April 28, 2015

Job Offer! Resident Public Financial Management (PFM) Advisor (based in Belgrade, Serbia) (Job Number: 1500378)

  Job Offer

Description

The Fiscal Affairs Department (FAD) of the IMF is seeking a highly qualified expert to act as Resident Public Financial Management (PFM) Advisor, based in Belgrade (Serbia). The Advisor’s position would be for an initial period of one year starting June 30, 2015, with the potential for further extension.

The resident advisor will work within the Ministry of Finance to:

• Strengthen the budget preparation process by developing macro-fiscal capacities; broaden budget preparation and analysis; improve medium-term baseline espenditure methodologies; develop medium-term policy costing processes; and integrate the top-down macro-fiscal forecasts and bottom-up expenditure baseline estimates.

• Build fiscal risk assessment capacity by building the analytical and reporting capabilities of a new fiscal risk unit; develop the capability to assess and report on PPP projects; guide collections and analysis of arrears data; and incorporate financial analysis of state owned enterprises into the budget process.

• Provide general assistance in PFM reforms by assisting the coordination and monitoring of the PFM reform program; assist in the migration of budget analysis and decision making processes to the program budget environment; and working with the regional PFM advisor to provide additional assistance as required.

Qualifications

Applicants should hold a university degree or equivalent qualification relevant to the above duties; possess excellent written and oral communication skills in English; have well developed analytical and research skills; be proficient in standard office IT applications (such as Word, PowerPoint, and Excel), and have experience in project management.

Applicants should also possess excellent interpersonal skills, be self-motivating and have an ability to work as part of a team, an aptitude for establishing cooperative relations and sharing technical knowledge with national authorities, as well as capacity to handle sensitive issues with discretion. A flexible and adaptable approach will also be essential in what is a fast moving and challenging work environment.

Preference will be given to candidates with at least ten years of relevant experience, including in a senior or advisory position within a ministry of finance, treasury, or related institution, who have managed or participated in the delivery of TA programs in the above PFM areas. Experience of working in countries with IMF supported programs and/or of working in the region would also be an advantage.

The IMF is committed to achieving a diverse staff, including gender, nationality, culture and educational background.

 Note: The posts on the IMF PFM Blog should not be reported as representing the views of the IMF. The views expressed are those of the authors and do not necessarily represent those of the IMF or IMF policy.

April 17, 2015

Public Ownership of Commercial Assets—A Quarter Century Phony War

CWoN2

Posted by Dag Detter and Stefan Fölster1

For more than a quarter of a century there has been a phony war raging between those in favour of public ownership of commercial assets and those against: privatisation versus nationalisation. This polarised and binary debate has missed the point. What matters is not so much who owns the assets but the quality of asset management

For any ownership mode, be it private, public, mutual or cooperative, there is a very wide range of alternative management models/styles and the choices made from those alternatives will have a major impact on the value the asset delivers. Huge portfolios remain in government hands, including not only corporations but also vast swathes of real estate. In some cases, privatisation will make sense. In many others, it may be neither desirable nor feasible. The good news is that there are ways to sweat assets that remain in public hands, generating a higher rate of return on them—if governments follow a few sensible rules. 

Continue reading "Public Ownership of Commercial Assets—A Quarter Century Phony War" »

April 09, 2015

Why Sovereign Wealth Funds Should Not Invest at Home

 Refinery

Posted by Andrew Bauer[1]

Developing, capital-scarce countries need domestic investment. Governments in countries such as Angola, Mongolia, and Timor-Leste must invest in education, health and public infrastructure if they hope to achieve middle- or high-income status. What’s more, mineral-rich countries have access to large (yet finite) sources of income that can be used to boost domestic investment and help overcome the poverty trap. On this nearly everyone can agree.

In response to this need for domestic investment, some commentators have recently suggested that there might be opportunities for these countries’ sovereign wealth funds (SWFs) to directly invest at home. Nearly every country with significant oil, gas or mineral exports operates a SWF. Already, governments in Angola, Azerbaijan, Iran, Nigeria and Russia, for example, use their SWFs to channel money to special domestic projects.

Continue reading "Why Sovereign Wealth Funds Should Not Invest at Home " »

March 31, 2015

Double Job Announcement! PEFA Secretariat

PEFA

Job vacancies in the PEFA Secretariat

Are you enthusiastic about improving the effectiveness of public financial management? Do you want to contribute to better public sector management and performance? Are you keen to stimulate public sector reform? You might be one of the people we are seeking to join the PEFA Secretariat.

 

We have vacancies for a Program Advisor and a Senior Program Advisor
to work in the PEFA Secretariat in Washington DC

You can see more details about who we are looking for here

 About PEFA

The PEFA program aims to strengthen public financial management and accountability systems and improve knowledge of the quality and scope for improving public financial management performance. The program seeks to achieve this aim through the application of PEFA assessment methodology, performance reports, research, analysis and application of PEFA results. The PEFA methodology is in over 150 countries.

The PEFA program is directed by a Steering Committee comprising seven partner organisations: World Bank Group, International Monetary Fund, European Commission, UK Department for International Development, Swiss State Secretariat for Economic Affairs, French Ministry of Foreign Affairs, and Norwegian Ministry of Foreign Affairs. The PEFA Secretariat, hosted by the World Bank in Washington DC, assists the Steering Committee in the development and maintenance of the program. It also provides global support to users of the PEFA methodology through advice, guidance, training, research and information.

About the job vacancies

Senior Program Advisor – click here to learn more or apply on line

The right person for this position will be part of the leadership team in the Secretariat. They will manage and deliver on core activities, including:

Ø Technical reviews of planned and draft PEFA assessments 

Ø Research and reporting on the application of the PEFA Framework

Ø Finalization of the upgrade of the PEFA Framework, including development of guidance, training materials, information and liaison with various stakeholders 

Ø Outreach and cooperation with governments and organisations with an interest in PEFA or related diagnostic tools

Ø Support to clients, peer learning, tracking progress, innovation and active engagement, including training, developing new products and building relationships

The Senior Program Advisor will have a track record of at least 8 years’ experience in public financial management or related disciplines. They will have relevant post-graduate qualifications and demonstrate significant achievements as a leader and manager. They will have a good understanding of the PEFA Framework and experience in application and/or analysis of PEFA assessments. They will have strong inter-personal skills and demonstrated ability to speak and write effectively in English. Ideally they will also be able to work in at least one other language used in PEFA reports (French, Spanish and Portuguese).

Applications for Senior Advisor are to be made through the World Bank job center. The job reference is 150459. Please do not submit your application to the Secretariat directly.

---------------------------------------------------

Program Advisor -  click here to learn more or apply on line

The right person for this job will be a core member of the PEFA Secretariat team. They will work independently and with other team members on:

Ø Technical reviews of planned and draft PEFA assessments 

Ø Research and reporting on the application of the PEFA Framework

Ø Finalization of the upgrade of the PEFA Framework, including development of guidance, training materials, information and liaison with various stakeholders 

Ø Support to clients, peer learning, tracking progress, innovation and active engagement, including training, developing new products and building relationships

The Program Advisor will have a track record of at least 4 years’ experience in public financial management or related disciplines. They will have relevant post-graduate qualifications and demonstrate ability to work effectively in a team. They will have a good understanding of the PEFA Framework and ideally will have some experience in application and/or analysis of PEFA assessments. They will have strong inter-personal skills and demonstrated ability to speak and write effectively in English. It is desirable that they are also able to work in one other language used in PEFA reports (French, Spanish and Portuguese).

Applications are to be made through the World Bank job center.  The job reference is 150467Please do not send applications to the Secretariat directly.

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If you want more information about PEFA or the Secretariat, please visit our website at: www.pefa.org or send us an email at services@pefa.org

 

 

Note: The posts on the IMF PFM Blog should not be reported as representing the views of the IMF. The views expressed are those of the authors and do not necessarily represent those of the IMF or IMF policy.

March 20, 2015

DAMS AND DIKES FOR PUBLIC FINANCES

1421 - St Elizabeth Flod

Posted By Vitor Gaspar, Richard Hughes, and Laura Jaramillo

Fortune, wrote Machiavelli five hundred years ago in The Prince, is like a violent river. She “shows her power where virtue has not been put in order to resist her and therefore turns her impetus where she knows that dams and dikes have not been made to contain her.” Managing the ebb and flow of government’s fiscal fortunes poses similar challenges today. We need a risk-based approach to fiscal policymaking that applies a systematic analysis of potential sources of fiscal vulnerabilities. This method would help countries detect potential problems early, and would allow for institutional changes to build resilience.

Continue reading "DAMS AND DIKES FOR PUBLIC FINANCES" »

March 03, 2015

New Governance Arrangements for the IPSAS Board

IPSASB

Posted by Delphine Moretti

Following a year-long consultation, the IMF-OECD-World Bank-chaired Review Group on the Governance of International Public Sector Accounting Standards (IPSAS) has today issued its recommendations for strengthening the oversight of the IPSAS Board. They include the establishment of a new Public Interest Committee whose founding members will be the IMF, OECD, World Bank, and INTOSAI and a new Consultative Advisory Group comprised of producers and users of government financial statements.

As discussed several times on this blog and in the IMF’s 2012 paper on “Fiscal Transparency, Accountability, and Risk”, the global financial crisis highlighted the significant gaps and weaknesses in public sector accounting practices and underscored the need for more comprehensive, reliable, and timely financial reporting by governments. These concerns were echoed by the G-20 at their meeting in Moscow in February 2013, when they called on the IMF, World Bank, and OECD to work to improve the transparency and comparability of public sector financial reporting.

Continue reading "New Governance Arrangements for the IPSAS Board" »

February 23, 2015

Budget Laws vs. Appropriation Acts

  126513635

Posted by Renaud Duplay[1]

Is a government budget a forecast or an authorization? Both, of course, but ask various PFM practitioners to pick one answer first and you will see a clear divide between “macro-fiscalists” – who think forecasts first – and financial managers – who think of control and authorization first. But you may also detect some cultural divide as well: people from Westminster style countries may think forecasts first while people from continental European countries, like France, may choose authorization as the main feature of a budget.

This cultural divide, which my FAD colleague Benoit Chevauchez already discussed on a previous post on PFM taxonomy, may be linked to the various forms a budget can take as both a technical and a political object.

Continue reading "Budget Laws vs. Appropriation Acts" »

February 20, 2015

Job Offer! Public Financial Management Resident Advisor (based in Dakar, Senegal) (Job Number: 1500093)

493201189

Description

The Fiscal Affairs Department (FAD) of the IMF is looking for a well-qualified expert to fill a Public Financial Management (PFM) Resident Advisor position in the Ministry for Economy, Finance, and Planning of Senegal, based in Dakar. The Advisor’s appointment term would be for a period of one year, on a renewable basis, subject to satisfactory performance.

The Advisor will provide technical assistance (TA) on a range of PFM areas and will focus on macrofiscal and policy design and implementation, budget preparation and execution, and public investment management. He/she will more generally contribute to institutional reform and capacity building. The position is opened as part of a TA project designed to support the aforementioned PFM areas, and the Advisor will actively participate in the management of the project and the delivery of all TA activities supported by it.

Continue reading "Job Offer! Public Financial Management Resident Advisor (based in Dakar, Senegal) (Job Number: 1500093)" »

February 18, 2015

GDP: A Brief but Affectionate History

  GDP

Posted by Chris Iles[1]

Diane Coyle’s recent book[2] has been on my reading list for some time, making it to the top of the pile over the Christmas break. Working at the IMF, and even just taking an interest in the Business and Economy pages of the media, the notion of GDP looms large. We take the concept of GDP for granted, but I have never been entirely comfortable with the way GDP figures are bandied about to compare the economic performance of disparate societies or to justify this or that unpopular policy; a good historical perspective on where it comes from and what it means seems like just the thing to assuage these misgivings.

Ms. Coyle gets down to business right from the first lines in her introduction. She opens with the still-topical challenges faced by the head of the Greek statistical agency (an ex-IMF staffer) in 2010 to highlight the significance of GDP in modern politics and finance, also acknowledging the various conceptual challenges that it faces.

Continue reading "GDP: A Brief but Affectionate History" »

February 13, 2015

Making More Efficient Use of Performance Information

  460782537

Posted by Benoit Chevauchez[1]                                                                      

The role of performance information (PI) in budget management has grown hugely in advanced economies and is likely to increase in the future. PI is quantitative data on the actual or expected results of government policies and programs, associated with information on incurred costs.PI on activities, results, outputs or outcomes are non-financial data, while PI on inputs and costs are mostly financial data. Non-financial PI may take different forms such as indicators, benchmarks, ratings, rankings, league tables or scores.Such information allows the effectiveness and efficiency of public policies to be assessed, and may be used in a vast array of budget or non-budget environments.More than 80 percent of OECD countries are now using PI to support budget management. This rapid growth has gone hand in hand with the development of program and multiyear budgeting as well as with public policy evaluations and spending reviews. The present worldwide focus on fiscal consolidation, with shrinking fiscal space, demands a larger use of PI in order to strengthen the allocation process.  

Continue reading "Making More Efficient Use of Performance Information" »

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