2017年-IMF国际货币组织全球_Brazil_Fiscal_Transparency_Evaluation_92页_2mb
报告摘要
Brazil Fiscal Transparency Evaluation Summary
Core Content
This report is a Fiscal Transparency Evaluation of Brazil, conducted by the IMF in January 2017, based on data available up to June 2016. It assesses Brazil's fiscal transparency practices in relation to the IMF Fiscal Transparency Code (FTC) and provides recommendations for improvement.
Main Views
- Brazil has made significant progress in fiscal transparency over the past decades, particularly due to the 2000 Fiscal Responsibility Law (FRL).
- The country has implemented international accounting standards (IPSAS) and provides a wide range of fiscal data through various reports.
- Despite these improvements, several weaknesses remain that affect the quality of fiscal policy and public understanding.
- Key areas of concern include incomplete coverage of public sector institutions, lack of transparency in fiscal reporting standards, and insufficient disclosure of fiscal risks.
Key Information
Fiscal Reporting
- Coverage: Brazil's fiscal reports cover most public sector institutions, but not all, such as Petrobras and Eletrobras.
- Frequency and Timeliness: Reports are published regularly, with some on a monthly or quarterly basis, and annual financial statements are audited by the Federal Court of Accounts (TCU).
- Quality and Accessibility: Fiscal reports are generally reliable and accessible, though there are inconsistencies in accounting bases and classifications.
- Integrity: The reliability of fiscal data is somewhat compromised by issues like unreported liabilities and "pedaladas" (off-budget fiscal activities).
- Recommendations: Improve the coverage of fiscal reports to include all relevant public sector entities, enhance the clarity and consistency of fiscal reporting standards, and ensure the systematic dissemination of summary documents that describe public sector developments and fiscal risks.
Fiscal Forecasting and Budgeting
- Comprehensiveness: Budget documents are extensive, but lack a clear medium-term framework.
- Orderliness: The budget process is generally orderly, with clear timelines and procedures.
- Policy Orientation: Budgeting is policy-oriented, but the links between fiscal policy and broader economic goals are not always transparent.
- Credibility: There is room for improvement in the credibility of fiscal forecasts and budgeting, particularly in the absence of independent evaluation.
- Recommendations: Formalize decision-making ahead of the budget by publishing a medium-term fiscal policy statement. Introduce a modern organic budget law to improve the legal framework. Create an independent fiscal council to evaluate forecasts, assess fiscal policy, and monitor compliance with fiscal rules and reporting standards.
Fiscal Risks
- Disclosure and Analysis: Fiscal risk disclosure is improving, but still lacks in some areas.
- Risk Management: Risk management is anchored in the FRL, which requires the publication of a statement of fiscal risks.
- Fiscal Coordination: Coordination between central and subnational governments is not fully transparent, and the relationship between the central government and public banks is not well communicated.
- Recommendations: Strengthen disclosure and management of fiscal risks by creating a working group to monitor risks across the public sector. Expand the analysis of fiscal risks to include public enterprises, subnational governments, and the financial sector. Publish reports on long-term fiscal sustainability, especially regarding rising pension and health costs.
Summary Table (Table 0.1)
| Level of Importance | Level of Practice | Rating |
|---|---|---|
| High | Fiscal Reporting | 1.1.1 Coverage of Institutions |
| 1.1.2 Coverage of Stocks | ||
| 1.1.3 Coverage of Flows | ||
| 1.4.1 Statistical Integrity | ||
| 1.4.3 Comparability of Fiscal Data | ||
| 1.4.2 External Audit | ||
| Fiscal Forecasting and Budgeting | 2.1.2 Macroeconomic Forecasts | |
| 2.1.3 MT Budget Framework | ||
| 2.1.4 Investment Projects | ||
| 2.2.1 Fiscal Legislation | ||
| 2.2.2 Timeliness of Budget Documents | ||
| 2.3.1 Fiscal Policy Objectives | ||
| 2.3.2 Performance Information | ||
| 2.4.1 Independent Evaluation | ||
| Fiscal Risk Analysis and Management | 3.1.1 Macroeconomic Risks | |
| 3.1.2 Specific Fiscal Risks | ||
| 3.1.3 Long-Term Fiscal Sustainability | ||
| 3.2.2 Asset-and-Liability Management | ||
| 3.2.6 Natural Resources | ||
| 3.2.7 Environmental Risks | ||
| 3.3.1 Subnational Governments | ||
| 3.3.2 Public Corporations | ||
| 3.2.1 Budgetary Contingencies | ||
| 3.2.3 Guarantees | ||
| 3.2.4 Public-Private Partnerships | ||
| 3.2.5 Financial Sector |
Financial Overview (Table 0.2)
| Indicator | General Government | Public Corporations | Consolidated Public Sector | Public Sector |
|---|---|---|---|---|
| Revenue | 25.2% | 2.8% | 27.8% | 40.1% |
| Expenditure | 30.4% | 2.3% | 32.5% | 45.5% |
| Expense | 30.3% | 2.3% | 32.3% | 44.5% |
| Investment in NFA | 0.1% | 0.0% | 0.2% | 0.9% |
| Net Operating Balance | -5.0% | 0.6% | -4.5% | -1.3% |
| Net Lending/Borrowing | -5.2% | 0.5% | -4.6% | -5.4% |
| Assets | 149% | 7.8% | 155% | 166% |
| Nonfinancial Assets | 103% | 0.1% | 103% | 117% |
| Financial Assets | 46.5% | 7.7% | 52.1% | 48.5% |
| Liabilities | 90.5% | 6.3% | 94.6% | 168% |
| Liabilities (excluding equity and pensions) | 90.5% | 6.1% | 94.6% | 168% |
| Public Servants Pensions (RPPS) | 23.0% | 0.0% | 23.0% | 88.3% |
| Equity | 0.0% | 0.2% | 0.0% | 0.0% |
| Net Worth | 58.8% | 1.5% | 60.3% | 1.8% |
| Net Financial Worth | -44.0% | 1.4% | -42.5% | -131% |
| Stock of RGPS Entitlements | 208% | 0.0% | 208% | 208% |
| Net Worth Including All Pensions | -149% | 1.5% | -147% | -209% |
Key Recommendations
- Comprehensive Fiscal Statistics: Include all public sector entities in fiscal statistics, particularly Petrobras and Eletrobras.
- Transparency in Fiscal Reporting: Improve the clarity and consistency of fiscal reporting standards and disclose quasi-fiscal costs of public corporations.
- Independent Fiscal Council: Establish an independent fiscal council to evaluate budget forecasts, assess fiscal policy, and monitor compliance with fiscal rules.
- Enhanced Fiscal Risk Disclosure: Expand the analysis of fiscal risks to include public enterprises, subnational governments, and the financial sector. Create a working group to monitor fiscal risks.
- Medium-Term Fiscal Policy Statement: Publish a medium-term fiscal policy statement to clarify the government's policy intentions and long-term goals.
- Modern Organic Budget Law: Introduce a modern organic budget law to strengthen the legal framework for fiscal transparency.
- Public Access to Fiscal Data: Improve the availability of fiscal data to the public through more accessible and systematic reporting.
Conclusion
The evaluation highlights that while Brazil has made notable progress in fiscal transparency, there are still important gaps that need to be addressed to ensure the effectiveness of fiscal policy and enhance public understanding of the financial state of the country. Strengthening transparency in fiscal reporting, forecasting, and risk management will help Brazil maintain fiscal discipline and improve its economic governance.
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