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August 2015

August 31, 2015

Treasury Management in the Dominican Republic


Posted by Mario Pessoa [1]

The Dominican Republic Ministry of Finance, Latin American Treasury Forum (FOTEGAL,  International Monetary Fund (IMF), Inter-American Development Bank (IDB), and World Bank jointly organized the sixth annual seminar that took place in Punta Cana, Dominican Republic, from August 26-28, 2015. FOTEGAL aims at providing a permanent regional dialogue for technical discussions and exchange of experiences among treasurers. The seminar, also supported by the Government of Switzerland through State Secretariat for Economic Affairs, Economic Cooperation and Development (SECO), is a key component of the IMF’s technical assistance program on treasury management.

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August 24, 2015

Book Review - PFM Reforms in Latin America


Posted by Carlos Pimenta [1] and Mario Pessoa [2]

 Over the last two decades, almost all countries in Latin America have conducted substantive reforms to strengthen their public financial management (PFM) systems and generate reliable information in an effort to promote fiscal stability and sustainable development. These reforms have enhanced the quality of macro-fiscal management in the region and improved economic performance observed throughout the 2000s. As the recent economic crisis demonstrated, however, there is room for further improvement, as well as a need to increase the resilience of the PFM systems.

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August 07, 2015

Letting in the light? Vatican adopts IPSAS

Vatican light

 Posted by Tim Irwin[1]

Throughout Europe, fiscal secrecy gave way to openness as absolute monarchy gave way to constitutional government, mainly during the nineteenth century. Kings, if they weren’t simply deposed, were constrained by legislatures and judiciaries, and budgets and accounts became public documents. Absolute monarchy has of course disappeared from Europe. Or, rather, it has almost disappeared. In a small corner of the continent, the Vatican holds out against the trend, describing itself as “an absolute monarchy” (albeit an elective one) in which the Pope “holds full legislative, executive and judicial powers.” Not surprisingly, the Vatican publishes less information on its finances than other European governments.

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