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Chile Fiscal Transparency Evaluation
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Book Synopsis Chile: Fiscal Transparency Evaluation by : International Monetary
Download or read book Chile: Fiscal Transparency Evaluation written by International Monetary and published by International Monetary Fund. This book was released on 2021-11-11 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: Strong fiscal institutions have contributed to Chile’s macroeconomic stability, and recent reform initiatives have focused on enhancing these institutions and fiscal transparency. This report assesses fiscal transparency practices in Chile in relation to the requirements of the IMF’s Fiscal Transparency Code and confirms that many elements of sound fiscal transparency practices are already in place. Chile’s practices meet the principles of the code at a good or advanced level for 21 out of the 36 principles. This is a good score, compared to the average for Latin American Countries and Emerging Market Economies. On a further nine principles, Chile meets the basic standard of practice. Chile’s fiscal transparency practices are very strong for fiscal forecasting and budgeting, followed by fiscal reporting, while fiscal risk analysis and management demonstrate more mixed results. Further improvements could be achieved relatively easily through the publication of some internal analyses or through a more timely or user-friendly publication of already available information.
Book Synopsis Honduras: Technical Assistance Report–Fiscal Transparency Evaluation by : International Monetary
Download or read book Honduras: Technical Assistance Report–Fiscal Transparency Evaluation written by International Monetary and published by International Monetary Fund. This book was released on 2021-07-08 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report evaluates Honduras’s fiscal transparency practices in relation to the IMF Fiscal Transparency Code (FTC). Honduras’s score is similar to those of other Latin American countries and emerging market economies that have undergone the evaluation. In relation to the fiscal transparency principles, Honduran practices are considered basic in 15 areas; good in seven areas; and advanced in six areas. Fiscal transparency practices in the area of fiscal forecasting and budgeting are the strongest, while the fiscal risk analysis and management practices are the weakest. Finally, Honduras’s current fiscal transparency practices fall short of the FTC principles in eight areas.
Book Synopsis Mexico by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Mexico written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2018-10-03 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Fiscal Transparency Evaluation (FTE) report assesses Mexico’s fiscal transparency practices against the IMF’s Fiscal Transparency Code (FTC), including the draft pillar on resource revenue management. Mexico scores relatively well when compared with other Latin American countries and emerging market economies that have undergone a FTE. Out of the 48 principles across four pillars in the FTC, Mexico meets 16 principles at the basic level, 9 principles at the good level and 15 principles at the advanced level, while one principle does not apply. Fiscal transparency practices are strongest in the areas of resource revenue management and fiscal forecasting and budgeting, while the scores on fiscal risks analysis and management are lower.
Author :International Monetary Fund. Western Hemisphere Dept. Publisher :International Monetary Fund ISBN 13 :1513595504 Total Pages :98 pages Book Rating :4.5/5 (135 download)
Book Synopsis Peru by : International Monetary Fund. Western Hemisphere Dept.
Download or read book Peru written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2015-10-26 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses Peru’s fiscal transparency practices in comparison with the IMF’s Fiscal Transparency Code, including the new draft pillar on resource revenue management. Peru’s practices meet most of the principles of the IMF’s Fiscal Transparency Code at good or advanced level. The country provides an extensive set of fiscal information with financial statements covering the entire public sector. There is a comprehensive budget supported by a solid fiscal framework with clear policy objectives embedded in numerical fiscal rules. The country also has a clear and comprehensive legal and fiscal regime for the management of resource revenue.
Book Synopsis Philippines by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Philippines written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2015-06-30 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the findings of Fiscal Transparency Evaluation on Philippines. Improving fiscal transparency has been a priority in the Philippines over recent years. The government’s public financial management reform strategy has helped initiate a wide variety of reforms, which are beginning to bear fruit. Fiscal reporting is relatively comprehensive, frequent, and timely, with many areas of good and advanced practices. Fiscal risk analysis and management is relatively strong in the Philippines compared with other countries. However, improvements are needed in a few areas, especially to capture of risks from guarantees and public–private partnership, assess the scope of tax expenditures, and introduce a longer-term perspective in the fiscal sustainability analysis.
Book Synopsis Colombia by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Colombia written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2018-08-02 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: This fiscal transparency evaluation (FTE) report assesses fiscal transparency practices in Colombia against the first three pillars of the IMF’s Fiscal Transparency Code. Fiscal forecasting and budgeting—Pillar II—is the strongest area in Colombia’s FTE. Half of the related indicators are advanced, mostly in the areas of: (1) orderliness of the legislative process and the adequacy of powers and information available to Congress; (2) credibility of economic and fiscal forecasts; and (3) medium-term forecasts and policy orientation. Fiscal reporting—Pillar I—and fiscal risk analysis and management—Pillar III—also reveal clear strengths. Fiscal reporting practices are advanced in terms of the coverage of fiscal institutions in fiscal reports and timeliness of annual financial statements.
Author :International Monetary Fund Publisher :INTERNATIONAL MONETARY FUND ISBN 13 :9781451807516 Total Pages :35 pages Book Rating :4.8/5 (75 download)
Book Synopsis Chile by : International Monetary Fund
Download or read book Chile written by International Monetary Fund and published by INTERNATIONAL MONETARY FUND. This book was released on 2003-08-05 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Chilean government has succeeded in constructing and disseminating a clear view of its objectives and targets, both at the macroeconomic level and for individual budget programs. Government accountability to congress and the public is demonstrably being strengthened. A general reform challenge for Chile will be to institutionalize the many recent advances in transparency, so that they become permanent components of fiscal management. The flexibility inherent in such instruments as protocols and time-bound laws may contribute importantly to speedy and effective policy responses.
Book Synopsis Honduras: Technical Assistance Report–Fiscal Transparency Evaluation by : International Monetary
Download or read book Honduras: Technical Assistance Report–Fiscal Transparency Evaluation written by International Monetary and published by International Monetary Fund. This book was released on 2021-07-07 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report evaluates Honduras’s fiscal transparency practices in relation to the IMF Fiscal Transparency Code (FTC). Honduras’s score is similar to those of other Latin American countries and emerging market economies that have undergone the evaluation. In relation to the fiscal transparency principles, Honduran practices are considered basic in 15 areas; good in seven areas; and advanced in six areas. Fiscal transparency practices in the area of fiscal forecasting and budgeting are the strongest, while the fiscal risk analysis and management practices are the weakest. Finally, Honduras’s current fiscal transparency practices fall short of the FTC principles in eight areas.
Book Synopsis Republic of Estonia: Technical Assistance Report-Fiscal Transparency Evaluation by : International Monetary
Download or read book Republic of Estonia: Technical Assistance Report-Fiscal Transparency Evaluation written by International Monetary and published by International Monetary Fund. This book was released on 2021-08-06 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: The government of Estonia places a high importance on openness and transparency, both for their citizens and for regional and international partners. This is evidenced from various earlier reports on transparency and the implementation of many subsequent improvements in fiscal transparency practices. The objective of the assessment was to identify areas of fiscal risk vulnerabilities and reform priorities to ensure further improvements in transparent practices.
Book Synopsis Guatemala by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Guatemala written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2016-12-09 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses key findings of the Fiscal Transparency Evaluation report on Guatemala. Guatemala has transparency practices that achieve the ratings of basic, good, and advanced regarding three-quarters of the principles established in the IMF’s Fiscal Transparency Code. The wealth of information available and the systems in place related to the public sector’s execution of its budget, finances, and accounts allow for easy access by the population to an impressive volume of fiscal data. However, there is much room for improvement in the area of fiscal transparency. Establishing a new fiscal pact in which the medium-term fiscal targets are defined would help create fiscal predictability and ensure that the major challenges of social and economic development are met.
Book Synopsis Philippines: Fiscal Transparency Evaluation by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Philippines: Fiscal Transparency Evaluation written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2015-06-30 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: EXECUTIVE SUMMARY Improving fiscal transparency has been a priority in the Philippines over recent years. The government’s public financial management reform strategy has helped initiate a wide variety of reforms, which are beginning to bear fruit. In light of this, the evaluation against the 36 principles of the draft Fiscal Transparency Code (Annex IV) is broadly favorable: ? Fiscal reporting is relatively comprehensive, frequent and timely, with many areas of good and advanced practices. Coverage of public sector units’ stocks and flows is well-developed but coverage of the public sector as a whole lacks consolidated data for the public sector and general government subsectors. Comparability of fiscal data from various reports and of budget outturns against the original budget is not always possible, reflecting a fragmentation of agencies involved. While audits of individual agencies’ financial reports are undertaken, there is no separate independent audit of the consolidated Annual Financial Reports; this differs from international practice (Annex I). ? Fiscal forecasting and budgeting is generally good, with several recent improvements, especially regarding fiscal policy objectives, performance orientation, public participation, and the comprehensiveness and orderliness of the budget. However, budget credibility is undermined by the complexity and large flexibility of the annual budget framework which resulted in the non-rating of the principle on the supplementary budget (Annex II). ? Fiscal risk analysis and management is relatively strong in the Philippines compared to other countries, as shown by the publication of a comprehensive Fiscal Risk Statement with a relatively comprehensive collation of risks that could affect public finances. However, improvements are needed in a few areas, especially to capture of risks from guarantees and PPPs, assess the scope of tax expenditures, and introduce a longer-term perspective in the fiscal sustainability analysis (Annex III). The evaluation reveals two cross-cutting issues spanning across the three FTC pillars: (i) the fragmentation of responsibilities for fiscal management in the public sector, and (ii) the complexity and flexibility of the budget system, which complicate fiscal reporting. This report highlights twelve priority recommendations to address gaps in the Philippines’ transparency practices. They focus on (i) publishing a consistent set of budget documents that provides the public with the means to track and assess the operations of government; (ii) reducing the discrepancy between initial budget plans and end-year fiscal outturns; (iii) integrating fiscal sustainability considerations into short-term policy decisions; (iv) delineating more rigorously the government’s policy activities from purely commercial activities; (v) better allocating resources to priority areas over the medium term; and (vi) ensuring that consolidated financial reports are audited in a fully-independent manner.
Author :International Monetary Fund Publisher :INTERNATIONAL MONETARY FUND ISBN 13 :9781451807639 Total Pages :5 pages Book Rating :4.8/5 (76 download)
Book Synopsis Chile by : International Monetary Fund
Download or read book Chile written by International Monetary Fund and published by INTERNATIONAL MONETARY FUND. This book was released on 2005-08-01 with total page 5 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents an update to the Report on the Observance of Standards and Codes on Fiscal Transparency for Chile. Chile has completed the first stage of the migration of its fiscal statistics to the IMF’s Government Finance Statistics Manual (GFSM 2001). A main result of this migration is the production of the operating statement, corresponding to flow transactions, for the central government, the general government, and the consolidated public enterprises. However, the treatment of interest payments on inflation-indexed bonds and on debt owed to the central bank differs from that in GFSM 2001.
Book Synopsis Finland by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Finland written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2015-03-11 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses key findings of fiscal transparency evaluation for Finland. It highlights that Finland meets most of the principles of the Fiscal Transparency Code at good or advanced level. Some areas, notably related to the analysis and management of fiscal risks, are still rated as basic or below, but with a few exceptions the importance of these areas for fiscal management in Finland is relatively low. Overall, the Finnish authorities produce an impressive amount of data and information related to all three pillars of the Code. It is also highlighted that fiscal reporting in Finland is transparent and meets good or advanced practice in all areas.
Book Synopsis Republic of Lithuania by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Republic of Lithuania written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2019-05-03 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Fiscal Transparency Evaluation (FTE) paper on the Republic of Lithuania estimated Lithuania’s public sector financial position to take a more comprehensive view of public finances in Lithuania. While Lithuania’s overall assessment is comparable to or better than other EU Member States that have undergone an FTE, there is room for further improvement. While the Lithuanian authorities publish a large volume of fiscal reports, they are somewhat fragmented and not easily comparable. The paper also highlights that fiscal risk analysis and management also meets good or advanced practice in many areas but are slightly weaker than the other pillars of the evaluation. It is recommended to consolidate the present array of fiscal reports into a smaller number of user-friendly reports that improve the consistency and comparability of information, as well as its transparency. The report also provides a more detailed evaluation of Lithuania’s fiscal transparency practices and recommended reform priorities.
Book Synopsis Chile: Central Bank Transparency Code Review by : International Monetary
Download or read book Chile: Central Bank Transparency Code Review written by International Monetary and published by International Monetary Fund. This book was released on 2021-06-16 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Central Bank of Chile (CBC) has implemented broadly advanced transparency practices. This reflects the CBC’s strong public commitment to transparency, which is anchored in the law and has been designated by the CBC as a strategic objective to fulfill its mandate. This policy has earned the CBC the broad trust of its stakeholders and has paid significant dividends for the CBC in terms of safeguarding its autonomy and ensuring its policy effectiveness.
Book Synopsis Bolivia by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Bolivia written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2014-03-12 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper elaborates Bolivia’s fiscal transparency assessment report. The purpose of this IMF report is to facilitate countries in analyzing the fiscal situation through the appropriate basic, good, and advanced practices to identify which areas might benefit from reforms. These reforms intend to improve the coverage, opportunity, and quality of the macrofiscal information. The IMF report suggests that the issues merited improvements are related to the nonpreparation of audited annual consolidated financial statements of the central government and the absence of estimates and reports on tax expenditure.
Book Synopsis Transparency in Government Operations by : Mr.J. D. Craig
Download or read book Transparency in Government Operations written by Mr.J. D. Craig and published by International Monetary Fund. This book was released on 1998-02-03 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Transparency in government operations is widely regarded as an important precondition for macroeconomic fiscal sustainability, good governance, and overall fiscal rectitude. Notably, the Interim Committee, at its April and September 1996 meetings, stressed the need for greater fiscal transparency. Prompted by these concerns, this paper represents a first attempt to address many of the aspects of transparency in government operations. It provides an overview of major issues in fiscal transparency and examines the IMF's role in promoting transparency in government operations.
