This paper develops a public education scheme that takes uncertainty aspects of private educational investments explicitly into account. In the author’s framework, the social merits of public education schemes are related to the lack of markets in which students can insure against educational...

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....

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...

The Fund has been operating under a flat real resource envelope for the past six years. With continued efforts to maximize the use of available resources, spending in FY 17 is projected to reach 99 percent of the net administrative budget, and a low vacancy rate has helped stabilize overtime at...

This guide gives a framework that covers the resource-specific issues to be considered in a fiscal transparency assessment, for example as part of a fiscal Report on the Observance of Standards and Codes (ROSCs). Equally importantly, it provides a summary overview of generally recognized good or...

This letter provides an assessment of recent macroeconomic developments in Benin and an update on the discussions of Fund staff with the Beninese authorities on macroeconomic policies and structural reforms that could form the basis for the authorities' request for a new arrangement under the...

The FY 13-15 Medium-Term Budget presented in this paper reflects the following main features: Unchanged administrative budget in real terms for FY 13. Overall spending (structural plus crisis/temporary) will be kept unchanged in real terms in FY 13 relative to the FY 12 budget (excluding the...