2013年-IMF国际货币组织全球_Libya_Technical_Assistance_ReportPublic_Financial_Management_Reform_Priorities_in_the_New_Environment_62页_801kb

Libya: Technical Assistance Report—Public Financial Management Reform Priorities in the New Environment

Core Content

This report outlines the key priorities for public financial management (PFM) reform in Libya following the 2011 revolution. It was prepared by a joint IMF/World Bank mission in April 2012 and provides a strategic roadmap for reforming the fiscal framework, budgeting, execution control, accounting, and government banking arrangements. The report emphasizes the need for a transparent, efficient, and sustainable PFM system, particularly in light of Libya’s heavy reliance on hydrocarbon revenues and the challenges posed by the political and economic transition.

Main Views and Recommendations

1. Macro-Fiscal Policy and Framework

• Objective: Establish a macro-fiscal policy framework that reflects Libya’s economic goals and the volatility of oil revenue.
• Key Elements:
  • A clear fiscal rule should be defined to guide budgeting and spending.
  • The Sovereign Wealth Fund (SWF), managed by the Libyan Investment Authority (LIA), and the Budget Reserve Account should be integrated into this framework.
  • A Macro-Fiscal Unit (MFU) should be created within the Ministry of Finance (MoF) to develop medium-term fiscal projections and support policy formulation.
• Timing: The MFU should be established by April/May 2012, and a macro-fiscal framework should be adopted by December 2012.
• Responsibility: The MoF, in collaboration with the CBL and LIA, is responsible for this reform.

2. Sovereign Wealth Fund (SWF)

• Objective: Transform the SWF into a transparent and accountable financing fund system.
• Key Elements:
  • The SWF should be a dynamic system with clear inflow and outflow rules.
  • The Budget Reserve Account and LIA portfolio should be merged into a single system with two sub-portfolios for stabilization and savings.
  • The SWF should not be used for domestic investments to avoid conflicts of interest and fragmentation of the budget.
  • Outflows from the SWF should be strictly limited to supporting the state budget.
• Timing: The SWF should be operational as a stabilization/savings fund by January 2013.
• Responsibility: The MoF, CBL, and LIA are responsible for this reform.

3. Budget Planning and Preparation

• Objective: Improve the coherence and transparency of the budget process.
• Key Elements:
  • A unified budget process is needed, integrating recurrent and capital budgets.
  • A medium-term perspective should inform the annual budget.
  • A comprehensive and clear budget should be presented.
  • A Budget Strategy Paper should be introduced at the start of the budget cycle to link policy priorities to budget allocations.
  • A budget preparation calendar should be established to define the role and deadlines of different agencies.
• Timing: Key reforms should be implemented by June 2012, with more detailed actions planned for 2013 and 2014.
• Responsibility: The MoF, Ministry of Planning (MoP), and relevant line ministries are responsible.

4. Budget Execution Control

• Objective: Strengthen control mechanisms to ensure budget implementation aligns with allocations.
• Key Elements:
  • A commitment control system should be introduced to monitor expenditures.
  • Financial controllers should authorize and record commitments in the “appropriation book.”
  • Financial inspection procedures should be used more intensively.
  • A working group should be established to review the internal control system.
• Timing: Commitment control should be implemented by June 2012, with further reforms planned for 2013.
• Responsibility: The MoF and line ministries are responsible.

5. Accounting and Reporting

• Objective: Implement internationally accepted accounting standards and improve transparency.
• Key Elements:
  • A hierarchical administrative classification and an economic classification based on GFSM 2001 should be developed.
  • A Government Financial Management Information System (GFMIS) should be conceptualized by December 2013.
  • Until the new classifications are implemented, fiscal reports based on GFSM 2001 can be generated using bridge tables.
• Timing: The development of classifications should begin by June 2012, with implementation by April 2013.
• Responsibility: The MoF and line ministries are responsible.

6. Government Banking Arrangements

• Objective: Improve the efficiency of government cash management through a centralized treasury system.
• Key Elements:
  • A Treasury Single Account (TSA) structure should be implemented at the Central Bank of Libya (CBL).
  • All cash balances in line ministry commercial accounts should be consolidated into the TSA.
  • The payments system should be reformed to avoid pre-funding allocations and ensure timely payments.
• Timing: The TSA should be reconfigured by June 2012, with full implementation by December 2012.
• Responsibility: The MoF and CBL are responsible.

7. Cash Planning and Management

• Objective: Strengthen the capacity for accurate and systematic cash flow forecasting.
• Key Elements:
  • A capacity-building program for cash forecasting should be implemented by June 2013.
  • A methodology to calculate appropriate TSA cash buffer levels should be developed by December 2012.
  • A T-bill market should be developed for cash management purposes by January 2014.
• Timing: Capacity-building and buffer calculation should begin in 2012, with the T-bill market by 2014.
• Responsibility: The MoF and CBL are responsible.

8. Managing the Reform Agenda

• Objective: Coordinate and implement the reform agenda effectively.
• Key Elements:
  • A task force led by the MoF should be established to coordinate with all relevant agencies.
  • A time-bound implementation plan with necessary technical assistance should be developed.
  • A review of the legal framework is required, potentially leading to the enactment of a new public finance law.
• Timing: The task force should be established immediately, with a detailed implementation plan by June 2012.
• Responsibility: The MoF, MoP, and relevant ministries are responsible.

Key Information

• Context: Libya's PFM system is in need of reform due to the recent revolution, which has created new fiscal and institutional challenges.
• Challenges: The system is fragmented, lacks transparency, and has not fully integrated oil revenues into a sustainable fiscal framework.
• Solutions: The report recommends a comprehensive set of reforms, including the establishment of a macro-fiscal framework, a unified budget process, a centralized TSA, and the development of a GFMIS.
• Partnership: The IMF and World Bank are ready to support the implementation of these reforms, with technical assistance and policy guidance.

Priority Reform Measures