IMF Updates the Portal on Fiscal Transparency

Posted by Mario Pessoa

Fiscal transparency is one of the most relevant elements of a modern public financial management system. Because of that, starting in the late 1990s, the IMF developed a code of good practices in fiscal transparency and a specific framework to evaluate transparency practices in its member countries. The Fiscal Affairs Department developed a set of guides and manuals to help carry out a standardized evaluation. The Report on the Observance of Standards and Codes (ROSC) of Fiscal Transparency –often called the “Fiscal ROSC” is a voluntary exercise that has been already undertaken by more than 90 countries.

The IMF fiscal transparency website was recently updated to improve its user-friendliness and provide more information. The fiscal transparency webpage presents the following information:

• The Code of Fiscal Transparency - identifies a set of principles and practices to help governments provide a clear picture of the structure and finances of government. The code is divided in four sections: (i) clarity of roles and responsibilities; (ii) open budget processes; (iii) public availability of information; and (iv) assurances of integrity. The code is available in English, Arabic, Chinese, Spanish, Portuguese, French, and Russian.
• The Manual on Fiscal Transparency - provides guidance on the code's implementation. It explains the code's principles and practices in detail, and draws on experiences in member countries to illustrate a range of practical approaches.
• The Guide on Resource Revenue Transparency - applies the principles of the code to the unique set of problems faced by countries that derive a significant share of revenues from oil or mineral resources.
• Questionnaires - designed to gather basic information on fiscal institutions and practices. Country authorities complete the questionnaire as the first stage in undertaking a 'fiscal ROSC'. The questionnaire can also form the basis for a self-assessment of a country's fiscal management system in relation to the fiscal transparency code.
• Country Reports – the reports for 92 countries are available on the webpage as a demonstration of the commitment of the countries to fiscal transparency. Parliamentarians and the civil society are frequent users of these reports.

For more information visit the fiscal transparency website: http://www.imf.org/external/np/fad/trans/