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August 2018

August 30, 2018

Gender Responsive Budgeting in East Africa

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Posted by Kubai Khasiani and Amitabh Tripathi[1]

Gender budgeting efforts in the East Africa region started in the 1990s, motivated by several key international and regional agreements and with the objective of addressing gender equality issues through planning and budgeting processes. These initiatives found support from ministries of finance, parliamentary groups, civil society organizations, and development partners. The progress however, has been slow and uneven across the region. While Uganda and Rwanda have achieved notable success in their efforts to integrate gender-oriented goals into budget policies, programs and processes, a lot more needs to be done in other member countries. 

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August 28, 2018

Are European Auditors Moving Against Accrual Accounting?

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Posted by Andy Wynne[1]

Public sector auditors across Europe are taking a dim view of the introduction of accrual accounting in EU member states. In recent years, audit reports from Britain, France, and especially Germany have become increasingly critical, arguing that any benefits from the adoption of accrual accounting may not be worth the significant costs involved.  

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August 21, 2018

The IMF’s Public Financial Management (PFM) Course

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Posted by Nour Chamseddine1 and Qing Zhao2

The IMF’s first public offering of its online Public Financial Management (PFM) course had 1,375 participants from 194 countries. This eight-week course (PFMx) was offered as a massive open online course (MOOC) hosted on the edX platform, open to government officials, civil society and the public. The top five countries with the most participation from the general public were Somalia, United Kingdom, India, Jamaica and Kenya. The countries with the most government officials participating were Somalia, Jamaica, Colombia, Egypt and Zimbabwe.

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August 15, 2018

Managing Fiscal Risks in the UK

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Posted by Richard Hughes[1]

On 17 July 2018, HM Treasury published its first ever report on Managing Fiscal Risks, the Government’s response to the Office for Budget Responsibility’s (OBR’s)  Fiscal Risks Report published in July 2016.

The OBR’s Fiscal Risks Report surveyed the potential near-term shocks to and longer-term pressures on the public finances. It identified 57 different risks emanating from the macroeconomy, financial sector, and government revenue, spending and the balance sheet. It also included an innovative fiscal stress test which looked at the combined impact on the public finances of a range of macroeconomic and specific fiscal risks materialising at once. The Fiscal Risks Report was recognised by the IMF, OECD, and other international organisations as the most comprehensive report of its kind, and the only one produced by an independent body.

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August 07, 2018

Colombia Emerges Strong in its Fiscal Transparency Evaluation

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Posted by Diana Escobar and Sandeep Saxena[1]

The IMF’s Fiscal Transparency Evaluation of Colombia highlights the progress made by the country in recent years in building more transparent fiscal management institutions. The IMF just published the report that evaluates Colombia’s fiscal reporting, fiscal forecasting and budgeting, and fiscal risk analysis management practices against the standards set by the 2014 version of the IMF’s Fiscal Transparency Code. The report includes a sequenced action plan to address important gaps. The report can be accessed here

http://www.imf.org/en/Publications/CR/Issues/2018/08/02/Colombia-Fiscal-Transparency-Evaluation-46148.

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