Philippines: Macroeconomic Frameworks Technical Assistance: Scoping Mission
March 28, 2025
The International Monetary Fund (IMF) conducted a scoping mission in the Philippines to assess the macroeconomic forecasting capacity of the Department of Finance (DOF) and identify areas for capacity development. The mission found that the DOF lacks a comprehensive macroeconomic framework for consistent policy analysis and forecasting. Despite having a version of the IMF's Globally Integrated Monetary and Fiscal (GIMF) model, the DOF staff lacks the training to recalibrate or modify it. The mission recommends developing a simpler, customizable macroeconomic framework based on the Comprehensive Adaptive Expectations Model (CAEM) to enhance the DOF's analytical capabilities. This framework will support the DOF in conducting policy analysis, improving fiscal planning, and ensuring sustainable capacity development.
Press Briefing Transcript: Julie Kozack, Director, Communications Department, March 27, 2025
March 27, 2025
IMF Executive Board Concludes 2025 Article IV Consultation with the Principality of Liechtenstein
March 27, 2025
Principality of Liechtenstein: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Principality of Liechtenstein
March 27, 2025
Liechtenstein’s fiscal framework has ensured surpluses, virtually no public
debt, and accumulation of large fiscal buffers. Specialized, export-oriented industries
and financial services based on private banking and wealth management underpin
economic activity and high living standards, supported by a currency treaty and
customs unions with Switzerland, membership in the European Economic Area, and
sizable cross-border commuting. The authorities have pledged to address data gaps.
Principality of Liechtenstein: Selected Issues
March 27, 2025
2025 Selected Issues
IMF Staff Concludes Visit to Senegal
March 26, 2025
Increasing Public Investment, Fostering Digitalization, and Supporting the Green Transition: A Difficult Challenge
March 26, 2025
Public investment in Belgium has been low historically. Against severe budgetary constraints and fiscal consolidation requirements, public investment should however be preserved or, ideally, increased to mitigate the demand impact of consolidation and enhance productive capacity to lift potential growth. Furthermore, there is growing need for strategic public investment to facilitate digitalization and the green transition. This paper examines these intertwined challenges and proposes policy measures to help bolster public investment.