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August 2014

August 21, 2014

18 Key Principles of PFM Reform


Posted by Hisham Waly[1]

While circumstances vary from country to country, I have found that there are some generic principles for PFM reform.  I have drawn these principles from my personal experience (inside and outside the World Bank) and readings (see list of resources at the end of the article).

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18 Key Principles of PFM Reform" »

August 18, 2014

GFSM Manual

GFSM 2014 Cover

Purpose of the Government Finance Statistics Manual 2014 (GFSM 2014)

 The GFSM 2014 is an international methodological standard primarily for data compilers to prepare comprehensive government finance statistics “fit for use” for policy analysis. It describes concepts, definitions, accounting rules, classifications, and standard data presentation.

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August 15, 2014

Interview with Phil Sinnett, former PEFA Head

Mr. Phil Sinnett


Posted by Richard Allen[1]

Phil Sinnett recently retired as the Head of the Public Expenditure and Financial Accountability (PEFA) Secretariat, returning to live in South Africa. In this post, I interviewed Phil on his experiences of working for PEFA and his plans for the future.

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Interview with Phil Sinnett, former PEFA Head" »

August 13, 2014

Increasing Extractive Industry Revenues

Administering Fiscal Regimes for Extractive Industries

Posted by Katherine Baer[1]

On Monday, July 28th, the IMF’s Fiscal Affairs Department (FAD) launched a new book: Administering Fiscal Regimes for Extractive Industries: A Handbook, by Jack Calder[2] [Available here!]

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Increasing Extractive Industry Revenues" »

August 11, 2014

Public Consultation for Updating the PEFA Indicators


Posted by the PEFA Secretariat

The Public Expenditure and Financial Accountability (PEFA) Program, launched in 2001, has created a credible and comprehensive framework for assessing PFM functionality, which has been applied in a large number of countries since 2005—countries with different income levels, different administrative heritages, and in different geographical regions.

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August 08, 2014

IMF’s new Fiscal Transparency Code and Evaluation


Posted by Sailendra Pattanayak[1]

The IMF has just published a new Fiscal Transparency Code which replaces the earlier 2007 version. The new Code sets the standards for the disclosure of information on governments’ financial positions, prospects and risks, and is built around four pillars covering the key elements of fiscal transparency. These pillars are: (i) fiscal reporting; (ii) fiscal forecasting and budgeting; (iii) fiscal risk analysis and management; and (iv) resource revenue management. While the first three pillars of the new Code, containing 36 principles, have been published [ Download FT CODE (PDF)], the fourth pillar on resource revenue management will be completed by mid 2015 following a separate consultation process with key stakeholders.

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IMF’s new Fiscal Transparency Code and Evaluation" »

August 04, 2014

IMF Guide on External Debt Statistics

External Debt Statistics

Posted by Rita Mesías[1]

The 2013 EDS Guide[2] is now available in hard copy (see http://www.tffs.org/edsguide.htm). It provides guidance on (1) the concepts, definitions, and classifications; (2) the sources and techniques for compiling; and (3) the analytical uses of external debt statistics (EDS).

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August 01, 2014

This is PFM – Looking Good but Does it Work?

Looking Good

But Does it Work?


Posted by Richard Allen

An interesting new working paper[1] by an eclectic group of experts from Harvard University, the IMF, the World Bank, the Overseas Development Institute, the International Budget Partnership, and the Collaborative African Budget Reform Initiative (CABRI) casts new light on the meaning of PFM and approaches to reforming it. As the paper notes, it is encouraging that experts from such diverse organizations and arenas can agree—to some extent at least—on the basics of PFM. The paper coincides with the publication by the OECD of its Ten Principles of Budgetary Governance[2], a document that provides a solid overview but is more conventional in scope and focus.

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