Moving Forward with Fiscal Federalism in Nepal

Posted by Franck Bessette¹

Nepal is known mainly for being the birthplace of the Buddha and the seat of the highest summit on Earth, Mount Everest. The country has also become the laboratory of one of the most ambitious state restructuring operations of our time. Nepal is being transformed from a very centralized administration to a federal one, comprising the federal government, seven provincial governments and 753 municipal governments. These reforms stem from the new Constitution of 2015 and were analyzed in an earlier blog article. Almost two years after Nepal’s national and subnational elections, what is the situation? As it turns out, achievements have been quite remarkable and far from the chaotic outcomes that some experts predicted. In summary:

Mozambique’s Fiscal Risk Unit is Open for Business

Posted by Camilo Gomez Osorio[1]

The achievements of the Fiscal Risk Unit (FRU) of Mozambique’s Ministry of Finance over the last two years are impressive.[2] A previous PFM blog article  described the background. While working to reduce the risk exposure of public finances and bring a medium-term perspective to the budget process, the Unit has also opened a dialogue with civil society on the management of fiscal risks and improving fiscal transparency. It is fair to say that the FRU is open for business!

Mali Commercial Banks set to Operate the Treasury Single Account

Posted by Serge Ramangalahy, Benoit Taiclet and Benoit Wiest[1]

A recent PFM Blog by Matthieu Sarda explained why the implementation of a treasury single account (TSA) is recognized as a core PFM reform in the eight West Africa Economic and Monetary Union (WAEMU) countries.[2]  The article focused on how the TSA was introduced in Niger, and the challenges that were faced. The story now extends to Mali.

Les Banques du Mali s’impliquent pour la réussite du Compte unique du Trésor

Posté par Serge Ramangalahy, Benoit Taiclet, et Benoit Wiest [1]

Dans un récent post, Matthieu Sarda expliquait combien la mise en œuvre d’un compte unique du Trésor (CUT) était, pour les pays de l’Union Economique et monétaire de l’Ouest Africain (UEMOA), au cœur de la réforme de la gestion des finances publiques.  L’article de Matthieu était centré sur les réformes en cours au Niger. Ce nouveau post aborde maintenant le cas du Mali.

OECD Good Practices on Performance Budgeting

Posted by Ivor Beazley[1]

Performance budgeting involves a shift in the focus of budgeting, away from management of inputs and towards a focus on the results of spending and the achievement of policy objectives. This represents a profound change in the character of the budget process, from a traditionally closed domain of budget specialists, focused on the numbers, to a more accessible, transparent and multi-disciplinary exercise, with greater involvement by the center of government, line ministries, the legislature and citizens.

Reviewing the UK Balance Sheet – Proving its (Net) Worth

Posted by Vincent Tang, Richard Hughes, Graham Prentice, and Mario Pisani [1]

In the UK, as in most other countries, fiscal policy-making has focused predominantly on the government’s financial flows (revenue, expenditure, borrowing). However, the IMF’s October 2018 Fiscal Monitor on Managing Public Wealth showed that the UK also has extensive holdings of other liabilities and assets. These more than trebled in the wake of the 2008 crisis, as a result the government’s financial sector interventions, unconventional monetary policy, and large operating deficits. It left the UK with net liability position of 125% of GDP in 2016, the second lowest net worth of the 31 countries sampled.

Passant en revue le bilan britannique – preuve de sa valeur (nette)

Publié par Vincent Tang, Richard Hughes, Graham Prentice et Mario Pisani [1]

Au R-U, comme dans la plupart des autres pays, la politique budgétaire s’est essentiellement concentrée sur les flux financiers du gouvernement (recettes, dépenses, emprunts). Cependant, le Fiscal Monitor du FMI d’Octobre 2018 traitant de la gestion des biens publics a mis exergue le fait que le Royaume Uni dispose également d’importants autres actifs et passifs. Ces derniers ont plus que triplé au lendemain de la crise de 2008, en raison des interventions de l’Etat dans le secteur financier, d’une politique monétaire non conventionnelle et de déficits d’exploitation importants. En 2016, la situation nette négative du Royaume uni s’établit à 125% du PIB, deuxième valeur la plus basse parmi les 31 pays sondés.

Public Sector Balance Sheets and Fiscal Policy Analysis: The Case of Indonesia

Posted by Vitor Gaspar, John Ralyea, and Majdeline El Rayess[1]

Public sector balance sheets provide the most comprehensive picture of public wealth, looking beyond simply debt and deficits, bringing into the picture not only what governments owe but also what they own.

A Global Picture of Public Wealth

Posted by Jason Harris, Abdelhak Senhadji, and Alexander F. Tieman

Our new data on government assets released today shows that when governments know what they own, they can make better use of the assets for the well-being of all their citizens.  We make these data free and publicly available for all to use because we believe transparency can help create better public policy.

Implementing Cutting-Edge Reforms in Financial Reporting

Posted by John Stanford[1]

The Fiscal Affairs Division of the IMF, the International Public Sector Accounting Standards Board (IPSASB) and the Governance Global Practice Division of the World Bank co-hosted a one-day seminar in Washington in March 2019 on “Leveraging Government Financial Reporting for Fiscal Policymaking and the Management of Public Wealth”.