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Chart of Accounts
This technical note and manual (TNM) addresses the following main issues: • Discusses the purpose of a chart of accounts and its importance in public financial management • Discusses stakeholder needs in a typical public financial management framework that need to be reflected in a chart of accounts • Discusses the role of chart of accounts in budgetary and financial accounting • Discusses the relation between the chart of accounts and IFMIS • Explains key steps for identifying data requirements and structures for developing a chart of accounts
How to Build Cash Management Capacity in Fragile States and Low-Income Developing Countries
Fiscal institutional capacity in most fragile states (FS) and several low-income developing countries (LIDCs) is much lower than in other countries. Governments in these countries face several cash management challenges because they often lack credible budgets, have smaller and less diversified revenue bases, have limited access to financial markets, and rely largely on donors to fund a large portion of their budgets. Available public funds in these countries often remain dispersed outside the control of the ministry of finance. In the absence of a good cash forecasting function, these countries typically resort to cash rationing to meet their priority spending needs, often in an ad hoc manner, which can adversely affect budget execution and achievement of fiscal policy targets. This note sets out the key objectives and building blocks of a cash management function in FS and LIDCs. It suggests several measures to progressively build cash management capacity in three interrelated areas: consolidating cash resources, forecasting cash flows, and managing cash balances with sound institutional setups.
Treasury Single Account Rapid Assessment Toolkit
Treasury Single Account Rapid Assessment Toolkit is designed to assist the government officials in clarifying the current status of TSA operations, and identifying possible improvements in practices, regulations, information security, and payment systems. The toolkit includes 65 questions in five categories as key indicators about the reliability and integrity of TSA platforms and underlying government payment systems. A risk and controls review is also embedded in this assessment to analyze the information systems, procedures and operational environment. This assessment questionnaire (checklist) is expected to provide a quick feedback to all stakeholders involved in TSA operations on several key aspects using a consistent approach.
Inclusive GovTech: Enhancing Efficiency and Equity Through Public Service Digitalization
How could the GovTech improve budget processes and execution efficiency? Could the GovTech strengthen redistributive function of public expenditure? Based on an event-study method, this paper finds that the introduction of digital budget payments and e-procurement could significantly enhance budget transparency and help expand the coverage of social assistance to reach the most vulnerable population. Exploiting staggered adoption of digital budget payments, a synthetic control regression identifies meaningful increase in pre-tax income shares among the bottom 50th percentile and female workers, especially for emerging market and developing countries, with effects materializing gradually over...
The 2017 Joint Review of the Standards and Codes Initiative
The standards and codes (S&C) initiative was launched in the aftermath of the emerging market crises of the 1990s as part of efforts to strengthen the international financial architecture, with a focus on emerging markets. The initiative has aimed at promoting international standards and codes to improve economic and financial resilience by assisting countries in strengthening their economic institutions and informing World Bank and IMF work. The four previous reviews confirmed a fairly high appreciation of the overall initiative, while also raising questions about the initiative’s link to surveillance and capacity development efforts, weak uptake by market participants, as well as a need to improve traction with policy makers. This review reaffirms the country authorities’ appreciation for S&C work, and its focus and scope are guided by the February 2017 paper.
2011 Review of Conditionality - Content and Application of Conditionality
This paper reviews the design of conditionality in Fund-supported programs from 2002 to end-September 2011, with an emphasis on recent years. It focuses on the content and application of program conditionality—especially structural conditionality—in relation to the 2002 Conditionality Guidelines (the "Guidelines"), the Staff Statement on Principles Underlying the Guidelines on Conditionality, and subsequent revisions to operational guidance on conditionality. The analysis is based on the five key interrelated principles guiding the design of conditionality: national ownership of programs, parsimony in program-related conditions, tailoring to country circumstances, effective coordination ...
How to Control the Fiscal Costs of Public-Private Partnerships
This note discusses what finance ministries can do to ensure that public-private partnerships (PPPs) are used wisely. By inviting private participation in infrastructure development and service provision, PPPs can help improve public services. Yet, strong governance institutions are needed to manage risks and avoid unexpected costs from PPPs. While in the short term, PPPs may appear cheaper than traditional public investment, over time they can turn out to be more expensive and undermine fiscal sustainability, particularly when governments ignore or are unaware of their deferred costs and associated fiscal risks. To use PPPs wisely governments should (1) develop and implement clear rules for their use; (2) identify, quantify, and disclose PPP risks and expected costs; and (3) reform budget and government accounting frameworks to capture all fiscal costs comprehensively.
Public Financial Management and Its Emerging Architecture
The first two decades of the twenty-first century have witnessed an influx of innovations and reforms in public financial management. The current wave of reforms is markedly different from those in the past, owing to the sheer number of innovations, their widespread adoption, and the sense that they add up to a fundamental change in the way governments manage public money. This book takes stock of the most important innovations that have emerged over the past two decades.
Libya Beyond the Revolution
In the aftermath of the revolution of 2011, Libya faces the complex task of rebuilding its economy, infrastructure, and institutions, and responding to the demands of the population, especially for improved governance. The conflict that accompanied the revolution had a severe impact on the economy, and international financial institutions have responded to the request of the Libyan authorities to provide policy consultations and technical assistantce to help maintain macroeconomic stability. Libya's National Transitional Council (NTC) has taken steps to promote a peaceful political transition, normalize economic conditions, and set out a national reform agenda. In the short term, the authori...
Libya After Qaddafi
This report assesses the challenges facing Libya since the overthrow of the Qaddafi regime and evaluates the impact of the limited international role in efforts to overcome them. It also sketches possible future roles for the international community.
