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During the COVID-19 pandemic and global financial crisis, governments swiftly served as financiers of last resort through large financial support measures (FSMs) such as loan and guarantee programs and equity injections in firms. This Staff Discussion Note argues that such FSMs prevented bankruptcies and attenuated the recession by increasing firms' liquidity, reducing risk premiums, and boosting confidence. But FSMs also carry large and long-lasting fiscal costs and risks. The note presents recommendations for managing the legacies of the COVID-19 programs and preparing for future crises. Ideally, FSMs should be assessed and included in budget plans, though a balance needs to be struck between speed and scrutiny.

Economic stabilization.

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This paper examines the institutional arrangements of the macro-fiscal function in 16 African countries. Most ministries of finance (MoFs) have established a macro-fiscal department or unit, but their functions, size, structure and outputs vary considerably. Based on a survey, we present data on staff size, functional scope and the forecasting performance of macro-fiscal departments and identify common challenges in the countries reviewed. Some MoFs perform many macro-fiscal functions, but actions of various kinds are needed to strengthen their macro-fiscal departments. This paper provides some guidance for policy-makers in the region for enhancing the quality and scope of macro-fiscal outputs.

Kenya --- Fiscal policy. --- Economic policy. --- Monetary policy. --- Budget planning and preparation --- Budget Systems --- Budget --- Budgeting & financial management --- Budgeting --- Debt Management --- Debt --- Economic forecasting --- Fiscal Policies and Behavior of Economic Agents: General --- Fiscal Policy --- Fiscal policy --- Fiscal risks --- Forecasts of Budgets, Deficits, and Debt --- Law and Economics: General (including Data Sources and Description) --- Macroeconomic and fiscal forecasts --- Macroeconomics --- Medium-term budget frameworks --- National Budget --- National Budget, Deficit, and Debt: General --- National Deficit Surplus --- National Government Expenditures and Related Policies: General --- Other Substantive Areas of Law: Other --- Public Administration --- Public finance & taxation --- Public Finance --- Public Sector Accounting and Audits --- Sovereign Debt

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This How to Note develops the “green public financial management (PFM)” framework briefly outlined in an earlier Staff Climate Note (2021/002, published in August 2021). It illustrates, how climate change and environmental concerns can be mainstreamed into government’s institutional arrangements in place to facilitate the implementation of fiscal policies. It provides numerous country examples covering possible entry points for green PFM – phases in the budget cycle (strategic planning and fiscal framework, budget preparation, budget execution and accounting, control, and audit), legal framework or issues that cut across the budget cycle, such as fiscal transparency or coordination with State Owned Enterprises or with subnational governments. This How to Note also summarizes practical guidance for implementation of a green PFM strategy, underscoring the need for a tailored approach adapted to country specificities and for a strong stewardship role of the Ministry of Finance.

Finance, Public. --- Strategic planning. --- Budget planning and preparation --- Budget Systems --- Budget --- Budgeting & financial management --- Budgeting --- Climate change --- Climate policy --- Climate --- Climatic changes --- Economic & financial crises & disasters --- Economics of specific sectors --- Economics: General --- Environment --- Environmental Economics --- Environmental economics --- Environmental Economics: General --- Environmental Economics: Government Policy --- Environmental policy & protocols --- Environmental Policy --- Environmental policy --- Environmental sciences --- Finance, Public --- Global Warming --- Macroeconomics --- National Budget --- National Government Expenditures and Related Policies: General --- Natural Disasters and Their Management --- Natural disasters --- Public finance & taxation --- Public Finance --- Public financial management (PFM) --- Bangladesh

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The assistance assessed how climate change impacts and mitigation and adaptation responses are addressed in the public investment cycle using the Climate Module of the Public Investment Management Assessment (C-PIMA). The assistance also evaluated the scope to advance Green Public Financial Management (PFM) practices, drawing on the IMF’s new Green PFM framework. Jordan was found to performs well in the climate-aware planning and coordination institutions of the C-PIMA, but some gaps were identified in implementation aspects of the framework, and there were several areas where climate could be better integrated in the PFM system.

Climate change --- Climate --- Climatic changes --- Environment --- Environmental Economics --- Expenditure --- Finance, Public --- Global Warming --- 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 --- Natural Disasters and Their Management --- Other Public Investment and Capital Stock --- Public Administration --- Public finance & taxation --- Public Finance --- Public financial management (PFM) --- Public Investment Management Assessment (PIMA) --- Public investment spending --- Public investments --- Public Sector Accounting and Audits --- Jordan