Public Financial Management Reform The International Experiences and Lesson for Cambodia
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1 Public Financial Management Reform The International Experiences and Lesson for Cambodia Presentation to OIRC, Policy Research Institute Ministry of Finance, Japan by Hap Chanthea Visiting Scholar from Cambodia July 19, 2007
2 Outline Chapter I : Introduction Macro Economic Situation Fiscal Performance Fiscal Sustainability Chapter II Public Financial Management Reform Current Budget System Reform Budget Revenue mobilization Chapter III: Medium Term Expenditure Framework (MTEF) International Experience MTEF Priority Ministries MTEF Chapter IV: International Experiences and Lesson for Cambodia Japanese Experience International Experience Chapter V: Conclusion Challenges Recommendations 2
3 20010p 2009p Economic Growth p 2007p e Source: IMF : and Ministry of Economy and Finance
4 Growth Rate Cambodia Georgia Lithuania Turkey Source: IMF and Friends 4
5 Consumer Price Index (%) Bosnia Herzigova Cambodia Georgia Lithuania Turkey Source: IMF and Friends 5
6 Current Account Deficit (%GDP) 25 (%) Bosnia Herzigova Cambodia Georgia Lithuania Turkey Source: IMF and Friends 6
7 Foreign Direct Investment Billion $ Bosnia Herzigova Cambodia Georgia Lithuania Turkey Source: IMF and Friends 7
8 Sensitivities Foreign Exchange Rates Jan-03 a r- 0 3 M ay-03 Jul-03 Sep-03 N ov-03 Jan-04 a r- 0 4 M ay-04 Jul-04 Sep-04 N ov-04 Jan-05 M a r- 0 5 M ay-05 Jul-05 Sep-05 N ov-05 Jan-06 a r- 0 6 M ay-06 Jul-06 Sep-06 Bosnia Herzigova Cambodia Georgia Lithuana Turkey Central Bank Reserves M M J S N36526M M J S N36892M M J S NO 02M M T E KO 03M M T E K Bosnia Herzigova Cambodia Georgia Lithuana Turkey Source: IMF and Friends
9 More Revenue Effort, Domestic Revenue Percent of GDP Thailand Vietnam Lao PDR 2006 Source: IMF (John Nelmes ) and Ministry of Economy and Finance 9
10 Public Sector Primary Balance (% GDP) ,5 5 (%) Bosnia Herzigova Cambodia Georgia Lithuania Turkey Source: IMF and Friends 10
11 Eexternal Debt Indicators for Cambodia (% of GDP) (% of exports) Total Ext. Debt / GDP Total Ext. Debt / Exports FOB (RHS) Source: IMF and Friends 11
12 Remarks Financial Management Information System (FMIS) Link to Government Policy Beginning Cornerstone PFM Reform Revenue Mobilization Expenditure Mobilization Growth and FISCAL SUSTAINABILITY 12
13 Chapter II. Public Financial Management Reform (PFM) Achieving Aggregate Financing Smooth Budget System in Implementation 13
14 MINISTRY OF ECONOMY & FINANCE Public Financial Management Reform PFM MTEF CoA MoH Guidelines MOEYS Budget Classifications MoW FMIS LEDGEND: PFM Public Financial Management Reform CoA Chart of Accounts FMIS Financial Management Informatiion System MTEF Medium Term Expenditure Framework MoH Ministry of Health MOEYS Ministry of Education Youth & Sports MoW Ministry of Women MAFF Ministry of Agriculture, Forestry & Fisheries MTEF Budget MTEF Outputs MAFF Source: Terry O Donnell and Hap Chanthea ADB- 14
15 New Chart of Account CLASS 1-CAPITAL CLASS 2 -FIXED ASSET ACCOUNTS CLASS 4- THIRT PARTY ACCOUNTS CLASS 5 - FINANCIAL ACCOUNTS CLASS 6 - CURRENT EXPENDITURE ACCOUNTS CLASS 7 CURRENT REVENUE ACCOUNT 15
16 Progress in core PFM activities Program Budgeting Budgeting Classification Financial Management Information System Information Data Analyses New Chart of Account 16
17 Financial Management Information System Ministry of Economy and Finance Priorities Ministries National Treasury Resources Collection 17
18 Shortcoming Budget Commitment Core Activities Line Ministries Budget Controller MEF Commitment and payment order processing High Ranking Official MEF Budget Department MEF 18
19 Cash Flow Management Public Services Improvement, Revenue Collection by check and transfer National Treasury Transaction Recording help improvement Cash Flow Payments to Staff and suppliers by check and transfer 19
20 Revenue Mobilization Potential tax collection under the existing tax system Potential collection ASYCUDA Project and Risk Potential Non-Tax Revenue Tourism fee, Casino and others 20
21 Internal Audit and Line Ministries Audit 21
22 Chapter III Medium Term Expenditure Framework Program Budgeting International Experience from MTEF System input for Program Budgeting 22
23 Medium Term Expenditure Framework BUDGET CYCLE 23
24 Structure of Program Budgeting for Implementing 24
25 International Experiences for MTEF SRI LANKA Started budget reform in 1969 By 1974 entire government was budgeting & reporting in program format Process was driven by a unit in the Ministry of Finance Change in Government 1977 and the Program Budget Unit was disbanded By mid-1980 s it was back to cash budgeting Sources: Terry O Donnell and World bank handbook 25
26 INTERNATIONAL EXPERIENCES UNSUCCESSFUL JAMAICA PHILIPPINES Guinea MALAWI ZAMBIA CAMBODIA ( MOH AND MEYOS) Sources: Terry O Donnell and Public Expenditure Management World bank handbook 26
27 INTERNATIONAL EXPERIENCE NEW ZEALAND BEST PRACTICE The Fiscal Responsibility Act, enacted into law in 1994, Principles of Responsible Fiscal Management mandating preparation of an annual Budget Policy Statement by government The Budget Policy Statement requirement, obligates government to make an annual statement of fiscal intentions for the next three years and their longterm fiscal objectives, as well as the consistency of fiscal intentions and objectives with the "Principles of Responsible Fiscal Management." Source: Public Expenditure Management Handbook World Bank 27
28 Considering MTEF Ministries (% of Total Current Budget) 2006e 2007b 2008p 2009p Health Education Agriculture Agriculture % Share of GDP Source: Ministry of Economy and Finance, Cambodia
29 System Inputs for Program Budgeting Accounting System in Program Budgeting Monitoring and Evaluation System in Program Budgeting to meet the Goal Target Straightening Human resources in Program Budgeting Auditing Resources 29
30 Chapter IV International Experiences Japanese Experience International Experiences 30
31 Policies Experience 31
32 Inputs Qualify for Cambodia Japanese Local Debt High Local Taxes Collection Higher Land Taxes Collection Higher Officers Income Lower Interest Rate Higher quality and number of private investment Cambodian No Local Debt but high International Debt Low Local Taxes Collection No Land Taxes Collection Lower official Income Higher Interest Rate Low quality and number of private local Investment 32
33 Tax System Experiences Providing Education on Tax System Providing Education about Basis Tax System to all level of Students Qualify Teachers about the Basis Tax System Documents and Advertisements to all level of People Payment System Self Assessment System Land Tax System Improving Agriculture system Law on land tax and Land unused 33
34 International Experiences Political Stability Link Programs to the Policies. Revenue estimating Current System of M and E for Program Budgeting Internal Auditing Legal Framework for Program Budgeting 34
35 Chapter V: Conclusion Challenges Recommendations 35
36 Challenging Budget Comprehensiveness Wages Bill Domestic Public Capital Investment Road Fund Budget Revenues and Spending MTEF Budget 36
37 Challenging in Budget Transparency Organic Budget Law : Short line Approval at Assembly (Ex, Law related Tax Collection, Non-Tax Revenues and so on) Imbalance Share of Budget (Priority Ministries) Discipline and Intention in the Current Budget System 37
38 Challenging Continued Challenging Shortcoming Commitment Challenging in Program Budgeting Challenging in Cash flow Management 38
39 Conclusion, Recommendations Improving Budget Law on Resources for Budget Revenue Mobilization Avoid Political Upheaval Improving policies to meet the Target of Goal Strengthening Current System from Top level to Button level 39
40 Current System in Resources Management MEF National Treasury Resource Collection Departments 40
41 Welcome to Cambodia 42
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