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February 2016

February 22, 2016

The Whole Elephant: A Proposal for Integrating Cash, Accrual, and Sustainability-Gap Accounts

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Posted by Tim Irwin[1]

Government finances are affected by many kinds of changes. Most obviously, there are cash inflows and cash outflows. But even in the absence of such flows, government finances are rarely static: the government may be accumulating unpaid bills, for instance, or it may hold shares and bonds whose value is surging or plummeting.

Even if there are no changes in the value of the government’s financial assets and liabilities, the government may be developing or running down its physical assets. It may be building new roads, for instance, or allowing them to deteriorate through lack of maintenance.

Continue reading "The Whole Elephant: A Proposal for Integrating Cash, Accrual, and Sustainability-Gap Accounts" »

February 18, 2016

Fiscal Risk: What is Going on at the Leading Edge, and Where to Next?

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Posted by Jason Harris[1]

Fiscal risks are big, bad and occur more frequently than commonly anticipated. FAD hosted a seminar of leading edge countries to identify ways of assessing and managing those risks to reduce their impact on public finances.

The global financial crisis demonstrated just how large, consequential and serious are the fiscal risks that sit outside of the normal budget forecasts. The huge increase in public indebtedness, unprecedented during peacetime, was driven by a combination of the sharp decline in macroeconomic activity, with its consequences for tax and benefits, as well as the realization of fiscal exposures to the banking sector, state-owned enterprises and local governments. 

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February 17, 2016

New PFM Blog Page: Job Board

Posted by PFM Blog Administrator

The PFM Blog has added a new Job Board page to the PFM Blog Website. The page has been created as a result of the Blog’s popularity among PFM professionals interested in new opportunities. The page will be available to organizations outside the IMF who want to post job announcements in PFM and closely related fields such as accounting and finance. 

Submission of job announcements can be sent to PFMBLOG@imf.org and is available to NGOs, international organizations, and governments only.

Thanks for reading and we hope you enjoy the new page!

Note: The posts on the IMF PFM Blog Job Board should not be reported as an endorsement of the posting organization or its policies by the IMF. The views expressed are those of the authors and do not necessarily represent those of the IMF or IMF policy. All inquires relating to a specific position should be directed towards the posting organization and not the IMF or IMF PFM Blog.

February 10, 2016

Upgrading Infrastructure Projects through IISS

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Posted by Christophe Dossarps
[1]

Transparency. Efficiency. Quality. If you work with infrastructure projects, these are words you will hear all the time. Unfortunately, these concepts are familiar only because so many projects lack them. These “lessons learned” are often discussed during workshops and evaluation sessions focused on what not to do next time.

But with the newly launched International Infrastructure Support System (IISS) at the Inter-American Development Bank on Wednesday, January 27th in the presence of the global community of multilateral development banks, the IMF, the World Economic Forum and a series of key private sector organizations - a digital platform that supports project preparation - achieving transparency, efficiency and quality in infrastructure PPPs, and traditional procurement, is within our reach. 

Continue reading "Upgrading Infrastructure Projects through IISS" »

February 03, 2016

Medium-Term Budgetary Frameworks, Fiscal Rules, and Fiscal Councils in East Africa

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Posted by Victor Lledó[1]

A workshop on Medium-term Budgetary Frameworks, Fiscal Rules and Fiscal councils took place in Addis Ababa, Ethiopia from January 11-14, 2016. The workshop was organized by the East Africa Regional Technical Assistance Center (AFE) and was attended by 23 delegates from Burundi, Ethiopia, Kenya, Malawi, Tanzania, Uganda, and the East Africa Community (EAC) Secretariat. Participants, all senior officials, hailed from Ministries of Finance, Supreme Audit Institutions, Parliamentary Budget Offices, and Think Tanks. Overviews on fiscal institutions, medium-term budget frameworks, fiscal rules, and fiscal councils were presented by Fazeer Rahim (Macro-Fiscal Advisor, AFE), Phyllis Makau (Director of Kenya’s Parliamentary Budget Office), Victor Lledó (Senior Economist, FAD), and Andy King (Chief of Staff, U.K. Office of Budget Responsibility). These presentations were followed by discussion of specific country cases presented by some of the delegates. A wrap-up session in the last day distilled key lessons.

Some of the key take-away messages— potentially relevant for further analytical and operational work on fiscal rules and fiscal councils— were as follows.[2]

Continue reading "Medium-Term Budgetary Frameworks, Fiscal Rules, and Fiscal Councils in East Africa" »

February 02, 2016

Upgraded PEFA 2016

PEFA


Posted by Lewis Hawke[1]

On February 1, 2016, the seven PEFA partners[2] announced the release of the PEFA 2016 framework for assessing countries’ public financial management (PFM) performance. PEFA 2016 aims to enhance the relevance of PEFA while preserving as much comparability over time as possible. It will provide an improved basis for monitoring PFM performance and for discussing and designing reform initiatives. Consequently, it will be more useful for governments and other stakeholders.

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