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Brazil is the largest country in Latin America with a varied geography and a population of over 200 million spread across 26 diverse states, generating wide-ranging infrastructure needs. Over the decades, many government investment initiatives have been launched to address these needs, however there remains a significant infrastructure gap in Brazil which continues to hamper growth potential. Over the past two decades, public investment has been considerably below the regional and income group averages and this has translated into much lower capital stock. Public investment averaged around 2 percent of GDP during the period 1995 to 2015, compared with 6.4 percent for Emerging Market Economies (EME) and 5.5 percent for Latin American Countries (LAC). As a result, public capital stock in 2015 was only 35 percent of GDP compared with an average of 92 for EME and 87 for LAC.

Budgeting --- Public Finance --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- National Budget --- Budget Systems --- National Government Expenditures and Related Policies: General --- Public finance & taxation --- Budgeting & financial management --- Public investment spending --- Public investment and public-private partnerships (PPP) --- Budget planning and preparation --- Capital spending --- Expenditure --- Public investments --- Public-private sector cooperation --- Budget --- Capital investments --- Expenditures, Public --- Brazil

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Sizeable natural resource endowments and potentially large financial inflows from their extraction provide an unparalleled opportunity for economic growth and development in a growing number of sub-Saharan African countries. Empirical evidence suggests, however, that translating this resource wealth into stronger economic performance and a higher standard of living has proven challenging. Much has been written about the resource curse. This publication focuses on solutions to the challenges and outlines the main policy considerations and options in managing natural resource wealth, drawing on experience within and outside sub-Saharan Africa and referring closely to the latest analysis and policy advice in this area by the IMF, the World Bank, and leading academic research. A key feature of each chapter is a recommended reading list for those who wish additional, more in-depth material on these issues to further inform policymakers and other stakeholders on the theoretical and analytical underpinnings of the policy advice.

Agricultural and Natural Resource Economics --- Environmental and Ecological Economics: General --- Environmental management --- Expenditure --- Expenditures, Public --- Fiscal Policy --- Fiscal policy --- Fiscal stance --- Macroeconomics --- National Government Expenditures and Related Policies: General --- National Government Expenditures and Related Policies: Infrastructures --- Natural Resources --- Natural resources --- Other Public Investment and Capital Stock --- Public finance & taxation --- Public Finance --- Public investment and public-private partnerships (PPP) --- Public investment spending --- Public investments --- Public-private sector cooperation --- Congo, Democratic Republic of the

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KEY ISSUES Context: Angola has returned to a path of solid economic growth, with single-digit inflation, a strong international reserves position, and a stable exchange rate. The authorities have made progress in strengthening some areas of fiscal and monetary policies. However, recurrent domestic arrears and the reconciliation of oil revenue remain as challenges for public financial management. Outlook and risks: Growth is projected to have slowed to 4 percent in 2013, but is expected to increase to 5 percent in 2014 as oil production recovers. The non-oil sector continues to grow strongly, as investments in roads and power bolster growth in construction and manufacturing. The 2013 budget took important steps toward the integration of quasi-fiscal operations, but some slippage has been introduced in the 2014 budget. The weakening of the overall fiscal balance initiated in 2013 is expected to continue in 2014, heightening vulnerability to external shocks. In this context, efforts to reconcile oil revenue data and to ensure a timely and complete transfer of that revenue to the Treasury should continue, together with institutional reforms to address recurrent domestic arrears and persistent weaknesses in public financial management. Angola should take advantage of continued high oil prices to put in place reforms that will lead to higher growth in 2015. Focus: Discussions focused on policy options for further strengthening macroeconomic outcomes and key issues related to Angola’s capacity to repay the Fund, including the need for: prudent fiscal policies to support further strengthening of buffers; more timely and predictable oil revenue transfers to the Treasury; public financial management reforms to address the recurrence of domestic arrears; and the implementation of the foreign exchange law for the oil sector.

Arrears --- Business Taxes and Subsidies --- Corporate crime --- Criminology --- Debt Management --- Debt --- Debts, External --- Debts, Public --- Expenditure --- Expenditures, Public --- Exports and Imports --- Finance, Public --- International economics --- International Lending and Debt Problems --- National Government Expenditures and Related Policies: General --- National Government Expenditures and Related Policies: Infrastructures --- Oil, gas and mining taxes --- Other Public Investment and Capital Stock --- Public debt --- Public finance & taxation --- Public Finance --- Public financial management (PFM) --- Sovereign Debt --- Taxation --- White-collar crime --- Angola

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The economic outlook remains positive. Growth is expected to reach 7 percent in 2015 and inflation to remain low. Substantial policy adjustment is underway to respond to slippages around the elections and new balance of payment pressures from low commodity prices. Fiscal adjustment, greater exchange rate flexibility and stronger liquidity management are essential to preserve macroeconomic stability and continue to attract foreign investment to support growth, including in the oil and gas sector where projected investments could reach $100 billion over the next decade.

Credit --- Currency --- Debt Management --- Debt sustainability analysis --- Debt --- Debts, External --- Debts, Public --- Exports and Imports --- External debt --- Fiscal policy --- Foreign Exchange --- Foreign exchange --- International economics --- International Lending and Debt Problems --- Macroeconomics --- Monetary economics --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Money and Monetary Policy --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Public Administration --- Public debt --- Public finance & taxation --- Public Finance --- Public investment and public-private partnerships (PPP) --- Public Sector Accounting and Audits --- Public-private sector cooperation --- Sovereign Debt --- Mozambique, Republic of