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The Legal Foundations of Public Debt Transparency: Aligning the Law with Good Practices
Debt opacity burdens the public and can exacerbate debt vulnerabilities in many countries. Both low-income and developing countries and emerging market economies have critical gaps in debt transparency, and the implementation of international standards and guidelines has lagged. The paper surveys the legal frameworks of sixty jurisdictions and reveals the critical weaknesses that hinder debt transparency, which include weak reporting obligations, limited coverage of public debt, inadequate monitoring, unclear borrowing and delegation processes, unfettered confidentiality arrangements and weak accountability mechanisms. Because laws entrench practices and bind the discretion of policy makers and debt managers alike, subjecting them to public scrutiny, legal reform is a necessary part of any solution to the problem of hidden debt, though it may entail a difficult and time intensive process in many jurisdictions.
Maldives
In their effort to strengthen fiscal management, the authorities in the Maldives are aiming to develop a legal framework for the country’s Sovereign Development Fund (SDF) to provide it a firm legal basis and establish its governance, accountability, and reporting arrangements. An IMF team supported the authorities in this endeavor with advice on key design choices involving the SDF’s objectives, operational policies, and interaction with the country’s broader fiscal management framework. This note summarizes the mission’s analysis and recommendations.
A Framework for Monitoring of and Reporting for External Project Loans in Developing Countries
To produce timely and accurate debt reports at the central government level, it is essential to have a sound legal, administrative, and operational framework in place for debt data compilation, reconciliation, accounting, monitoring, and reporting. This note focuses on the arrangements for external project-based debt, which present distinctive challenges in debt reporting particularly in low-income and developing countries. The discussion complements existing literature and guidance on debt transparency by focusing on stages prior to the production of debt reports. The note also identifies the links between the management of project loans and other public financial management (PFM) processes, such as public investment management, budget preparation, fiscal and financial reporting. It shows that a comprehensive approach that considers these linkages can improve efficiency and transparency in fiscal and debt management. Although the focus is on the central government’s debt obligations, the ideas can be extended to cover government-guaranteed loans and public sector debt in general.
Making Public Debt Public—Ongoing Initiatives and Reform Options—Background Paper
This Background Paper provides technical information to accompany the main paper “Making Public Debt Public: Ongoing Initiatives and Reform Options”. It provides further empirical evidence of benefits of public debt transparency and elaborates on two elements that can be used to enhance it: (i) sound practices in public debt management and (ii) available international data standards and publicly available debt databases.
Ireland
Ireland: Selected Issues
Climate-Sensitive Management of Public Finances—"Green PFM”
Public financial management (PFM) consists of all the government’s institutional arrangements in place to facilitate the implementation of fiscal policies. In response to the growing urgency to fight climate change, “green PFM” aims at adapting existing PFM practices to support climate-sensitive policies. With the cross-cutting nature of climate change and wider environmental concerns, green PFM can be a key enabler of an integrated government strategy to combat climate change. This note outlines a framework for green PFM, emphasizing the need for an approach combining various entry points within, across, and beyond the budget cycle. This includes components such as fiscal transparency and external oversight, and coordination with state-owned enterprises and subnational governments. The note also identifies principles for effective implementation of a green PFM strategy, among which the need for a strong stewardship located within the ministry of finance is paramount.
Making Public Debt Public—Ongoing Initiatives and Reform Options
The paper develops and assesses options to improve public debt transparency. It first makes the case, both conceptually and empirically, for greater public debt transparency. To guide the development and assessment of options, it examines the factors hindering transparency, including capacity and governance gaps, and borrower and creditor incentives. The paper then provides a high-level overview of existing initiatives to improve public debt transparency, identifying priorities for progress and policy gaps. Next, it presents and analyzes the merits of a range of options to improve public debt transparency, drawn from reform proposals gaining prominence in policymaking circles while reflecting Fund policy priorities. The IMF could contribute to these reforms with actions within its mandate but would need significant additional resources.
Fiscal Monitor, October 2024
Global public debt is elevated. It is projected to exceed US$100 trillion in 2024 and will rise over the medium term. This chapter shows that risks to the debt outlook are heavily tilted to the upside. In a severely adverse scenario, global debt is estimated to be nearly 20 percentage points of GDP higher three years ahead than the baseline projection, reaching 115 percent of GDP. Much larger fiscal adjustments than currently planned are required to stabilize (or reduce) debt with high probability. Now is an opportune time for rebuilding fiscal buffers and delaying is costly. Rebuilding fiscal buffers in a growth-friendly manner and strengthening fiscal governance is essential to ensure sustainable public finances and financial stability.
General Ashcroft
Reviled as a fascist and zealot by libertarians and liberals but praised as a great patriot and devout man of God by many conservatives, John Ashcroft may have been the most powerful and polarizing attorney general in our nation's history. Looking past such oversimplified stereotypes, Nancy Baker offers the first in-depth study of Ashcroft's controversial tenure as attorney general-and as domestic commander in our campaign against global terrorism. Addressing new concerns about challenges to civil liberties in the wake of 9/11, Baker provides a critical assessment of Ashcroft's impact on national life within the context of an enormous expansion of presidential power. Baker depicts a man who ...
CMJ New Music Report
CMJ New Music Report is the primary source for exclusive charts of non-commercial and college radio airplay and independent and trend-forward retail sales. CMJ's trade publication, compiles playlists for college and non-commercial stations; often a prelude to larger success.
