerging needs.
- Limitations of remote delivery:
  - Remote delivery is not a sustainable substitute for in-country delivery in terms of effectiveness, equity, and efficiency.
  - Building relationships with policy-making and technical counterparts is more difficult remotely, especially for new projects or where counterpart turnover occurred.
  - Remote modality raises equity issues due to differences in technological connectivity, time zones, and reliance on interpretation; countries most in need of CD are often those most affected.
- Financial impact:
  - Total spending in FY21 reached $3.1 million, about 60 percent of levels in recent years.
  - Estimated foregone travel cost related to FY21 MNRW activities could amount upwards to $700,000.
  - Cumulative spending from the beginning of Phase II in May 2017 through April 2021 amounts to about $17.7 million.
  - Total committed funding for Phase II is $29 million, and it is expected to be fully utilized by the end of the program phase.

#### B. Program Portfolio and Management
- All committed funds under the MNRW have been allocated to approved projects; primary focus is execution of the program portfolio for the remaining funding phase.
- The program portfolio will be proactively managed, aligning funds with CD traction and progress in line with Steering Committee guidance.
- Six projects are proposed to the Steering Committee for extension (four with budget adjustments).
- Any excess funding in projects will be gradually moved into the uncommitted pool, enabling a few additional projects to be considered in the next one to two years.
- Planned scoping missions for FY22 include Guinea Bissau, South Sudan, and Zimbabwe.

#### C. CD Focus and Results (Selected FY21 support areas and countries)
- Module 1 (Tax policy):
  - Policy advice on fiscal regimes: Ghana, Guyana, Liberia, Nigeria, Sierra Leone, Solomon Islands, Uganda, Uzbekistan.
  - Capacity development on fiscal modeling and revenue forecasting: Chad, Ghana, Guyana, Liberia, Mozambique, Uganda.
- Module 2 (Revenue administration):
  - Revenue risk assessment skills: Guyana, Kenya, Liberia, Sierra Leone, Uganda.
  - Auditing skills: Guyana, Uganda.
  - Customs administration for extractives: Guyana, Kenya.
- Module 3 (Macro-fiscal/PFM):
  - Designing/implementing macro-fiscal frameworks: Mauritania, Senegal, Uganda.
  - Public investment management: Congo, D.R.
  - Budget management: Congo, D.R., Niger.
- Module 4 (Monetary and macro-prudential frameworks):
  - TA handbook progressed; missions advised on monetary policy frameworks: Kyrgyz, Uzbekistan.
  - Monetary policy communication: Philippines.
- Module 5 (Statistics):
  - Planned activities completed with country-level support for real sector statistics: Guyana, Uzbekistan.
  - A follow-up mission on government finance statistics to Guyana was cancelled.
  - With completion in FY21, Module 5 projects on economic statistics will be closed.
  - Module 5 illustrates MNRW support for developing tools/methodologies and applying them via training and CD.
- Multi-country training and analytical work:
  - Virtual training provided on Macroeconomic Management in Resource-Rich Countries.
  - Regional training in sub-Saharan Africa on FARI analysis and modeling delivered remotely.
  - Significant progress on overhauling the FARI model and methodology.

#### D. Results-Based Monitoring (RBM)
- Progress was curtailed by the pandemic with more projects now in the ‘red’ zone of both milestone and outcome ratings.
- RBM performance has remained satisfactory in most projects despite pandemic-related challenges.
- Average milestone ratings and outcome ratings vary significantly across modules (see module-level comparisons in the report).

#### E. Mid-term Independent Evaluation
- A mid-term independent evaluation is underway; the inception note is expected to be developed soon following award of the contract at the end of the bidding process.

### III. Financial Update (Key figures)
- FY21 total MNRW spending: $3.1 million.
- FY21 spending level relative to recent years: about 60 percent.
- Estimated foregone travel cost in FY21: upwards to $700,000.
- Cumulative Phase II spending (May 2017–April 2021): about $17.7 million.
- Total committed funding for Phase II: $29 million.
- Programmatic expectation: committed funding will be fully utilized by the end of the program phase.

### IV. Thematic and Regional Allocation (approved work program figures)
- Approved work program by module (exact allocations):
  - Module 1: 6,270,000
  - Module 2: 5,782,000
  - Module 3: 4,616,000
  - Module 4: 1,875,000
  - Module 5: 3,051,000
  - Research: 1,260,000
  - Training: 4,232,000
  - Workshop: 289,000
- Approved work program by region (exact allocations):
  - Africa: 13,202,000
  - Asia Pacific: 1,622,000
  - Middle East & Central Asia: 770,000
  - Western Hemisphere: 3,284,000
  - Note: excludes projects that cover multiple regions or are not region specific (e.g., Research).

*Source: The Managing Natural Resource Wealth Thematic Fund (MNRW) FY21 Executive Summary, IMF.*

### 10.       Despite the impact of the pandemic, the delivery of the CD program under the MNRW

### mnrw2021ar - 10.       Despite the impact of the pandemic, the delivery of the CD program under the MNRW

### FY21 delivery and spending overview
- A total of $3 million was spent during the year, which is about 60 percent of the level before COVID-related travel restrictions.
- FY21 actual expenses reported in tables: 3,038 (thousands of U.S. dollars).
- Activities most executed in FY21: fiscal Modules 1, 2 and 3 (tax policy, revenue administration, and macro-fiscal/PFM), followed by Module 4 (exchange rate/monetary policy).
- Spending on Module 5 (statistics) was relatively low as statistics projects were completed during the year.
- Research and development of analytical tools held up well compared to previous years because these activities were less affected by travel restrictions.
- Spending on workshops and multi-country training was much lower than in previous years due to travel savings from switching to remotely delivered courses and increased use of online training.

### Portfolio summary and budgets
- Cumulative spending from the beginning of Phase II (May 2017 through April 2021) reached $17.7 million.
- At end-April, the total approved budgets for projects amounted to $29.2 million.
- All committed project funds have been allocated to projects at this stage.
- The allocation across modules and activities is broadly aligned with the indicative expenditure envelopes in the 2016 program document, but the budget allocation for the three fiscal modules is higher than initially envisaged due to stronger-than-anticipated CD demand from countries.
- Table summary figures (in thousands of U.S. dollars):
  - Total Approved Budgets as of April 2021: 29,242
  - FY18 Actual Expenses: 4,625
  - FY19 Actual Expenses: 4,982
  - FY20 Actual Expenses: 5,040
  - FY21 Actual Expenses: 3,038
  - Actual Total Expenses (Apr 2021): 17,685
  - Trust Fund Management Fee (of which): Latest Approved Budget: 1,913; Actual Total Expenses (Apr 2021): 1,157

### CD focus and country-level results — Module 1 (fiscal regime)
- Module purpose: design and implementation of tax policy for extractive industry sectors (taxes, royalty, production sharing, state participation and other fiscal instruments), often underpinned by modeling using the FARI methodology and tool; in some projects modeling is extended to revenue forecasting.
- Number of currently active Module 1 projects: 12.
- Country-specific FY21 highlights:
  - Chad (M1): New oil production onstream in 2020; revenue forecasting workshop in February 2021 built capacity for using and maintaining the FARI petroleum revenue forecasting model; model extended to include domestic refinery and new production area.
  - Ghana (M1): Continued support for baseline petroleum revenue forecast and preparation for a new Extractive Industry Fiscal Law; MOF staff progressively leading baseline revenue calculations; work on a draft bill and TA report; next steps include preparing a petroleum revenue forecasting manual and developing a mining revenue forecasting model.
  - Guyana (M1): Engagement disappointing despite critical petroleum development stage; petroleum revenue forecasting model updated to incorporate alternative oil price forecasts; STX support through December 2020 on production sharing contract valuation and terms; future CD contingent on clearer indication of authorities’ engagement.
  - Liberia (M1): Government focus on expanding iron ore extraction and 4th petroleum licensing round; input provided for Model Production Sharing Contract (MPSC) and Sectoral Mining Model (SMM) updates; training on FARI use for evaluating oil licensing bids; future CD to model further mining projects and build FARI capacity; possible mining tax policy review.
  - Mozambique (M1): Remote updates to FARI LNG revenue forecasting model and review of international tax policy issues related to LNG; future in-country CD to focus on fiscal regime implementation and LNG revenue forecasting, coordinating with NORAD/Oil for Development (OfD).
  - Myanmar (M1): Following the military coup on February 1, 2021, all IMF CD activities suspended; prior to suspension webinars were delivered in November 2020 and January 2021 on R-factor use and effective royalty rate analysis.
  - Nigeria (M1): Government finalized comprehensive draft petroleum sector legislation including overhaul of petroleum fiscal regime; FAD undertook two reviews in last 12 months and evaluated new petroleum fiscal regime; legislation submitted to National Assembly in early 2021; some shortcomings remain but closure would reduce investor uncertainty; less progress on CD capacity development due to remote engagement challenges and new counterparts.
  - Sierra Leone (M1): Introductory training course on fiscal regime modeling developed; legislative corrections to Extractive Industries Revenue Act under consideration by senior ministers; fiscal regime model building slowed due to data sharing difficulties; authorities motivated to build aggregated mining sector revenue forecasting model.
  - Solomon Islands (M1): Initial advice on nickel pricing given to ensure appropriate valuation for tax and royalty purposes; active authority engagement and support delivered albeit at a slower pace.
  - The Gambia (M1): Tailored online petroleum fiscal modeling training course developed and ready for use; training includes teaching videos and worked modeling examples; IMF petroleum fiscal model ready for handover; authorities expected to commence training in May 2021.
  - Uganda (M1): Progress toward final investment decision with signing of host government agreement for pipeline; revenue forecasting workshop in August 2020 on using and maintaining the FARI model and deepening understanding of petroleum fiscal regime.
  - Uzbekistan (M1): Activities provided inputs for draft mining tax law, explored mining rent tax policy options, advised on royalties; customized training course prepared with 40 government officials signed up.

### CD focus and country-level results — Module 2 (revenue administration)
- Module purpose: CD to revenue authorities focused on administering revenue collections from extractive industries (EI); module 2 projects coordinate closely with the Revenue Mobilization Thematic Fund (RMTF) projects.
- Number of Module 2 projects: 8 (7 in sub-Saharan Africa and 1 in the Western Hemisphere).
- Staffing: In November 2020, a francophone-speaking EI revenue administration expert was recruited by FAD to support and coordinate CD delivery in francophone countries.
- Country-specific FY21 highlights and issues:
  - Ghana (M2): Limited engagement in FY21 as authorities did not find remote CD feasible; slow progress in implementing EI revenue administration reforms; project extension will not be sought when project ends June 2021; remaining funds to be reallocated to Uganda, Liberia, and Kenya.
  - Guyana (M2): Good engagement and strong commitment by GRA; remote mission and STX activities established Customs Petroleum Unit, conducted risk assessment, developed petroleum reporting forms and schedules, enhanced oil and gas accounting knowledge, and capacity to identify international tax risks; EI peripatetic advisor deployed August 2020 to establish staff training and mentoring; EI skills gap assessment completed and skills development plan in place; HQ mission found most project milestones completed despite COVID-19 disruptions; framework discussed for two-year project extension up to October 2023.
  - Kenya (M2): CD enhanced KRA knowledge of oil and gas sector, completed oil and gas risk matrix, EI skills assessment and skills enhancement plan underway; HQ EI Customs diagnostic mission assessed capacity and made recommendations; framework discussed for two-year project extension to continue training and implementation of Customs recommendations.
  - Liberia (M2): Limited progress due to internet connectivity challenges hindering remote CD; October 2020 STX visit assisted EI skills gap analysis and skills development plan; authorities requested two-year project extension to recover lost time and complete outstanding milestones; identified extension priorities include operationalizing EI compliance strategy, enhancing EI knowledge, computer-assisted audit techniques, and addressing international tax risks.
  - Mozambique (M2): CD primarily through on-demand STX support; oil and gas sector risk matrix completed pending translation and final review; EI skills gap assessment and skills development plan on course.
  - Nigeria (M2): Initial delays in approving CD commencement due to COVID-19 disruptions and transition to remote delivery; HQ priority-setting mission in December 2020 and January 2021 obtained approval for CD and developed revised 24-month workplan for FAD and FIRS; FY22 CD will focus on enhancing FIRS knowledge of oil and gas industry, audit skills, risk assessment and advancing a compliance strategy for the oil and gas sector.
  - Sierra Leone (M2): Delivered 1 HQ review mission and 3 STX assignments focusing on international tax risk identification and mitigation, legislative interpretation, and practice materials clarifying ring-fencing requirements of new Extractive Industries Revenue Act; HQ mission reviewed progress and made recommendations for continued improvement.
  - Uganda (M2): URA commenced audits to verify deductible costs incurred by upstream petroleum companies and requested assistance to enhance industry knowledge and audit skills; STX activities completed oil and gas risk matrix, enhanced capacity to identify international tax risks, conducted EI skills gaps assessment and developed skills enhancement plan; peripatetic advisor to focus on staff training and mentoring to develop audit skills; development of petroleum reporting forms and schedules on course; authorities expressed interest in project extension to complete outstanding milestones and address emerging CD needs.

*International Monetary Fund, MNRW Phase II Annual Report (as of April 30, 2021).*

### 16.      Module 3 (macro-fiscal and public financial management): The main focus of this module

### 16.      Module 3 (macro-fiscal and public financial management): The main focus of this module

### Purpose and scope
- The main focus is to provide CD on macro-fiscal and PFM frameworks for countries with current or prospective natural resources under development.
- There are five active projects.

### Country-level project activities and status (Module 3)
- Bolivia (M3):
  - Project activities were delayed due to political developments.
  - Following a change in government, the expectation is to restart engagement during the coming fiscal year.
- Congo, D.R. (M3):
  - Significant assistance provided during FY21: four remote TA missions on improving public investment management, strengthening the budget processes and identifying fiscal risks in the context of the COVID-19 crisis; and two short-term expert (STX) remote missions on cash management.
  - Two on-going STX remote missions are helping in updating the medium-term budget framework (MTBF) and developing the first fiscal risks statement.
  - Traction has been good; authorities requested additional missions during FY2022.
  - Due to the COVID-19 pandemic and the political transition, limited progress has been made on milestones and outcomes.
  - New regulatory framework, methodologies and tools would need to be adopted and/or fully implemented.
  - Nomination of a new Government in March 2021, and the possible program with the Fund, could help achieve expected results on public financial management.
- Mauritania (M3):
  - A first mission took place in May 2021 to identify main issues, assess capacity, develop a workplan and provide preliminary guidance.
  - Authorities showed strong interest to revamp their fiscal framework in preparation for gas and rising dependence on mining revenue.
  - FAD will continue working with authorities to enhance macro-fiscal capacity, including capacity to work on a FARI model, develop a fiscal framework that better prepares the government to respond to significant volatility from extractive revenue, and strengthen top-down and medium term budgeting.
- Niger (M3):
  - Significant assistance provided since start of project on the macro-fiscal function, fiscal risk management and on the evolution of the Budget Department’s role and responsibilities.
  - Authorities showed strong interest and reiterated commitment to reforms.
  - Due to the COVID-19 pandemic and elections in the second half of FY21, limited progress was made in implementing recommendations; no activity delivered in FY21 under the project.
  - Proposal to extend the project with unchanged budget and objectives to December 31, 2022.
- Senegal (M3):
  - Production from recently discovered oil and gas expected to come onstream in 2023.
  - Discoveries expected to generate significant additional fiscal revenues; size and contribution still evolving.
  - Project supports development of a macro-fiscal framework with a rule-based fiscal framework integrated into medium-term planning and the annual budget.
  - Following a delayed inception mission in March 2020 (conducted remotely), project implementation picked up via remote STX visits and HQ-based desk reviews.
  - Support contributed to finalizing drafting of legal framework for oil and gas revenue management, sovereign wealth fund, and development of a FARI petroleum revenue forecasting model.
  - A remote HQ-led mission in March 2021 identified prerequisites for implementing a fiscal responsibility framework, proposed procedural fiscal rules, and advised on PFM arrangements.
  - In FY22, project will continue to support development of operational tools for implementation of the law on oil and gas revenue management, refine revenue forecasting tools, and establishment of a sovereign wealth fund.
- Uganda (M3):
  - Despite COVID-19 focus, authorities resumed work on fiscal framework for oil.
  - FAD provided inputs for an internal workshop in November 2020; MOF technical staff have been using FAD models to update oil revenue management analysis with on-demand FAD support.
  - Authorities set oil revenue management principles in a draft policy paper intended to form the basis of their Charter for Fiscal Responsibility; these principles closely follow project advice.
  - Proposal to extend the project with unchanged budget and objectives to June 30, 2022.

### Module 4 (exchange rate and macro-prudential frameworks) — summary
- Provides CD to central bank authorities in countries with natural resources.
- Exchange rate regimes and macroprudential frameworks (M4):
  - TA activity continued despite COVID-19 via virtual missions.
  - Virtual missions delivered to Kyrgyz Republic and Uzbekistan with recommendations to modernize monetary policy and operations and cope with COVID-19 shock.
  - Virtual mission to the Philippines focused on monetary policy communications, with a follow-up mission envisaged in 2021H2.
  - Additional virtual mission on monetary policy modernization and FX operations likely for Kyrgyz Republic in next 6 months.
  - Talks with Guyana authorities on logistics and scope of a mission on modernization of the monetary policy framework are ongoing.
  - Several draft chapters for the TA handbook are under review with a view to publication.

### Module 5 (statistics) — summary
- Provides CD and training on economic statistics related to natural resources.
- Two umbrella projects focus on government revenue and real sector statistics.
- Real sector (M5):
  - During FY21, two countries received a one-week remote TA mission: Guyana in September 2020 and Uzbekistan in March 2021.
  - Missions assisted officials in improving measures of natural resources in national accounts in accordance with the IMF’s Guide to Analyze Natural Resources in National Accounts (The Guide).
  - Guyana populated five of the eight template tables; Uzbekistan populated four of the eight template tables; Uzbekistan’s statistical agency is expected to publish these annually from July 2021.
  - By-April 2021, the project completed all planned bilateral and regional activities.
- Government finance statistics (M5):
  - By-April 2021, activities in the proposal were finalized: four TA missions (Guyana, Kenya, Uganda, and Uzbekistan) and five face-to-face regional workshops (two for Africa, one each for Asia-Pacific, Central Asia, and Latin America).
  - Activities helped strengthen use of the Resource Revenue Template for assessing fiscal risks from extractive industries and upgrade fiscal reporting to current international standards.
  - An additional follow-up TA mission to Guyana was canceled at authorities’ request due to lack of availability of key counterpart staff.
  - With WHD support, STA aims to include topics related to revenue on natural resources in future TA activities to Guyana.

### Multi-country training, Analytical Tools, and Research
- Training adaptations and demand:
  - Face-to-face and online training on Macroeconomic Management in Resource-Rich Countries were adapted due to the COVID-19 pandemic.
  - ICD conducted three virtual “face-to-face” courses instead of in-person courses.
  - Online training in English and French was made available on a self-paced basis with extended registration and completion timelines.
  - Pandemic led to a significant increase in demand.
  - Online training in Russian was launched at end-April 2021.
- FARI workshop series and tool modernization:
  - Regional FARI workshop series for Anglophone and Lusophone African countries concluded remotely.
  - After initial in-person workshops in Accra and Dar-Es-Salam in February/March 2020, second and third workshops were delivered remotely.
  - Around half of the 70 participants of the first workshop continued in the remote format.
  - Remote delivery allowed cross-region discussions and peer-learning but posed challenges in ensuring equal pace due to work pressure and technical difficulties.
  - Workshop series tested the modernized FARI tool and developed a standard curriculum integrating webinars, recorded lectures, and online material.
- FARI model overhaul and extensions:
  - Significant progress made on overhauling FARI model templates for mining and petroleum fiscal regime analysis.
  - New mission models are well tested and fully operational in mission work (examples applied in Chile and Madagascar) and research work.
  - FAD held sessions with the petroleum industry and civil society organizations for feedback; suggestions included publication of simplified models in multiple languages and providing supporting material.
  - Updated simplified model framework expected to be made available on the IMF website during the coming year.
  - Following earlier integration of carbon pricing into FARI, FAD is working on a tailored model to analyze tax policy questions related to the LNG sector.

### Box: Climate Change and Natural Resources — key themes and questions
- IMF encourages forceful action on climate change mitigation and adaptation; IMF contributions include research and analytical work on carbon pricing and fossil fuel subsidies.
- Work underway exploring carbon border adjustment mechanisms and proposals for an international carbon price floor.
- Climate change is being integrated into multilateral and bilateral surveillance while capacity development is being scaled up.
- Policy questions highlighted:
  - Role of tax policy to incentivize switch from coal and oil toward natural gas during transition; curtail methane leakages; encourage carbon capture and sequestration technologies.
  - Appropriate tax policy design for minerals (e.g., copper, lithium, and rare earth minerals) to ensure supply for electrification and renewable energy while ensuring fair sharing of benefits.
  - How fossil fuel dependent economies can prepare for the energy transition by diversifying economy and revenue sources, increasing savings and investment, and considering taxing carbon emissions at source.
  - Tax policy choice whether to reduce government take to compete for shrinking investment pools or maximize revenue from fossil fuel assets already in production.
- FARI model developments:
  - FARI extended to integrate carbon pricing into fiscal regime and investment analysis and to explore impacts of taxing at point of extraction direct emissions (Scope 1) or indirect emissions from final combustion (Scope 3).
  - Ongoing work to refine estimates of revenue impact on fossil fuel producing countries from various global climate change mitigation scenarios (working closely with the IEA).
- MNRW positioned to support natural resource dependent countries in preparing for low carbon transition through policy design, implementation advice, and capacity building; expected to become a key focus of CD activities.

### Results-based Monitoring (RBM) — performance and selected FY21 results
- COVID-19 impact on RBM:
  - COVID-19 hampered RBM performance of a number of MNRW projects.
  - Compared to RBM performance in April 2020 (mostly pre-COVID), more projects moved into the ‘red’ zone for milestone and outcome ratings as of April 2021.
  - Causes include delays in authorities approving CD activities (e.g., Nigeria M2; Bolivia M3), priority shifts to COVID-19 response (e.g., Uganda M3; The Gambia M1), difficulties transitioning to remote CD delivery (e.g., Nigeria M2), or remote delivery requiring more time to achieve results (e.g., Uzbekistan M1; Senegal M3).
- Overall RBM status:
  - For most MNRW projects, RBM performance remained satisfactory; most projects remained in ‘yellow’ or ‘green’ zones.
  - Outcome ratings for a substantial number of projects improved, especially in revenue administration (Module 2), likely reflecting revenue administration’s importance to COVID-19 response.
  - Close to 100 milestones came due during FY21, with about half either largely or fully met.
  - Share of largely or fully met milestones increased over the past six months, suggesting CD delivery is regaining footing.
  - With extension of the current MNRW phase through FY24, there should be sufficient time to recover from setbacks.

- Table 3 — Selected Key Results in FY21 (selected project highlights)
  - Congo, DRC (M3): Progress on drafting decrees for managing expenditures related to the 100-day investment program; the new Treasury system (jointly with the WB); tools for macroeconomic framework and natural resources revenue projections, fiscal risks identification, cash management, and monitoring of COVID-19 operations.
  - The Gambia (M1): Tailored online training course on petroleum fiscal modeling developed and ready for use by country officials.
  - Guyana (M1): On-demand support for interpretation of key clauses and terms regarding petroleum valuation and production sharing contract matters.
  - Guyana (M2): Skills development plan completed (associated milestone fully achieved).
  - Research (FARI): Using new simplified FARI models, 3 regional workshops were delivered targeting 11 Anglophone and Lusophone African countries.
  - Kenya (M2): Oil and gas risk matrix completed; development of EI skills gap assessment and development plan on course; two associated milestones largely achieved.
  - Liberia (M1): Sectoral Mining Model upgraded; associated milestone partially achieved.
  - Mozambique (M2): Oil and gas risk matrix completed (pending review); two milestones related to staffing and staff development largely achieved.
  - Nigeria (M1): Comprehensive draft legislation on policy and regulatory framework for petroleum sector, including overhaul of fiscal regime for oil and gas, submitted to National Assembly in early 2021; associated milestone largely achieved.
  - Senegal (M3): Continued work on drafting legal framework for oil and gas revenue management and sovereign wealth fund; development of FARI petroleum revenue forecasting model.
  - Sierra Leone (M1): Core skills training on MS Excel tools for fiscal modeling completed by key officials; introductory training course on fiscal regime modeling developed and trialed.
  - Uganda (M2): Uganda Revenue Authority commenced audits to verify deductible costs incurred to date by upstream petroleum companies.
  - Uzbekistan (M1): Authorities produced a mining fiscal regime draft law and are fine-tuning fiscal parameters and practical implementation issues.
  - Exchange Rate Regimes and Macroprudential Policies (M4): Mission assisted National Bank of Kyrgyz Republic with modernizing monetary policies and operations; Uzbekistan support focused on monetary and FX operations, interbank money and FX markets, and transition to inflation targeting; mission to Bangko Sentral ng Pilipinas provided recommendations on monetary policy communications.
  - Developing Capacity for Compiling Statistics for MNRW - RE: TA provided to Guyana and Uzbekistan to assist in presenting clear, holistic, and internationally comparable estimates of production, income, wealth, and employment relating to natural resource activities.

*Source: MNRW Phase II Annual Report, IMF.*

### 24.      Preparations for the mid-term program evaluation are underway. Per the Essential Terms

### Preparations for the mid-term program evaluation and financial update

### Mid-term program evaluation: scope, timing, and procurement
- An independent evaluation takes place no later than 40 months after the activities of each funding cycle have begun, per the Essential Terms and Conditions for the Administration of the MNRW Subaccount.
- Purpose of the evaluation:
  - Assess objectives of the CD program in relation to relevance, efficiency, effectiveness, coherence, sustainability, and impact (following OEDC DAC criteria).
  - Identify factors accounting for performance of activities.
  - Assess whether objectives set in the Program Document of a vehicle have been met.
  - Identify lessons learned.
  - Optionally assess Thematic Fund’s operations in a separate non-project-specific section.
- Historical reference:
  - The evaluation of the MNRW Phase I was finalized in May 2015.
- Coverage for upcoming evaluation:
  - The upcoming evaluation for the MNRW Phase II will cover the period of January 2017 – April 2021.
- Procurement steps taken:
  - A Request for Proposals (RFP) was issued on February 5, 2021 to 28 evaluation companies.
  - The RFP was also posted on the IMF external procurement website to attract more bidders.
  - Bids received were scored and evaluated by various departments in the IMF.
  - IMF’s Procurement unit is currently working to award the firm with the highest score.

### Inception Note (IN) and evaluation process
- Post-contract steps:
  - Plan a kick-off meeting with the evaluation team.
  - Prepare a briefing visit for the team to meet IMF staff and share relevant documentation.
- Inception Note (IN) contents:
  - Purpose, scope, coverage, and proposed timeline of the assessment.
  - Proposed sample of projects to assess with selection criteria.
  - Description of level of aggregation of project assessments.
  - Methodology and key evaluation questions.
  - Suggested countries for case studies.
  - Questionnaires, interview and survey questions.
- Governance:
  - A draft IN will be shared with the already established Evaluation Sub Committee (ESC) for comments.

### Financial status of MNRW Phase II (as of April 30, 2021)
- Pledges and receipts:
  - Pledges to the MNRW stand at US$27.97 million against the target budget for the phase of US$30 million.
  - Contributions received as of April 30, 2021 amounted to US$27.1 million.
  - Combined with interest earned and transfers from Phase I, a total of US$28.9 million has been received into the subaccount.
- Funding gap and liquidity:
  - The funding gap will be less than US$1 million.
  - Majority of financing has been received; future payments under agreements are subject to exchange rate fluctuations but are not expected to greatly impact liquidity.
  - The pro-rata share of the unspent balance from Phase I is in the process of being returned to Oman.
- Cashflow position:
  - The projected cashflow position in the MNRW Phase II is satisfactory.
  - Under the disbursement schedule agreed with partners, the cash balance is sufficient to ensure implementation of endorsed MNRW activities and the proposed workplan.
- Execution and projections:
  - Expenditures for FY22 and FY23 are projected to be US$5 million and US$4.2 million respectively.
  - MNRW FY21 implementation has reached US$3.1 million.
  - MNRW total execution to date is US$17.68 million.
  - The total workplan endorsed to date is US$29.2 million.
  - Endorsement of the Steering Committee is sought for the program budget decrease in the amount of US$0.5 million.
  - The total workplan then amounts to US$ 28.72 million.
  - The available resources within the subaccount, plus pending installment, and careful management of current projects, have ensured that the subaccount has sufficient liquidity to finance this work program.

### Proposed revisions, returns to pool, and budget details (as of April 30, 2021)
- Total MNRW portfolio budget to date: US$29,242 (in thousands of U.S. dollars).
- Proposed net change shown in table: -517 (in thousands of U.S. dollars).
- Resulting total revised workplan including new proposals: US$28,725 (in thousands of U.S. dollars).
- Of which Management Fee: US$1,879 (in thousands of U.S. dollars).
- Selected project-level figures and proposed changes (amounts in table are in thousands of U.S. dollars):
  - Guyana (M2) Extension and modification of existing CD project for endorsement: Endorsed Budget as of Apr 2021 1,324; Proposed Change in Budget -75; Proposed Multi-Year Budget 1,249.
  - Kenya (M2) Extension and modification of existing CD project for endorsement: Endorsed Budget as of Apr 2021 922; Proposed Change in Budget 162; Proposed Multi-Year Budget 1,084.
  - Liberia (M2) Extension and modification of existing CD project for endorsement: Endorsed Budget as of Apr 2021 368; Proposed Change in Budget 216; Proposed Multi-Year Budget 584.
  - Uganda (M2) Extension and modification of existing CD project for endorsement: Endorsed Budget as of Apr 2021 521; Proposed Change in Budget 477; Proposed Multi-Year Budget 999.
  - Uganda (M3) Budget neutral extension for endorsement: Endorsed Budget as of Apr 2021 510; Proposed Change in Budget 0; Proposed Multi-Year Budget 510.
  - Niger (M3) Budget neutral extension for endorsement: Endorsed Budget as of Apr 2021 590; Proposed Change in Budget 0; Proposed Multi-Year Budget 590.
  - Development of New Fiscal Transparency Guide Budget neutral extension for endorsement: Endorsed Budget as of Apr 2021 680; Proposed Change in Budget 0; Proposed Multi-Year Budget 680.
  - Statistics GO (M5) Project ended. Balance to be returned to the pool - for information: Endorsed Budget as of Apr 2021 985; Proposed Change in Budget -130; Proposed Multi-Year Budget 855.
  - Statistics RE (M5) Project ended. Balance to be returned to the pool - for information: Endorsed Budget as of Apr 2021 2,066; Proposed Change in Budget -702; Proposed Multi-Year Budget 1,364.
  - Madagascar Scoping Mission Project to end. Balance to be returned to the pool - for information: Endorsed Budget as of Apr 2021 79; Proposed Change in Budget -19; Proposed Multi-Year Budget 61.
  - Ghana (M2) Project to end. Balance to be returned to the pool - for information: Endorsed Budget as of Apr 2021 611; Proposed Change in Budget -447; Proposed Multi-Year Budget 164.
- Notes:
  - Balances returned to the pool are already accounted for in the Detailed Progress Report table, hence they are excluded from calculations in the revisions table.
  - Table values presented are "as of April 30, 2021" and are denominated in thousands of U.S. dollars.

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_Source: https://www.imf.org/-/media/files/capacity-developement/mnrw/mnrw2021ar.pdf_