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This paper presents an update to the Report on the Observance of Standards and Codes on Fiscal Transparency for Greece. The government has initiated steps toward improving auditing. The Ministry of Economy and Finance is undertaking a comparative examination of its auditing mechanism against those used by the European Union (EU) and by other advanced economies. It is also making use of the experience gained through the auditing of programs that are financed jointly by national and EU funds. It is intended that all expenditures would be subject to audit prior to expenditure approval.
Budgeting --- National Budget --- Budget Systems --- Budgeting & financial management --- Budget planning and preparation --- Fiscal transparency --- Public financial management (PFM) --- Budget --- Greece
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The Czech government has made further progress in improving fiscal transparency that was already high by international standards. The measures implemented to broaden the coverage of general government data have been commended. Improved reporting on fiscal risks, including those arising from contingent liabilities, has been welcomed. However, greater effort is needed to improve the public availability of fiscal data and to maintain regular tax expenditure reports. Ensuring appropriate standards for audit and fiscal discipline at the subnational level is critical.
Budgeting --- Public Finance --- National Budget --- Budget Systems --- Auditing --- Budgeting & financial management --- Management accounting & bookkeeping --- Budget planning and preparation --- Fiscal transparency --- Public financial management (PFM) --- Budget --- Czech Republic
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This study provides a factual report on developments in data dissemination and fiscal transparency since the September 1999 Experimental Report on the Observance of Standards and Codes—Czech Republic and the June 2000 update. The 2001 State Budget was prepared in accordance with the new budgetary rules. According to the new law on budgetary rules, all state guarantees must be approved by way of a special act (law), which means that each individual guarantee must be approved by government as well as by parliament.
Budgeting --- National Budget --- Budget Systems --- Budgeting & financial management --- Budget planning and preparation --- Fiscal transparency --- Public financial management (PFM) --- Budget --- Czech Republic
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This paper presents an update to the Report on Observance of Standards and Codes on Fiscal Transparency Module for Azerbaijan. Reforms aimed at delineating the roles of the public and private sector in Azerbaijan have moved forward, but a significant amount of work still lies ahead. During 2002, the government simplified requirements for business licensing in an effort to strengthen private sector development. Important steps were also taken toward clarifying the relationship between the government and state-owned enterprises.
Budgeting --- National Budget --- Budget Systems --- Budgeting & financial management --- Budget planning and preparation --- Fiscal transparency --- Public financial management (PFM) --- Budget --- Azerbaijan, Republic of
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This paper examines the rationale for a top-down approach to budget preparation and approval, and discusses some factors that have to be considered when reorienting the budget process along these lines. The paper argues that the sequence in which budgetary decisions are taken matters, and that a strong top-down approach strengthens fiscal discipline and improves policy prioritization and coordination. Top-down budgeting also alters the division of roles and responsibilities between the central budget authority and line ministries, and requires that the process of determining the total expenditure level, sectoral allocations and individual appropriations is clarified. Finally, the paper argues that strong top-down elements in the parliamentary budget voting process can be effective in addressing the risk of excessive and unsustainable amendments during budget approval.
Budgeting --- Public Finance --- National Budget --- Budget Systems --- National Government Expenditures and Related Policies: General --- Fiscal Policy --- Budgeting & financial management --- Public finance & taxation --- Macroeconomics --- Budget planning and preparation --- Expenditure --- Total expenditures --- Fiscal policy --- Central government spending --- Budget --- Expenditures, Public --- Switzerland
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Drawing on a dataset suitable for macroeconomic analysis, the paper provides an overview of the magnitudes, purpose and institutional implications of EU-related transfers to and from the new member states. A rough analysis of accounting identities and first-round effects shows that EU funds may have led to a fiscal drag of up to 1 percent of GDP and an additional aggregate demand stimulus of up to 1 percent of GDP during the first years of membership. These effects are likely to increase as additional funding become available under the new financial perspective, pointing to the need to consider policy tradeoffs.
Budgeting --- Macroeconomics --- Public Finance --- Fiscal Policy --- National Government Expenditures and Related Policies: General --- National Budget --- Budget Systems --- Public finance & taxation --- Budgeting & financial management --- Expenditure --- Budget planning and preparation --- Fiscal stimulus --- Fiscal stance --- Fiscal policy --- Expenditures, Public --- Budget --- Czech Republic
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This report evaluates the Observance of Standards and Codes on Monetary and Financial Policies Transparency and Fiscal Transparency for France. Up to mid-2001, different rules were applied to insurance firms regulated by the Insurance Code and to establishments regulated by the Code de la Mutualité. Moving toward the consolidation of these rules, a new Code de la Mutualité was ratified by Parliament in July 2001. Now, prudential rules concerning authorizations for new entrants in the insurance business, technical provision, and solvency margins are the same for all companies in the sector.
Budgeting --- Insurance --- National Budget --- Budget Systems --- Insurance Companies --- Actuarial Studies --- Budgeting & financial management --- Insurance & actuarial studies --- Fiscal transparency --- Budget planning and preparation --- Financial institutions --- Public financial management (PFM) --- Budget --- France
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This paper presents an update to the Report on the Observance of Standards and Codes for Bulgaria. In 2001–02, Bulgaria continued to use the common General Data Dissemination System (GDDS) as a framework for the further development and improvement in the quality of statistics. In June 2001, the country carried out the first update of the national metadata included in the electronic bulletin maintained by IMF. All existing tables were revised, and three new tables with metadata were developed.
Budgeting --- Public Finance --- National Budget --- Budget Systems --- National Budget, Deficit, and Debt: General --- Budgeting & financial management --- Budget planning and preparation --- Chart of accounts --- Fiscal transparency --- Budget execution and treasury management --- Public financial management (PFM) --- Budget --- Bulgaria
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This paper presents an update to the Report on the Observance of Standards and Codes (ROSC) on Fiscal Transparency for Mongolia. Since the publication of the ROSC in late 2001, Mongolia has made significant progress in enhancing transparency practices in the fiscal area. Actions have been taken under each of the four areas underlying the fiscal transparency code. A new Public Sector Management and Finance Law (PSMFL) was adopted in June 2002 to set the legal basis for public administration reforms, output budgeting, and accrual accounting.
Budgeting --- Public Finance --- National Budget --- Budget Systems --- Debt --- Debt Management --- Sovereign Debt --- Budgeting & financial management --- Public finance & taxation --- Budget planning and preparation --- Public debt --- Public financial management (PFM) --- Budget --- Debts, Public --- Mongolia
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This report on Lebanon’s Performance Under the Program Supported by Emergency Post-Conflict Assistance analyzes the economic situation and financial system. The economic situation continues to be overshadowed by the political stalemate and episodes of violence. The recent turbulence in international financial markets has not had a significant impact on Lebanon. It is important to restore promptly the revenue source, which constitutes a key measure in the authorities’ fiscal adjustment strategy. The ongoing work by the new cash management unit to establish a cash flow plan is encouraging.
Budgeting --- Public Finance --- Auditing --- National Budget --- Budget Systems --- Debt --- Debt Management --- Sovereign Debt --- Management accounting & bookkeeping --- Budgeting & financial management --- Public finance & taxation --- Budget planning and preparation --- Public debt --- Public financial management (PFM) --- Budget --- Debts, Public --- Lebanon
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