Development Policy Review
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Publication
Belarus : Strengthening Public Resource Management
(Washington, DC, 2003-06-20)This report, the first Public Expenditure Review of Belarus, will remain focused on broad systemic questions. A number of the problems emphasized in the subsequent chapters fall into four broad categories. These categories are all closely interrelated: The complicated array of extrabudgetary and quasi-fiscal sources of state finance imposes substantial losses on the economy. Budgetary preparation and approval lacks focus, realism, and an appropriate balance of political influence. The implementation of the budget suffers from excessively weak legality, and allows for too much discretion in the allocation and re-allocation of state expenditures. The connection between state objectives and public expenditures is often unclear or weak. There are many recommendations for changes that could help to improve fiscal discipline, strengthen allocative effectiveness and improve the technical efficiency, we present the most critical actions that are needed: Improve realism in budgetary planning and the management of state obligations. Develop institutions to support commitment to budgetary implementation. Expand the coverage of the budget to account for most activities with fiscal impact. Develop a framework for identifying, quantifying and addressing fiscal risks. Develop a sustainable wage and compensation policy. Streamline subsidies to the productive sectors. Focus on development of sector strategies, one or two sectors at a time: identify objectives, determine performance measures and the links between inputs and positive outcomes. Improve the short and medium term revenue and expenditure forecasting capacity. Put in place systematic rules for budget revision. Introduce guidelines for the allocation of resources in the event of unexpected inflation, cash shortages, or surpluses. Develop a concept of accountability beyond the Ministry of Finance and budget. -
Publication
Russia : Development Policy Review
(Washington, DC, 2003-06-09)The objective of this report is to provide an assessment of the development objectives before the Russian Federation. To that end, this report assesses: 1) development outcomes and prospects, and 2) the extent to which the Government has been able to implement its social and structural reform program. The analysis and recommendations herein draw on knowledge acquired through various World Bank activities in Russia as well as on sources external to the World Bank. The report is organized as follows: Chapter 1 discusses development outcomes and prospects, which provides background for the report. Chapter 2 focuses on improving the investment climate by reducing energy subsidies, imposing a payments discipline, and strengthening corporate governance as part of the enterprise restructuring process. Incentives propounded to encourage the growth of small and medium enterprises would include improving the business environment, reforming tax policy, strengthening the financial sector, reforming infrastructure monopolies, promoting competitiveness, improving labor market flexibility, and promoting rural investments. Chapter 3 identifies key macroeconomic challenges and risks. Chapter 4 examines the framework for enhancing human capabilities and protecting vulnerable groups. Finally, Chapter 5 elaborates the steps to be undertaken to reform public sector management, including improving intergovernmental fiscal relations, public financial management, tax and customs administration, civil service, and the justice system. -
Publication
Slovak Republic : Development Policy Review, Volume 2. Main Report
(Washington, DC, 2002-11)Although the unsustainably high external current account, and fiscal deficits may be financed with the country's capital account surplus (twenty percent of GDP), such situation is not likely to last. The country's policy impact on the real exchange rate, undermines the employability of large segments of the population, which will ultimately hamper growth. The study proposes an agenda on key issues, such as curtailing enterprise subsidies, and other guarantee payments, redirecting, rather than expanding, existing expenditure programs to meet the eligibility criteria for structural funds financing. In addition, further increasing the retirement age, would put public pensions on a sustainable footing, and avoid the massive fiscal deficits the demographic transition is bringing, and, postponing the revenue reduction (from 38 percent of GDP in 2000 to a projected 35 percent in 2002, to a target of 33 percent of GDP in 2004) until such time as the expected cutback in expenditure has actually materialized, should be part of the development agenda. The tax burden should be balanced away from payroll taxes, e.g., streamlining Value Added Tax (VAT) refunds, or trimming tax incentives for investment to European Union-compatible levels. Moreover, the planned increases in electricity, and natural gas tariffs should be brought forward, and, the internal trade border within the Czech-Slovak customs union should be brought down ahead of EU accession. Longer term reform efforts should focus on social protection, health care, and education, based on a governance approach built on transforming budget frameworks, consolidating decentralization efforts, and launching a major judicial reform. -
Publication
Slovak Republic : Development Policy Review, Volume 1. Summary Report
(Washington, DC, 2002-11)Although the unsustainably high external current account, and fiscal deficits may be financed with the country's capital account surplus (twenty percent of GDP), such situation is not likely to last. The country's policy impact on the real exchange rate, undermines the employability of large segments of the population, which will ultimately hamper growth. The study proposes an agenda on key issues, such as curtailing enterprise subsidies, and other guarantee payments, redirecting, rather than expanding, existing expenditure programs to meet the eligibility criteria for structural funds financing. In addition, further increasing the retirement age, would put public pensions on a sustainable footing, and avoid the massive fiscal deficits the demographic transition is bringing, and, postponing the revenue reduction (from 38 percent of GDP in 2000 to a projected 35 percent in 2002, to a target of 33 percent of GDP in 2004) until such time as the expected cutback in expenditure has actually materialized, should be part of the development agenda. The tax burden should be balanced away from payroll taxes, e.g., streamlining Value Added Tax (VAT) refunds, or trimming tax incentives for investment to European Union-compatible levels. Moreover, the planned increases in electricity, and natural gas tariffs should be brought forward, and, the internal trade border within the Czech-Slovak customs union should be brought down ahead of EU accession. Longer term reform efforts should focus on social protection, health care, and education, based on a governance approach built on transforming budget frameworks, consolidating decentralization efforts, and launching a major judicial reform.