This note is intended to inform Public Financial Management (PFM) reform in small Pacific Island Countries (PICs). PFM systems in PIC contexts are often very different from the sophisticated and comprehensive systems operating in larger, wealthier countries. The authors give two key messages....

Fiscal sustainability is one of several policy objectives that Afghanistan is expected to achieve in the context of the Poverty Reduction Growth Facility-supported program. There is a need to develop a comprehensive financial sector strategy aimed at deepening financial intermediation and...

This paper analyses economic implications and the transmission mechanisms of different options for creating and using fiscal space. For creating fiscal space, we consider prioritizing expenditures, raising revenue, and scaled-up aid. Fiscal space is used for increasing health and education...

For the net administrative budget, the FY 16-18 medium-term budget (MTB) proposal includes: In FY 16, an unchanged budget envelope in real terms, for the fourth year in a row. To accommodate new and ongoing strategic priorities of the Fund within a flat envelope, efforts to reallocate resources...

The net administrative budget for FY2017 has been set at USD 1,072.5 million. After four years of zero real growth, the FY 2017 budget includes an increase of 1\2 percent in constant dollar terms to cover the institution's rising IT and physical security costs, as well as a small adjustment for...