Welcome to our book review site go-pdf.online!
You may have to Search all our reviewed books and magazines, click the sign up button below to create a free account.
The Evolving Functions and Organization of Finance Ministries
There is relatively little literature that analyses the role, functions, and organization of finance ministries. The purpose of this working paper is to review international experiences in this area, in an effort to formulate guiding principles of organizational design and the allocation of functions, while recognizing the crucial importance of each country’s history and institutional context. Over the past 30 years many finance ministries have moved from a “traditional” to an “emerging” model of organizational design in which there is greater openness and transparency, more flexible management practices, and a broader focus on strategic policy issues. In addition, many operational functions have been devolved to arm’s–length agencies or line ministries. The paper describes the challenges facing developing countries in strengthening their finance ministries, and the principles, approaches, and strategies that can be applied.
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.
Republic of Kosovo
Kosovo is working to improve its public investment management to support future economic growth and improvements in wellbeing. This assessment applies the IMF Public Investment Management Assessment (PIMA) framework, including the Climate-PIMA module. It finds that there have been improvements in Kosovo’s public investment management institutions since the original 2015 PIMA assessment. Nonetheless, there is room to continue to strengthen public investment management institutions and their climate sensitivity in Kosovo.
How to Set Up A Cash Buffer
Maintaining a cash buffer has emerged as a risk management tool for government cash and debt management. During budget execution, there is considerable cash flow volatility and timing mismatches concerning revenue collections and expenditures, debt inflows, and debt service. Cash balance management aims to address these mismatches and to ensure availability of liquidity in government bank accounts. From a debt management perspective, holding an appropriate level of cash balance serves to mitigate funding risk. Effective cash balance management is even more critical when there is heightened uncertainty about the magnitude and timing of cash flows, as seen during the coronavirus disease (COVID-19) pandemic. This note discusses the role of the cash buffer for managing cash balances and offers practical approaches to developing a policy framework, considering the risk mitigation objectives and the cost of carry.
Digital Solutions Guidelines for Public Financial Management
The Digital Solutions Guidelines for Public Financial Management (Guidelines) are intended to serve as a comprehensive reference material for the assessment, design, and improvement of digital initiatives in the public financial management (PFM) area. To support the digital transformation of PFM functions, the Guidelines are structured around three Pillars – Functional, IT Architectural, and Governance and Management. Each pillar comprises six principles, which are further broken down into one to four attributes to promote more efficient and transparent PFM operations while fostering innovation and managing digital risks. These Guidelines also allow a graduated approach to digital transformation of PFM through three levels of maturity for each Attribute – foundational, intermediate, and advanced – to help take into account country-specific contexts and capacities in digital transformation strategies.
Reassessing the Role of State-Owned Enterprises in Central, Eastern and Southeastern Europe
The Central, Eastern, and South Eastern European (CESEE) region is ripe for a reassessment of the role of the state in economic activity. The rapid income convergence with Western Europe of the early 2000s was not always equally shared across society, and it has now slowed dramatically in many countries of the region.
Business Continuity Planning for Government Cash and Debt Management
Cash and debt management operations are part of the “transactional” functions of public financial management. It is critical that these functions are resilient to external disruptions, ranging from information and communication technology (ICT) system outages to natural disasters. This technical manual aims to provide guidance on the steps that government cash and debt management units can follow to develop and implement a practical business continuity plan that economizes the resources used. It also discusses the evolving nature of business disruption risks faced by cash and debt management over the last decade, including the COVID-19 pandemic, as well as risk mitigation solutions that have emerged.
Building Fiscal Capacity in Fragile States
The paper draws on recent country experience to describe the approach to designing and implementing fiscal reforms in fragile states (FS) taken in the IMF’s technical assistance (TA). In doing so, it highlights how the TA that the IMF provides to FS differs from that of non-FS, describes the trends in and modalities of TA delivery, and draws on recent experiences to derive lessons for future work.
Republic of Kosovo
Kosovo is rightly working to improve its public investment management to support future economic growth and improvements in wellbeing. This assessment applies the IMF Public Investment Management Assessment (PIMA) framework, including the Climate-PIMA module. It finds that there have been improvements in Kosovo’s public investment management institutions since the original 2015 PIMA assessment—but the design of these institutions is stronger than their effectiveness in practice. Continued reforms are needed to strengthen the project appraisal process, improve the pace of project implementation, and increase central support for major projects. Like most other countries, Kosovo is at an early stage of incorporating climate aspects into public investment management. Strengthening the alignment between climate goals and sectoral infrastructure planning and delivery will be needed to ensure that infrastructure investments are resilient and assist Kosovo in meeting is climate objectives.
Turkey
This paper discusses findings of the evaluation of fiscal transparency in Turkey. As a result of several reforms, Turkey has made significant progress against the 36 principles of the IMF’s new Fiscal Transparency Code. Of the 36 principles in the Code, Turkey now meets 10 principles at the basic level, 13 principles at the good level, and 6 principles at the advanced level. Fiscal transparency practices are strongest in the area of fiscal reporting. Moreover, in 5 of the areas where Turkey’s transparency practices do not currently meet basic practice, this could be readily addressed by publishing data that are already collected for internal management purposes.
