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August 2019

August 22, 2019

Developing Macro-Fiscal Forecasting Frameworks in East Africa

BrynAFR
Posted by Bryn Battersby and Eric Lautier[1]

Macro-fiscal departments (MFDs) play a crucial role in the budget cycle. They prepare the macroeconomic narrative for the government and they develop the macroeconomic forecasts that are used as parameters in the forecasts of revenue, expenditure, and financing. Sometimes the MFD is also directly responsible for revenue forecasting and, less frequently, debt sustainability analysis. The work of an MFD should anchor the budget and the medium-term fiscal framework, establishing credibility in both the budget forecasts and the supporting macroeconomic narrative.

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August 01, 2019

Why Governance Reforms Are Critical to Economic Recovery in the Republic of Congo

Congoimng
Posted by Concepcion Verdugo-Yepes[1]

On July 11, the IMF Executive Board approved a US$448.6 million arrangement under the Extended Credit Facility (ECF) for the Republic of Congo (RoC). While program negotiations were long and complex, the authorities made decisive progress in 2018 and early 2019 with fiscal consolidation and the implementation of a large package of structural reforms, including two rounds of prior actions to improve governance and transparency. Previous capacity development activities carried out by the IMF were key to identifying issues that are reflected in the RoC’s governance strategy, which was published in June 2018.

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