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April 2012

April 27, 2012

Extending Treasury Single Account Coverage in Rwanda to Include Development Partners Project Accounts

Posted by Patrick Shyaka, Caleb Rwamuganza, and Michael Schaeffer[1]

International good practice dictates that government controlled trust funds and extra-budgetary funds should be brought within the Treasury Single Account (TSA).  Although all Rwandan donor project accounts reside within the National Bank of Rwanda, none of these project accounts have been integrated with the government's primary Treasury Single Account.  From a cash management perspective, shifting donor project funds from their current accounts in the Central Bank into the Treasury Single Account (TSA) will be of immense benefit to the government.  

The Government of Rwanda launched its pilot (development partner) project TSA in December 2011.  The pilot project TSA currently covers 14 key project bank accounts with balances of approximately US$75 million.  During 2012, the Government of Rwanda intends to expand the Project TSA accounts to include more project accounts.   

The consolidation of cash resources through a Project TSA arrangement is meant to optimize government cash management. Effective aggregate control of cash is a primary fixture in monetary and budget management. The primary objective(s) of Rwanda’s Project TSA include: efficient budget execution and management; minimizing transactions costs, and engaging in effective reconciliation between banking and accounting data.The following discussion provides a brief overview of how the government of Rwanda was able to extend its Treasury Single Account to include Development Partner Project accounts. 

 

Continue reading "Extending Treasury Single Account Coverage in Rwanda to Include Development Partners Project Accounts" »

April 20, 2012

Georgian State Treasury Hosts Workshop on Treasury and External Financing Reforms

Posted by Ion Chicu, World Bank, and David Tsekvava, Deputy Head of State Treasury, Ministry of Finance, Georgia 

A three-day PEMPAL [1] Treasury Community of Practice (TCOP) workshop was held in Tbilisi, Georgia on February 27-29, 2012 on public finance reform progress related to Treasury systems and external financing.  Fifty participants from ten countries attended (Albania, Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan and Ukraine).  Experts from the World Bank provided information on regional and international developments and technical support to the discussions.  The meeting was hosted by the State Treasury of the Ministry of Finance of Georgia who proved to be warm and wonderful hosts.

The meeting followed from an earlier meeting in Astana, Kazakhstan on September 27-29, 2011 whereby more than 80 participants from 17 countries from the Bank’s Europe and Central Asia (ECA) region met to discuss progress in implementing integrated financial management information systems across the region. Many TCOP member countries are the recipients of external financing in various forms and a need was identified for a smaller group meeting to address the issues associated with the effective management of external financing.  The practical problems faced in the process of integrating external financing into national budget systems are widely known. In many cases the challenges are related to the fiduciary requirements of the donor organizations. National systems do not always fully fit those requirements, which leads to the use of parallel mechanisms, such as those often established to implement donor-funded investment projects.  Within the framework of public financial management (PFM) reforms, and consistent with the principles espoused by the Paris Declaration of Aid Effectiveness, PEMPAL member countries have been pursuing the objective of integrating external financing into all stages of the budget process. 

Continue reading "Georgian State Treasury Hosts Workshop on Treasury and External Financing Reforms" »

April 18, 2012

Fiscal Affairs E-Newsletter April 2012

 

 

IMF Survey Magazine eNews

April 2012
IMF Fiscal Affairs Department (FAD)
  Recent Blogs

Fiscal Adjustment: Too Much of a Good Thing?
by Carlo Cottarelli

It's the Years, Not the Mileage: IMF Analysis of Pension Reforms in Advanced Economies
by Benedict Clements

Healing Public Health Care Finances: Budget Reforms that Work
by Benedict Clements

PFM Blog


  Coming Soon

April 2012 Fiscal Monitor. The upcoming Fiscal Monitor examines the scope that policymakers have to calibrate the pace of fiscal adjustment without undermining fiscal sustainability. Strong institutional arrangements can help to implement a gradual but steady pace of adjustment while maintaining market confidence.

On April 18th, the IMF will host in Washington DC the third Fiscal Forum. This year's theme will be Fiscal Policy and the Crisis; Lessons Learnt and the Way Forward. The event will be opened by IMF Managing Director Christine Lagarde and include keynote presentations from Stanley Fischer, Francesco Giavazzi, and Christina Romer.

Fiscal Reform in a Changing MENA (Middle East and North Africa). The panel discussion, organized by FAD and the IMF Middle East and Central Asia Department, will allow an exchange of views among MENA ministers focusing on subsidy and tax reforms in a difficult social and political environment (April 19).

The Economics of Public Health Care Reform in Advanced and Emerging Economies. This new book to be published in April discusses the continuing rise in public health care costs in a large number of advanced and emerging countries, and identifies efficient and equitable policy options based on past reform experiences.

 

 

The Challenge of Pension Reform in Advanced and Emerging Economies

Public pension reform will be a key policy challenge in coming decades. A recent paper prepared by FAD covering more than 50 advanced and emerging countries found that public pension spending would increase by an average of 2½ percentage points of GDP by mid-century in advanced and emerging economies. The analysis shows that gradually raising retirement ages is an attractive option for reform because it will not only contain pension spending increases but also boost employment and growth. The paper also finds that, in emerging economies, means-tested social pensions could play a key role in expanding the coverage of pension systems, combined with reforms that ensure the long-term financial viability of the systems.

Cottarelli's Blog "The Austerity Debate: Festina Lente!"

Carlo Cottarelli argues in a forthcoming new VoxEU Blog that, in the current situation of advanced economies, "a pragmatic approach—proceed with moderate (fiscal) adjustment, at a steady pace, if markets allow you to do so—is after all the best course of action." Recent research, to be presented in the upcoming Fiscal Monitor, shows that the detrimental growth impact of fiscal consolidations is larger when output is significantly below potential. Moreover, the positive confidence effects that might accompany fiscal tightening in more normal times could be impeded by the current focus of markets on short-term growth developments. Fiscal tightening, however, cannot be postponed all together either—because direct market pressures or the risks posed by record-high debt ratios, market volatility, and investors' increased risk aversion.

 

FAD In The News

The work of Carlo Cottarelli and Laura Jaramillo on CDS spreads, fiscal consolidation, and growth was discussed in the Economist's article "The perils of prudence" and by Dana Andreicut in the Bruegel's blog "Fiscal tightening and markets."

Carlo Cottarelli discussed in a speech at the Milan Catholic University (Fiscal Policy in Advanced Economies: Fiscal Adjustment, Efficiency and Growth) and a Vox blog (Fiscal adjustment: Too much of a good thing?) whether some of the fiscal consolidation gains from better fiscal fundamentals may be lost through lower growth. His arguments were subsequently picked up by the Wall Street Journal blog (IMF's Cottarelli: Some Governments May Be Trying to Cut Debt Too Quickly).

The recent Staff Discussion Note "Accounting Devices & Fiscal Illusions," by Timothy C. Irwin featured in an article in The Economist titled "Book-Cooking Guide."

Third IMF-Japan Tax Conference for Asian Countries
(Tokyo, February 3)

Tokyo Seminar

The Third IMF-Japan High-Level Tax Conference for Asia and Pacific Countries, organized jointly by FAD and Japan's Ministry of Finance, was attended by senior officials from 18 countries in Asia and the Pacific. IMF Deputy Managing Director Shinohara delivered concluding remarks. Issues discussed at the conference included revenue mobilization, natural disasters and taxation, taxation and inequality, tax gap analysis, climate financing, transfer pricing, double taxation treaties, and measures to combat tax fraud.




Conference on Management of Natural Resources
(Kinshasa, March 20–21)

Tokyo Seminar

FAD staff played a key role in this conference organized jointly by the authorities of the Democratic Republic of the Congo and the IMF. The conference brought together policy makers from over 20 Sub-Saharan African countries to discuss the macroeconomic management of large resource flows and associated capacity-building needs—with a special focus on fiscal policy challenges including transparency, governance, tax policy, and revenue administration. Speakers, which included FAD Deputy Director Mr. Gupta, emphasized that sustainably scaling up growth-enhancing investment will require increasing absorptive capacity, building public savings in good times, and more effective and balanced revenue systems.





Cottarelli: "Structures, Processes and Governance in Tax Policy-Making" (Saïd Business School, Oxford University, UK, March 8)

In his keynote speech at a conference in the Center for Business Taxation, FAD Director Carlo Cottarelli drew lessons from FAD international experience in technical assistance on tax policy and tax reform. He emphasized that tax reform requires pragmatism ("tax policy advice centers on bridging the gap between what is optimal and what is feasible") as much as "strong institutions, transparency and debate to build public support, and regional coordination to counter harmful tax competition."

3rd Chelliah Lecture: "Some Current VAT Issues (and Some Lessons for the GST in India)"

Conference-on-Large-Fiscal-Adjustments

FAD Deputy Director Michael Keen delivered the 3rd annual Chelliah lecture of the National Institute for Public Finance and Policy in New Delhi. His presentation focused on the gains from eliminating the current cascading tax paid at multiple stages, which the VAT aims to avoid, and how even crudely targeted expenditure is likely to be a better way to help the poor than reduced rates of VAT on some commodities.




Staff Discussion Notes

Accounting Devices & Fiscal Illusions,” by Timothy C. Irwin, examines the devices that governments use to make their deficits and debts seem smaller than they really are, such as recording as revenue assets from the takeover of pension schemes when accounting rules do not treat the future pension rights as liabilities. These devices reduce the deficit or debt in the short term, only to increase them later, and therefore frustrate fiscal monitoring. The Note concludes by looking at changes in government accounting that can prevent, or at least transparently reveal the use of such devices.

 

Working Papers

"Debt, Taxes, and Banks," by Michael Keen and Ruud de Mooij, finds strong empirical support for the view that the asymmetric corporate tax treatment of debt and equity encourages banks to take on more debt—militating against prudential supervisory efforts to reduce leverage-related risk. Thus, tax reform could contribute to rebalance the funding structure of banks.

"Fiscal Performance, Institutional Design and Decentralization in European Union Countries," by Julio Escolano, Luc Eyraud, Marialuz Moreno Badia, Juliane Sarnes, and Anita Tuladhar. The paper finds that spending decentralization has been associated with sizably better overall fiscal performance in the EU, especially when the transfer dependency of subnational governments is low.

Technical Assistance Activities

During January–February 2012, FAD provided 38 technical assistance missions to IMF member countries and multi-country organizations.

Career Opportunities

FAD seeks talented and dedicated professionals with a background in different areas of public finance, to work on macro-fiscal policy issues and to provide technical assistance advice to IMF member countries on public financial management, tax policy reform, revenue administration, and different expenditure policy issues. Vacancies in FAD for staff and long-term expert positions are posted on http://www.imf.org/jobs. FAD also seeks experts who are interested in occasional short-term (2–3 week) assignments; interested candidates may send their CVs to FADexperts@imf.org

 

April 16, 2012

Is Fiscal Transparency at Risk? Ten Questions for FAD’s Tim Irwin

Posted by Marco Cangiano

Tim_marco
Tim Irwin is headquarter-based consultant in the Public Financial Management 1 Division of the Fiscal Affairs Department, headed by Marco Cangiano. He’s recently published a Staff Discussion Note on accounting devices and fiscal illusions and has several papers on fiscal transparency under development, including one on the history of the subject. Tim has worked on issues such as fiscal reporting, fiscal risks, and the governance of state-owned enterprises and public-private partnerships, in Iceland, Jordan, Mexico, and Portugal. Before joining the Fund, he worked at the World Bank, the New Zealand Treasury, and an economic consultancy.

Is fiscal transparency at risk now that fiscal consolidation and monetary stimulus are the primary policy tools being used to resuscitate European economies? Are countries less interested in fiscal transparency in the aftermath of the financial crisis, i.e. more motivated to hide the real goings on in the kitchen of government?

Continue reading "Is Fiscal Transparency at Risk? Ten Questions for FAD’s Tim Irwin" »

IMF Fiscal Affairs e-Newsletter April 2012

Header

April 2012

IMF Fiscal Affairs Department (FAD)

  Useful Links

FAD at a Glance

Contacts in FAD

Previous Newsletter

 

  Recent Blogs

Fiscal Adjustment: Too Much of a Good Thing?
by Carlo Cottarelli

It's the Years, Not the Mileage: IMF Analysis of Pension Reforms in Advanced Economies
by Benedict Clements

Healing Public Health Care Finances: Budget Reforms that Work
by Benedict Clements

PFM Blog

  Coming Soon

April 2012 Fiscal Monitor. The upcoming Fiscal Monitor examines the scope that policymakers have to calibrate the pace of fiscal adjustment without undermining fiscal sustainability. Strong institutional arrangements can help to implement a gradual but steady pace of adjustment while maintaining market confidence.

On April 18th, the IMF will host in Washington DC the third Fiscal Forum. This year's theme will be Fiscal Policy and the Crisis; Lessons Learnt and the Way Forward. The event will be opened by IMF Managing Director Christine Lagarde and include keynote presentations from Stanley Fischer, Francesco Giavazzi, and Christina Romer.

Fiscal Reform in a Changing MENA (Middle East and North Africa). The panel discussion, organized by FAD and the IMF Middle East and Central Asia Department, will allow an exchange of views among MENA ministers focusing on subsidy and tax reforms in a difficult social and political environment (April 19).

The Economics of Public Health Care Reform in Advanced and Emerging Economies. This new book to be published in April discusses the continuing rise in public health care costs in a large number of advanced and emerging countries, and identifies efficient and equitable policy options based on past reform experiences.

 

  Publication Updates

   IMF Publications

  IMF Working Papers

   more...

  Finance & Development

  IMF Staff
  Discussion Notes

 

The Challenge of Pension Reform in Advanced and Emerging Economies

Public pension reform will be a key policy challenge in coming decades. A recent paper prepared by FAD covering more than 50 advanced and emerging countries found that public pension spending would increase by an average of 2½ percentage points of GDP by mid-century in advanced and emerging economies. The analysis shows that gradually raising retirement ages is an attractive option for reform because it will not only contain pension spending increases but also boost employment and growth. The paper also finds that, in emerging economies, means-tested social pensions could play a key role in expanding the coverage of pension systems, combined with reforms that ensure the long-term financial viability of the systems.

Cottarelli's Blog "The Austerity Debate: Festina Lente!"

Carlo Cottarelli argues in a new Vox Blog that, in the current situation of advanced economies, "a pragmatic approach—proceed with moderate (fiscal) adjustment, at a steady pace, if markets allow you to do so—is after all the best course of action." Recent research, to be presented in the upcoming Fiscal Monitor, shows that the detrimental growth impact of fiscal consolidations is larger when output is significantly below potential. Moreover, the positive confidence effects that might accompany fiscal tightening in more normal times could be impeded by the current focus of markets on short-term growth developments. Fiscal tightening, however, cannot be postponed all together either—because direct market pressures or the risks posed by record-high debt ratios, market volatility, and investors' increased risk aversion.

 

 

FAD In The News

The work of Carlo Cottarelli and Laura Jaramillo on CDS spreads, fiscal consolidation, and growth was discussed in the Economist's article "The perils of prudence" and by Dana Andreicut in the Bruegel's blog "Fiscal tightening and markets."

Carlo Cottarelli discussed in a speech at the Milan Catholic University (Fiscal Policy in Advanced Economies: Fiscal Adjustment, Efficiency and Growth) and a Vox blog (Fiscal adjustment: Too much of a good thing?) whether some of the fiscal consolidation gains from better fiscal fundamentals may be lost through lower growth. His arguments were subsequently picked up by the Wall Street Journal blog (IMF's Cottarelli: Some Governments May Be Trying to Cut Debt Too Quickly).

The recent Staff Discussion Note "Accounting Devices & Fiscal Illusions," by Timothy C. Irwin featured in an article in The Economist titled "Book-Cooking Guide."

Third IMF-Japan Tax Conference for Asian Countries
(Tokyo, February 3)

The Third IMF-Japan High-Level Tax Conference for Asia and Pacific Countries, organized jointly by FAD and Japan's Ministry of Finance, was attended by senior officials from 18 countries in Asia and the Pacific. IMF Deputy Managing Director Shinohara delivered concluding remarks. Issues discussed at the conference included revenue mobilization, natural disasters and taxation, taxation and inequality, tax gap analysis, climate financing, transfer pricing, double taxation treaties, and measures to combat tax fraud.

 

Conference on Management of Natural Resources
(Kinshasa, March 20–21)

FAD staff played a key role in this conference organized jointly by the authorities of the Democratic Republic of the Congo and the IMF. The conference brought together policy makers from over 20 Sub-Saharan African countries to discuss the macroeconomic management of large resource flows and associated capacity-building needs—with a special focus on fiscal policy challenges including transparency, governance, tax policy, and revenue administration. Speakers, which included FAD Deputy Director Mr. Gupta, emphasized that sustainably scaling up growth-enhancing investment will require increasing absorptive capacity, building public savings in good times, and more effective and balanced revenue systems.

 

Cottarelli: "Structures, Processes and Governance in Tax Policy-Making" (Saïd Business School, Oxford University, UK, March 8)

In his keynote speech at a conference in the Center for Business Taxation, FAD Director Carlo Cottarelli drew lessons from FAD international experience in technical assistance on tax policy and tax reform. He emphasized that tax reform requires pragmatism ("tax policy advice centers on bridging the gap between what is optimal and what is feasible") as much as "strong institutions, transparency and debate to build public support, and regional coordination to counter harmful tax competition."

3rd Chelliah Lecture: "Some Current VAT Issues (and Some Lessons for the GST in India)"

FAD Deputy Director Michael Keen delivered the 3rd annual Chelliah lecture of the National Institute for Public Finance and Policy in New Delhi. His presentation focused on the gains from eliminating the current cascading tax paid at multiple stages, which the VAT aims to avoid, and how even crudely targeted expenditure is likely to be a better way to help the poor than reduced rates of VAT on some commodities.

Staff Discussion Notes

Accounting Devices & Fiscal Illusions,” by Timothy C. Irwin, examines the devices that governments use to make their deficits and debts seem smaller than they really are, such as recording as revenue assets from the takeover of pension schemes when accounting rules do not treat the future pension rights as liabilities. These devices reduce the deficit or debt in the short term, only to increase them later, and therefore frustrate fiscal monitoring. The Note concludes by looking at changes in government accounting that can prevent, or at least transparently reveal the use of such devices.

 

Working Papers

"Debt, Taxes, and Banks," by Michael Keen and Ruud de Mooij, finds strong empirical support for the view that the asymmetric corporate tax treatment of debt and equity encourages banks to take on more debt—militating against prudential supervisory efforts to reduce leverage-related risk. Thus, tax reform could contribute to rebalance the funding structure of banks.

"Fiscal Performance, Institutional Design and Decentralization in European Union Countries," by Julio Escolano, Luc Eyraud, Marialuz Moreno Badia, Juliane Sarnes, and Anita Tuladhar. The paper finds that spending decentralization has been associated with sizably better overall fiscal performance in the EU, especially when the transfer dependency of subnational governments is low.

Technical Assistance Activities

During January–February 2012, FAD provided 38 technical assistance missions to IMF member countries and multi-country organizations.

Career Opportunities

FAD seeks talented and dedicated professionals with a background in different areas of public finance, to work on macro-fiscal policy issues and to provide technical assistance advice to IMF member countries on public financial management, tax policy reform, revenue administration, and different expenditure policy issues. Vacancies in FAD for staff and long-term expert positions are posted on http://www.imf.org/jobs. FAD also seeks experts who are interested in occasional short-term (2–3 week) assignments; interested candidates may send their CVs to FADexperts@imf.org

 

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Copyright © 2012

International Monetary Fund
   All Rights Reserved

 

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 13, 2012

PEFA NewsFlash: Reminder - First Open Forum on PEFA - 3rd May 2012, Miami, USA

Posted by the PEFA Secretariat

Pefa logo
We would like to remind you that the first PEFA Open Forum will be held on Thursday 3rd May 2012 within the Spring Conference of the International Consortium on Governmental Financial Management (ICGFM) to be held in Miami, USA from 30th April to 4th May, 2012.

Our goal is to reach out to all our stakeholders, particularly country government officials involved in PFM reforms, representatives from other international development agencies and PFM experts applying the PEFA framework and are open to engage in fruitful discussions about the future orientations of the PEFA Program on “How to meet the Needs of All PEFA Stakeholders”.

Continue reading "PEFA NewsFlash: Reminder - First Open Forum on PEFA - 3rd May 2012, Miami, USA" »

PEFA NewsFlash: Recordatorio - Primer Foro sobre el PEFA - 3 de mayo de 2012, Miami, EE.UU.

Por La Secretaría del PEFA

Pefa logo
Les recordamos que el primer Foro sobre el PEFA tendrá lugar el jueves 03 de mayo 2012 con ocasión de la conferencia de primavera del Consorcio Internacional sobre la Gestión Financiera Gubernamental (ICGFM), que se celebrará en Miami, Estados Unidos, del 30 abril al 4 de mayo de 2012.

Nuestro objetivo es establecer un diálogo entre todas las partes interesadas en el PEFA, especialmente los funcionarios gubernamentales de los países involucrados en las reformas de la GFP, los representantes de otros organismos internacionales de desarrollo y expertos en la aplicación del Marco del PEFA, dispuestos a participar en un debate abierto sobre la dirección futura del programa PEFA con el fin de "Satisfacer las necesidades de todos los actores del PEFA".

Continue reading "PEFA NewsFlash: Recordatorio - Primer Foro sobre el PEFA - 3 de mayo de 2012, Miami, EE.UU." »

PEFA NewsFlash: Rappel - Premier Forum sur le PEFA le 3 mai 2012, à Miami, Etats-Unis

Posté par le Secrétariat PEFA

Pefa logo
Nous tenons à vous rappeler que le premier Forum – débat  sur le PEFA se tiendra le jeudi 3 mai 2012 dans le cadre de la conférence de printemps du Consortium International sur la Gestion Financière Gouvernementale (ICGFM) organisée à Miami, aux Etats-Unis du 30 Avril au 4 mai, 2012.

Notre objectif est d’établir un dialogue entre tous les acteurs du PEFA, en particulier les fonctionnaires des gouvernements des pays impliqués dans les réformes de la Gestion des Finances Publiques, des représentants d'autres agences de développement internationales et des experts de la GFP appliquant le cadre du PEFA et désireux de s’engager dans des discussions fructueuses sur les orientations futures du programme PEFA afin de " Répondre aux besoins de tous les intervenants du PEFA".

Continue reading "PEFA NewsFlash: Rappel - Premier Forum sur le PEFA le 3 mai 2012, à Miami, Etats-Unis" »

April 09, 2012

Going Broke? Why Pension Reforms Are Needed in Emerging Economies?

Previously published in iMFdirect (The International Monetary Fund's global economy forum), by Mauricio Soto

We’re all getting older, and there’s no doubt that pension reform is a hot topic in the advanced economies. But it’s also critical in emerging economies.

Our analysis here at the IMF shows that across emerging economies pension spending is projected to rise as the population ages. On average, these spending increases are not that large. But reforms are needed to increase coverage of the system without making pension systems financially unsustainable over the long term.

 

Continue reading "Going Broke? Why Pension Reforms Are Needed in Emerging Economies?" »

April 06, 2012

Assessing Debt Levels in Poorer Countries

Previously published in IMF Survey Magazine

Imf survey
Following a comprehensive review, the IMF and World Bank are introducing improvements to their joint Debt Sustainability Framework (DSF) developed to assess borrowing levels in low-income countries.
In response to feedback from a range of stakeholders, the IMF and World Bank have determined that some enhancements are necessary to ensure that the framework adapts to changing circumstances in borrowing countries.

Used by borrowers and lenders

The framework is used by borrowing countries, lenders, and donors to assess how much debt is sustainable and to balance it against a country’s development needs. The World Bank relies on the DSF to determine the share of grants and loans in its assistance to low-income countries. Other lenders and donors similarly look to the DSF to inform their financing decisions.

Continue reading "Assessing Debt Levels in Poorer Countries" »

April 04, 2012

La Cuenta Única de Tesorería es una herramienta esencial para la gestión de tesorería del gobierno: Nueva nota técnica del Departamento de Finanzas Públicas

Publicado por Sailendra Pattanayak

La cuenta única de tesorería (CUT) es un prerrequisito esencial para una gestión de caja eficaz y es una herramienta clave que permite al ministerio de hacienda o de finanzas establecer la supervisión y el control centralizado de los recursos  de tesorería del gobierno. También proporciona otros beneficios y, por ende, mejora la eficacia global del sistema de gestión financiera pública (GFP). En particular, la CUT facilita una mejor coordinación fiscal, de la gestión de la deuda y de la política monetaria, así como una mejor conciliación de los datos fiscales y bancarios, lo que a su vez mejora la calidad de la información fiscal. El establecimiento de la CUT reduce considerablemente los costos del servicio de la deuda pública, las necesidades de reservas líquidas, y ayuda a maximizar el rendimiento de las inversiones del excedente de efectivo.

El Departamento de Finanzas Públicas del FMI ha publicado recientemente una nueva nota técnica de la serie Notas Técnicas y Manuales  titulada La Cuenta Única de Tesorería: Una herramienta esencial para la gestión de tesorería del gobierno. Esta nota se basa en gran medida en el anterior documento de trabajo del FMI “Treasury Single Account: Concept, Design and Implementation Issues”, preparado por Israel Fainboim y por mí,[1] y publicado en el blog PFM el 12 de julio de 2010. En la nota se examinan las principales características de la CUT, posibles estructuras alternativas de la CUT y los sistemas de procesamiento de transacciones correspondientes, así como varias cuestiones relativas al diseño y a las condiciones previas que deberían abordarse para establecer un sistema de CUT. Además, se explican los principales pasos que deberían seguirse para implementar la CUT y se proporcionan directrices prácticas sobre la contabilidad y la presentación de informes en un régimen de CUT, conciliación bancaria y acuerdos con los bancos sobre los servicios para la gestión de la CUT.

Continue reading "La Cuenta Única de Tesorería es una herramienta esencial para la gestión de tesorería del gobierno: Nueva nota técnica del Departamento de Finanzas Públicas" »

April 03, 2012

Job Offer: Technical Assistance Advisor (Technical Assistance Management) (IMF Job Number: 1200273)

Description

The Fiscal Affairs Department (FAD) of the International Monetary Fund (IMF) provides technical assistance (TA) to IMF member countries in several public finance areas, including public financial management, tax policy and revenue administration, and expenditure policy. FAD's TA program is increasing significantly as donor financing is mobilized. To help manage the TA program, FAD is seeking a TA officer for its Resource and Information Management Division. The contractual position, which is at its headquarters in Washington, D.C., will be for an initial period of two years.

Working closely with FAD's senior staff and TA divisions, the selected candidate will help manage and administer FAD's TA program, including: (i) formulating the annual work program and monitoring its execution; (ii) supporting mobilization of donor financing, including preparation of project proposals and budgets, in consultation with other Fund departments; and reporting on implementation progress to donors; (iii) helping implement and oversee the department's results-based management (RBM) framework; (iv) contributing to development and drafting of TA policies and processes; (v) helping produce outreach material on TA activities; and (vi) participating in Fund-wide initiatives on TA issues.

The selected candidate will be working within a team of TA officers while being responsible within the division for 1-2 regions, including working with the IMF's regional technical assistance centers within the region(s). There may also be opportunities to participate in other aspects of the department's work, for example, the delivery of TA.

Continue reading "Job Offer: Technical Assistance Advisor (Technical Assistance Management) (IMF Job Number: 1200273)" »

April 02, 2012

Job Offer: Technical Assistance Advisors (Public Financial Management Specialists) (IMF Job Number: 1200275)

Description

The Fiscal Affairs Department (FAD) of the IMF is looking for well-qualified technical assistance (TA) advisors to fill headquarters-based (in Washington, D.C.) contractual positions in the Public Financial Management (PFM) Divisions. The advisor's appointment term would be for a period of two years, on a renewable basis, subject to satisfactory performance.

The selected candidates will provide technical assistance (TA) on PFM matters to IMF member countries, and will also supervise the technical assistance work of experts based in member countries and/or at the IMF's Regional Technical Assistance Centers. The work programs may cover all PFM areas: legal and regulatory framework; budget preparation (including budget classification, medium-term budgetary frameworks, performance-oriented budgeting); budget execution (including expenditure control, treasury operations, cash management, accounting, fiscal reporting, and financial management information system), internal control and audit. The TA advisor will be required to travel overseas.

Continue reading "Job Offer: Technical Assistance Advisors (Public Financial Management Specialists) (IMF Job Number: 1200275)" »

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