Experience shows that there is often ample room for more effective and efficient use of investment tax incentives in low-income countries. Tax incentives generally rank low in investment climate surveys in low-income countries, and there are many examples in which they are reported to be...

The author-a top decision maker at the IMF for two decades-first focuses on the system of quotas and voting power in the IMF and concludes that it calls for reforms to enhance equity among the membership. He then examines decision making in the Executive Board, with an emphasis on consensus...

This paper reviews progress under the Fund's strengthened cooperative strategy on overdue financial obligations. Since the last review, total arrears to the Fund declined by SDR 17.5 million to SDR 1,309.5 million. Payments to the Fund by Sudan and Zimbabwe were in excess of new obligations...

Public expenditure policy, together with efforts to raise revenue,is at the core of efficient and equitable adjustment. Public expenditureproductivity has critical implications for fiscal adjustment, particularly as the competition for limited public resources intensifies.By providing a...

This paper examines the methodological issues arising in the measurement of the distributional impact of tax and expenditure policies, with emphasis on the problems related to the measurement of the impact of adjustment programs on the welfare of the poor. Both conceptual and empirical...

The central government publishes comprehensive financial statements, which include the social security funds and balance sheets with all financial assets and liabilities. Audited financial statements are published more than nine months after the end of the fiscal year. The 2004 Fiscal...