I. Importance of Fiscal Transparency. II. The Fiscal Transparency Code. III. The Fiscal Transparency Evaluation
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2 Fiscal Transparency Code & Evaluation: Outline of the Presentation I. Importance of Fiscal Transparency II. The Fiscal Transparency Code III. The Fiscal Transparency Evaluation IV. Fiscal Transparency Evaluation Process 2
3 I. Importance of Fiscal Transparency What is fiscal transparency and why does it matter? Fiscal transparency is a key element of effective fiscal management Informs sound government decision making Helps hold government agencies accountable for performance Allows citizens and markets to make informed decisions Helps underpin economic policy credibility and market confidence 3
4 I. Importance of Fiscal Transparency What is fiscal transparency and why does it matter? Fiscal Transparency & Fiscal Performance Fiscal Transparency & Fiscal Credibility Source: IMF (2012) Fiscal Transparency, Accountability and Risk, IMF Policy Paper. 4
5 II. Fiscal Transparency Code Architecture of the Code Four Pillars of the New Code I. FISCAL REPORTING II. FISCAL FORECASTING & BUDGETING III. FISCAL RISK ANALYSIS & MANAGEMENT IV. RESOURCE REVENUE MANAGEMENT 1.1. Coverage 2.1. Comprehen - siveness 3.1. Risk Analysis & Disclosure 4.1. Legal & Fiscal Regime 1.2. Frequency and Timeliness 2.2. Orderliness 3.2. Risk Management 4.2 Allocation of Rights and Collection of Revenue 1.3. Quality 2.3. Policy Orientation 3.3. Fiscal Coordination 4.3. Company Reporting 1.4. Integrity 2.4. Credibility 4.4. Resource Revenue Management 5
6 II. Fiscal Transparency Code Fiscal Reporting Coverage Institutions Stocks and Flows Tax Expenditures Frequency &Timeliness In year reporting Annual Financial Statements Quality Classification Internal Consistency Historical Revisions Integrity Statistical External Audit Comparability of fiscal data
7 II. Fiscal Transparency Code Fiscal Forecasting and Budget Comprehensiveness Budget Unity Macro forecasts Medium-term budget framework Investment projects Orderliness Fiscal Legislation Timeliness of budget documents Policy Orientation Policy objectives Performance Orientation Public Participation Credibility Independent Evaluation Supplementary Budget Forecast Reconciliation
8 II. Fiscal Transparency Code Fiscal Risk Analysis and Management Risk Disclosure & Analysis Macroeconomic Risks Specific Fiscal Risks Long-Term Sustainability Risk Management Budgetary Contingencies Asset and Liability Management Guarantees, PPPs and Financial Sector Natural Resources and Environmental Fiscal Coordination Sub-National Governments Public Corporations
9 II. Fiscal Transparency Code: Graduated Set of Practices # DIMENSION PRINCIPLE PRACTICES BASIC GOOD ADVANCED I FISCAL REPORTING Fiscal reports should provide a comprehensive, relevant, timely, and reliable overview of the government s financial position and performance 1.1 Coverage Fiscal reports should provide a comprehensive overview of the fiscal activities of the public sector and its sub-sectors according to international standards Coverage of Institutions Fiscal reports cover all entities engaged in public activity according to international standards. Fiscal reports consolidate all central government entities. Fiscal reports consolidate all general government entities and report on each subsector. Fiscal reports consolidate all public sector entities and report on each subsector Coverage of Stocks Fiscal reports include a balance sheet of public assets, liabilities, and net worth. Fiscal reports cover all cash, deposits, and debt Fiscal reports cover all financial assets and liabilities. Fiscal reports cover all financial and non-financial assets and liabilities, and net worth Coverage of Flows Fiscal reports cover all public revenues, expenditures, and financing. Fiscal reports cover cash revenues, expenditures and financing. Fiscal reports cover cash flows and accrued revenues expenditures, and financing. Fiscal reports cover cash flows,accrued revenues, expenditures, and financing, and other economic flows. 9
10 Objectives Fiscal Transparency Evaluations (FTEs): Assesses country practices against the standards set by the Code and identifies deficiencies Provides analysis of the scale and sources of fiscal vulnerability Provides a visual account of strengths and reform priorities through summary heat maps Provides a targeted and sequenced action plan to help countries address areas of weakness if requested 10
11 Overall Findings from FTEs BACKGROUND 22 FTEs have been completed so far Wide range of income levels 5 advanced economies 12 emerging markets 5 low income countries Variety of regions Europe, Africa, Latin American, Asia-Pacific and the Middle East 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% FTE Results by Income Level (Percent of total scores) Not Met Basic Good Advanced Low-Income Emerging Advanced Overall FTE Results by Pillar (Percent of total scores) 19 FTE reports published so far Albania; Bolivia; Brazil, Costa Rica; Guatemala, Finland; Georgia; Ireland; Kenya; Mozambique; Philippines; Peru; Portugal; Romania; Russia, Tunisia, Turkey, Uganda, UK. 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Fiscal Reporting Not Met Basic Good Advanced Fiscal Forecasting Fiscal Risk Analysis and Budgeting and Management 11 Overall
12 Feedback from Authorities 12
13 Examples from FTEs Finland: Coverage of Fiscal Reports (Percent of Total Expenditure) EU countries reports generally cover general government Less focus on public corporations in fiscal reports Ireland: Public Sector Balance Sheet, 2011 (Percent of GDP) General Government Non-Fin Public Corp Fin Public Corp Central Bank Consolidation Liabilities Reported Unreported Assets Gaps in balance sheet coverage Often relate to state pension liabilities and non-financial assets In Ireland, three-quarters of public sector liabilities were unreported Public Sector Net Worth
14 Overall Results and Findings Medium Term Expenditure Forecast Errors (% of Original Expenditure) Macro-fiscal forecasts are often optimistic though to different degrees Reduces credibility of medium-term fiscal plans Fiscal risks are often unreported and can be large Includes guarantees, PPPs, and public corporation liabilities. 14
15 Outputs: Georgia Pillar I Summary Heat Map 15
16 Outputs: Georgia Pillar I Summary Heat Map (cont.) 16
17 Outputs: Georgia Pillar II Summary Heat Map 17
18 Outputs: Georgia Pillar II Summary Heat Map (cont.) 18
19 Outputs: Georgia Pillar III Summary Heat Map 19
20 Outputs: Georgia Pillar III Summary Heat Map (cont.) 20
21 Outputs: Action Plan: Example from Georgia 21
22 Outputs: Action Plan: Example from Georgia (cont.) 22
23 Outputs: Action Plan: Example from Georgia (cont.) 23
24 Outputs: Action Plan: Example from Georgia (cont.) 24
25 Outputs: Action Plan: Example from Georgia (cont.) 25
26 IV. FTE Process Preliminary discussions Identify key public documents and relevant material Agree on data to be provided in near term Clarify questions on the FTE and indicators Identify key contacts for follow up and FTE country coordinator Over a two month period: Exchange of documents, data and questions Fiscal Transparency Evaluation Two week mission Initial presentation on preliminary findings In-depth discussion with officials on each indicator of the FTC Finalise draft FTE report by end of visit Report subject to review by authorities and IMF before finalization 26
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