The first three chapters of the PFR review the core fiscal policy and revenue mobilization issues. Chapter 1 discusses the fiscal landscape, fiscal framework, and progressivity of fiscal policy. Chapter 2 looks at the footprint of quasi-fiscal activities, which affects the overall fiscal stance...

The Republic of Congo is the third-largest crude oil producer in Sub-Saharan Africa after Nigeria and Angola and is heavily dependent on oil production and oil exports. With a population of 5.5 million, Congo is a lower middle-income economy, endowed with abundant natural resources. The economy...

This report represents the largest assessment of village spending since the enactment of the Village Law. The findings presented here are based on a public expenditure analysis of financial data from 45,625 rural villages across 248 districts and 33 provinces. This represents over 58 percent of...

This Public Expenditure and Financial Accountability (PEFA) performance assessment report evaluates the seven core pillars of the public financial management (PFM) system of the Government of the Philippines (Government) as set out in the summary assessment below. It evaluates how effectively...

Performance based budgeting (PBB) has been a popular reform among ministries of finance across the world, accompanied by high expectations for its ability to transform national budget processes. PBB offers the hope of a more evidence-based rationale for making budget decisions across an array of...

Postponement of 2012 VAT Law requires significant early adjustments in the FY18 Budget to tap additional sources of revenue and expenditure saving to increase fiscal space. Automation, process simplification, and dispute resolution may bring additional tax revenues in the immediate future. These...

Guinea-Bissau is a small state in West Africa with a population of around 1.8 million. It is rich in natural resources (fisheries, forestry and agriculture) and biodiversity. Economic activity is, however, dominated by the production and sale of unprocessed cashew, which is also the main source...

Benefiting from successful economic transformation after independence and the start of EU accession negotiations, economic activity in Montenegro has been solid, supporting the rise in incomes their convergence with the ones in the European Union. Inflation has been modest and kept in check....

Guinea-Bissau is a small state in West Africa with a population of around 1.8 million. It is rich in natural resources (fisheries, forestry and agriculture) and biodiversity. Guinea-Bissau is host to a large variety of ethnic groups, languages and religions, with communal and ethnic-based...

The international community is currently planning for a potential political settlement in Afghanistan. Negotiations may bring opportunities for significant reductions in violence. Government and development partners are considering how to support, consolidate, and sustain any reduction in...