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August 2021

August 30, 2021

Exploring the Unknown - How Asset Maps Can Transform Public Financial Management

Illustration by Urban 3.jpeg
Illustration by Urban 3.
Posted by Dag Detter[1]

Governments around the world, and at every level (national, regional, local) own assets of immense economic value – not the least real estate - without realising it. What’s out of sight is out of mind and out of budget - and so this vast wealth is excluded from the calculus of government financial decision-making. An Asset Map offers a simple way of demonstrating the truth of this proposition, in any city, region or country.

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August 23, 2021

Gender Budgeting in Latin America: Current Practices and Looking Forward

GB Seminar
Posted by Virginia Alonso, Laura Gores, Lorena Rivero, Laura Torrent, Lorena Barba, and Raquel Coello[1]

Gender inequality, already high in Latin America, has been exacerbated by the COVID-19 pandemic. In response to growing inequality, policy action is needed and the use of gender-responsive budgeting tools can help identify gender gaps in policy responses and better target spending allocations and revenue measures. To support these efforts the IMF and UN Women have joined together to provide a workshop for Ministries of Finance and government agencies for women in Latin America (July 6-9, 2021). The event focused on introducing and strengthening gender budgeting (GB) tools.

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August 16, 2021

German State of Hesse Tests the Suitability of IPSAS

Germany Euro
Posted by Ulrich Kirchmann and Sagé de Clerck[1]

The German state of Hesse has published a one-off set of illustrative financial statements for the fiscal year 2019 that comply with International Public Sector Accounting Standards (IPSASs). The objective was to test the applicability of IPSAS compared to the accrual-based accounting standards currently applied by the state. This experiment enriches the dialog on whether IPSAS is an appropriate basis for developing European Public Accounting Standards (EPSAS), as well as the long-standing debate on cash versus accrual accounting in Germany.

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August 11, 2021

”Green PFM” –IMF Staff Approach to Climate-Sensitive Management of Public Finances

Staff Climate Note
Posted by
Manal Fouad, Fabien Gonguet, and Claude Wendling[1]

The International Monetary Fund (IMF) has just published a new note on “Climate-Sensitive Management of Public Finances – “Green PFM”. This note is the second instalment in the IMF Staff Climate Note series, which was inaugurated with a note on “Proposal for an International Carbon Price Floor among Large Emitters” published in June 2021.

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August 09, 2021

Maldives Demonstrates Strong Commitment to Enhancing Fiscal Transparency

Maldives TA Report
Post by Saruvash Adam and Sandeep Saxena[1]

The Maldives is the first small island state, and after Philippines the second Asian country, to have undertaken a Fiscal Transparency Evaluation (FTE). The FTE was conducted as part of ongoing efforts by the Maldives government to strengthen public financial management. In recent years, the country has pushed for fiscal transparency with the introduction and regular publication of several reports on a wide range of fiscal matters. The objective for the FTE was to take stock of the current situation and identify opportunities for further improvements.

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August 04, 2021

Making Tax Work: Pathways to Enhancing Tax Transparency and Performance

IStock-1221737946

Post by Andrew Baker and Richard Murphy [1]

 

Making Tax Work (MTW) [2] sets out the case for achieving greater transparency in the governance and management of national tax systems and identifies a variety of mechanisms and pathways for achieving this outcome. MTW identifies the responsibilities and obligations of governments, the levels of transparency they should aspire to, the role of international organisations in assisting and facilitating these processes, and how a variety of stakeholders could be involved in and benefit from enhanced tax transparency.

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August 02, 2021

How to Manage Public Investment During a Postcrisis Recovery

HTN - Postcrisis Recovery
Posted by Eivind Tandberg and Richard Allen[1]

Public investment can play an important role in economic recovery after crises and shocks, and the COVID-19 pandemic is no exception. Countries will emerge from the pandemic with scarce fiscal space, elevated debt levels, and large financing needs, highlighting the need to make every dollar count to ensure efficient investment spending. Many countries that had curtailed investment to finance immediate health and social expenditures during the crisis are now planning to increase investment.

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