Western Hemisphere > Nicaragua

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Mr. Pokar D Khemani and Mr. Benoit Wiest
The accuracy and reliability of government accounts and fiscal data is an issue in a number of countries, with significant and persistent discrepancies that can indicate underlying weaknesses in the country’s public financial management system. This note provides guidance on how to detect issues with data quality, perform integrity checks, and reconcile fiscal data from various sources. It discusses the importance of reconciliation to provide reasonable assurance on the quality and reliability of government fiscal data, explores the main reasons for which discrepancies may arise, and explains how to conduct quality checks. The note concludes with recommendations for country teams of concrete steps to ensure data quality.
Mr. Andrew J Swiston, Ms. Florencia Frantischek, Mr. Przemek Gajdeczka, and Alexander Herman
This paper examines the financial strength of central banks in Central America and the Dominican Republic (CADR). Some central banks are working off the effects of intervention in distressed financial institutions during the 1990’s and early 2000’s. Their net income has improved since then owing to lower interest rates, a reduction in interest bearing debt, and recapitalization transfers. Claims on the government have fallen, but remain high and are typically reimbursed at below-market rates, and capital is negative when adjusting for this. Capital is sufficient to back a low inflation target given that the income position is supported by unremunerated reserve requirements. Capital is likely to increase over time, but only gradually, leaving countries vulnerable to macroeconomic risks. The capacity of CADR central banks to engage in macroeconomic stabilization would benefit from increased emphasis on low inflation as the primary objective of monetary policy and a stronger commitment by governments to recapitalization.
International Monetary Fund
This report assesses the Observance of Standards and Codes on the Fiscal Transparency Module for Nicaragua. Nicaragua has made notable progress in recent years in improving fiscal management and fiscal transparency. The public sector has been downsized and different branches and levels of government have been more clearly defined. The budget is providing more comprehensive information on the government’s fiscal activities in the framework of institutional, programmatic, and economic classifications. The implementation of a financial management information system and a treasury single account are providing timely and more reliable information on budget execution and borrowing.
International Monetary Fund. Research Dept.
This paper discusses that the need for financing accounts and for integrated income and financing accounts is to be found in the fact that the income accounts are deficient in two respects as a source of data on the variables in the Keynesian analysis. Investment as measured in the income accounts is not a wholly satisfactory measure of the investment variable of income analysis; and the income accounts omit entirely data on money and other financial assets, which are variables that play roles in the income analysis as necessary as those of saving and investment. The need for financing accounts is the need to measure the strategic variable, money, and to provide data on other financial assets in a form in which the causes and effects of changes in the economy’s preferences for money and other types of financial asset can be analyzed.