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Mauritania is working to improve its public investment management framework to boost the efficiency of public investment and to make it more adaptable to climate change. support future economic growth and improvements in wellbeing. This assessment applies the IMF Climate Public Investment Management Assessment (CPIMA) framework and updates an earlier Public Investment Management Assessment (PIMA) undertaken in 2020. It finds that there have been improvements in Mauritania’s public investment management institutions since 2020, while room remains for further improvement. Like most other countries, Mauritania is at an early stage of incorporating climate aspects into public investment management. Nevertheless, some good progress has been made, notably on the planning side. This assessment provides a progressive timetable for reforms, based on international good practice, striking a balance between the stated objectives of the authorities and the existing capacities within the public administration.

Agricultural and Natural Resource Economics • Environmental and Ecological Economics: Environmental Economics --- International agencies --- International Agreements and Observance --- International Economics --- International institutions --- International organization --- International Organizations --- Monetary economics --- Monetary Policy --- Monetary policy --- Money and Monetary Policy --- National Government Expenditures and Related Policies: General --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Mauritania, Islamic Republic of

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IMF country teams have become increasingly engaged on health spending issues in surveillance and program work, and more so since the COVID-19 pandemic. The primary objectives of health spending are to improve health outcomes and provide protection to households against high financial costs of health care. The Fund’s engagement on health spending issues is guided by an assessment of its macro-criticality, with the scope and purpose of engagement varying across countries and depending on whether it occurs in surveillance or program contexts. This technical note discusses how to assess the macro-criticality of health spending and reviews appropriate policy responses. The design and implementation of macro-critical health reforms often require specific sectoral knowledge and experience. Thus, this note emphasizes the importance of collaborating with development partners on health policy issues.

Analysis of Health Care Markets --- Expenditure --- Expenditures, Public --- Fiscal and Monetary Policy in Development --- Health and Inequality --- Health care reform --- Health care spending --- Health care --- Health economics --- Health Policy --- Health systems & services --- Health --- Health: General --- Health: Government Policy --- International Taxation --- Medical care --- Monetary economics --- National Government Expenditures and Health --- National Government Expenditures and Related Policies: General --- National Government Expenditures and Welfare Programs --- Public finance & taxation --- Public Finance --- Public Health --- Regulation --- Revenue administration --- Structure, Scope, and Performance of Government --- Tax administration and procedure --- Tax Evasion and Avoidance

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To rebuild fiscal buffers after large fiscal responses to successive shocks over 2020-22, France will need to reverse the trend spending increase observed over the last three decades through structural spending reforms. This paper identifies areas where scope for savings or efficiency gains exist based on an evaluation of the level and efficiency of public spending in France relative to European peers, using benchmarking analysis and stochastic frontier analysis to derive efficiency frontiers. Reforming social protection, health, education, and civil service, and rationalizing tax expenditures should preserve or improve outcomes while generating savings that would help meet medium-term adjustment needs.

France --- Money and Monetary Policy --- International Economics --- Budgeting --- Public Finance --- Demography --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Fiscal Policy --- National Government Expenditures and Health --- National Government Expenditures and Education --- National Government Expenditures and Welfare Programs --- Social Security and Public Pensions --- State and Local Government --- Intergovernmental Relations: General --- State and Local Budget and Expenditures --- State and Local Government: Health, Education, and Welfare --- State and Local Government: Other Expenditure Categories --- Taxation, Subsidies, and Revenues: Other Sources of Revenue --- National Government Expenditures and Related Policies: General --- Education: General --- Health: General --- Economics of the Elderly --- Economics of the Handicapped --- Non-labor Market Discrimination --- Monetary economics --- International institutions --- Budgeting & financial management --- Public finance & taxation --- Education --- Health economics --- Population & demography --- Monetary policy --- International organization --- Tax expenditures --- Public financial management (PFM) --- Expenditure --- Health --- Aging --- Population and demographics --- International agencies --- Budget --- Expenditures, Public --- Population aging

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Paraguay continues to recover from the COVID-19 pandemic amidst simultaneous shocks that would lead to flat GDP growth and inflation above the IT range this year. Those conditions are reflected in rising social demands within a politicized environment before the 2023 general elections. The outlook remains favorable, and the authorities are pursuing policies to follow a stronger, more resilient, and inclusive development path. On the back of very positive experiences with Fund-supported programs, the authorities are requesting approval of a two-year program supported by the Policy Coordination Instrument (PCI) to underpin the implementation of needed structural reforms.

Money and Monetary Policy --- International Economics --- Public Finance --- Macroeconomics --- Finance: General --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Debt --- Debt Management --- Sovereign Debt --- National Government Expenditures and Related Policies: General --- National Government Expenditures and Welfare Programs --- Taxation, Subsidies, and Revenue: General --- Institutions and the Macroeconomy --- Monetary economics --- International institutions --- Public finance & taxation --- Finance --- Monetary policy --- International organization --- Public debt --- Expenditure --- Public financial management (PFM) --- Revenue administration --- International agencies --- Debts, Public --- Expenditures, Public --- Revenue --- Clearinghouses --- Banking --- Paraguay

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Empirical (employing the Blanchard-Perotti framework) and modeling (using a country-specific DSGE model) approaches are used to estimate fiscal multipliers by policy instrument for Bolivia, to evaluate possible adjustments in a fiscal consolidation strategy. Multipliers are also estimated using alternative assumptions about the accompanying exchange rate regime and capital mobility, highlighting the importance of the policy mix in determining the impact of fiscal adjustments. The study exploits the DSGE modeling structure to assess this interaction of fiscal and monetary policy in a lower middle-income country under different exchange rate regimes. It finds that expenditure multipliers fall into the range of 1/3 to 2/3, with public investment multipliers slightly higher than government consumption multipliers over longer horizons, and multipliers generally higher under a peg than inflation targeting. Tax multipliers are shown to be about half of expenditure multipliers.

Business Fluctuations --- Consumption --- Currency crises --- Currency --- Current spending --- Cycles --- Economic & financial crises & disasters --- Economics of specific sectors --- Economics --- Economics: General --- Expenditure --- Expenditures, Public --- Fiscal multipliers --- Fiscal Policies and Behavior of Economic Agents: General --- Fiscal Policy --- Fiscal policy --- Foreign Exchange --- Foreign exchange --- Informal sector --- Macroeconomics --- Macroeconomics: Consumption --- National accounts --- National Government Expenditures and Related Policies: General --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Public finance & taxation --- Public Finance --- Public investment spending --- Public investments --- Saving --- Wealth