Figure 1. Electricity Use in Iceland by Sector


Figure 6. Hydroproject Pre-tax Cash Flows and Government Revenue Profile


Figure 7. Geothermal Project Pre-Tax Cash Flows and Government Revenue under


Figure 8. Geothermal Project Tax Progressivity (Correlation of Government Revenue


Figure 9. Hydro Project Tax Progressivity (Correlation of Government Revenue and


Figure 1.1: Composition of Public Sector Expenditure


Figure 3.3: Scope of Parliament’s Powers to Amend the Draft Budget


Figure 3. Moldova: Stock of Value-Added Tax Credit, As Reported on Line 21 of


Figure 2. Time Profile of Government Revenue


Figure 5. Time Profile of Government Revenue:


Figure 6. Burden on Investor: Selected Regimes


Figure 3.4. Growth in Teacher Salaries, 2005–2010


Figure 3.7. Compensation of Doctors and Nurses, 2010


Figure 3.8. Delegation of Key HRM Decisions in Central Government, 2010


Figure 4.1. Public Spending Increase, 2000–2012


Figure 4.4. Projected Reductions in Benefit Ratios and Pension Eligibility


Figure 5.2. Unemployment Benefit Duration, 2010


Figure 5.1. Comparison of Spending on Active Labor Market Programs


Figure 5.4. Portugal: Spending on Labor Market Policies


Figure 5.5. Portugal: Targeting Accuracy of Social Exclusion Benefits, 2009


Figure 6.2. Quality of Education as Measured by PISA, 2009


Figure 6.3. Evolution of the Student Population in Portugal, 2001–2010


Figure 1. Gradually pool cash resources in the TSA


Figure 2. Proposed architecture of accounts opened with the BCEAO


Figure 3. Cash flows and the TSA


Figure 4. FY 2012, Ministry of Health, monthly volumes of payment validation and


Table 1. Summary of Tax Gap Estimates and Methodologies—2011


Figure 1. Tax Gap Estimation Framework for Noncorporation Taxes 1/


Table 2. Evaluation of Gap Estimation Framework for Noncorporation Taxes [1]


Table 3. Evaluation of Random-Enquiry Based Estimates for Noncorporation


Table 4. Evaluation of the Data-matching Based Estimates for NonCorporation


Figure 2. The Tax Gap Estimation Framework for Corporation Tax


Table 5. Evaluation of the Tax Gap Estimation Framework for Corporation Tax


Table 6. Evaluation of the Corporation Tax Random Enquiry Based Estimate


Table 8. Evaluation of the Indirect Tax Top-down Based Estimates


Figure 3. Illustration of the Components of the Tax Gap


Table 12. Summary of Corporation Tax Gap Estimation Methodologies


Figure 3. Proposed classification of taxpayers


Figure 1: Phases of the Expenditure Chain


Figure 2: Simplified Diagram of the Administrative Phase of the Expenditure Chain


Figure 3: Simplified Diagram of the Accounting Process


Figure 4: Circulation of a Hard-Copy File


Figure 5: Operating Expenditure Payment Procedure = 1½ months


Figure 6: Capital Expenditure Payment Procedure = 2 months


Figure 7: Distribution of Findings by Major Phases of the Expenditure Chain


Figure 8: Financial Control Rejection Rate


Figure 9: VAT Refund Mechanism in Mali


Figure 10: VAT Refund Delays


Table 3.2. Royalty Rates for Other Minerals


Figure 3.2. International Comparison—Progressivity


Figure 3.3.Progressivity under the Alternative Regimes


Figure 3.4. Time Path of Revenues under ACE and Cash Flow Tax


Figure 1. VAT Compliance Gap, 2007–12


Figure 2. Compliance, Assessment, and Collection Gaps, 2008–10


Figure 3. Value-Added Tax Revenues, 2000–12


Figure 4. C-Efficiency for Estonia, 2002–12


Figure 5. VAT Compliance Gap, 2007–12


Figure 6. Policy and Compliance Gaps, 2007–12


Figure 7. Compliance, Assessment and Collection Gaps, 2008–12


Figure 8. Declared and Collected Value-Added Tax, 2008–12


Figure 9. Compliance Gaps by Sector, 2009


Figure 11. Potential and Actual Value-Added Tax, 2007–12


Figure 12. Alternative Projections of Potential Value-Added Tax


Figure 13. Accrued and Cash Collections, 2007–12


Figure 14. Potential Value-Added Tax, 2007–12


Figure 15. Value-Added Tax Gap Estimates, 2007–12


Figure 16. Estonia Tax and Customs Board Estimated Tax Gaps 2007–12


Table 1. Deriving Expenditure Ceilings from the NDP10 Balanced Budget Rule


Figure 1. Iceland’s History of Inflation


Table 2. Iceland: Phased Approach to IPSAS Implementation


Table A1.1. Registration Activity in Poland 2013


Figure III-2. Noncompliance in South Africa


Figure 1. Grounds for the Submission of Suspicious Transaction Reports (STRs) in 2013


Figure 2. Status of Policies and Coordination within the AML Chain


Figure 3. An Example: “Orange Money”


Table 2. South Africa: Royalty Collections since 2011/12


Figure 1. Platinum Project Economics


Figure 3. Average Electricity Prices in c/kWh by


Table 5. Countries with Carbon Taxes and their


Figure 4. Government Revenue Profile – Current Regime (500MMBbl)


Figure 7. Average Effective Tax Rate Figure 8. METR and Breakeven Price (500MmBbl)


Figure 9. Measures of Investor Risk Figure 10. Government Share of Total


Figure A1. Mineral Sector Contribution to Exports


Figure A2. Mining and Quarrying Sector Contribution to Total Government Revenue


Figure A3. Employment by Sector


Table A2. Employment Sector (in percent)


Figure A4. Mining Sector Return on Capital Employed (ROCE)


Table A3. Mining Sector Return on Capital Employed (ROCE)


Figure A5. Weighted Average Annual Growth Rate of Unit Labor Costs 2000-2013


Table A4. Unit Labor Costs by Industry


Figure A6. Approved Electricity Price Increases in Percent


Table A5. Average Approved Electricity Tariff Increase in Percent vs. SA Headline


Table A6. Foreign Investment in SA’s Mining and Quarrying Industry (R millions)


Figure A7. South Africa: Indices of Mineral Production (volume) by Commodity,


Figure A8. Mineral Sales Composition (Selected Minerals’ Contribution to Total Mineral


Figure A9. Composition of Mineral Sales, 1980-2013


Figure A10. Contribution of Mining Sector to Total GDP, 1993-2013


Figure A11. South Africa: Mining’s Contribution to Employment and Wages (%), 2002


Table A7. South Africa: Mining Companies’ Value Distribution, 2010-2014


Figure A43. Comparing Depreciation Methods


Figure A44. Impact of Creditable Royalty


Figure A45. Oil Price Assumptions


Figure A47. Evaluation of the Current Regime – 500MmBbl Field


Figure A48. Evaluation of the Current Regime – 1000MmBbl Field


Figure A50. Royalty Rate over Project Life-cycle


Table A29. Simulation Results


Table A29 (cont’d). Simulation Results


Figure A54. Corporate Income Tax Profiles


Figure A57. Mean Investor IRR and Risk


Figure A60. Breakeven Gas Price


Figure A62. Profile of Government Revenues – Current Regime and Reform Scenarios


Figure A63. Progressivity of Reform Scenarios


Figure A64. Sensitivity Analysis – Shale Gas


Figure A65. Project-Level Forecast: Figure A66. Project-Level Forecast: Mining


Table A33. Total Royalty and CIT by Scenario [13]


Figure A67. Sector-level Forecast Results: Government Revenue


Table A35. Sector-level Forecast Results


Table A36. International Comparators – Platinum Fiscal Regimes


Table A37. International Comparators – Coal Fiscal Regimes


Table A38. International Comparators – Base Metals Fiscal Regimes


Table A39. International Comparators – Petroleum Fiscal Regimes


Figure 11. Public Health Spending


Figure 13. Healthy Life Years and Health


Figure 21. Sample of Published Performance Developments 2011–15


Figure 1: Structure of Federal Government Expenditures


Table 4: The “MECE” Methodology for Category Analysis


Figure 4: Trends in Federal Level Personnel Emoluments


Chart 1: Administrative Map of Mali


Figure 1. Comparison of total local resources in WAEMU countries


Figure 3. Comparison of local own resources (broadly defined) in WAEMU countries (CFAF thousands)


Figure 4. Composition of local tax revenue, 1995-2008 (CFAF thousands)


Figure 5. Composition of local tax revenue in WAEMU countries, 1995-2008


Figure 6. Geographic distribution of per capita taxes on individuals (TDLR and public


Table A.1. Matrix of Objectives and Measures (mining and petroleum taxation


Table 1. Tax and Nontax Revenues from the Mining Sector According to the EITI


Figure 1. Number of Exploration Permits Issued


Table 2. Main Gold-Producing Countries in Africa (in kg)


Table 3. Mines in Operation in Mali


Figure 4. Mali: Net Cash Flows and Taxes Collected


Table 10. Mali: Economic Data by Scenario


Table 12. Mali: Petroleum Fiscal Regimes (Current and Alternative)


Table 13. Petroleum Model Results


Figure 12. International Comparisons: Progressivity of Fiscal Regime (Petroleum)


Table 15. Average Effective Customs Duty Rate by Company in 2012


Table 16. Summary of the Effects of Levies on the Mining Sector for Investors and the


Figure 14. Example of a Mining Project


Figure 15. Example of a Petroleum Project


Table 2. Pension Fund of Ukraine Operations, 2007-15


Figure 1. Ukraine: Tax Revenues as percentage of GDP, 2003-2014


Figure 2. Ukraine: Monthly SSC Revenues – excluding Crimea


Figure 3. Ukraine: Average Wages and Inflation


Figure 4. Social Security Contribution Rates and informality


Figure 5. Changes in SSC rates and informality


Figure 6. Change in tax wedge and informality


Figure 7. Financial Deeping and Informality


Table 5. Ukraine: Distribution of Income and SSC Payments, 2014


Table 6. Ukraine: Revenue Impact of Changes to the SSC Rates, 2014


Table 8. Ukraine: Distributional Impact of a flat 29 percent PIT Rate, 2014


Table 9. Ukraine: Revenue Impact of a Change in PIT Structure, 2014


Table 10. Ukraine: Summary Revenue Effects of Tax Measures


Table 11. Ukraine: The ST Regime Taxpayers’ Income and Taxes, 2014


Table 12. VAT registration thresholds (selected countries)


Table 14. Ukraine: Revenue Estimates of Moving Individuals from Single Tax Regime to


Table 15. Estimated Social Security Contributions of Single Tax Groups 2 and 3 Taxpayers,


Figure 8. Excise Tax Revenue in Central and Eastern Europe and CIS


Table 16. General Government Revenue from Excise Taxes, 2008-2015


Table 17. Comparison of Excise Tax Rates in Ukraine and Neighboring Countries


Table 19. Excise Tax Revenue under Different Scenarios


Table 20. Ukraine: Excise Tax Rate Changes and Revenues


Table 21. Corporate Income Tax Revenues


Figure 2. Ukraine: Medium-term Loans Outstanding from Short-term to Local


Figure 3. Ukraine: Daily Consolidated TSA Balance, June 2013─June 2014


Table 4. Subsidies and Current Transfers to Enterprises in Consolidated Budget


Figure 1. State Fiscal Service Proposed High-level Organization


Figure 2. Organizational Structure of the State Fiscal Service [1]


Figure 3. Current Office Network of the State Fiscal Service


Figure 5. Standard Project Management Structure


Figure 1. Value-Added Tax Bank Account System


Table 1. Slovenia: Summary of Recommendations


Table 2. Slovenia: General Government Revenues, 2004 to 2014


Table 4. Property Taxes in OECD Countries, 2010


Table 8. Slovenia: Property Tax Rates for Achieving Revenues of 1.2 percent of GDP


Table 10. Strategies for Introducing Property Tax Reforms


Figure 1. Narrow Definition of CAMA System – A Market Valuation Sub-System


Figure 2. CAMA Wider Context


Table 17. Slovenia: Portion of the Value Tables for Gas Stations


Table 19. Model Performance Statistics


Figure 5. Slovenia: Ratio of Estimated Value to Actual Price vs. Actual Price


Figure 3. Value-Added Tax Gap, Compliance Gap and Policy Gap, 2008–12


Figure 5. Value-Added Tax Revenues, 2000–13


Figure 13. Actual Value-Added Tax and the Components of the Overall Value-Added


Figure 21. Danish Customs and Tax Administration Segmentation of Taxpayer


Figure 23. Danish Customs and Tax Administration Segmentation of


Figure 2. The Compliance Gap by Sector


Figure 3. Value-Added Tax Gap, Compliance Gap, and Policy Gap


Figure 4. Comparison of Compliance Gap Estimates


Figure 5. Value-Added Tax Revenues


Figure 6. C-Efficiency for Finland Compared to Average for Europe


Figure 7. Average C-Efficiency for Europe over the Period 2000–13


Figure 9. The Assessment and Collection Gap


Figure 10. The Policy Gap versus Compliance Gap


Figure 11. The Efficiency and Expenditure Gap


Figure 12. The Tax Gap, the Compliance Gap, and the Policy Gap


Figure 13. Actual Value-Added Tax and Components of the Tax Gap


Figure 14. The Inverse of the Value-Added Tax Gap Versus the C-efficiency Ratio


Figure 15. Impact of the Tax Gap Components on C-Efficiency


Figure 18. Trends in Potential and Actual Value-Added Tax by Sector


Figure 19. The Compliance Gap by Sector


Figure 20. Comparison of Compliance Gap Estimates


Table 1. Indirect Tax Gaps, 2013


Table 2. Data for Figure 5: Value-Added Tax Revenues


Table 5. Data for Figures 1 and 8: Value-Added Tax Compliance Gap


Table A.1. Key recommendations (continued)


Table A.2. Matrix of Objectives and Measures (Tax Policy Component of the Technical


Table 1. Tax revenue 2010-2013 (CFAF billions)


Table 5. Incentives Granted under the Investment Code


Table 11. Excises: Comparison between a Number of West African Countries and WAEMU and ECOWAS Community Provisions


Table 12. Total Tax Expenditures Analyzed by the Tax Policy Unit, 2013


Table 15. Donor Undertakings on the Taxation of the Assistance They Provide


Table 1. The Malian industrial mining sector


Figure 2. Annual production from five mining projects (extensions and new projects)


Figure 3. AETR (%) according to Mining Code applied


Table 2. Key Fiscal parameters for the calculation of the AETR


Figure 7. International comparisons: sharing of mining rent (AETR) according to mining


Table 3. Main Fiscal parameters used for international comparison


Figure 1.B. Kosovo: Public Investment and


Figure 1.G. Public Capital Stock, Comparison with Peers


Figure 3.D. Kosovo: Evolution of Current Maintenance Budgets, 2009–14


Figure 3.G. Kosovo: Comparing Changes in Capital Stock and Capital Spending


Figure A1.2. Kosovo: Existing Structure Figure A1.3. Kosovo: Proposed Structure


Figure 5b. Expenditure Composition


Figure 1. Sensitivity Analysis (Pre-Tax Project IRR)


Figure 2. Government Revenue Profile – Current Regime


Figure 3. CIT Profiles under Alternative Depreciation Regimes


Figure 4. CIT Profiles – Varying the ACC rate


Figure 7. CIT Profiles under Alternative Depreciation Regimes


Figure 8. CIT Profiles – Varying the ACC rate


Figure 3. Organization Structure Proposal for the Large Taxpayer Office


Figure 7. Poland: Budget Forecast Errors on Nominal GDP and Revenue Growth


Table 1. Major steps in Producing the Forward Estimates


Figure 2. Botswana: Public Debt and


Figure 4. Botswana: Composition of Public


Figure 17. Botswana: Infrastructure Quality,


Figure 19. Power Generation Capacity,


Figure 21. Efficiency Gap, Quality Indicator,


Figure 6. Essential Considerations in Appraising the Public-Private Partnership Option


Figure 1. Uganda: Verified Arrears by Expenditure Category (%) June 2016


Figure 2. Combination of Fiscal Rules in


Figure 1: Supply Componets from Commodity Flow Model


Chart 4: Annual Growth in GDP based on the Published, and CFM GDP(E)


Table 1: Economic Activity Summary – Gross Output (Millions UGS)


Table 2: Economic Activity Summary – Intermediate Consumption (Millions UGS)


Table 3: Economic Activity Summary – Gross Value Added and GDP by Economic Activity (Millions UGS)


Figure 1: GDP at Current Prices in Billions of Shillings


Table 1: GDP by Economic Activity at Current Prices in Billions of


Table 2: GDP by Economic Activity at Constant 2009/10


Table 4: GDP by Expenditure at Constant 2009/10 Prices in Billions of


Figure 1: Examples of ‘Residuals’ for Selected Goods


Chart 2: Household Final Consumption Expenditure in constant


Chart 4: Percentage Change on Previous Quarter of Household Final


Figure 2. Mauritius: Proposed Phased Approach to Adoption of an Accrual Framework


Figure 12. Major Steps in Producing Forward Estimates


Figure 12. Public Capital Stock by Function Figure 13. Advanced Economies Capital


Figure 17. Efficiency Gap


Figure 18. Efficiency Gap, Hybrid Score


Figure 19. Effectiveness of PIM Institutions in Ireland


Figure 22. Investment by State Enterprises


Figure 2, an average royalty of 10 percent is triggered in the first four years of production. This is


Figure 2).


Figure 1. Availability of Public Debt Data on an Annual Basis


Figure 1: Georgia: Deposit Takers and Their Subsidiaries


Table 1. Priority Recommendations


Figure 1. Sources of Fiscal Risks


Figure 6. Contributions in Change in Côte d'Ivoire’s Debt


Figure 7. Costs Linked to Fiscal Risks: Sample of 80 Countries, 1990-2014


Figure 9. Shock on Cocoa Prices Applied in This Sensitivity Analysis


Table 8. Task Sharing in the Preparation of the FRS


Figure 1. Potential GST Revenues and GST Gaps in Costa Rica


Figure 2. Compliance Gaps for GST in Costa Rica


Figure 3. GST Compliance Gaps by Sectors


Figure 4. Policy Gaps for GST in Costa Rica


Figure 5. CIT Gaps in Costa Rica


Figure 8. C-Efficiency Ratio in Costa Rica


Figure 9. C-Efficiency Ratio in Latin American and Caribbean Countries


Figure 10. Net Accrued Collections of GST


Figure 12. CIT Productivity in Latin American and Caribbean Countries


Figure 13. CIT Revenue and CIT Liability (D101)


Figure 15. GST Compliance Gaps


Figure 16. Potential GST Revenues PV [C] by Sectors


Figure 17. Actual GST Revenues by Sectors


Figure 18. GST Compliance Gaps by Sectors


Figure 19. GST Compliance Gaps Relative to Domestic Potential Revenues by Sectors


Figure 20. GST Policy Gap


Figure 21. Decomposition of GST Policy Gap


Figure 22. Potential GST Revenues PV [R2] by Sectors


Figure 23. Changes in GST Revenues to GDP Ratio from 2012


Figure 24. Changes in C-Efficiency Ratio from 2012


Figure 25. Theoretical Relationship between GOS and CIT Tax Base


Figure 26. RA-GAP Framework for CIT Gap


Figure 28. CIT Gaps


Table 2. Steps for Estimating Potential CIT Base and Liability, % of GDP


Figure 29. Potential CIT Base and Declared CIT Base


Figure 31. Changes in CIT Liability of S11 to GDP Ratio from 2012


Figure 32. Changes in CIT-Efficiency Ratio of S11 from 2012


Figure 2.1. International Experience with Fiscal Rules


Figure 2.2. Fiscal Rules with Escape Clauses


Figure 2.3. Real GDP Growth 2000Q1-2016Q4 (year-on-year)


Figure 4.4. Successive Real GDP and Inflation Forecasts 2010–16


Figure 4.5. Revisions to Medium-term Plans


Figure 1. Institutional Strength of Public Investment Management Institutions


Figure 5. Public Capital Stock: Cross-


Figure 11. Brazil: Public Sector Investment Execution: (% by level of government)


Figure 13. Annual PPP investments


Figure 15. Perceived Infrastructure Quality:


Figure 19. Churn (average 2010-13)


Figure 20. Corruption Perception Score (2016)


Figure 21. Strength of Public Investment Management by Institution


Figure 24. National Highway Maintenance Budget


Figure 25. Proposed Processes for Major and Non-Major Projects


Box 5. Structure of Georgia’s PEs Section of a Fiscal Risk Statement


Figure 6. Illustrative Integrated PPP Appraisal and Approval Process


Figure 2. Public Capital Stock (Nominal, % GDP) Figure 3. 2015 Public Capital Stock per Capita (2011 PPP$-Adjusted, Thousands)


Figure 5. Public Investment and Private Investment (Nominal, % GDP) Figure 6. Public Capital Stock (Real, % GDP) and GDP Growth


Figure 8. SSA Public Investment by Function


Figure 10. Loans vs. Grants (Percent of


Figure 12. Public-Private Partnerships Capital


Figure 13. Public-Private Partnerships


Figure 28. Variation of MTEF Projections on Development Expenditures _(in Billions of MK)_


Figure 1. Timeline of Residential Property Purchases


Figure 3. General Government Capital Stock


Figure 4. General Government Capital Stock per


Figure 6. Composition of Public Spending


Figure 8. General Government Fiscal Balance and


Figure 10. PPP Capital Stock, Comparing Georgia


Figure 14. Investment in Public Infrastructure


Figure 15. Financing of Investment Spending by General Government 2009–17


Table 1. Fiscal Forecasts and Outturns in Georgia (percent of GDP)


Table 2. Georgia: 2020 Infrastructure Development Targets


Table 3. Capital Transfers from Central to Municipal Government


Table 4. Net Lending from Central Government to PCs for Capital Expenditure


Figure 22. Distribution of Appropriated Capital Spending by Ministry, 2017 (% of total capital expenditures) Figure 23. Differences Between Forecast and Actual Capital Expenditures across 4-year BDD Period (% GDP)


Figure 24. Routine/Periodic Maintenance Spending on Roads 2012–17 (GEL Million)


Table 3. Kuwait: Revenue Classification According to the _GFSM 2014_


Table 7. Kuwait: Transactions in Nonfinancial Assets Classification


Figure 1. Main Components of Afghanistan Balance of Payments


Figure 1. VAT Revenues (2008–17)


Figure 2. VAT Compliance Gap (2010–16)


Figure 3. VAT Gap, Compliance Gap, and Policy Gap (2010–16)


Figure 5. Compliance Gap Estimates (2010–16)


Figure 6. VAT Revenues (2008–17)


Figure 7. Breakdown of Net VAT Revenues (2010–16)


Figure 8. C-Efficiency for Poland Compared to Average for European Countries (2008–16)


Figure 9. Average C-Efficiency for Europe over the Period (2008–16)


Figure 10. VAT Compliance Gap (2010–16)


Figure 11. The Assessment and Collection Gap (2010–16)


Figure 12. The Policy Gap and the Compliance Gap (2010–16)


Figure 13. The Expenditure and Non-Taxable Gap (2010–16)


Figure 14. The VAT Gap, the Compliance Gap, and the Policy Gap (2010–16)


Figure 15. Actual VAT and Components of the Tax Gap (2010–16)


Figure 16. (1-VAT Gap) versus the C-Efficiency Ratio (2010–16)


Figure 17. Impact of the Tax Gap Components on C-Efficiency (2010–16)


Figure 18. Measures of VAT Collections (2010–16)


Figure 20. Potential and Actual Value-Added Tax (2010–16)


Figure 23. CASE, MoF, and RA-GAP Compliance Gap Estimates (2010–17)


Figure 24. CASE, MoF, and RA-GAP Potential VAT Estimates (2010–17)


Figure 1. PIT Tax-Free Allowance as Multiple of Per Capita Income


Figure 2. Trends in Fiscal Aggregates


Figure 1. Elapsed Years Since GDP Base Period


Figure 2. Mining Industry Value Added, Current Prices (million Kip)


Figure 3. Final Consumption Expenditure by Function, General Government, 2016


Table 3. Armenia: Regional General Government Revenue by Source (percent of GDP),


Figure 11. Poverty Levels: Inequality


Table 12. Armenia: Surface Area and Parcel Numbers of Agricultural Land


Table 21 (see also Haas and Kopanyi, 2017).


Figure 1 shows the type of underlying data that serve as a starting point in calculating VAT


Figure 9. Budget Execution


Figure 13. Public Investment by


Figure 14. CIS Public Investment by


Figure 16. SOE Fixed Assets and On-Lending


Figure 24. Efficiency Frontier (Quality) Figure 25. Efficiency Gap (Quality)


Table 3. Armenia: Corrective Measures


Figure 28. Total Cost of North-South


Figure 31. Variations between Original Budgets and Outturns


Figure 32. Budget Execution for Maintenance


Figure 33. Routine Maintenance


Figure 35. Composition of Procurement Methods


Figure 2. Step [A]—Verifying Net Income


Figure 3. Step [B]—Estimating Net Flows


Figure 4. Step [C]—Determine ‘Other Economic Flows’ and Unravelling Provisions


Table 2: Financial System of Zimbabwe


Table 2. Financial System


Table 2. GRZ Statement of Sources and Uses of Cash


Table 2. Comparison of Trade in Goods as Published in the IMTS and the Balance of


Figure 1.A. General Government Investment (2005 PPP$-adjusted, % of GDP)


Figure 1.E. General Government Capital Stock per capita


Figure 1.J. EDA - Public Investment by Function


Figure 2.C. Efficiency Gap, Physical Infrastructure, (2008-


Figure 3.A. Institutional Strength of Public Investment Management Institutions


Figure 3.C. Budgeted PSIP Expenditures: Domestic and Foreign Financing (MVR million)


Figure 3.F. PSIP Foreign Actual versus


Figure 1. Institutional Coverage of the General Government in Zimbabwe


Figure 2. MoFED Reporting of General Government Finance Statistics


Figure 6. Institutional Coverage of Public Corporations in Zimbabwe


Figure 7. MoFED Reporting of Public Corporation Finance Statistics in Zimbabwe


Figure 5. Step [C] – Determine ‘Other Economic Flows’ and Unravelling Provisions


Figure 2.A. General Government Investment (Nominal, % GDP) Figure 2.B. General Government Capital Stock (Nominal, % GDP)


Figure 2.C. 2015 Public Capital Stock per Capita (thousands) Figure 2.D. 2015 Central Government Balance and Gross Debt (% GDP)


Figure 2.E. Public Investment and Private Investment (Nominal, % GDP) Figure 2.F. Public Investment and GDP Growth (% GDP)


Figure 2.G. Public Investment by Function (2015, Percent of total public investment) Figure 2.H. EME: Public Investment by Function (2015, Percent of total public investment)


Figure 2.J. Public-Private Partnerships’ Capital Stock (% GDP) Figure 2.K. Public-Private Partnerships’ Capital Stock Relative to Regional Economies, 2014 (% GDP)


Figure 3.2. Strategic Planning Framework


Table 2. Financial System in Montenegro


Table 4. Assessment of Survey Structure and Recommended Changes


Figure 1.3. Public Capital Stock (2015)


Figure 1.5. Sources of Public Investment


Figure 1.6. Sources of Donor Funding


Figure 2.5. Incidence of Malaria


Figure 2.9. Efficiency Index,


Figure 3a. Reporting by State Entities


Figure 3b. Reporting by Local Governments


Figure 4. Calculation of State Budget Expenditure Limit According to the SER


Figure 3.1. Comparison of Future Commitments (UGX trillions)


Figure 5.1. Vision of an Integrated PIM Information System


Table 5.5. A Typology for Project Classification in Uganda


Figure 1.2. Subnational Government


Figure 1.11. Change in Accounts Payable


Figure 2.2. Federal Guarantees by Credit Rating (CAPAG), 2013-2016


Figure 2.3. Injunctions by STF Against the Union Related to the FRL


Figure 3.1. Debt Service Associated with Debt Levels


Table 3.1. Brazil - Statement of Government Operations for the General Government, 2018


Figure 3.4. Main Features of Cash Management


Figure 1. Adjustments to CDIS Data Following the Reconciliation with IIP


Figure 1. Public Investment


Figure 3. Public Capital Stock, 2015


Figure 19. EU Funds Absorption Rates Figure 20. EU Funds Absorption Rates in


Figure 22. EU Funds Absorption Rates by


Figure 34. The PIMA Framework


Figure 10. Mexico: Public Investment by Function 1/2/3 (2015, Percent of total public investment) Figure 11. EMEs: Public Investment by Function 1/2/3 (2015, Percent of total public investment)


Box 7. Classification of Investment Projects by Extent of Coverage in IU Process


Figure 14. Price Subsidies for Residential Consumers in strata 1-3


Figure 15. Financing of Electricity Subsidies


Figure 19. Distribution of Stratas across Income Deciles


Figure 2.1. Subnational Government Revenue, by Tier


Figure 2.4. Grants and Subventions


Figure 2.5. Subnati (perc a. 2014 Col2 ional Government Expenditure, by Tier cent of total SNG revenue) b. 2016 Col4 Col5


Figure 2.9. SNG Capital Expenditure, by Tier


Figure 3.2. Performance of PIT: Budget vs Outturn, 2015–17


Figure 3.3. City of Kyiv Capital Expenditure, 2010–17


Figure 3.4. Investment by Subnational Governments, Comparison with Peers, 2015


Figure 3.5. State Investment Grants by Program, 2014–17


Figure 4.1. Stock of Treasury Bills and Funds at Commercial Bank Accounts


Figure 3. Georgia: CPT Revenue as % of GDP Figure 4. Ukraine and Comparators: CIT Revenue, 2001 –


Figure 8. Ukraine: Growing Reliance on Indirect Taxes, 2001-2018


Figure 2.5. Dependency Ratio


Figure 2.13. Size and Self-Reliance of


Figure 1.E. Current and Capital Spending, Comparison with Peers, 2014


Figure 1.G. Comparison of Investment Volatility*


Figure 2.B. Efficiency Gap,


Figure 2.D. Measures of Infrastructure Access


Figure A3.2 Sectoral Share in Number of SOEs


Table 3. Supervisory Report Forms for Banks


Figure 3. Total Public and Private Investment Figure 4. Public Investment, Regional Comparison


Figure 11. Efficiency Threshold (hybrid indicator) Figure 12. Efficiency Indicator (PIE-X)


Figure 15. Projected Reimbursement Profile of the Public Debt Portfolio at End-


Table 3. Balance of Payments Direct Investment Transactions –


Box 1. Different Approaches to Ensuring Compliance


Box 2. Key Features of a Good Governance Framework in Revenue Administration to


Figure 1. Risk Based Differentiation


Figure 1. Global Practices in Provision of Access to Central Bank Facilities


Figure 3. Income Level and Access to Central Bank Facilities


Figure 1. A Possible Updated QPM-Based Forecast Scenario


Figure 1. Overall RPPI by Method


Figure 4. RPPI for Flats and Sub-Indices


Table 7. Thresholds and Categories for Detached


Figure 6. RPPI for Detached and Sub-indices


Table 3. Proposed Data Sources for Sectors and Instruments


Figure 14 . Access to Safely Managed Water


Figure 15 . Access to Basic Water and Sanitation Services


Figure 1. Risk-Based Supervision—Process Overview


Figure 1. Summary of the Strengths and Weaknesses of PIM in Gabon


Figure 2. Total Public and Private Investment Figure 3. Public Investment: Regional Comparisons (nominal, % GDP)


Figure 12. Efficiency Indicator: Quality of Infrastructure Component Col2 Col3


Table 5. Performance Indicators for Objective No. 1 of Mission 15 Construction, Social


Figure 1. RPPI Compiled by the BB


Figure 2. Chained and Unchained Index


Figure 3. Number of Observations per Year


Figure 5. RPPI Time Dummy with Rolling Window


Table 1. Example of Chaining the Indexes from Rolling Window Hedonic Regression


Figure A1. Aggregate (all banks) Monthly Averages of Amounts Offered, Tendered


Figure A3. Average Monthly Interest Rates for T-bills and DAA


Figure 4. Debt Stock


Figure 5. Deviations between Advanced Estimates in Year t-2 and Outturns for Revenue and


Figure 6. State Own Tax Revenue and GSDP Growth in the 2019/–22 MTFP


Figure 10. PSU Profits and Losses 2013–14 to 2016–17 (INR, in billions) 20-14 to 26)


Figure 2. Belarus: Policy Rate and the Overnight


Box 1. Summary of Key Recommendations (Concluded)


Table 3. Mitigation Objectives and Proposed Actions


Figure 3. Energy-Related CO2 Emissions by Fuel Type 2018/19 (kt CO2e)


Figure 4. Share of Electricity Generation from Renewables


Figure 5. Retail Petroleum and Diesel Prices (US$/liter): Tonga vs. Pacific Peers


Figure 6. Residential and Commercial Electricity Prices (USD/kWh): Tonga vs. Pacific Peers


Table 4. Excise Tax Rates for Passenger Motor Vehicles (seniti per cc)


Figure 7. Electricity Tariff and Diesel Prices


Figure 8. Electricity Tariff Under Various Policy Options (US cents/kWh)


Figure 10. Sectoral Development Spending


Figure 11. Additional Spending to Meet SDGs and Climate Resilience by 2030


Figure 12. Cumulative Cost and Financing of Currently Identified Climate-Related Projects


Figure 14. Capital Spending and Grant Execution (2011-2018)


Figure 17. Public Investment Management Assessment: Tonga vs. Peers*


Figure A2. Estimates of Additional Annual Spending Needs for SDGs in 2030


Figure A3. Annual Additional Spending Needs to Meet SDGs and Climate Resilience


Figure 5. Illustrative Proposal for Economic Segment


Figure 3. Tax and Customs Administration Governance Framework


Figure 1. Kosovo: Financial Sector


Figure 2. Budgetary Central Government Expense


Figure 3. Budgetary Central Government Revenue


Figure 4. Budgetary Central Government Transactions in Financial Assets


Table 2. Zambia: Financial Statements of Public Nonfinancial Corporations Availability


Figure 2. Investment (Nominal, percent of GDP) Figure 3. Public Investment (Nominal, percent of GDP)


Figure 4. Public Capital Stock (Nominal, percent of GDP) Figure 5. Public Capital Stock per Capita (PPP$-adjusted, thousands)


Figure 6. Public Investment and GDP growth (Nominal, percent of GDP) Figure 7. Public Debt and Public Capital Stock (Nominal, percent of GDP)


Figure 8. Public Investment by Function (2019, Percent of total public investment) 9.Capital Expenditure (2009-19), BZ$ million)


Figure 10. Measures of Infrastructure Access, 1990s Average Figure 11. Measures of Infrastructure Access, 2017


Figure 1.7. Public Sector Assets and Liabilities 2012–18


Figure 1.10. Decomposition of Changes in


Figure 1.13. Health and Pension


Figure 3.2. Aggregate Leverage (D/(D+E))


Table 3.1. Georgia: Aggregate Financial Metrics, 2012–22


Table 1. Brazil Subnational Governments: Fiscal Rules and Administrative Controls


Figure 3. Brazil: Debt in Less Indebted States, 2001–19 (Share of revenue)


Figure 5. Brazil: Liquidity Pressures in Several States, 2019 (R$ billion)


Figure 6. Brazil: Real Current Primary Expenditures, 2008–18 (Percent)


Figure 7. Brazil: Elasticity of Current Primary Expenditures Relative to Current Revenue,


Box 2. State Court of Accounts and Review of Accounts of State Governments


Figure 15. Brazil: Overall Balances: Capitals and Other Municipalities


Table 2. GFS and PSDS Implementation Workplan


Figure 1. Realized Direct Investment by Sector, 2014‒2019


Figure 2. Direct Investment by Source, 2014 ‒ 2019


Figure 2. Budgetary vs. Extrabudgetary (GFSM 2014)


Figure 2. Proposed New Organizational Structure of the Economics Section


Table 2. Production Side of GDP


Table 3. Expenditure Side of GDP


Figure 14. Measures of Infrastructure


Figure 19. Efficiency Frontier and Gap – Physical Output Indicators


Figure 20. Efficiency Frontier and Gap – Quality Indicators


Figure 28. EGTC’s Revenue and Receivables


Figure 30. Spending for Makeni-Kamakwe-Medinaoula Road Project


Figure 33. Transfer to the RMFA


Figure 34. Existing Project Selection Process


Figure 4. Coverage for the Treasury General Account


Figure 6. Expenditure Categories According to the Normal Mode of Execution


Table 3. FSM: Loans Classification and Provisioning Rules for Commercial Banks


Table 4. FSM: Reporting Forms


Figure 1.4. Tax Expenditures, 2016–21


Figure 2.2. MTBF Indicative Spending Ceilings and Initial Budget Appropriation (HNL


Figure 3.1. Macro-fiscal Risk Indicators, Selected Central American Countries, 2003–17 (Percentage) Figure 3.1. Macro-fiscal Risk Indicators, Selected Central American Countries, 2003–17 (Percentage)


Figure 3.4. Appropriation for Contingency as a Percentage of Central Government Current


Table 3.7. Deposits Insured by FOSEDE (HNL millions)


Figure 3.5. Capital Adequacy Ratios for the Banking System Figure 3.6. Distribution of Capital Adequacy Ratios


Table 2.a In Ariary


Table 2.b Percentage of GDP


Table 1. Summary Heatmap


Figure 2. Coverage of Expenditures


Figure 5. Forecast Annual Cost of Public Service Pensions (MVR, millions)


Figure 9. Maldives: Recent Trends in Public Investment


Figure 19. Maldives: Net Liquid Assets of Selected


Table 0.2. Estonia: Public Sector Financial Overview, 2019


Table 1.2. Estonia: Public Sector Institutions and Finances, 2019


Figure 1.5. Public Sector Gross Liabilities in Selected European Countries, 2019


Figure 3.1. Volatility of Nominal GDP and Revenue Growth 2000−19


Figure 3.3. Old-Age Dependency Ratios by


Figure 3.7. Public Sector Balance Sheets and Net Worth, Selected Countries


Table 1.2. Jordan: Estimate of Public Sector Balance Sheet [1/] , 2019


Figure 1.8. Discrepancy Between Budget Balance and Net Financing


Figure 2.0. Forecasting Errors for Real GDP Growth, 2007-2019


Figure 3.1. Standard Deviation, General


Figure 3.12. Jordan Capital Adequacy


Figure 3.22. Return on Assets and


Figure 3.24. RJA’s Net Assets and Profits


Table 5. Property Taxes in Caribbean Islands


Figure 6. Daily Net Cash Flows, 2019–20 Figure 7. Cumulative Monthly Net Cash Flows, 2019–20


Figure 8. Cumulative Monthly Forecast Errors, 2019–20 Figure 9. Cumulative Monthly Forecast Errors versus Cumulative Monthly Cash Flow, 2019–20


Figure 14. Summary of the Central Public Sector Financial Assets (as of Dec. 2020)


Figure II.1. Cumulative Monthly Forecast Errors, 2019 Figure II.2. Cumulative Monthly Forecast Errors, 2020


Figure 2. Possible “Universes” for the Coverage of the FRA


Figure 7. Export Concentration Index [1]


Figure 2. Nonperforming Loans


Figure 3. Collection of Mining- Specific Taxes, 2005–2020


Figure 7. Changes in the Tax Burden Due to Variations in Project Profitability


Figure 9. Changes in the Undiscounted Tax Burden with Varying Project Profitability


Figure 14. Effects of Raising the Royalty Floor


Table 11. Distribution of Capital Income by Income Range, 2020


Figure 23. Capital Income in Total Income of Natural Persons, 2020


Table A2. Peru: AER for First, Second, Fourth, and Fifth Category Income Tax, 2020


Figure 9. Approvals of WB Cat-DDOs


Figure 3. Stylized GFS Statement of Operations


Figure 4. Converting Financial Statements Data into GFS — Step [A] — Checking the


Figure 5. Converting Financial Statements Data into GFS — Step [B] — Computing


Figure 6. Converting Financial Statements Data into GFS — Step [C] — Computing Other Economic Flows and Eliminating


Figure 8. Converting Financial Statements Data into GFS — Step [E] — Finalizing the Analytical Framework and Computing


Figure 9. Illustration for Change in Equity from Reported Profit or Loss


Figure 10. Illustration for Capital Withdrawals


Figure 11. Illustration for Capital Injections


Figure 12. Illustration for Revaluation Reserves


Figure 14. Illustration for Holding Gains/Losses


Figure 15. Illustration for Investment Grants


Figure 18. Illustration for Gains or Losses from Sales


Table 4. Sector Classifications of Financial Organizations


Table 5. Jordan: Summary Results for the Forecasting of Currency Issued


Figure 1.1. Benin: Public Sector Coverage in Statistical Reports, 2019


Figure 1.4. Benin: Regional Comparison of Revenue Losses in Connection with Tax


Figure 1.5. Benin: External Debt by Lender, 2019


Figure 2.1. Benin: Discrepancies Between Forecast and Real GDP Growth Rates, 2017– 2022* (Percentage of GDP) Figure 2.2. Benin: Inflation Forecast Discrepancies, 2018–2022 (Percentage of DGP)


Table 2.4. Benin: WAEMU Convergence Criteria, 2016–2019


Figure 3.2. Benin: Developments in CNSS and FNRB Revenue and Expenditure


Figure 2. Suriname: Goods Imports Values Compiled in the Balance of Payments by CBvS


Figure 1. Nominal GDP Previous and Current


Figure 2. Constant Price GDP Growth Rates Previous and Current


Figure 3.2. Constant Price Output of for Maize, Beans, Potatoes, Tea and Cut Flowers (%


Table 13. Kenya: Number of Mobile Money Agents and Transactions and Value of


Table 16. Kenya: Summary of the Revisions to Public Administration, Education, and


Table 2. Key Variables of a Scanner Data File


Figure 1.2. Decomposition of Changes in the 2020 Public Sector Net Worth


Figure 1.3. Public Sector Balance Sheet International Comparisons


Figure 1.7. Public Sector Assets and Liabilities Figure 1.8 Public Sector Net Worth


Table 2.1. Economic Damages from Natural Disasters in Georgia


Figure 2.6. Georgia’s GHG Emissions and Targets


Figure 4.5. Primary Balance (LHS) and Debt (RHS) Under Different Climate Scenarios


Figure 4.7. Intertemporal Net Worth (LHS) and Fiscal Envelope (RHS)


Figure 1.5. Foreign Debt Stock Composition


Figure 2.3. Efficiency Frontier and Gap – Quality Output Indicators


Box 3.1. Regulatory Improvements in PIM


Figure A4. Indicative Gateway and Project Management Process


Figure 9. Romania: Index of Residential Property


Figure 11 illustrates the number of building valuations conducted by valuers in Romania and


Figure 3. Income Inequality


Table 2. Tax and Benefit Parameters: Current and Optimal Reforms


Table 3. Illustrative Progressive PIT Scale


Figure 1. Recovery Plan Supervisory


Figure 1.1 Organogram of the Ministry of Finance


Figure 6.1: Distribution of public entities by subsectors including the sources of extrabudgetary revenues and


Figure 1. Banks’ Usage of CBUAE Instruments


Figure 3. Banks’ Usage of the ODF


Figure 4. Banks’ Usage of the OLF


Figure 7. CBUAE’s M-Bill Yield Curve Decomposition as of June 14, 2021


Figure 11. Overnight FX Swap versus OLF Forward Points (in basis points)


Figure 33. Supply of Banks' Reserves


Figure 37. Data Aggregation by Max-Min Dispersion and Weighted Average


Figure 38. Empirical Distribution of the Interbank Spread on the Left Percentile


Figure 44. Current UAE Structural Liquidity Position


Figure 48. Usage of Interbank Market


Figure 66. Request of Market Disclosures


Figure 67. Reference Rates for Banks’ Pricing


Figure 5. Residuals of Net Foreign Assets (Top Panel) and Estimated


Figure 1. Climate PIMA Results


Figure 2.2. Global Measures of Perceived Quality of Infrastructure


Figure 3.3. Debt Sustainability and Affordability


Figure 3.4. Trends in Public Sector Gross Investment


Figure 3.7. UK Project Delivery Career Pathways


Figure 2. Current Structure of the REPI


Figure 3. Recommended Structure of the REPI


Figure 1.2. Public Investment and Capital Stock


Figure 1.4. Public Capital Stock per Capita


Figure 1.6. Composition of General Government


Figure 1.8. Public Investment and EU Funds


Figure 1.10. Poland: Absorption of 2014−20 ESIF


Figure 1.12. Number of PPPs by Project Value,


Figure 1.16. PPP Capital Stock, Comparison


Figure 2.2. Perception of Quality in


Figure 3.5. Composition of PCs “of Significant Importance for the Economy” Operating


Figure 3.6. Deviations Over Time in Multi-annual Programs


Figure 3.7. Maintenance Expenditures in National Roads and Highways


Figure 3.9. Maintenance Spending on


Table 2 Authorities’ Current and Planned Dissemination Periodicity and Timeliness


Figure 4. Risk Universe


Figure 1. Annual Average Temperature Projections for Armenia


Figure 10 compares the authors’ results with other loss estimates from rising temperatures.


Table 3. Armenia: Key Fiscal Indicators Under Different Climate Scenarios


Figure 13. Demographic Trends and Projections


Figure 15. Growth in GDP Deflator


Figure 18. Effects of Climate Change on Fiscal Projections (2012−72)


Figure 20. Effects of Expenditure Rigidity, Volatile Scenario (2012−72)


Figure 1 What is Web Scraping


TABLE 1. Priority Recommendations


Figure 1. Cyclone, Drought, and Flooding


Figure 3. Historical GHG Emissions by


Figure 6. BAU vs. NDC Electricity Generation


Figure 12. Social Assistance Spending


Figure 13. Disaster Risk Financing in Madagascar


FIGURE 1. Public Sector in the Kingdom of Eswatini


Figure 1. Republic of Moldova: Distribution of Performance Scores


Figure 1. RBZ Risk-based Supervision Framework in Zimbabwe


Figure 3. Banking Sector Loans and Advances


Figure 4. Nonperforming Loans


Figure 12. Revenues from Telecom Surpluses


Figure 2. Proposed system for producing the State Accounts document – within


Figure 8. Coverage of the current Accounts


Figure 14. Proposed structure of the State Accounts document


Figure 3. Flowchart of Revenue Entering the CUT – Integration of the Single Window, e-


Figure 3. Mozambique: proposed governance for the Accounting reform


Figure 6. Mozambique: Overview of the Public Sector, based on authorities’


Figure B. Net taxes under alternative pricing


Table 9 – Appropriations programming by expenditure type


Figure 3. Wage Bill Execution (2012-2017)


Figure 4. Share of Wage Bill in Total Government Expenditure (2012-2017)


Figure 5. Number of Government Employees [27] (2008-2016)


Figure 6. Evolution of the composition of wage bill (2007-2016)


Figure 7. Wage Bill Budget and Execution (2010-2015)


Figure 6. Cumulative Percent Increase Granted by Government Decrees, 2013-2016


Figure 9. The Composition of Wage Bill Spending


Figure 11. Monthly Wage across Different Government Sectors


Figure 8. Change in Expenditure and the Composition of Expenditure


Figure 1. Seven key stages of the expenditure chain


Figure 2. Budget execution process in e-SISTAFE for goods, services, and public works


Figure 1. CO2 Emission and Global Pathways


Table 1. Effective Carbon Rates in Chile, 2020


Figure 5. Effective Carbon Rates for Gasoline and Diesel in 2020, OECD


Figure 6. Historical Gasoline and Diesel Retail Prices vs International Oil Price


Figure 9. Revenues Raised by the Direct Carbon Tax in 2017-2020


Figure 11. Carbon Prices around the World


Figure 12. Gasoline and Diesel Price Increases in LAC-6


Figure 14. CO2 Emissions Reductions from the Baseline in 2030


Figure 16. Impact on GDP Growth in 2030


Figure 17. Percent Change in Output Prices by Scenario in 2030 (Output Price Increase, %)


Figure 18. Relative Mean Consumption Effect before Revenue Recycling (% of Baseline


Figure 19. Relative Mean Consumption Effect after Revenue Recycling (% of Baseline


Table 3. Summary Table


Table 4. Options for Recycling Higher Carbon Tax Revenue


Table 5. Investments in Nonfinancial Assets


Table 8. GCO Deposits Excluding the INSS


Figure 3. Government Expenses


Figure 1. Public Sector of the Republic of Mozambique


Figure 1. Mozambique: Treasury Single Account Reconciliation Process


Figure 1.C. Public capital stock: regional


Table 3.B. Comparison of the ministerial capital spending ceilings presented in the MTEFs and


Figure 1. General Government Tax Revenue Mix, Latest Available Year of Actual Data (In


Figure 2. Tax Wedge (2021)


Figure 3. Progressivity and Redistributive Capacities Among Regional Comparators (2020)


Figure 4. Implication of the 2020 Tax Reform Compared to The System in 2019


Figure 6. Mortgage Interest Eligible for Tax Credit in the Next Two Decades


Figure 7. Implication of a Repeal of Mortgage Interest Tax Credit Compared to a Cap


Figure 8. Progressivity and Redistributive Implication of Introducing a Zero-Rated Bracket


Figure 9. Progressivity and Redistributive Implication of Introducing in-work credit


Figure 1. Mapping between Vulnerabilities and Tools


Figure 5. Deviation from the Debt Limits


Figure 1. Assessed vs Potential CIT, 2011–2020


Figure 2. The Assessment Gap, 2011–2020


Figure 3 are not significant. That said, there is a general indication that the bulk of the gap is in


Figure 4. CIT Revenue to GDP Ratio, with Comparison to Regional Average


Figure 5. CIT Productivity, with Comparison to Regional Average


Figure 6. GOS, and the GOS Gap (non-financial corporations)


Figure 7. The GOS Gap by Sector


Figure 8. Assessed vs Potential CIT


Figure 9. Assessed and Potential CIT by Sector


Figure 10. The Assessment Gap


Figure 11. The Assessment Gap by Sector


Table 5. Training Provided During Mission


TABLE 1. Приоритетные рекомендации


Figure 2. Value-Added Tax Compliance


Figure 5. Value-Added Tax Revenues


Figure 6. C-Efficiency for Belgium Compared to Average for European Countries


Figure 7. Average C-Efficiencies in Europe over the period 2011-2020


Figure 8. The Compliance Gap


Figure 9. The Assessment and Collection Gap


Figure 10. The Policy Gap and the Compliance Gap


Figure 11. The Efficiency and Expenditure Gap


Figure 12. The VAT Gap, the Compliance Gap, and the Policy Gap


Figure 13: Actual Value-Added Tax and Components of the Gap


Figure 14. One minus the Value-Added Tax Gap versus the C-efficiency Ratio


Figure 15. Impact of the Tax Gap Components on C-Efficiency


Box 1. Measurement of Actual Value-Added Tax


Figure 17. Potential and Actual Value-Added Tax


Figure 1. Household leverage and share of mortgage loans, 2006-2020


Figure 2. Housing Mortgages by type of lender, 2006-2020


Table 2. BOM Stakeholders


TABLE 1. Priority Recommendations


TABLE 2. Detailed Technical Recommendations


Figure 1. Illustration of treatment strategies


Figure 3: Comparing the GoB Treasury to functions of a Modern Treasury


Figure 3. Composition of Vulnerability by


Figure 5. Estimated Floods and Hurricane Events Risk


Figure 9. Energy Supply by Source


Figure 10. Emission Trends (2020–2030)


Figure 2. Sovereign Wealth Fund in Chile


Figure 4. Sovereign Wealth Funds, 2018-22


Table 3. Sensitivity Analysis of Simulated Debt Anchor and Safety Buffer


Figure 3b. General Government Investment


Figure 4b. Capital Stock Comparison


Figure 5b. Deficit and Debt


Figure 6b. Major PC by Assets and Liabilities


Figure 7a. Public Private Partnership, Capital


Figure 9b. Public Investment Efficiency


Figure 13. Change in Planned Annual Expenditure from Budget Framework to Enacted Budget


Table 13. Rwanda: Broad Functions of Each Section in the Public Investment Management Unit


Figure A1. Examples of the S-Curve


TABLE 1. Priority Recommendations


TABLE 2. Action Plan


TABLE 2. Sample Regression Output for Strata 3 in Dhaka, 2021


Figure 10. Nordic-Baltic Country X: Share of Flows with


Figure 12. Nordic-Baltic Inflows, Outflows, and Net


Figure 20. Largest Originators and Recipients of Correspondent Banking Flows through the


Figure 21. Nordic-Baltic MT202 Inflows, Outflows, and Net Flows, 2013–July 2022


Figure 22. MT202 Inflows, Outflows, and Net Flows with the


Box 3. Use of Data Analytics in Entity Risk and Assessment


Box 4. Use of Data Analytics in Supervisory Activities


Figure 38. Information on Scale of Activity and on CASP Specific Characteristics


Figure 40. Increase in Credit Risk


Figure 42. Change in Equity Prices


Figure 44. Deposit Run-off Rates


Figure 45. Shocks in the Stress Scenario


Figure 46. Short-term Transmission Channels


Figure 47. Medium-term Transmission Channels


Figure 48. Identification Flow Chart


Figure 50. Relative CDS Performance


Table 6. Expected Weekly Change in Equity Prices Conditional on Banks (in rows) Facing a ML


Table 7. Expected Weekly Change in 5Y CDS Spreads Conditional on Banks (in rows) Facing a ML


Figure 51. Change in Deposits


Figure 52. Shocks in the Stress Scenario


Figure 6. Mechanics of the SOE Forecasting and Stress Test Tool


Table 2. Recommendations: Improving the Legal Framework for Anticorruption


Table 3. Recommendations on Establishing an Anticorruption Strategy


Table 4. Recommendations on Establishing Effective and Transparent Asset Declaration and


Table 5. Recommendations on Strengthening the role of the Auditor-General in Accountability


Table 7. Recommendations to Strengthen Investigation and Prosecution of Corruption Cases


Table 8. Recommendations on Enhancing Right to Information


Table 9: Number of corruption related STRs received by the FIU.


Table 11. Recommendations: Strengthening the role of Anti-money Laundering in the fight


Table 12. Recommendations on Enhancing Budget Formulation and the Fiscal Framework


Table 14. Recommendations on addressing Governance Weaknesses in Public Investment


Table 15. Recommendations on addressing vulnerabilities in Public Procurement


Table 16. Recommendations on strengthening expenditure controls


Table 17. Recommendations on enhancing internal controls and external oversight


Table 18. Recommendations on reducing corruption vulnerabilities in the management of


Figure 4. Total tax revenue (in percent of GDP)


Table 19. Recommendations to Increase Transparency and Address Corruption Risks in Tax


Table 20. Revenue Administration Recommendations


Table 21. Proposed Recommendations to Strengthen Central Bank Governance


Table 23. Inflow and Outflow of cases (by type)


Table 24. Commercial High Court Case Numbers


Table 27: List of Recommendations for Rule of Law


TABLE 1. Priority Recommendations


TABLE 2. RPPI Workplan for Armenia, 2023–2024


TABLE 3. Number of Observations Per Year and Strata


TABLE 5. Sample Regression output for Yerevan Center (2022Q2–2023Q1)


Figure 1. Banks’ RWA Composition for Market Risk in Zimbabwe


Figure 2. Basel III and RBZ Limits on Large Exposures


Figure 5. Capital Requirements in Basel II and Basel III Frameworks


Figure 6. Exposure Classes in Basel II and III Standardised Approaches for Credit Risk


Figure 7. Methodology for the Calculation of Capital Requirement for Operational Risk


Figure 8. Main Components for the Calculation of Capital Requirement for Market Risk


Figure 9. Banking Sector Loans and Advances – Total Loans


Figure 10. Nonperforming Loans


Figure 11. Banking Sector Assets, as of March 2023


Figure 12. Banking Sector Liabilities, as of March 2023


FIGURE 1. Distribution of Financial Sector Assets


Table 1: Priority Recommendations


TABLE 2. Action Plan


TABLE 3. Status of Data Availability


Table 4. The Six Focus Areas Assigned to Breakout Groups


Figure 3. Slovakia. A Proposed Approach to Combine Top-down and Bottom-up Budgeting at the


Figure 4. Slovakia. Budget Shares of ‘Other Entities’


Figure 11. Slovakia. Aggregate Revenue


Figure 12. Slovakia. Aggregate Expenditure


Figure 16. Slovakia. Macro-Fiscal Volatility


Figure 20. Government Guarantees in Europe


TABLE 1. Priority Recommendations


TABLE 3. Preliminary Results - Somalia’s GDP: 2021 and 2022


TABLE 4. Comparison of Composition of Household Consumption Expenditure 2016–22


Chart 5. Public Capital Stock, 2019


Chart 12. Composition of Vulnerability by Sector Chart 13. Level of Exposure to Risks Col3 Col4


Figure 2.1 Global Measures of Perceived Quality of


Figure 4.2 Days with Temperatures > 40


Figure 4.3 Annual Precipitation


Figure 27. Net Virements for Capital Budget (SCR Millions)


Figure 32. Natural Disasters and Damages in Seychelles, 1980-2020


Figure 1.3. Public Capital Stock 2019


Figure 1.4. Real percentage growth in Public


Figure 3.9 Budget balance (fiscal rule


Figure 3.11 Capital spending


Table 3.4 Kosovo: Reporting on Capital and Non-Capital Non-financial assets 2021


Figure 4.3 CO2-emissions per unit GDP


TABLE 2. Action Plan


TABLE 1. Dominica: Priority Recommendations


TABLE 2. Stayover Visitors: 2020–21 Average Length of Stay and Average Daily Expenditure


TABLE 4. Net Errors and Omissions 2016–22 (Published vs. Revised)


TABLE 1. Priority Recommendations


TABLE 2. Results Based Frameworks


TABLE 2. Results Based Framework


Figure 14. Price Subsidies for Residential Consumers in strata 1-3


Figure 15. Financing of Electricity Subsidies


Figure 19. Distribution of Stratas across Income Deciles


TABLE 1. Saint Lucia: Priority Recommendations


FIGURE 1. Fuel Imports – EC$ Million


FIGURE 2. St. Lucia's Fuel Imports Composition – Share by Value


FIGURE 3. Fuel Re-exports (2018-21) – EC$ Million


FIGURE 4. Fuel Re-exports (2022) – EC$ Million


FIGURE 5. Stay-Over Visitors - Total Arrivals, by Year (thousands)


Figure 8. RMSE Comparison for Forecasts (Million GTQ)


Figure 13. Reserve Requirement Fulfillment RMSE: Aggregated vs. by Bank


Figure 14. Predictions for CiC, STA, and NFA (Million GTQ)


Figure 18. Historical Jumps and Drops in NFA (Million GTQ)


TABLE 1. Summary of Recommendations


TABLE 2. 2019-2023 – Bank and Smart Stream Accumulated Balances (BZD 000’s)


Figure 1. Evolution by Sources of Financing of Capital Expenditures (in percent of GDP)


TABLE 1. Priority Recommendations


TABLE 2: The Financial Sector


TABLE 3 : Summary of Risk-Weighted Coefficients for Credit Exposures


TABLE 4: Loans Classification and Minimum Provisioning Requirements


Figure II.1. Temperature and Precipitation in Uganda


Figure II.2. Temperature and Different Precipitation Trends


Figure II.5. Natural Hazards in Uganda 1980 - 2015


Figure II.8. Fiscal Effects of Climate Change Scenarios in Uganda


Figure III.2. Uganda NDC Emission


Figure IV.2. Steps for Developing Climate Change Mitigation and Adaptation Sector Strategies


Figure 1: Structure of South African Public Sector


FIGURE 1. South African Low Emissions Strategy in the Context of Prior Climate Related Work


TABLE 2. Current Institutional Arrangements to Address Climate Change Response Actions


TABLE 4. Priority Recommendations


TABLE 1. Andorra: Priority Recommendations


TABLE 1. Suriname Priority Recommendations


Table 1. Priority Recommendations


Table 2. Recommendations of The Mission


Table 3. Recommendations Relating to Methodological Issues


Table 4. Recommendations Relating to Institutional Coverage


Table 6. Recommendations Relating to Balance Sheet Reporting


Table 7. Recommendations Relating to Business Process


TABLE 1. Principal Recommendations: A Three-Step Roadmap to SRP


Figure 3. Guatemala Investment 1990-2019


Figure 4. Sources of Financing for Public Investment Expenditure (2016-2022) (Billion GTQ)


Figure 6. Guatemala – EME: Public


Figure 8. Stock of Public Capital Compared


Figure 10. Ratio of Public Investment


Figure 16. Guatemala Efficiency Gap Hybrid


Figure 17. Guatemala Public Investment


Figure 20. Central Government Fiscal Deficit (% of GDP) and 5-Year Average Deficit Objectives by MTFF Figure 21. Borrowing (% of GDP) and 5- Year Average Debt Objectives per MTFF


Figure 27. Guatemala: Energy Production by Source (% of Total) Figure 28. Guatemala: Per Capita GHG Emissions. IMF-Climate Policy Assessment Tool


TABLE 1. Priority Recommendations


TABLE 2. Somalia Action Plan


TABLE 3. Preliminary Results From SIHBS


TABLE 2. Roadmap for Integrating Scanner Data in the CPI


TABLE 3. Target Aggregation Structure


TABLE 4. Detailed Work Plan Covering October 2023–October 2024


Figure 1.6. Georgia: 2021 Historical Revision of GFS


Figure 1.7. Georgia: Differences across Fiscal Reports, 2021


Figure 2.5. Georgia: Components of Deviation in Outturn from Approved Budget


Table 2.6. Indicative Reconciliation Table for Expenditure


Figure 3.8. Georgia: On-lending Portfolio of SNGs


Figure 6. 2020 Election Absentees and Population Trends, 2015-2022


Figure 6. Egypt: Public Investment by Sector


Figure 10. Total Road Network in Egypt


Figure 22. Budget Execution as a Share of Planned Investment


Table 6. Outstanding Eswatini Financial Sector Legislative Reforms


Table A2. Eswatini: 2021 Balance Sheet Approach Matrix with MFS and IIP data


Figure 1.1. Public Sector Expenditure and Liability Coverage in Fiscal Reports 2021/22 (Percent of


Figure 1.2. Coverage of Public Sector Balance Sheet in Fiscal Reports (Percent of GDP)


Figure 1.3. Public Sector Net Worth of Selected Countries, Varying Years (Percent of GDP)


Figure 2.7. Fiscal Deficit Forecast History


Figure 2.9. Public Sector Infrastructure


Table 2.4. Roles of PBO and FFC in Assessing Fiscal Credibility


Figure 3.3. Nominal GDP and Revenue Growth


Figure 3.9. Contingency Reserves Usage


TABLE 1. Priority Recommendations


Figure 0.1 Public investment management in RS – Institutional design


Figure 0.2 Public investment management in RS – Effectiveness


Figure 1.2. Public Investment in BiH, RS and


Figure 1.4. Public capital Stock in BiH and


Figure 1.6. Emerging and Developing Europe


Figure 2.4. Efficiency of Public


Figure 3.2. BiH Republika Srpska: Institutional Design and Effectiveness


Table 3.1 Fiscal Rules in Republika Srpska


Table 3.4. Information Required for Effective Project Monitoring.


Figure 1.D. Disaster Risk Vulnerability and Peer


Figure 1.F. Energy Supply by Source


TABLE 1. Saint Lucia: Priority Recommendations


TABLE 2. St. Lucia Imports and Re-imports of Fuel 2020 [1/] (Thousand US$)


TABLE 5. Net Errors and Omissions 2016–2022 (Published vs . Revised)


TABLE 2. RPPI Workplan for Cambodia, 2024


TABLE 3. Number of Observations Per Year and Strata (Before Outlier Detection)


TABLE 4. Identified Outliers Per Year and Strata, Percent of Observations.


TABLE 5. Expenditure Weights by Strata for 2020


Figure 9. Capital Surge Scenario: Projections


Figure 4. Mean-Temperature Annual Trends (left) and Change in Distribution of Mean Temperature


Figure 9. Emissions per Capita in Small Island Developing States (metric tons)


Figure 13. Historical Electricity Generation by Source, 2010 – 2021


Figure 8. L’intégration des PPP dans le cycle budgétaire


Table 5. PBU Financing


Figure 8. Replacement Rates, Minimum Wage Earner: Current vs. PBU Rules


Figure 10. Distribution of government expenditure: Alternative scenarios


TABLE 1. Priority Recommendations


TABLE 2. Action Plan


Figure 1. Recent Fiscal Developments in Poland (Percent of GDP) Col2


Figure 8. General Government Expenditures and Debt Based on Counterfactual Application of the SER (percent of GDP) Col2 Col3


Figure 11. Simulation Results on the SER under Adverse Shocks (percentage points relative to the baseline unless otherwise stated) Col2


Figure 12. Fiscal Developments under the SER Col2


Figure 13. Real GDP Growth in Poland (Percent) Figure 14. SER Formula and Growth Parameters (Percent)


Figure 15. Fiscal Slippages from Differences in Forecast: A comparison of Official and Consensus Forecast, 2000-19 (Percent of GDP) Figure 16. GDP Deflator and CPI Inflation (Percent)


Figure 20. Fiscal Adjustments under the EU Fiscal Framework Figure 20. Fiscal Adjustments under the EU Fiscal Framework


Figure 21: Implied Fiscal Adjustments under the Current SER (Without Correction Mechanism) and Net Expenditure Path in the EU Fiscal Framework Col2


Figure 22: Implied Fiscal Adjustments under a Forward-Looking SER (with Correction Mechanism) and Net Expenditure Path in the EU Fiscal Framework Col2


Figure A.1.1. Types of Fiscal Rules (Number of countries) Figure A.1.2. Changes in Fiscal Rules (Percentage of countries with fiscal rules)


TABLE 3. Detailed Technical Assessment


TABLE 4. Summary of Recommendations


TABLE 2. RPPI Workplan for the Philippines, 2024–2025


Figure 9. Sierra Leone and Sub-Saharan Africa:


TABLE 2. Average Absolute Percentage Point Contributions to the Total Revision to GDP in Constant


TABLE 3. Average Absolute Percentage Point Contributions to the Total Revision to GDP in Current


TABLE 4. Components of GDP-E and Methods Used


TABLE 5. Detailed Technical Assessment


TABLE 6. Summary of Recommendations


TABLE 1. Priority Recommendations


TABLE 2. RPPI Workplan for the Ukraine, 2024–2025


Figure 2. Prioritization Assessment


Figure 2. The Risk Appetite Process


Table 4. Alternative tax base and rate definitions with equivalent outcomes


Figure 1. Median CIT Gap (1,000’s AMD) by top-10 sectors [10]


Figure 2. Median CIT Gap (1,000’s AMD) by turnover


Figure 3. Median CIT Gap (1,000’s AMD) by number of employees


Figure 4. Median CIT Gap (1,000’s AMD) by age of business


TABLE 1. Montserrat: Priority Recommendations


TABLE 2. Calculation for Visitors’ Categories (US$)


TABLE 3. Population Size and Suggested Sample for Low Season and Cruise Survey


Box 3. Objectives of the Reserve Requirements


Figure 6. O/N interbank call and repo volumes and rates


Figure 7. Bank Reserves; Daily Dec 2021 – Jun 2023.


Figure 12. Currency in Circulation (2018 – 2023)


TABLE 2. Action Plan, 2024–2025


TABLE 3. Expenditure Weights by Strata, 2009–2023


Figure 2. Banking Sector Loans and Advances


Figure 3. Nonperforming Loans Ratio (%)


Table 4.2. Balance Sheet of Ministry of Health (EUR).


TABLE 1. Priority Recommendations


TABLE 2. RPPI Workplan


TABLE 5. Number of Observations per Strata for New and Existing Apartments for All Quarters,


TABLE 1. Montenegro: Priority Recommendations


TABLE 2. Montenegro: Recommendations Provided by the Mission


Table 4. Colombia: Macroeconomic Data Periodicity and Release Lag


Table 7. Key project outcomes


Table 8. Identified risks and mitigation factors


Figure 1. Estimated and predicted CIT gap


Figure 3. CIT gap: Excluding adjustments with no immediate effect on revenue


Figure 4. CIT gap: Excluding large corporations


Figure 5. CIT gap: Excluding large corporations and adjustments with no immediate effect on


FIGURE 1. Distribution of Financial Sector Assets


Table 8. Data Series in the New FSIs Report Forms for Compiling ROA and ROE


Box 3 summarizes the principles underlying a basic MtM valuation scheme for fixed income instruments.


Table 3. Routine Maintenance: Actual Spending as a Percent of the Total Budget


TABLE 2. Detailed Recommendations


TABLE 3. Differences in Estim ates of GHG Emissions Released by Different Agencies


TABLE 5. Workplan for the Compilation and Release of Asset Accounts and Carbon Footprints


TABLE 1. Priority Recommendations


TABLE 2. RPPI Workplan


Figure 3. Provincial Finances


Table 2. In-year Changes to the Budget


Table 3. Content of Budget Call Circulars in Selected Countries


Figure 7. Pakistan Compliance with Best Practices in Budget Execution and Capture in FABS


Figure 8. States of Digitalization According to DIPAT


Figure 10. Steps in Budget Execution


Table 5. FEED Assessment


Figure 24. Electricity Generation from Renewable Sources


Figure 9. GHG Emissions and Primary Energy Consumption


Figure 11. Fuel Imports and Government Subsidies for Fuel, 2019-2023


Figure 13. Impact on Fiscal Revenues and Fuel Demand


Figure 19. Competing Resource Requirements of Sectors


Figure 1 – Organization Structure of Supervision Function


Figure 2 – Organization Structure of Cyber Risk Supervision Unit and Work Areas


TABLE 1. Dominica: Priority Recommendations


TABLE 3. Estimated Sample Size for Different Visitors Using Yamane’s Formula


TABLE 7. NEOs 2019–2023 (Published vs. Revised)


TABLE 1. Priority Recommendations


TABLE 2. Estimates of GDP (billions of Kwacha)


Figure 2. Revenue Collections


Figure 6. Progress of Strategic Actions


Figure 7. Growth in Tax Revenues


Figure 8. TAK Staff Capacity


Figure 9. Tax Revenue Yield Estimates from


TABLE 1. Priority Recommendations and Responsible Institutions


TABLE 2. Priority Recommendations, Actions and Milestones


TABLE 4. Priority Recommendations and Responsible Institutions


TABLE 5. Priority Recommendations, Actions and Milestones


Figure 2.2. Strengthening of Analytical Units in Line Ministries and VfM Division (analysts, FTEs)


Figure 3.2. Relative Size of Program Budgets


Figure 9. Documents on Monetary Policy Communication


Figure 6. Inundated Area from SLR in Selected Regions of The Gambia


Figure 12. The Gambia’s Water Body and Regions Prone to Permanent and Seasonal Salinity


Figure 16a. GHG Emissions in The Gambia by Sector and Subsector, 2019 Col2


Figure 16b. Energy-Related CO2 Emissions in The Gambia by Fuel, 2019 Figure 16c. GHG Emissions in The Gambia, by Gas, 2019


Figure 18. Interaction Between Agricultural and Forestry Sectors for Land Use


Figure 19a. Forest Cover by Canopy Density Figure 19b. Forest Cover Loss by Main Cause


Figure 23. Renewable Energy Potential in The Gambia


Table 7. Electricity Prices, 2024


Figure 29. Emissions Reductions Relative to the NDC Target


Table 9. Summary of the Main Impacts of Modelled Policies


Figure 31. Impact of Reforms on Health Care and Road Accidents


Figure A2. Increased of Built-up Areas Exposed to Pluvial and Fluvial Floods in Gambia


Figure 3.1. Specific Import Duty Rates in 2010 Prices


Figure 3.2. National Alcohol Import Duties


Figure 3.3. Effective Import Duty Rates by Good


Figure 6.3. The Tax Wedge


Figure 6.5. Effective Profit Tax Rates over Profit Margins


Table 4. Ongoing, New, and Completed Public-Private Partnership Projects in The Gambia


Figure 17. Public Investment Efficiency


Figure 33. The Gambia: Climatological and


TABLE 1. Cayman Islands: Priority Recommendations


TABLE 2. Cayman Islands: Causes of Discrepancies Between CPIS and IIP for 2022


TABLE 3. Cayman Islands: Adjustments to IIP Data on Portfolio Investment Assets to be Done in Short


Figure 9. Percent Share of Urban (left) and Rural (right) Population with Access to Safe Drinking


Table 5. ICCC Service Level Indicators Reviewed and Selected Business KPIs by Water PNG


Figure 10. Breakdown of AAL per Hazard (left), Percent of AAL Due to Climatic Disasters per Asset


Table 7. Current Ex-Ante DRM Activities Taken by Selected Government Entities and SOEs


Figure 12. Area, Production and Yield of Major Cereals (left) and Number of Undernourished (right)


Figure 16. Drivers of Forest Degradation and Deforestation in 2001-2015


Figure 18. Additional Revenues and Avoided Losses, Compared to Baseline


Figure 15. Components of a Medium-Term Expenditure Framework


Figure 17. Public Expenditure Forecast Errors


Figure 18. Revenue Forecast Errors


Table 4. Fiscal Risk Identification in GOA’s Budget Documentation [59]


Table 1. Records of Past Disasters in Bangladesh (2000-2023)


Figure 6. Combined Annual Cost of (a) Response/Early Recovery, (b) Rehabilitation and


Figure 8. Financing Gap for Disaster Response and Reconstruction in Bangladesh


Figure 9. Annual Expenditures MODMR


Table 7. Loss to Treasury from Cash Transfer Time Lag of Selected Programs


Figure 1: Distribution of Financial Sector Assets


FIGURE 1. Distribution of Financial Sector Assets


TABLE 1. Priority Recommendations


TABLE 3. Workplan of Activities for Energy and Air Emissions Accounts


Table 1. COE Crises-Era Measures Introduced in 2012


TABLE 1. St. Lucia: Priority Recommendations


TABLE 4. Net Errors and Omissions 2016–2023 (Published vs . Revised)


TABLE 6. U.S. Average Daily Expenditure


TABLE 7. VES Total Expenditure


TABLE 1. Brasil: Recomendações prioritárias


Table 1 . Brazil: Priority Recommendations


TABLE 2. HFCE and GFCF Presence of Transportation Goods (HS-Four Digit)


Table 4 contains the primary products associated with each tourism industry and indicates whether it is a


TABLE 4. Tourism Industries, Primary Products, and TSA Products 2023 SUT


TABLE 6. Taxi Industry Tourism Value Added from 2015 SUT


TABLE 7. Air Transportation, Tourism Value Added


TABLE 9. Demonstration of Backcasting Methods


TABLE 10: Detailed Technical Assessment


TABLE 11: Summary of Recommendations


Table 2


Table 4 Internal tourism consumption Table 4 Internal tourism consumption


TABLE 1. Priority Recommendations


TABLE 2. Provisional Weights for PPI Accommodation and Food Based on 2022 VAT Data.


TABLE 3. Detailed Technical Assessment


TABLE 4. Summary of recommendations


Figure 1. Financial Sector


Figure 4. Steps in Assessing ELA


Table A1. Interpretation of the Nelson-Siegel Parameters


TABLE 2. Recommended Sources and Methods for GDP-E


TABLE 3. Government Final Consumption Expenditure (EC$ Millions)


TABLE 4. HFCE - Food and Beverages (EC$ '000,000)


TABLE 5. HFCE - Food and Beverages, Population Method, Implied CII


TABLE 6. Decomposition of Transportation Equipment Between HFCE and GFCF


TABLE 7. Recommended Product Detail for Transportation Equipment


TABLE 8. Estimation of International Trade (EC$ Millions)


TABLE 10. HFCE, Housing and Metal Products


TABLE 11. Product Flow, Other Manufactured Products


TABLE 12. Detailed Technical Assessment


TABLE 13. Summary of Recommendations


Figure 1. Comparative Breakdown of STA Tax Revenues for 2022, 2023


Figure 2. China’s Fortune 500 Industries


Figure 1. Estimated PIT Gap (2020-2023)


Figure 2. PIT gap in percent of total PIT by top-10 sectors [ 18] (average across 2020-2023)


Figure 5. PIT gap: Excluding large corporations (2020-2023)


Figure 6. SSC gap (2020-2023)


Figure 7. SSC gap: Excluding large corporations (2020-2023)


Table 2. Comparative Analysis of Additional Tax Assessed


Table 6. Examples of a Simplified, Graduated Penalty Regime


Figure 4. Function-Based Organization Structure with Segmentation for Large Taxpayers


Figure 5. STS Organization Structure


Figure 9. Levels of Performance Measurement


TABLE 1. Priority Recommendations


TABLE 2. Recommendations


TABLE 8. Passenger Rail Authority of South Africa – Market Test Analysis 2008-2015


TABLE 11. Road Accident Fund GFS Compilation 2016-2023 – Cash Basis


TABLE 12. Road Accident Fund GFS Compilation 2016-2023 – Modified Cash Basis


Figure 1. Cash Surplus/Deficit, 2023-2024 (in ZMW million)


Box 1: Phases of CFAT Adoption in Zambia


TABLE 1. Montserrat: Priority Recommendations


TABLE 3. ADE for Visitors Categories, US$


TABLE 4. Estimation of Travel Exports by Type of Visitors


TABLE 6. Net Errors and Omissions 2021–2023 (Published and Revised)


Figure 1. Exchange Rate Volatility and FX Intervention


Figure 1. Currency Basket Exchange Rates


Table 4. Survey of Policy Objective and Recommended Basket Peg


Figure 3. Total SRD and ESA Balances


Figure E.1 NRBT Asset Distribution


Figure E.2 NRBT Liabilities


Table F.1 Interpretation of the Nelson-Siegel Parameters


TABLE 1. The Bahamas: Priority Recommendations


TABLE 3. Number of Visitors. Average Expenditure (US$), Total Visitor Expenditure (US$ million)


Figure 14. Variance in Petroleum Product Transportation Costs by Depot, 2024


Figure A1. Flows of Petroleum Products, Transfers of Ownership, and VAT


Figure 2. Banking Sector Loans and Advances


Figure 3. Nonperforming Loans Ratio (%)


TABLE 1. Priority Recommendations


Figure 1. Customs revenue composition in 2024 (percent)


TABLE 3. Estimates of GDP by Expenditure Published by Statistics Mauritius (2021–2024)


TABLE 2. RPPI Workplan for the Philippines, 2025


Figure 7. Approval Rate for Restricted Tendering Figure 8. Approval Rate for Sole Sourcing


Figure 9. Funding Flow under DACF


Figure 10. Governance Weaknesses in DACF Service Provision


Figure 11. Governance Weaknesses across the Project Life-cycle


Figure 1. Remittances to Zimbabwe


Figure 1. Net ITBIS revenue published by the DGII (2018–2023)


Figure 2. VAT compliance gap (2018–2023)


Figure 3. Overall VAT gap, compliance gap, and policy gap (2018–2023)


Figure 4. Compliance gap by sector (2018–2023)


Figure 5. Previous ITBIS compliance gap estimates (2010–2017) and RA-GAP (2018–2023)


Figure 6. Net ITBIS revenue published by the DGII (2018–2023)


Figure 7. C-efficiency for ITBIS: Dominican Republic versus


Figure 8. C-efficiency for ITBIS: Dominican Republic versus close comparable countries [(1)]


Figure 9. ITBIS compliance gap (2015–2023)


Figure 10. VAT compliance gap by income level [11]


Figure 11. Assessment gap (2018–2023)


Figure 12. Policy gap and compliance gap (2018–2023)


Figure 14. Expenditure gap and non-taxable gap (2018–2023)


Figure 15. Overall ITBIS gap, compliance gap, and policy gap (2018–2023)


Figure 16. Actual ITBIS and tax gap components (2018–2023)


Figure 17. (1 - Overall ITBIS gap) versus c-efficiency ratio


Figure 18. Impact of ITBIS gap components on c-efficiency (2018–2023)


Figure 19. ITBIS revenue measures (2018–2023)


Figure 20A. Trends in _potential_ ITBIS by sector (2018–2023)


Figure 20B. Trends in _actual_ ITBIS by sector (2018–2023)


Figure 21. Compliance gap by sector (2018–2023) [21]


Figure 22. Previous ITBIS compliance gap estimates (2010–2017) and RA-GAP (2018–2023)


Figure 23. ITBIS adjusted for legal changes and extraordinary payments


Figure 24. Additional ITBIS adjusted for audits


Figure 26. Assured paid ITBIS 2019


Figure 1: Territorial Structure in Armenia Table 1: Regions and Municipalities


Figure 4: Yerevan Municipality Revenue Collection


Figure 7: Yerevan Municipality Self-Reliance (own


Figure 9: Forms of Control Over Subnational Finances


Figure 10: Tiered Structure of Subnational Oversight


Table 7. Overview of Pakistan Primary Regulatory Institutions


Figure 14. Pakistan. Mutual Legal Assistance Requests and Response Rates


Figure 15. FIA Case Statistics for Investigations, Prosecutions and Adjudication (2022-24)


Figure 16. Appeals of RTI Requests heard by Information Commission (2022-24)


Figure 1: NRBT FPAS TA Project workstreams


Table 0.B. C-PIMA Summary Assessment


Figure 1.B. Fiji Gross Debt and Net Lending /


Figure 1.D. Fiji Public Investment and Capital


Figure 1.J. GDP per Capita and Public Capital Stock


Figure 1.M. Measures of Infrastructure Access


Figure 1.O. Fiji Infrastructure Efficiency Gap –


Figure 3. Fiji Central Government Debt


Figure 10. Inbound Tourism Expenditure, 2020


Figure 12. Adaptive Capacity and Exposure Fiji


Table 3. Mean Error and Root Mean Square Error by Projection Horizon for the Revenue


Table 6. Timing of Critical Events – Comparison of Past Projections


Table A3.2. Comparison of the Two Best Performing Models for Contributions


Table A3.3 Comparison of the Two Selected Models for Employment


Table A3.4 Comparison of the Two Selected Models for Wages


Table A3.5 Glossary of Projection Models


Figure 5. Number of Cases Charged to court by the ACC from 2020-2024


Figure 1. CIT gap estimated by Heckman two step approach and ML-model


Figure 2. Estimated CIT gap (2016-2023)


Figure 3. CIT gap in percent of CIT liability divided by sectors [29] (average across 2016-2023)


Figure 4. Relative CIT gap by number of employees (average across 2016-2023)


Figure 5. Relative CIT gap by turnover (average across 2016-2023)


Figure A1. Variable importance of the MLM


Figure 2. A Holistic Approach to Green PFM


Figure 1. Historical Temperatures and Precipitation in Burkina Faso


Figure 2. Extreme Climate Indices: Average Conditions and Recent Changes


Figure 3. Time Series of Average Annual Temperature and Total Annual Precipitation


Figure 5. Burkina Faso: Types of Disasters and Number of Affected People


Figure 7. Energy Consumption by Fuel and by Sector in Burkina Faso


Figure 8. GHG Emissions in Burkina Faso in a Regional Context


Figure 9. GHG Emissions in Burkina Faso by Sector, Subsector, Gas, and Fuel Col2


Figure 11. Installed Capacity and Electricity Generation


Figure 12. Total Electricity Consumption and Losses


Figure 15. Implicit Carbon Pricing, Regional Benchmark


Figure 16. Impact on Fiscal Revenue and Energy Prices


Figure 18. Impact on Emissions and Development Co-Benefits Col2


Figure 17. Impact on Economic Growth


Figure 19. Distributional Impact on Households


Figure 20. Sectoral Impacts


Figure 21. Regional Peer Comparison of Water Resource Indicators


Figure 23. Burkina Faso: IWRM SDG Indicator (6.41) Assessment


Figure 24. Burkina Faso: Access to Water Supply in Urban and Rual Area, 2020


Table 3. ONEA - Tariffs for Drinkable Water and Sanitation


Figure 26. The Breakdown of the Total Investment Envelope of 880.1 billion FCFA for 2026 (Own


Figure 27. Budget and Execution of Budget Programs that Include Response Activities (Execution


Figure 29. Loss of Forest Cover and Access to Clean Cooking Technologies in Burkina Faso


Figure 1. Armenia: Distribution of Performance Scores


TABLE 1. Priority Recommendations


TABLE 1. Recommended Adjustments in the Mapping of ODCs and OFCs


Figure 3). By adopting forecasts with statistical models, this will improve the anticipation of


Figure 4. Public Capital Stock Figure 5. Public Capital Stock per capita


Figure 23. Namibia. Development ceilings,


Figure 24. Procurement by Method Figure 25. Use of Contract Extension


Figure 28. Namibia: Average Annual Rainfall


Figure 30. Namibia: Projected changes in


Figure 32. Namibia’s Projected Net Emissions


Figure 2. Partial Organization Structure of the Audit General Department


Figure 3. Possible Taxpayer Segmentation


Figure 1. Firms Currently Authorized to carry out Securities Business


Figure 4. Average VAT Compliance Gap, Segmented by Groups


Figure 5. VAT Audit Hit Rate over 2018-2024 (Percentage)


Figure 6. Share of Audit Case Selection over 2018-2024 (Percentage)


Figure 7. VAT on-time Filing Rate Over 2018-2024 (Percentage)


TABLE 1 Priority Recommendations


TABLE 2 Summary of Recommendations


TABLE 3 Illustration of Price Indicator Calculation


TABLE 5 Preliminary Estimates of Construction, 2018 ($EC Million)


TABLE 7 Data Required for Value Added Estimation of Government


Figure 6. A Baseline Scenario for Personnel Spending


Figure 2. Banking System by Total Assets: Asset per Bank (left chart); Actual


Figure 5. Usage of the SCF since the Beginning of 2024


Figure A1.1. CBS Balance Sheet Composition at the End of May 2024


Figure 9. Decision Guide for CCyB Activation and Build-Up


Figure A6. Sensitivity of HP-Filtered Credit-to-


Figure A9. Mapping Basel Credit-to-GDP to


Figure A10. Mapping DRC to CCyB Rate Using


Figure 4. SOE Ownership Models - Comparative Analysis


Table 1: Principality of Andorra: Priority Recommendations


Figure 13. Allocation to Ministries and Agencies with a Significant Response Mandate (FY 2025)


Figure 14. Development Aid in Years 2022-2024 by Source (US$ Million)


Figure 18. Efficient Prices for Liquid Fuels in Liberia (2024)


Table 7. Fuel Price Changes: 2030 vs 2025


Figure 19. Additional Fiscal Revenues and Impact on GDP Growth by 2030


Figure A2. Historical Distributions of GDP, Inflation, and Policy Rates Col2


Figure 1. Suriname: Institutional Framework for Financial Stability


Figure 3. Suriname: Banking System Credit and Liquidity Indicators


TABLE 1 . Priority Recommendations


TABLE 2. Workplan


Figure 2. The gap between actual revenue and the projection in the budget, 2022-25, in percent


Figure 5. Year 2025 in different MTFFs


Figure 3. Ceilings, baselines and fiscal space


Table 5. Reserve Requirement Ratio and Deposit Volatility


TABLE 2. Workplan for the Compilation and Release of Air Emissions Accounts


Figure 8. PPP Capital Stock


Figure 13. Portugal: Rail Network


Figure 15. Million Passengers Carried Per Km


Figure 17. Renewable Energy: Portugal and


Figure 21. Water Distribution Loss


Figure 47. Portugal: Precipitations Change, by


Figure 49. Portugal. Natural disasters from


Figure 52. Cost of the wildfires by type of


Figure 53. Climate-driven ND-GAIN Index: Adaptive Capacity & Exposure


Figure 55. Selected EU countries – Share of


TABLE 2. Detailed Recommendations


Figure 3. Local Currency Bond Market as Percent of Nominal GDP 1/ Figure 4. Stock Market Capitalization as Percent of Nominal GDP


Figure 5: Revenue: Budget Estimates and


Figure 8. Basic Principle and Exceptions in Extending Public Procurement Contracts (%)


Figure 9. Progress in Public Procurement Law Implementation


Figure 10. Supreme Audit Institution Oversight


Table 3. Progress of implementation of previous FAD recommendations


TABLE 1. Priority Recommendations


Figure 1. Baseline and alternative scenarios for GDP and inflation


Table 1 . Eswatini Priority Recommendations


Figure 3 Lesotho Public Expenditure


Figure 5. Public Investment in Lesotho and


Figure 7. Current Spending vs. Capital


Figure 23. Efficiency Gap, Hybrid Indicator


Figure 31. Lesotho GoL Capital Ceilings, Budget


Figure 35. Capital Budget Execution Rates –


TABLE 2. Work Plan