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The Public Expenditure and Financial Accountability (PEFA) assessment aims to provide the government of Albania with an objective up-to-date diagnostic of the national public financial management (PFM) performance based on the latest PEFA methodology. The assessment establishes a new PEFA baseline using the 2016 PEFA methodology and provides an update on changes in performance since the 2011 assessment using the earlier methodology. The process cultivated a shared understanding of PFM performance and those dimensions that require improvement. The results are expected to assist the government in monitoring the implementation and updating of its 2014-2020 Public financial management reform strategy.

Accountability --- Accounting --- Debt Management --- Governance --- Legal Framework --- National Governance --- Public Sector Development --- Public Sector Management and Reform --- Transparency

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This Technical Assistance Report discusses recommendations for strengthening cash management and reviewing of the treasury single account in Uganda. The Cash Management Guidelines in Uganda have been approved. The coverage of the cash resource pool must be precisely defined and non-budget flows excluded. The cash flow forecasting model should continue to be developed along the lines given in previous Technical Assistance reports. The publication and dissemination of the Guidelines will provide authority to the Cash Policy Department to implement a program of training and capacity building within the central government entities in coordination with other directorates of the Ministry of Finance, Planning and Economic Development. This should be started as soon as the Guidelines are released.

Uganda--Economic policy. --- Money and Monetary Policy --- Public Finance --- National Budget --- Budget Systems --- Debt --- Debt Management --- Sovereign Debt --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Public finance & taxation --- Monetary economics --- Government cash management --- Treasury Single Account --- Government cash forecasting --- Government debt management --- Currencies --- Public financial management (PFM) --- Money --- Finance, Public --- Debts, Public --- Uganda --- Economic policy.

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This paper develops new error assessment methods to evaluate the performance of debt sustainability analyses (DSAs) for low-income countries (LICs) from 2005-2015. We find some evidence of a bias towards optimism for public and external debt projections, which was most appreciable for LICs with the highest incomes, prospects for market access, and at ‘moderate’ risk of debt distress. This was often driven by overly-ambitious fiscal and/or growth forecasts, and projected ‘residuals’. When we control for unanticipated shocks, we find that biases remain evident, driven in part by optimism regarding government fiscal reaction functions and expected growth dividends from investment.

Exports and Imports --- Macroeconomics --- Public Finance --- Economic Development, Innovation, Technological Change, and Growth --- International Lending and Debt Problems --- Debt --- Debt Management --- Sovereign Debt --- Energy: Demand and Supply --- Prices --- International economics --- Public finance & taxation --- Debt sustainability analysis --- Public debt --- External debt --- Government debt management --- Oil prices --- Public financial management (PFM) --- Debts, External --- Debts, Public --- United States

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This Selected Issues paper analyzes budget financing options and their potential macro-financial implications for Kuwait. With large financial buffers and low debt, Kuwait has substantial room to finance the emerging fiscal deficits. The financing strategy should be underpinned by sound institutional and legal reforms and geared toward the development of the domestic debt markets. A balanced mix of asset drawdown and borrowing from a diversified investor base (nonresidents, domestic banks and nonbank financial institutions) would help mitigate negative implications for the economy and develop the corporate debt market.

Finance. --- Finance --- Funding --- Funds --- Economics --- Currency question --- Banks and Banking --- Financial Risk Management --- Labor --- Macroeconomics --- Public Finance --- Energy: Demand and Supply --- Prices --- Debt --- Debt Management --- Sovereign Debt --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- International Financial Markets --- Public finance & taxation --- Banking --- Labour --- income economics --- Oil prices --- Public debt --- Government debt management --- Debt management --- Public financial management (PFM) --- Asset and liability management --- Commercial banks --- Financial institutions --- Debts, Public --- Banks and banking --- Labor market --- Asset-liability management --- Kuwait --- Income economics

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This Article IV Consultation highlights that Senegal’s macroeconomic situation is stable. Growth is expected to exceed 6 percent in 2016, while inflation remains low. The fiscal deficit has been declining steadily from 5.5 percent of GDP in 2013 and is projected to reach 4.2 percent of GDP in 2016. The current account deficit has narrowed and is projected to reach 6.5 percent of GDP in 2016, driven by lower oil prices and improved export performance. The outlook for the Senegalese economy is positive and risks are manageable, provided there is a concerted effort to continue improving economic governance.

Senegal --- Economic conditions. --- Exports and Imports --- Macroeconomics --- Public Finance --- Taxation --- Industries: Financial Services --- Debt --- Debt Management --- Sovereign Debt --- International Lending and Debt Problems --- National Government Expenditures and Related Policies: General --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Taxation, Subsidies, and Revenue: General --- Public finance & taxation --- International economics --- Finance --- Budgeting & financial management --- Public debt --- Public financial management (PFM) --- External debt --- Government debt management --- Debt sustainability analysis --- Debts, Public --- Debts, External --- Finance, Public --- Public-private sector cooperation --- Revenue