Legal Foundations of Public Debt Transparency: Aligning the Law with Good Practices

Posted by Karla Vasquez Suarez[1], Kika Alex-Okoh[2] and Genesis Leal Pardo[3]

Debt transparency is fundamental to promoting sustainable borrowing and lending practices and to lowering borrowing costs by reducing uncertainty for investors and supporting market confidence. Debt transparency also enables effective fiscal management by providing a complete representation of government’s outstanding debt and contingent liabilities. It informs debt restructuring processes and supports accountability for the use of public resources. While there have been advances in this field across countries (e.g., strengthened reporting of debt management operations and broadened scope of public debt data disclosure beyond the central government), critical gaps remain (e.g., disclosure of contingent liabilities, lack of public debt audits, fragmentation responsibilities and uncoordinated institutional arrangements for public debt monitoring and reporting). Importantly, the pandemic has exacerbated pre-existing debt vulnerabilities, particularly in low-income and developing countries, increasing the urgency to strengthen debt transparency.

Strengthening Governance for Climate-Responsive Public Investment

Posted by Nicoletta Feruglio, Manal Fouad, and Suphachol Suphachalasai[1]

Massive infrastructure investment is needed globally to tackle climate change. Climate-responsive infrastructure will help to mitigate greenhouse gas (GHG) emissions and make economies more resilient to climate-related risks.

Verifying the Receipts

Posted by Laura Gores, Xavier Rame, and Carolina Renteria^[1]

In October 1977, the Lima Declaration of Guidelines on Auditing Precepts adopted by the IX International Congress of the International Organization of Supreme Audit Institutions (INTOSAI) made a strong linkage between audit and trust. The Declaration states that “the concept and establishment of audit is inherent in public financial administration as the management of public funds represents a trust.“ Forty-four years later, SAIs in many countries have made progress but still face challenges in playing a meaningful role as watchdogs of the transparency and accountability of public finances. Some recent reports highlight these challenges.[2]

Digital Public Infrastructure, Platforms and Public Finance

Posted by Cathal Long^[1]

A new Co-Develop report from the Rockefeller Foundation, the Digital Public Goods Alliance, and the Norwegian Agency for Development Cooperation makes a compelling case for greater international cooperation and investment in Digital Public Infrastructure (DPI).

Budget Documents: from Compliance to Communication

Posted by Greg Rosenberg^[1]

This blog is based on a presentation delivered to the Public Expenditure Management Peer Assisted Learning (PEMPAL) group of countries in Central and Eastern Europe and Central Asia in October 2021.

National budget documents provide an excellent platform for governments to communicate fiscal policy, outline choices and trade-offs, and promote accountability in public finances.

The Crucial Role of Fiscal Policy in Averting Environmental Catastrophe

Posted by Murray Petrie and Richard Allen^[1]

In a new book, ‘Environmental Governance and Greening Fiscal Policy’, published recently by Palgrave Macmillan, Murray Petrie addresses the increasingly urgent question: ‘How can governments be held more accountable for environmental stewardship?’