. Priority Areas for Future Development
Provision of high level support for development of macroeconomic data
Establishment of a GFS compilationunit
Extension of coverage of the fiscal reporting system
Revision of existing classification codes
Establishment of registers for government debt and contingent liabilities
Amendment of consolidation methods for intragovernmental transfers
Liaison with central banks to identify government accounts
Establishment of a system to record arrears
Establishment of a system to record levels of quasi-fiscal lending by
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
compilation of detailed GFS data.
The concluding section identifies a number of priorities for the future development of GFS reporting systems in FSU countries. The development priorities are considered to be: provision of high-level support for the development of macro - economic data; establishment of GFS data compilationunits; extension of the coverage of the fiscal reporting system to include all units of government; revision of existing classification codes; establishment of registers for government debt and contingent liabilities; amendment of the consolidation
, the situation prompted the RBM to establish a balance of payments compilationunit. Computing resources in the NSO are generally also inadequate, and especially inadequate for the source data collection for the national accounts. Although donor assistance has been critical for the development of new data sources, the lack of resources in the NSO has resulted in new data sources not being maintained on a regular basis. NSO staff are generally well motivated and there is low staff turnover despite low salaries (compared with the RBM and private sector financial
concepts (financial intermediation services indirectly measured, gross capital formation and consumption of fixed capital according to the Perpetual Inventory Method, distinction between production / nonproduction subsidies, distinction between individualized and collective consumption, etc.);
- Who is responsible for consolidation;
- Who is ultimately responsible for consistency and methodology;
- Where in these process steps does compilation occur solely at the compilationunit; where does compilation require coordination between compiling units;
- Where do
; improve data collection procedures; enforce the use of the residency criterion; enhance institutional capacity of the BOS BOP compilationunit. Implement in full the recommendations of the 1999 and 2003 TA in BOP statistics.
Monthly trade data; upon request provided with a 2–3 month lag.
Acceptable, but needs improvement.
Discrepancies between BOS data and customs data.
Monthly payments to creditors. On time; 1.5 -month lag.
Good; BOS cashflow table is not available.
BOS cash flow table does not reflect exactly actual payments made
costs), investment income (oil-related expenses and interest payments due on external public debt), transfers (workers’ remittances), financial account (amortization due on external public debt), and FDI; large positive errors and omissions.
Introduce the revised reports form for commercial banks; improve data collection procedures; enforce the use of the residency criterion; enhance institutional capacity of the BOS BOP compilationunit. Implement in full the recommendations of the 1999 and 2003 TA in BOP statistics.
Monthly trade data; upon request provided
This Technical Assistance Report discusses the findings and recommendations made by the IMF mission about improving government finance statistics (GFS) for decision making in the Republic of Srpska (RS), Bosnia and Herzegovina. The future delineation of tasks and responsibilities in the Bosnia and Herzegovina GFS compilation process between the Agency for Statistics of Bosnia and Herzegovina (BHAS), Central Bank of Bosnia and Herzegovina (CBBH), Ministry of Finance RS, and Republic of Srpska Institute of Statistics is still open. The current TA can assist the RS authorities to compile aggregated RS level GFS data. Together with comprehensive methodological explanations, comprehensive process tables, and the free flow of GFS relevant data, this should allow CBBH and BHAS to compile consolidated data for Bosnia and Herzegovina.
priority expenditure, there is an emerging need to compile and monitor data for the whole of the general government.
The program listed above would benefit from the development of a Computerized Integrated Financial Management System, establishment of a comprehensive budget classification system for the full scope of GFS, and establishment of a separate high-level and visible statistical compilationunit with trained staff reporting to the Minister or Deputy Minister for Expenditure and Debt Management. The statistical compilationunit should advise on the scope of the
Intermittent civil wars have largely destroyed Liberia's physical and economic structures and the government's capacity to devise and implement policies. Executive Directors expressed concern about the weak revenue performance, lack of progress on fiscal transparency, and accountability. They emphasized the need to accelerate structural reforms, welcomed the National Transitional Government of Liberia’s resumption of regular token monthly payments to the IMF, and suggested that continued cooperation with the IMF and implementation of sound policies will facilitate the development of a Staff-Monitored Program.