2014年-IMF国际货币组织全球_Update_on_the_Fiscal_Transparency_Initiative_32页_1mb

IMF Policy Paper: Update on the Fiscal Transparency Initiative

Core Content

This document outlines the IMF's ongoing efforts to enhance fiscal transparency through the development of a new Fiscal Transparency Code (FTC) and the implementation of Fiscal Transparency Evaluations (FTEs). The initiative builds on the lessons from the 2008-09 global crisis and incorporates international standards and stakeholder feedback.

Main Viewpoints

• The FTC is designed to improve fiscal transparency by focusing on outputs rather than processes, providing a more objective basis for evaluating transparency.
• The FTC is structured into four pillars, with the first three already developed and the fourth (Resource Revenue Management) expected to be completed by the end of 2015.
• The FTEs replace the traditional Fiscal ROSCs and offer more rigorous, quantified, and targeted assessments of fiscal transparency practices.
• FTEs provide modular assessments of individual FTC pillars, enabling more focused evaluations and recommendations for reform.
• The FTC Manual (FTM) is being developed in two volumes, with Volume I covering the first three pillars and Volume II the fourth.

Key Information

New Fiscal Transparency Code (FTC)

• Structure: Four pillars focusing on fiscal reporting, forecasting and budgeting, risk analysis and management, and resource revenue management.
• Pillar I (Fiscal Reporting): Requires comprehensive, timely, and reliable fiscal statistics and accounts to reflect the government's financial position and performance.
• Pillar II (Fiscal Forecasting and Budgeting): Emphasizes clear budgetary objectives, credible forecasts, and medium-term projections.
• Pillar III (Fiscal Risk Analysis and Management): Focuses on the analysis, disclosure, and management of risks to public finances, including macroeconomic shocks, contingent liabilities, and demographic trends.
• Pillar IV (Resource Revenue Management): Addresses transparency in natural resource endowments and revenues, integrating the previously separate "Guide on Resource Revenue Transparency."

Fiscal Transparency Evaluations (FTEs)

• Pilot FTEs: Conducted in eight countries, including Bolivia, Costa Rica, Ireland, Mozambique, Philippines, Portugal, Romania, and Russia. Four reports have been published.
• Improvements over ROSCs: FTEs provide more analytical, accessible, and targeted assessments; they focus on output quality and fiscal risk; and they allow for modular evaluations.
• Findings: Fiscal transparency varies across and within countries, with higher levels generally associated with higher income. Pillar II (forecasting and budgeting) showed the best performance, while Pillar III (risk analysis) lagged behind.
• Positive Feedback: Country authorities and area departments have welcomed the FTEs for their relevance and analytical depth, and they have been used to inform policy reforms and technical assistance.

Next Steps and Resource Implications

• Approval Request: The Board is asked to approve the first three pillars of the new FTC and the replacement of fiscal ROSCs with FTEs.
• Timeline: The first three pillars of the FTC will be published in summer 2014; up to five FTEs will be conducted in FY2015; Volume I of the FTM will be published in summer 2015; the full FTC, including Pillar IV, will be submitted for approval in summer 2015; Volume II of the FTM will be completed by the end of 2015.
• Resource Allocation: FTEs will be carried out within FAD's budget, with up to five planned for FY2015. Further scaling up would require additional resources.

Structure of the FTC

Pillar I: Fiscal Reporting

• Coverage: Includes all public sector entities, assets, liabilities, and financial flows.
• Frequency and Timeliness: Reports should be published frequently and in a timely manner.
• Quality: Information should be relevant, comparable, and internally consistent.
• Integrity: Fiscal data should be reliable, subject to external audit, and comparable across time and countries.

Pillar II: Fiscal Forecasting and Budgeting

• Comprehensiveness: Budgets and forecasts should cover all central government entities and be based on comprehensive macroeconomic forecasts.
• Orderliness: Legal frameworks should define budget processes, and budgets should be timely and transparent.
• Policy Orientation: Forecasts and budgets should support policy analysis and accountability.
• Credibility: Forecasts and budgets should be independently evaluated and subject to revisions and explanations.

Pillar III: Fiscal Risk Analysis and Management

• Risk Disclosure and Analysis: Governments should regularly report on macroeconomic and specific fiscal risks.
• Risk Management: Risks related to assets, liabilities, guarantees, public-private partnerships, the financial sector, natural resources, and environmental factors should be managed.
• Fiscal Coordination: Information on sub-national governments and public corporations should be disclosed and coordinated.

Complementarity with Other Standards

• The FTC is designed to complement other fiscal standards like PEFA and the Open Budget Index.
• It reduces overlap with these standards by focusing on outputs and risk analysis, and by providing a graduated approach to compliance based on country capacity.
• The FTC aims to send a consistent and mutually reinforcing message across fiscal standards.

Conclusion

The new FTC and FTEs represent a significant evolution in the IMF's approach to fiscal transparency. By focusing on outputs, differentiating between basic, good, and advanced practices, and incorporating fiscal risk analysis, the initiative aims to improve fiscal surveillance and support capacity building across all Fund member countries. The positive feedback on pilot FTEs and the planned approval of the new code suggest a promising path forward for enhancing fiscal openness and accountability.