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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 Selected Issues paper examines the profitability of the foreign exchange (FX) swaps issued the Central Bank of Brazil (BCB) between May 2013 and February 2019 to shed light on the rationale for FX intervention. Using interest rate and exchange rate forecasts, the paper shows that that FX swaps have been profitable in expectation, even though actual returns were negative due to unexpected exchange rate depreciations. Moreover, the scale of FX intervention is correlated with the expected profitability of the swaps, further suggesting that the BCB used FX intervention to stem abnormal movements of the exchange rate. Despite being profitable in expectation, swaps incurred realized losses due to unexpected exchange rate depreciations. The analysis suggests that the BCB used FX intervention to lean against temporary excessive movements of the exchange rate. The expected profitability of FX swaps can be monitored in real time and may thus provide guidance on the appropriate level of intervention.

Business cycles. --- Business cycles --- Economic cycles --- Economic fluctuations --- Cycles --- Banks and Banking --- Finance: General --- Foreign Exchange --- Investments: General --- Public Finance --- Portfolio Choice --- Investment Decisions --- Debt --- Debt Management --- Sovereign Debt --- National Budget --- Budget Systems --- Central Banks and Their Policies --- Currency --- Foreign exchange --- Finance --- Public finance & taxation --- Banking --- Macroeconomics --- Exchange rates --- Liquidity --- Public debt --- Currency swaps --- Treasury Single Account --- Economics --- Debts, Public --- Finance, Public --- Brazil

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A treasury single account (TSA) is an essential tool for consolidating and managing governments’ cash resources, thus minimizing borrowing costs. In countries with fragmented government banking arrangements, the establishment of a TSA should receive priority in the public financial management reform agenda. Drawing on the lessons of the Fund’s work in several countries in establishing a TSA, this paper explains its concept, essential features, and potential benefits. It also presents alternative models and approaches for designing a TSA that take into account specific country contexts as well as the preconditions and desirable sequencing for its successful implementation. Finally, the paper includes country examples from different regions in support of the analysis and recommendations.

Finance, Public --- Bank management. --- International finance. --- Management. --- International monetary system --- International money --- Finance --- International economic relations --- Banks and banking --- Management --- Cameralistics --- Public finance --- Public finances --- Currency question --- Accounting --- Banks and Banking --- Public Finance --- National Budget --- Budget Systems --- Public Administration --- Public Sector Accounting and Audits --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Public finance & taxation --- Public finance accounting --- Banking --- Treasury Single Account --- Fiscal accounting and reporting --- Commercial banks --- Government cash management --- United Kingdom

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This technical note describes the interaction of government cash management with other financial policies. The note offers guidance on policy, institutional, and practical issues for governments looking to develop a more sophisticated cash management function, specifically to move toward more active cash management. This involves financial market intervention by the government cash manager, with the aim of smoothing the projected short-term profile of the government’s net cash balances. The note is particularly relevant to emerging market countries where there are already functioning, if not necessarily well-developed, domestic money and bond markets.

Banks and Banking --- Money and Monetary Policy --- Public Finance --- National Deficit Surplus --- Debt --- Debt Management --- Sovereign Debt --- Forecasts of Budgets, Deficits, and Debt --- National Budget --- Budget Systems --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Public finance & taxation --- Monetary economics --- Banking --- Government cash management --- Government debt management --- Currencies --- Treasury Single Account --- Public financial management (PFM) --- Money --- Government cash forecasting --- Finance, Public --- Debts, Public --- Banks and banking --- New Zealand

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This Technical Assistance report on Cayman Islands focuses on improving estimates of gross domestic product (GDP). One activity flagged by the Economics and Statistics Office (ESO) as an area for improvement is the measurement of construction value added. The ESO has expressed an interest in developing ISAs for the Cayman Islands. The detail at which gross domestic product by production approach (GDP-P) and gross domestic product by income approach are compiled mean that transforming the data to an institutional sector basis is feasible. For GDP-P, the ESO conduct an Annual National Accounts Survey, which is the main data source for compiling the production measure estimates. The survey forms strike the right balance in terms of the number of questions and detail required for national accounts, without being too onerous on survey respondents. Given the importance of tourism in the Cayman Islands, the ESO is keen to develop a Tourism Satellite Account for the country.

Budget Systems --- Deflation --- Economic sectors --- Finance, Public --- Gambling --- General Aggregative Models: General --- Hospitality, leisure & tourism industries --- Industries: Hospital,Travel and Tourism --- Inflation --- International agencies --- International Agreements and Observance --- International Economics --- International institutions --- International Organizations --- Macroeconomics --- Monetary economics --- Monetary Policy --- Monetary policy --- Money and Monetary Policy --- National accounts --- National Budget --- National income --- Price Level --- Prices --- Public finance & taxation --- Public Finance --- Public financial management (PFM) --- Recreation --- Restaurants --- Sports --- Tourism --- Treasury Single Account --- Cayman Islands