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International Monetary Fund. Fiscal Affairs Dept.

Abstract

The IMF’s Fiscal Transparency Code is the international standard for disclosure of information about public finances and is the centerpiece of the global architecture on fiscal transparency. The Fiscal Transparency Handbook (2018) provides detailed guidance on the implementation of the new Fiscal Transparency Code, which was approved by the IMF Board in 2014. It explains why each principle of the Code is important and describes current trends in implementation of the principles, noting relevant international standards as well. Selected country examples are also provided.

International Monetary Fund. Western Hemisphere Dept.
This 2017 Article IV Consultation highlights Colombia’s favorable outlook, underpinned by the peace agreement, structural tax reform, and the authorities’ infrastructure agenda. Economic activity will rebound slightly in 2017 as investment strengthens, boosted by reduced corporate taxation and confidence stemming from the peace agreement. Nontraditional exports are gaining steam thanks in part to ongoing efforts to reduce trade barriers, and this will help bring the current account deficit to its equilibrium level. Medium-term growth will be driven by economic diversification away from oil, which will benefit from the infrastructure agenda, and the peace agreement, which will improve competitiveness and regional development.
International Monetary Fund. Western Hemisphere Dept.
Uruguay has achieved more than a decade of high and inclusive economic growth, supported by social stability and reduced regional linkages. The country has weathered the recent global and regional headwinds relatively well so far. Yet the economy is slowing down, while inflation remains above target, and deposit dollarization has risen. While the baseline projection foresees a temporary and moderate slowdown, the country is exposed to further shocks, especially from the immediate region.
International Monetary Fund. Western Hemisphere Dept.
This 2015 Article IV Consultation highlights that Panama’s economic performance is expected to remain strong. Real GDP slowed to 6.2 percent in 2014, reflecting a slower pace of public investment, continued weakness in Colón Free Zone activity, and delays in the Canal expansion. Growth is expected to remain stable in 2015. Lower oil prices and the U.S. recovery will be positive forces but these factors will be offset by U.S. dollar appreciation and some lags in new public investment. Over the medium term, the expanded Canal and the new copper mine should help maintain growth at 6–7 percent.
International Monetary Fund. Western Hemisphere Dept.
This 2014 Article IV Consultation highlights that Panama’s economic performance remains buoyant. Real GDP growth averaged about 8.5 percent over the past decade, the highest in Latin America, supported by an ambitious public investment program, and accompanied by strong reduction in unemployment, poverty, and income inequality. After exceeding 10 percent in 2011–2012, growth slowed to 8.4 percent in 2013 reflecting mainly a decline in Colon Free Zone activity and in Canal traffic. Growth is expected to remain strong over the medium term. Inflation is moderating, owing to the deceleration of international food and oil prices. The baseline outlook is favorable, with moderate risks.
International Monetary Fund
The safeguards policy aims to mitigate the potential risks of misuse of resources, including Fund resources, and misreporting of program monetary data. The policy, introduced in 2000, is an integral part of the Fund’s financing policies and complements other safeguards, such as program design, conditionality, and access limits. Safeguards assessments of central banks of the borrowing member are required for almost all forms of Fund financing, and are followed by a period of monitoring for as long as Fund credit is outstanding.
International Monetary Fund
The quality of the macroeconomic statistics is generally high, broadly conforming to international standards for compilation and dissemination, although coverage of illicit activities is poor. Executive Directors suggest reviewing the legal framework for statistical activity, including strengthening the institutional and financial independence of the National Administrative Department of Statistics. Further strengthening is needed in the areas of national accounts and government finance statistics. Developing a methodology to include unrecorded trade in the balance of payments on a timely basis is also required.
International Monetary Fund
Honduras’s Report on the Observance of Standards and Codes highlights Data Module, response by the authorities, and detailed assessments using the data quality assessment framework. Meeting General Data Dissemination System (GDDS) recommendations will also require disseminating production indices. To follow GDDS recommendations and facilitate eventual subscription to the Special Data Dissemination Standard, it would be important that key agencies move in the future with plans for improvement. To participate in the GDDS, the authorities would need to appoint a GDDS coordinator and commit to follow GDDS recommendations for selected data.