Business and Economics > Budgeting

You are looking at 1 - 10 of 50 items for :

  • Type: Journal Issue x
Clear All Modify Search
International Monetary Fund. Fiscal Affairs Dept.
This PEFA assessment provides a snapshot of the country’s PFM system performance in order to support the government in defining PFM reform priorities. The previous assessment was conducted in 2015, therefore the current assessment follows after the recommended time period between the two assessments. Furthermore, the scope and objectives of the reforms initiated and implemented in the intervening period makes tracking the change in the PFM system needed and meaningful. The assessment was conducted by the International Monetary Fund and the World Bank, with the Ministry of Finance and other relevant country institutions being the primary beneficiaries of the assessment.
International Monetary Fund. Legal Dept.
Despite having legal and institutional frameworks largely in place, Moldova continues to suffer from significant corruption and governance vulnerabilities. These are fairly pronounced in the areas of rule of law, anti-corruption, anti-money laundering and combatting the financing of terrorism (AML/CFT), and SOE governance, while other areas assessed for purposes of this report (PFM, tax administration, central bank governance and financial sector oversight) presented some good progress in mitigating such vulnerabilities.
International Monetary Fund
This paper reviews experience with the safeguards assessment policy since the last review in 2010. The policy is subject to periodic reviews by the Executive Board. The policy’s main objective is to mitigate risks of misuse of Fund resources and misreporting of monetary data under Fund arrangements. Consistent with past reviews, an external panel of experts provided an independent perspective on the implementation of the policy.
International Monetary Fund. Fiscal Affairs Dept.
The purpose of this Public Expenditure and Financial Accountability (PEFA) performance assessment is to provide an objective analysis of the present performance of the public financial management system in Antigua and Barbuda, and identify changes incurred since the last PEFA assessment undertaken in 2010. In the wake of a prolonged economic crisis, fiscal outcomes have not been consistent with the budget as approved. Central government public finances are comprehensively presented in budget documents, but some weaknesses persist. New policy initiatives and their budgetary implications are not sufficiently analyzed; a significant share of extra-budgetary expenditures remains unreported; and oversight and reporting requirements of statutory bodies are not yet fully enforced, impeding a comprehensive assessment of the associated fiscal risks. Although the revenue administration has been strengthened over the last years, the control over budget execution is still weak. There have been improvements in the quality of external audit, but lack of Parliamentary scrutiny undermines the accountability framework.
Iana Paliova and Mr. Tonny Lybek
This paper focuses on EU structural and cohesion funds assistance to Bulgaria during the 2007–13 program period. Initial weaknesses resulted in a low absorption rate, which was mitigated by increasing advance payments; applying electronic application and reporting procedures; simplifying and unifying tender processes; and strengthening the role of international financial institutions and banks in project preparation, evaluation and monitoring. The possible impact on growth and potential output is briefly discussed, while the risks of improper absorption are acknowledged. Valuable lessons have been learned, but it is recommended that additional steps be taken for the next program period 2014–20.
International Monetary Fund. Fiscal Affairs Dept.
This paper provides details of Public Expenditure and Financial Accountability (PEFA) Assessment report for Niger. The measurement of the public financial management performance indicators shows that progress has been insignificant. Reform programs in progress in the area of oversight and external auditing are moving ahead; as this trend continues, the progress will be reflected in the scores of subsequent assessments. However, the progress of the external audit will continue to depend on positive trends in the area of accounting, information recording, and financial reporting.
International Monetary Fund
This paper reports on the results of a pilot exercise on fiscal safeguards conducted by the Fiscal Affairs Department (FAD) during FY2013. The exercise was launched following an independent review of the existing safeguards policy in 2010 in which many Directors encouraged staff to highlight fiscal safeguards risks in cases where a substantial portion of the resources provided by the Fund for balance of payments support is channeled to state treasuries for budget purposes. Pilot fiscal safeguards exercises were conducted for five countries: Antigua and Barbuda, Cyprus, Greece, Ireland, and Kyrgyz Republic.
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
International Monetary Fund
Timor-Leste is a unitary state and has made significant progress with improving its fiscal transparency. The government has adopted a transparent, fiscally sustainable governance framework for the petroleum sector. Nonetheless, there are still many areas in which Timor-Leste diverges from the International Monetary Fund Code for clarity of roles and responsibilities, openness of the budget process, public availability of information, and guarantees of integrity. Particular attention should be paid to improvement of the systems consolidating fiscal information and enabling fiduciary responsibilities of the Ministry of Finance.