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In response to the recommendations from the 2022 Institutional Safeguards Review (ISR), a comprehensive Implementation Plan (IP) was developed drawing on the work undertaken by a Board Steering Group, Management, and staff. The IP, which was discussed and endorsed by the Board in December 2022, outlined a set of actions and policy changes that reflected the strong shared commitment of the Board and Management to a durable change in the institution and the highest standards of institutional governance. Substantial progress has been made in advancing the IP actions that were due to be completed in CY2023, with 85 percent of the actions having been completed or remaining on track for completion.

Aggregate Human Capital --- Aggregate Labor Productivity --- Auditing / Audits --- Auditing --- Auditing, Internal --- Economic theory --- Economics --- Employment --- External audit --- Income economics --- Intergenerational Income Distribution --- Internal audit --- Labor --- Labour --- Monetary economics --- Monetary Policy --- Monetary policy --- Money and Monetary Policy --- Political Economy --- Political economy --- Public Administration --- Public Finance --- Public financial management (PFM) --- Public Sector Accounting and Audits --- Unemployment --- Wages

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This paper presents Ecuador’s Fourth and Fifth Reviews under the Extended Arrangement under the Extended Fund Facility (EFF), Request for a Waiver of Nonobservance of Performance Criterion, Rephasing of Access, and Financing Assurances Review. Ecuador’s EFF-supported economic program aims to stabilize the economy, ensure fiscal and debt sustainability, expand the coverage of social assistance programs to protect the vulnerable, promote a transparent management of public resources, and lay foundations for sustainable and inclusive growth. The economy rebounded more strongly than expected in 2021 at 4.2 percent, bolstered by a well-executed vaccination campaign that allowed for a steady reopening of the economy. The recovery will continue in 2022, but at a more moderate pace of 2.9 percent. Inflationary pressures, mostly due to higher commodity prices, are expected to rise. The Executive Board approved the authorities’ request for a waiver of nonobservance of the end-December 2021 performance criterion on the overall balance of the budgetary central government and the oil derivatives financing account based on the corrective actions the authorities have already taken and have committed to take. Continued improvement in public financial management and advances in transparency and anti-corruption would strengthen efficiency and accountability of the public sector.

Money and Monetary Policy --- International Economics --- Public Finance --- Macroeconomics --- Statistics --- Finance: General --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Debt --- Debt Management --- Sovereign Debt --- Energy: Demand and Supply --- Prices --- National Government Expenditures and Related Policies: General --- Public Enterprises --- Public-Private Enterprises --- Auditing --- Monetary economics --- International institutions --- Public finance & taxation --- Civil service & public sector --- Auditing / Audits --- Econometrics & economic statistics --- Monetary policy --- International organization --- Public debt --- Expenditure --- Economic sectors --- Public financial management (PFM) --- International agencies --- Debts, Public --- Expenditures, Public --- Finance, Public --- Ecuador

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The State Tax Service (STS) has made good progress in enhancing services to taxpayers. A stable dispute resolution process and new tools for enhancing the quality of tax audit will lay a good foundation for an increase in public trust in Moldovan tax administration. The recent focus on establishing processes for business continuity to reduce operational and human capital risks shows a good level of preparedness to manage external hazards.

Money and Monetary Policy --- International Economics --- Taxation --- Public Finance --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Taxation, Subsidies, and Revenue: General --- Auditing --- Tax Evasion and Avoidance --- Business Taxes and Subsidies --- Monetary economics --- International institutions --- Public finance & taxation --- Auditing / Audits --- Monetary policy --- International organization --- Tax administration core functions --- Revenue administration --- Public financial management (PFM) --- Tax auditing and verification --- Value-added tax --- Taxes --- International agencies --- Tax administration and procedure --- Revenue --- Tax auditing --- Spendings tax --- Moldova, Republic of

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This paper presents Ecuador’s Fourth and Fifth Reviews under the Extended Arrangement under the Extended Fund Facility (EFF), Request for a Waiver of Nonobservance of Performance Criterion, Rephasing of Access, and Financing Assurances Review. Ecuador’s EFF-supported economic program aims to stabilize the economy, ensure fiscal and debt sustainability, expand the coverage of social assistance programs to protect the vulnerable, promote a transparent management of public resources, and lay foundations for sustainable and inclusive growth. The economy rebounded more strongly than expected in 2021 at 4.2 percent, bolstered by a well-executed vaccination campaign that allowed for a steady reopening of the economy. The recovery will continue in 2022, but at a more moderate pace of 2.9 percent. Inflationary pressures, mostly due to higher commodity prices, are expected to rise. The Executive Board approved the authorities’ request for a waiver of nonobservance of the end-December 2021 performance criterion on the overall balance of the budgetary central government and the oil derivatives financing account based on the corrective actions the authorities have already taken and have committed to take. Continued improvement in public financial management and advances in transparency and anti-corruption would strengthen efficiency and accountability of the public sector.

Ecuador --- Money and Monetary Policy --- International Economics --- Public Finance --- Macroeconomics --- Statistics --- Finance: General --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Debt --- Debt Management --- Sovereign Debt --- Energy: Demand and Supply --- Prices --- National Government Expenditures and Related Policies: General --- Public Enterprises --- Public-Private Enterprises --- Auditing --- Monetary economics --- International institutions --- Public finance & taxation --- Civil service & public sector --- Auditing / Audits --- Econometrics & economic statistics --- Monetary policy --- International organization --- Public debt --- Expenditure --- Economic sectors --- Public financial management (PFM) --- International agencies --- Debts, Public --- Expenditures, Public --- Finance, Public

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This paper presents Guinea-Bissau’s Request for a Three-year Arrangement under the Extended Credit Facility (ECF). The ECF-supported program aims to anchor macroeconomic stability, putting the budget back on track and ensuring medium-term debt sustainability, while continuing progress on structural reforms initiated under the 2021–22 Staff Monitored Program. It will provide a framework to assist the authorities in designing and implementing effective policies to better address development challenges such as enhanced education and health systems, promote inclusive growth, and reduce poverty. Fiscal policy will aim to reduce the deficit and debt in line with the West Africa Economic and Monetary Union convergence criteria over the medium term through revenue mobilization, expenditure rationalization, mitigation of fiscal risks and prudent borrowing. Further action to enhance governance including to advance Anti Money Laundering/Combating the Financing of Terrorism/effectiveness will improve the management of fiscal resources and public investment, increase transparency and accountability, and counter corruption. The program will also help catalyze much needed donor financing, particularly in the form of grants and concessional loans, and support the reduction of debt vulnerabilities.

Guinea-Bissau --- Money and Monetary Policy --- International Economics --- Public Finance --- Exports and Imports --- Macroeconomics --- Labor --- Monetary Policy --- International Agreements and Observance --- International Organizations --- International Lending and Debt Problems --- Debt --- Debt Management --- Sovereign Debt --- Fiscal Policy --- Auditing --- Taxation, Subsidies, and Revenue: General --- Monetary economics --- International institutions --- Public finance & taxation --- International economics --- Auditing / Audits --- Labour --- income economics --- Monetary policy --- International organization --- Public debt --- External debt --- Debt sustainability analysis --- Fiscal consolidation --- Fiscal policy --- Public financial management (PFM) --- International agencies --- Debts, External --- Debts, Public --- Revenue --- Income economics