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Fiscal Transparency Initiative by International Monetary Fund. Fiscal Affairs Dept. Pdf
This paper integrates into the Fiscal Transparency Code (FTC) a new fourth pillar (Pillar IV) on natural resource revenue management. This completes the pending update to the IMF's FTC, as set out by staff in 2014 (see IMF 2014a).
Author : International Monetary Fund Publisher : International Monetary Fund Page : 33 pages File Size : 48,9 Mb Release : 2014-06-18 Category : Business & Economics ISBN : 9781498343213
Update on the Fiscal Transparency Initiative by International Monetary Fund Pdf
This paper provides an update on staff’s work on a new Fiscal Transparency Code (FTC) and experiences with the initial pilot Fiscal Transparency Evaluations (FTE), the ground work for which was laid in a 2012 paper “Fiscal Transparency, Accountability, and Risk.” Both are part of ongoing efforts by the Fiscal Affairs Department, in cooperation with other departments, to strengthen the Fund’s fiscal surveillance and capacity building. The new FTC and FTE reflect the lessons of the recent crisis, incorporate developments in international standards, and build on feedback from consultations with stakeholders.
Promoting Fiscal Transparency the Complementary Roles of the Imf, Financial Markets and Civil Society by Murray Petrie Pdf
This paper explores initiatives to date by the IMF, financial markets, and civil society organizations to assess and utilize information on fiscal transparency. The results of surveys and interviews of rating agency analysts and surveys of civil society organizations on their level of awareness of, and use of IMF fiscal transparency assessments are presented. The paper then considers the relative roles of the IMF, the private sector, and civil society organizations in assessing and promoting fiscal transparency, and the scope for greater complementarity among their roles. The paper concludes with a number of suggestions for making the IMF's fiscal transparency initiatives more effective.
Chile: Fiscal Transparency Evaluation by International Monetary,International Monetary Fund. Fiscal Affairs Dept. Pdf
Strong fiscal institutions have contributed to Chile’s macroeconomic stability, and recent reform initiatives have focused on enhancing these institutions and fiscal transparency. This report assesses fiscal transparency practices in Chile in relation to the requirements of the IMF’s Fiscal Transparency Code and confirms that many elements of sound fiscal transparency practices are already in place. Chile’s practices meet the principles of the code at a good or advanced level for 21 out of the 36 principles. This is a good score, compared to the average for Latin American Countries and Emerging Market Economies. On a further nine principles, Chile meets the basic standard of practice. Chile’s fiscal transparency practices are very strong for fiscal forecasting and budgeting, followed by fiscal reporting, while fiscal risk analysis and management demonstrate more mixed results. Further improvements could be achieved relatively easily through the publication of some internal analyses or through a more timely or user-friendly publication of already available information.
OECD Budget Transparency Toolkit Practical Steps for Supporting Openness, Integrity and Accountability in Public Financial Management by OECD Pdf
The OECD Toolkit on Budget Transparency brings together standards and guidelines on budget transparency developed by a broad range of international bodies and networks.
Fiscal Transparency Initiative by International Monetary Fund. Fiscal Affairs Dept. Pdf
This paper integrates into the Fiscal Transparency Code (FTC) a new fourth pillar (Pillar IV) on natural resource revenue management. This completes the pending update to the IMF's FTC, as set out by staff in 2014 (see IMF 2014a).
Transparency in Government Operations by Mr.J. D. Craig,Mr.George Kopits Pdf
Transparency in government operations is widely regarded as an important precondition for macroeconomic fiscal sustainability, good governance, and overall fiscal rectitude. Notably, the Interim Committee, at its April and September 1996 meetings, stressed the need for greater fiscal transparency. Prompted by these concerns, this paper represents a first attempt to address many of the aspects of transparency in government operations. It provides an overview of major issues in fiscal transparency and examines the IMF's role in promoting transparency in government operations.
Portugal by International Monetary Fund. Fiscal Affairs Dept. Pdf
EXECUTIVE SUMMARY Portugal’s practices meet most of the principles of the revised Fiscal Transparency Code at good or advanced levels. A number of areas still present practices at a basic level, but in most of these cases this reflects reforms that have recently been launched and have not yet been fully implemented so as to affect current practices. Indeed, if measured against the practices observed prior to the recent financial crisis, there has been remarkable progress. The challenge is to press ahead with the reform agenda so that all fiscal transparency practices meet good or advanced levels, thus strengthening even further the management of public finances and the associated risks. The key findings of the present Fiscal Transparency Evaluation are: • Fiscal reporting is in line with good or advanced practices, particularly in compliance with EU requirements and ESA 95 standards, but still lacks a sound conceptual accounting framework based on internationally accepted standards. • Fiscal forecasting and budgeting have improved over the last three years, although investment evaluation only meets the basic standard of the Code. • Reporting of fiscal risks is in its infancy and in spite of numerous initiatives undertaken in the last few years, such as the publication of a fiscal risk statement, remains fragmented. The large amount and good quality of information available allows a very preliminary and partial estimate of the public sector net worth and total risk exposure. An estimated negative net worth position of 140 percent of GDP (including the liabilities of the main defined-benefits employment-related pension scheme) and a sizeable exposure to various contingent liabilities, although some of these have a low probability of crystallizing, are reminders of the still fragile status of Portugal’s public finances.
Manual on Fiscal Transparency by International Monetary Fund. Fiscal Affairs Department Pdf
In preparing the Manual, a number of points have been taken into account. First, the Code is being implemented on a voluntary basis. To promote an appreciation of the rationale for the Code, and an understanding of its fiscal transparency requirements, the Manual sets out in detail the principles and practices included in the Code. However, because of the complexity of fiscal management systems, the Manual does not provide comprehensive directions on how all the good practices are to be put in place. Instead, it contains numerous references and website addresses that can assist with the practical implementation of the Code. Second, fiscal transparency is only one aspect of good fiscal management, and care is needed to distinguish fiscal transparency from two other key aspects, namely the efficiency of fiscal policy, and the soundness of public finances. Third, diversity of institutional backgrounds and capacity constraints to improving fiscal management are clearly recognized. For this reason, the Code is not a best practice standard. Rather, it is a set of good practices that can be implemented by most countries over the medium to longer term.
Open Budgets by Sanjeev Khagram,Archon Fung,Paolo de Renzio Pdf
A Brookings Institution Press and Ash Center for Democratic Governance and Innovation publication Decisions about "who gets what, when, and how" are perhaps the most important that any government must make. So it should not be remarkable that around the world, public officials responsible for public budgeting are facing demands—from their own citizenry, other government officials, economic actors, and increasingly from international sources—to make their patterns of spending more transparent and their processes more participatory. Surprisingly, rigorous analysis of the causes and consequences of fiscal transparency is thin at best. Open Budgets seeks to fill this gap in existing knowledge by answering a few broad questions: How and why do improvements in fiscal transparency and participation come about? How are they sustained over time? When and how do increased fiscal transparency and participation lead to improved government responsiveness and accountability? Contributors: Steven Friedman (Rhodes University/University of Johannesburg); Jorge Antonio Alves (Queens College, CUNY) and Patrick Heller (Brown University); Jong-sung You (University of California—San Diego) and Wonhee Lee (Hankyung National University); John M. Ackerman (National Autonomous University of Mexico and Mexican Law Review); Aaron Schneider (University of Denver) and Annabella España-Najéra (California State University–Fresno); Barak D. Hoffman (Georgetown University); Jonathan Warren and Huong Nguyen (University of Washington); Linda Beck (University of Maine–Farmington and Columbia University), E. H. Seydou Nourou Toure (Institut Fondamental de l'Afrique Noire), and Aliou Faye (Senegal Ministry of the Economy and Finance).
Governance Models for Creating Public Value in Open Data Initiatives by Manuel Pedro Rodríguez Bolívar,Kelvin Joseph Bwalya,Christopher G. Reddick Pdf
This book relies on the conceptual model of Open Government (OG), focusing on transparency and, concretely, in open data initiatives at the local government context with the aim of improving participation and collaboration. Most Open Government models are centered on three pillars: transparency, participation and collaboration. Transparency is a crucial ingredient of OG and, applied to data openness means to ensure that the data are well known, comprehensible, easily accessible and open to all. new governance models based on different open data models have not been proposed up to now. The chapter authors seek to contribute recent research to the discussion on governance models of open data initiatives to support Open Governments with the aim of creating public value. It includes both theoretical and empirical studies on governments models in open data initiatives.
Republic of Uzbekistan by International Monetary Fund. Fiscal Affairs Dept. Pdf
This Fiscal Transparency Evaluation report highlights that Uzbekistan is embarking on a comprehensive reform program to strengthen public financial management and fiscal transparency. Wide-ranging reforms to improve the coverage, reliability, quality, and accessibility of fiscal reports are being developed and implemented, and some good progress already made. This assessment of fiscal transparency practices has been undertaken to support the government’s efforts to increase transparency by identifying priority areas for reform. An evaluation of practices against the IMF’s Fiscal Transparency Code (the Code) finds that tangible gains have been made over 2017 and 2018. In several areas where Uzbekistan’s practices do not currently meet the basic standard required under the Code, quick progress can be made. The report also provides a more detailed evaluation of Uzbekistan’s fiscal transparency practices and recommended reform priorities. Strengthening legislative oversight of the state budget with a view to reducing the extent to which in-year changes can be made to aggregate expenditures without prior parliamentary approval.
Author : Gábor Péteri Publisher : Central European University Press Page : 256 pages File Size : 50,6 Mb Release : 2008 Category : Business & Economics ISBN : STANFORD:36105131726213
Finding the Money focuses on those areas of government most exposed to grand or petty corruption: budgeting, tax administration, public procurement, and management of government assets. The eight chapters collected in this volume are based on the assumption that corruption has systemic causes. By improving social accountability mechanisms and by increasing the institutional and human capacities of government, malfunctioning states and municipalities can be transformed. The anti-corruption techniques presented here go well beyond the introduction of political control mechanisms, expanding transparency, or revising the compact between the state and private service organizations to recommend the steps needed for fiscal transparency and good governance. Public sector integrity also depends on governments' capacity to introduce these measures, the incentives to comply set by intergovernmental fiscal relations, the use of audit and the shortest route of accountability, i.e., its direct influence by customers on service providers. Book jacket.
Author : International Monetary Fund Publisher : International Monetary Fund Page : 18 pages File Size : 55,7 Mb Release : 2001-09-04 Category : Business & Economics ISBN : 9781451820553
The paper provides an assessment of fiscal transparency practices in Japan against the requirements of the IMF code of good practices on fiscal transparency. The responsibilities of different levels of government, and of the separate branches of government, are well defined. The coordination and management of fiscal activity is fairly effective. There are many respects in which Japan meets high standards of fiscal transparency. Recent initiatives have improved fiscal transparency. There is nevertheless room for major progress in key areas.
Improving Fiscal Transparency to Raise Government Efficiency and Reduce Corruption Vulnerabilities in Central, Eastern, and Southeastern Europe by Mr.Bernardin Akitoby,Mr.Larry Q Cui,Silvia Domit,Jingzhou Meng,Mr.Slavi T Slavov,Mrs.Nujin Suphaphiphat,Hanqi Zhang Pdf
This departmental paper investigates how countries in Central, Eastern, and Southeastern Europe (CESEE) can improve fiscal transparency, thereby raising government efficiency and reducing corruption vulnerabilities.