August 15, 2018

Managing Fiscal Risks in the UK

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Posted by Richard Hughes[1]

On 17 July 2018, HM Treasury published its first ever report on Managing Fiscal Risks, the Government’s response to the Office for Budget Responsibility’s (OBR’s)  Fiscal Risks Report published in July 2016.

The OBR’s Fiscal Risks Report surveyed the potential near-term shocks to and longer-term pressures on the public finances. It identified 57 different risks emanating from the macroeconomy, financial sector, and government revenue, spending and the balance sheet. It also included an innovative fiscal stress test which looked at the combined impact on the public finances of a range of macroeconomic and specific fiscal risks materialising at once. The Fiscal Risks Report was recognised by the IMF, OECD, and other international organisations as the most comprehensive report of its kind, and the only one produced by an independent body.

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August 07, 2018

Colombia Emerges Strong in its Fiscal Transparency Evaluation

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Posted by Diana Escobar and Sandeep Saxena[1]

The IMF’s Fiscal Transparency Evaluation of Colombia highlights the progress made by the country in recent years in building more transparent fiscal management institutions. The IMF just published the report that evaluates Colombia’s fiscal reporting, fiscal forecasting and budgeting, and fiscal risk analysis management practices against the standards set by the 2014 version of the IMF’s Fiscal Transparency Code. The report includes a sequenced action plan to address important gaps. The report can be accessed here

http://www.imf.org/en/Publications/CR/Issues/2018/08/02/Colombia-Fiscal-Transparency-Evaluation-46148.

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July 31, 2018

Leveraging the Internal Control Framework to Improve Fiscal Risk Management

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Posted by Suzanne Flynn and Nihad Nakaš[1]

Many South East European (SEE) countries identify enhancing fiscal risk management as a priority in their PFM reform plans. They are increasingly publishing information on fiscal risks and moving to more active risk management, often to help compliance with fiscal rules. In parallel, these countries are working to enhance internal controls through public internal financial control (PIFC) reforms as a part of their European Union (EU) accession processes. These reforms center on public sector managers and internal auditors and focus on institutional risks and how to manage these risks. In this blog, we explore how these two reforms could be better linked to enhance comprehensive risk management across the public sector.

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July 23, 2018

Do Sanctions Improve Compliance with Public Finance Laws and Regulations?

 

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Posted by Richard Allen and Yugo Koshima[1]

Financial irregularities arising from breaches of public financial management (PFM) laws and regulations are commonplace in countries at all stages of development. They can have a significant fiscal impact. In several countries, external auditors have reported financial irregularities amounting to more than 10 to 15 percent of the government’s total budgeted expenditure, equivalent to around five percent of GDP or more (Figure 1). In many of these countries, budget deficits could have been eliminated if there had been no irregularities.

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July 19, 2018

Developing Systems to Combat Corruption

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Posted by David Fellows[1]

In April 2018, the PFM Blog carried a short note on the use of objective data to combat corruption. The piece highlighted statistical techniques being used in western countries to identify corruption by correlating unorthodox procurement practices with aberrant supplier behaviour established from factually based ‘objective’ administrative data. It was suggested that less complex approaches to the analysis of ‘objective’ data could be used to indicate the need for further forensic examination of officials, suppliers, and politicians. The emphasis was on finding workable approaches for developing countries that were compatible with the available resources.

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July 16, 2018

Strengthening the Relationship between the UK Treasury and the Bank of England

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Posted by Neeraj Patel[1], Mario Pisani, Nathanaël Benjamin[2] and William Durham

On 21 June 2018, the UK’s Chancellor of the Exchequer and the Governor of the Bank of England unveiled new reforms to the Bank's financial framework, intended to boost transparency, reinforce the Bank’s resilience and independence, and strengthen its capacity to support the financial system.

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The Bank of England, or “the Bank” to insiders, is the world’s second oldest central bank. For much of its history, it operated as a private institution, although always acting in the national interest. The UK government nationalised the Bank in 1946, at which point HM Treasury (the UK’s finance ministry) became its sole shareholder.

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July 09, 2018

How to Manage the Fiscal Costs of Natural Disasters

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Posted by Serhan Cevik, Guohua Huang, and Alexander Tieman[1]

The world is a dangerous place. The frequency and severity of natural disasters, including extreme weather events, have exacerbated across the world over the past few decades, with significant adverse effects on socioeconomic conditions. Myriad studies find negative effects of natural disasters on the fiscal front because of the damage to human and physical capital and post-disaster relief and recovery efforts. Between 1950 and 2015, 40 countries have been hit by a natural disaster that caused economic damage in excess of 10 percent of GDP, while for small island states about one in ten natural disasters involves economic damage of more than 30 percent of GDP (see chart below). 

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July 06, 2018

Tribute to Mario Pessoa by Brazil Eighth International Congress of Accounting, Cost and Public Expenditure Quality

 



During the course of the 8th Brazil International Congress of Accounting, Costs and Public Expenditure Quality – to be held during August 15 – 17, 2018 in Belo Horizonte, state of Minas Gerais, Brazil (www.congressocq.net) the organizers will pay tribute to our late and greatly missed colleague Mario Pessoa.

Mario was a greater supporter of the accounting and cost initiatives over the Latin America countries, especially in Brazil. We are happy to share a sample of this tribute prepared by his friends and colleagues ahead of the Congress here

 From FAD staff, we are very grateful for this tribute to Mario.  

July 05, 2018

Gender Budgeting in South Asia

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Posted by Teresa Curristine[1] and Udaya Pant[2]

The first IMF Asian regional workshop on gender budgeting (GB) was held in India in March 2018. Twenty-eight delegates from ten Asian countries participated (Bangladesh, Bhutan, Korea India, Indonesia, Maldives, Nepal, Philippines Sri Lanka and Thailand) as well as representatives from six Indian states. The workshop brought together representatives of ministries of finance, ministries of women, and spending ministries. It was organized by the IMF’s South Asia Regional Training and Technical Assistance Center (SARTTAC) and its Fiscal Affairs Department (FAD) in collaboration with the Fund’s Technical Assistance Office in Thailand (TAOLAM) and the UN Women’s India Office.

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June 28, 2018

PEFA Summer School, 17-19 July, Washington DC

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Posted by PEFA Secretariat

The PEFA Secretariat is pleased to announce that it will be conducting a PEFA ‘summer school’ workshop from July 17-19, 2018 at the World Bank offices (Room C8-100) in Washington DC.

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