Kenya

This report updates the Fiscal Transparency Evaluation (FTE) of Kenya that was prepared in 2014 and published in 2016. The report is the first full update to be carried out in any country, a recent update of the Russian FTE having a more selective focus. Kenya has experienced a lot of structural and economic changes since 2014. At that time, the 2010 Constitution and the associated Public Financial Management (PFM) Act of 2012 were relatively new, and a radical reform of local government was in the process of transition. The Constitution and the PFM Act placed a strong emphasis on economic and fiscal transparency and accountability, for example, through the establishment of the National Treasury (NT), fiscal responsibility principles, the Parliamentary Budget Office, and enhanced powers of the Auditor General. The present report, like the 2014 assessment, focuses on the first three pillars of the Code. The authorities did not request the Fund to make an evaluation of Pillar IV (Resource Revenue Management) since the development of the oil sector in Kenya is at an early stage, with the volume of reserves uncertain and first oil not expected before 2022 at the earliest.

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India

IMF Staff Country Reports ◽

10.5089/9781513548586.002 ◽

2020 ◽

Vol 20 (208) ◽

Author(s):

Keyword(s):

Climate Change ◽

Water Stress ◽

Natural Disasters ◽

Financial Management ◽

Fiscal Discipline ◽

Fiscal Responsibility ◽

Public Financial Management ◽

Fiscal Space ◽

Priority Needs ◽

Interest Payments

Although Tamil Nadu’s public financial management has been characterized by strong fiscal discipline to date, risks and challenges are emerging. The State has largely observed the Fiscal Responsibility Act targets on debts and deficit (25 percent and 3 percent to GSDP, respectively) except during the electricity bailout in 2016–17.1 However, these targets appear to have been met by (1) controlling and delaying expenditure, (2) underallocating mandated payments to various reserve funds, and (3) allowing off-budget borrowing by Public Sector Undertakings (PSUs). Accordingly, the State’s borrowing capacity is restricted, leaving limited fiscal space to address high priority needs in education, health, electricity, roads, and water sectors, as well as to address growing infrastructure pressures. More than 63 percent of the State’s spending on current items is committed, to salaries, pensions, and interest payments. Little room remains for additional borrowing to fund spending pressures; moreover, climate change is likely to exacerbate fiscal risks from water stress and natural disasters.

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The Impact Of Corruption On Economic Development: Case Study Romania

Annals of Spiru Haret University Economic Series ◽

10.26458/1613 ◽

2016 ◽

Vol 16 (1) ◽

pp. 33

Author(s):

Luminita Ionescu ◽

Florentin Caloian

Keyword(s):

Economic Development ◽

Financial Management ◽

Cyber Attacks ◽

Management Reform ◽

The Public ◽

Fiscal Transparency ◽

Public Financial Management ◽

The Impact ◽

Geopolitical Risks

In the last decade, Romania implemented a strong legislation and a comprehensive program of public financial management reform in order to improve the national fiscal transparency and to reduce corruption.Corruption is a growing phenomenon all over the world, affecting economic development and aggravated by the legacy of the global economic crisis. The global risks are different from the past due to notably cyber attacks, new economic realities and geopolitical risks. Most of the time, corruption is associated with financial crime, fraud and bribery. Corruption is a major factor of reducing economic development and the governments must increase of macroeconomic and fiscal forecasts in order to facilitate access to the public funds.

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The Effects of Globalization on Turkish Public Financial Management and Budget Process

Handbook of Research on Institutional, Economic, and Social Impacts of Globalization and Liberalization - Advances in Finance, Accounting, and Economics ◽

10.4018/978-1-7998-4459-4.ch015 ◽

2021 ◽

pp. 273-286

Author(s):

Durdane Küçükaycan ◽

Gonca Gungor Goksu

Keyword(s):

Public Sector ◽

Performance Management ◽

Financial Management ◽

Social Life ◽

Annual Reports ◽

Management Approach ◽

Budget Process ◽

Fiscal Transparency ◽

Public Financial Management ◽

Positive Perspective

The effects of globalization in the economic, political, and social life have deeply changed the roles of states, and in this process of change, the new management approach has become a current issue within public financial management. Some important principles such as fiscal transparency, accountability, efficiency, effectiveness, and economy have been given importance in the public sector, and middle-terms budgeting, strategic planning, performance management, performance indicators, annual reports, analytical budget classification have become to be implemented in the performance-based budgeting system. The authors have examined the innovations by globalization in the Turkish public sector and analysed the effects of changes with the adoption of Law No: 5018 in terms of Turkish public financial management. It has been mandatory that all Turkish administrations under the general government take attention to the regulations accepted in Law No: 5018. When evaluated from a positive perspective, public administrations in Turkey have got more managerial responsibility in their operations.

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Chad

IMF Staff Country Reports ◽

10.5089/9781484313893.002 ◽

2017 ◽

Vol 17 (246) ◽

Author(s):

Keyword(s):

Financial Management ◽

External Debt ◽

Economic Recovery ◽

Credit Facility ◽

Fiscal Adjustment ◽

Public Financial Management ◽

Oil Revenue ◽

Regional Stabilization ◽

Oil Sector ◽

Current Arrangement

This paper discusses Chad’s Request for a Three-Year Arrangement under the Extended Credit Facility (ECF) and Cancellation of the Current Arrangement. The main elements of the program are the reestablishment of debt sustainability through external debt restructuring, achieving gradual fiscal adjustment by maintaining a tight spending envelope, better mobilizing non-oil revenue, and creating space for domestic arrears clearance. The aim is to stabilize the fiscal position and help achieve a durable economic recovery while supporting regional stabilization efforts. Strengthening public financial management and diversifying the economy are expected to support the efforts to strengthen the fiscal position and boost the non-oil sector. The IMF staff supports the authorities’ request for a new ECF arrangement.

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Republic of Armenia

IMF Staff Country Reports ◽

10.5089/9781498315098.002 ◽

2019 ◽

Vol 19 (134) ◽

Author(s):

Keyword(s):

Financial Management ◽

Risk Disclosure ◽

Medium Term ◽

Fiscal Transparency ◽

Performance Budgeting ◽

Public Financial Management ◽

Fiscal Risk ◽

The Government ◽

Budget Execution

Armenia’s fiscal transparency practices have benefitted from public financial management reforms over the last decade, and several planned reforms will bring further progress. Fiscal forecasts and budgets have become more forward looking and policy oriented, with the introduction of a medium-term expenditure framework (MTEF), improved fiscal objectives, and a performance budgeting system. Fiscal risk disclosure, though fragmented, has gradually improved, in particular, in macrofiscal risk assessment, and a PPP law is being drafted. The accrual accounting reform will significantly improve the coverage and quality of the budget execution reports and fiscal statistics that already provide timely and frequent information about the financial position of the government.

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