How To Improve The Financial Oversight Of Public Corporations

Author : Mr.Richard I Allen,Mr.Miguel A Alves
Publisher : International Monetary Fund
Page : 21 pages
File Size : 51,6 Mb
Release : 2016-11-23
Category : Business & Economics
ISBN : 9781475551983

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How to Improve the Financial Oversight of Public Corporations by Mr.Richard I Allen,Mr.Miguel A Alves Pdf

Many studies have highlighted how failures of public corporations (otherwise known as state-owned enterprises) can result in huge economic and fiscal costs. To contain the risks associated with these costs, an effective regime for the financial supervision and oversight of public corporations should be put in place. This note discusses the legal, institutional, and procedural arrangements that governments need to oversee the financial operations of their public corporations, ensure accountability for their performance, and manage the fiscal risks they present. In particular, it recommends that governments should focus their surveillance on public corporations that are large in relation to the economy, create fiscal risks, are not profitable, are unstable financially, or are heavily dependent on government subsidies or guarantees.

Author : Bobana Cegar,Mr.Francisco J Parodi
Publisher : International Monetary Fund
Page : 43 pages
File Size : 53,7 Mb
Release : 2019-09-20
Category : Business & Economics
ISBN : 9781513512181

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State-Owned Enterprises in Bosnia and Herzegovina: Assessing Performance and Oversight by Bobana Cegar,Mr.Francisco J Parodi Pdf

Based on a new database of State-Owned Enterprise (SOE) financial statements, we find that SOEs in Bosnia and Herzegovina are mostly in poor financial shape. We estimate the overall size and composition of the SOE sector, and identify individual companies that affect fiscal and macroeconomic performance. Financial analysis suggests that SOEs are not contributing enough to the economy. We also review the SOE governance framework and find that governments do not exercise their ownership function in line with WB/OECD guidelines. Reforms to the governance frameworks are necessary to foster transparency and improve accountability. More fundamental reform of the SOE sector might increase overall GDP by 3 percent per year.

Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
Page : 65 pages
File Size : 43,9 Mb
Release : 2020-06-26
Category : Business & Economics
ISBN : 9781513548586

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India by International Monetary Fund. Fiscal Affairs Dept. Pdf

Although Tamil Nadu’s public financial management has been characterized by strong fiscal discipline to date, risks and challenges are emerging. The State has largely observed the Fiscal Responsibility Act targets on debts and deficit (25 percent and 3 percent to GSDP, respectively) except during the electricity bailout in 2016–17.1 However, these targets appear to have been met by (1) controlling and delaying expenditure, (2) underallocating mandated payments to various reserve funds, and (3) allowing off-budget borrowing by Public Sector Undertakings (PSUs). Accordingly, the State’s borrowing capacity is restricted, leaving limited fiscal space to address high priority needs in education, health, electricity, roads, and water sectors, as well as to address growing infrastructure pressures. More than 63 percent of the State’s spending on current items is committed, to salaries, pensions, and interest payments. Little room remains for additional borrowing to fund spending pressures; moreover, climate change is likely to exacerbate fiscal risks from water stress and natural disasters.

Author : Authorities
Publisher : International Monetary Fund
Page : 57 pages
File Size : 46,8 Mb
Release : 2019-08-23
Category : Social Science
ISBN : 9781513511979

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Republic of Mozambique by Authorities Pdf

This Diagnostic Report on Transparency, Governance and Corruption for the Republic of Mozambique highlights that the economy is at a turning point, and efforts to address governance and corruption vulnerabilities can have a lasting positive impact. The current levels of public debt have caused us to take a hard look at our governance and anticorruption framework and have prompted various reforms to address the vulnerabilities exposed in this framework. The governance and anticorruption framework is not consistently or comprehensively enforced. The rule of law is undermined by the insufficient implementation of existing legislation and regulations, including, in some cases through the absence of necessary regulations and explanatory guidelines. Civil society, the private sector, and the development partners in Mozambique also have critical roles to play. In addition, issues related to poor governance and corruption cannot be effectively addressed unless similar attention is paid to their transnational aspects, which need to be handled at a regional and global level, in multilateral and other international fora.

Author : Mr. Amgad Hegazy,Arturo Navarro
Publisher : International Monetary Fund
Page : 40 pages
File Size : 40,6 Mb
Release : 2022-03-04
Category : Business & Economics
ISBN : 9798400202612

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The Nexus Between Public Enterprise Governance, Financial Performance, and Macroeconomic Vulnerabilities: An Application to Moldova by Mr. Amgad Hegazy,Arturo Navarro Pdf

Strong governance frameworks for public enterprises have long been an anchor of stability and efficiency underpinning their financial operations and performance. Cross-country experiences with the adoption of robust legal, regulatory and institutional arrangements—in line with international best practices— proved critical in reducing well-known risks and vulnerabilities from such companies, clarifying the role of the state, improving the management of state assets, and ensuring a level playing field for the private sector to prosper. Moldova’s large public enterprise sector of over 900 companies faces elevated risks that amplify fiscal and macroeconomic vulnerabilities and undermine market competition, productivity, and private investment. Moldova stands to greatly benefit from strengthening its public corporate governance regime to put its public enterprises on a stronger footing, address vulnerabilities, and improve market structure.

Author : International Monetary,International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
Page : 44 pages
File Size : 51,9 Mb
Release : 2021-12-20
Category : Business & Economics
ISBN : 9781616357702

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Georgia: Technical Assistance Report-Draft Public Corporation Reform Strategy by International Monetary,International Monetary Fund. Fiscal Affairs Dept. Pdf

State-owned enterprises (SOEs) are a key part of Georgia’s economy, accounting for a significant portion of GDP, employment and public investment. They deliver critical services in important economic sectors, including gas, electricity, water and transportation. Improving their performance is a critical step in the path to becoming a high income country. Since 2012, the authorities have been taking concrete steps to address challenges arising from the SOE sector. Substantial progress has been achieved in disclosing fiscal risks arising from SOEs in the Fiscal Risk Statement; increasing the monitoring capacity at the Ministry of Finance (MoF) by establishing a Fiscal Risk Management Unit (FRMU); rationalizing the number of SOEs; sectorizing them in line with international statistical standards; partially unwinding the role of the Partnership Fund; and restructuring some specific SOEs.

Author : Mr.Bernardin Akitoby,Mr.Larry Q Cui,Silvia Domit,Jingzhou Meng,Mr.Slavi T Slavov,Mrs.Nujin Suphaphiphat,Hanqi Zhang
Publisher : International Monetary Fund
Page : 66 pages
File Size : 50,5 Mb
Release : 2020-05-11
Category : Business & Economics
ISBN : 9781513532837

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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.

Author : Noel Hepworth
Publisher : Springer Nature
Page : 593 pages
File Size : 51,7 Mb
Release : 2023-10-29
Category : Business & Economics
ISBN : 9783031350665

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Public Financial Management and Internal Control by Noel Hepworth Pdf

This open access book focuses on the ‘downstream’ element of PFM, that is how public organisations utilise public resources. It argues that improvements in PFM/IC will only flow from a recognition that what really matters is the quality of management. Management reform is an essential precondition to the successful implementation of many new techniques. Only when a managerial capacity exists willing to take advantage of the opportunities created by such technical developments, is it beneficial to pursue them. The benefits of PFM/IC flow from an improved quality of management. Despite enormous efforts, reform of public financial management and internal control (PFM/IC) in developing and transition economy countries has not been particularly successful in improving the quality of public service delivery and the use of public resources. This book outlines why this is and suggests a new approach. The analysis set out in this book is particularly relevant especially given limited national budgets and squeezed international aid budgets. These management changes include to the political/official relationships, to management structures, to budgetary and accounting arrangements and to the relationships between, particularly, the ministry of finance and other ministries. They require the delegation of operational management, developments in financial management and in accountability arrangements and a reconsideration of personnel policies, penalty and sanction arrangements. Managerial training for the civil service will be a key requirement. Reform may impact upon traditional cultural practices. These changes are all inter-related and should be coordinated.

Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
Page : 78 pages
File Size : 49,9 Mb
Release : 2018-08-16
Category : Business & Economics
ISBN : 9781484373620

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Namibia by International Monetary Fund. Fiscal Affairs Dept. Pdf

This Technical Assistance report discusses measures proposed to assess and manage fiscal risks from state-owned entities and public-private partnerships in Namibia. Fiscal risks from public entities (PEs) materialize when funding requirements are higher than expected or revenues shortfalls occur. The government’s strategy for managing PE related fiscal risks should be informed by the likelihood of PE experiencing difficulties and, in such an event, the magnitude of the potential impact on the government. A two-step methodology was proposed for assessing the likelihood of fiscal risks materializing from PE. The authorities are also considering legislative amendments to strengthen the institutional arrangements for supervising PE.

Author : United States. Congress. Senate. Committee on Governmental Affairs
Publisher : Unknown
Page : 108 pages
File Size : 48,7 Mb
Release : 2002
Category : Credit ratings
ISBN : UCSD:31822030849962

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Financial Oversight of Enron by United States. Congress. Senate. Committee on Governmental Affairs Pdf

Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
Page : 62 pages
File Size : 51,7 Mb
Release : 2018-11-07
Category : Business & Economics
ISBN : 9781484383223

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Georgia by International Monetary Fund. Fiscal Affairs Dept. Pdf

The Government’s decision to strengthen the infrastructure governance through improving the public investment management (PIM) and the public-private partnerships (PPPs) frameworks, is both timely and important. The government has an ambitious public investment agenda, to be implemented both through traditional public investment and with the help of private investors in the form of PPPs. Given the need to preserve fiscal sustainability in a context of limited fiscal space, avoiding inefficiencies and managing fiscal costs and risks arising from infrastructure projects will be crucial for advancing the government’s public investment agenda. The authorities are working on a broad range of public financial management reforms, including improving the PIM framework and the legal and regulatory framework for PPPs and PPAs. Over the last decade, public investment in Georgia has been similar to the average of emerging market economies (EMEs). Since the mid-2000s, public investment accounted, on average, for one third of total investment. Public investment remained volatile, reaching a peak of 8.6 percent of GDP in 2007, declining in the aftermath of large global and regional shocks, and stabilizing at about 5.5 percent of GDP in recent years.

Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
Page : 79 pages
File Size : 45,8 Mb
Release : 2019-11-22
Category : Business & Economics
ISBN : 9781513521022

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Ukraine by International Monetary Fund. Fiscal Affairs Dept. Pdf

This Technical Assistance paper on Ukraine reviews the results of the 2015 fiscal decentralization reform and the amendments to the Budget Code for implementation of certain Public Financial Management reforms. Several design issues are slowing the process of voluntary amalgamation of territorial communities and will lead to a proliferation of small units, with low potential for financial self-sufficiency. Achieving both an overall balance and a vertical fiscal balance, whereby own revenues cover basic expenditure responsibilities and dependence on State grants and subventions is minimized, would require a combination of changes to the revenue-sharing arrangements and expenditure assignments. There is no structured arrangement for ensuring a collaborative and coordinated approach in pursuing broad fiscal objectives and ensuring fiscal sustainability at all levels of government. The authorities should take steps to ensure an active and open dialogue between the different levels on the conduct of fiscal policy.

Author : International Monetary Fund. Middle East and Central Asia Dept.
Publisher : International Monetary Fund
Page : 41 pages
File Size : 41,6 Mb
Release : 2023-02-16
Category : Business & Economics
ISBN : 9798400232725

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Kyrgyz Republic by International Monetary Fund. Middle East and Central Asia Dept. Pdf

Kyrgyz Republic: Selected Issues

Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
Page : 57 pages
File Size : 54,9 Mb
Release : 2018-08-22
Category : Business & Economics
ISBN : 9781484373750

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Malawi by International Monetary Fund. Fiscal Affairs Dept. Pdf

This Technical Assistance report assesses the state of public investment management (PIM) in Malawi. Measured against the overall strength of its PIM institutions, Malawi performs broadly in line with other low-income developing countries and sub-Saharan African countries, but less well than better-performing emerging markets. Measures of institutional strength show how well Malawi rates in terms of its existing laws and regulations, as well as the formal guidelines and instructions issued by the government to implement these laws. The public investment management assessment diagnostic tool also measures how effectively, in practice, the government implements and enforces these laws and regulations. On this measure of effectiveness, Malawi performs relatively poorly. Looking at individual indicators of PIM, Malawi’s performance is mixed.

Author : International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
Page : 30 pages
File Size : 51,9 Mb
Release : 2023-05-04
Category : Business & Economics
ISBN : 9798400241413

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Nepal by International Monetary Fund. Asia and Pacific Dept Pdf

Nepal: Selected Issues