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May 2022

May 31, 2022

Relaunch of IMF’s Popular Public Financial Management Online Course

May31

Posted by Sureni Weerathunga and Fabien Gonguet[1]

 

With the support of the IMF Institute for Capacity Development (ICD), the Fiscal Affairs Department has relaunched its online course on Public Financial Management (PFMx) on May 1, 2022, it will remain open year-round. In its five previous offerings, this free online course has been taken by more than 8,700 participants from virtually every country, with very high satisfaction rates. Developed with the financial support of USAID and taught by more than 15 experts of the Fiscal Affairs Department, the course is open for government officials and staff of bilateral and multilateral development agencies, but also to civil society organizations, parliamentarians, academics and the general public, which in previous offerings represented almost half of all active participants.

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May 23, 2022

Disclosing Fiscal Information during COVID-19 - Country Experiences

May 23

iStock.com/marimo

 

Posted by Aura Martinez and Juan Pablo Guerrero[1]

 

COVID-19 has triggered extraordinary fiscal-policy crisis response measures. Throughout the world, established public finance regulations were often by-passed, at the expense of transparency and reporting timeliness. This hampered efforts to track the design and implementation of response measures and analyze policy trade-offs. Evidence indicates that fiscal transparency can enable better intra-agency coordination and informed public participation, improving response efficiency and effectiveness. But such mutually reinforcing conditions have been in short supply during the pandemic.

Building on its Fiscal Data in Emergency Response: Guide for COVID-19, and experiences from the international cooperation community, the GIFT network joined forces with the World Bank and the Europe Foundation to identify fiscal transparency responses that have helped governments move towards a more open, accountable, and inclusive recovery. Some of these good country examples are summarized below.

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May 16, 2022

Fighting Corruption in Sub-Saharan Africa

May 16 baona

iStock.com/baona

 

Posted by Racheeda Boukezia[1]

 

In the footsteps of the successful first anti-corruption training course delivered in November 2020, FAD offered a second edition of its “Fighting Corruption in Sub Saharan Africa” course from March 2-28th 2022.

Since 2018 the IMF has placed greater emphasis on governance and corruption issues both in policy dialogue and in financial program design with increased support to member countries to strengthen their capacities. The IMF’s 2019 Fiscal Monitor stressed the importance of building strong fiscal institutions to address corruption. With a myriad of opportunities for funds to leak in the public sector, understanding the vulnerabilities in the fiscal environment is crucial to design proper reforms and reduce the fiscal impact of mismanagement.

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May 09, 2022

Rethinking Public Financial Management

May 9

Posted by Gary Bandy, Mark Johnson, Tia Raappana, and Srinivas Gurazada[1]

 

What do governments need to be effective in a crisis? Among many other things, they need to be good at risk management, at securing the necessary resources and spending them where they matter the most, as quickly and effectively as possible, whilst balancing many policy priorities and demands. To do all this, a government needs good PFM systems. Often, governments with weak PFM systems will find those weaknesses exposed and magnified during times of crisis or extreme fiscal pressure.

Over the past two decades, the focus of many countries has been to build robust, efficient, and accountable PFM systems. The Global Report on Public Financial Management by the Public Expenditure and Financial Accountability (PEFA) program[2] highlights that whilst PFM systems have seen improvements, significant weaknesses remain. Countries, on average, perform better preparing their budgets than getting them implemented.

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May 02, 2022

Budgetary Practices of the Spanish Regional Governments

May 2

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Posted by Jordi Baños, Daniel Montolio and Clara Picanyol[1]

Spain is considered a highly decentralized country, where Regional Governments (called “Autonomous Communities”) manage around 31% of total public sector expenditure (Euro 224 billion in 2021 (19% of GDP)), providing healthcare, education, long-term care, and social services, among other services. The debt levels of Regional Governments have increased, especially after the 2008/09 global financial crisis, reaching 25.9% of GDP in 2021.

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