Integrated Fiduciary Assessment

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  • Publication
    Mongolia - Consolidating the Gains, Managing Booms and Busts, and Moving to Better Service Delivery : A Public Expenditure and Financial Management Review - Core Report
    (World Bank, 2009-01-02) World Bank
    Mongolia's external economic outlook is dramatically changing as it faces sharp reductions in the copper price, caused by the financial crisis and global downturn. This compels the government now to drastically cut spending to prudently manage the budget. The budget is extremely dependent on mining revenues. Government is taking the right step in proposing a balanced budget for 2009. But further adjustments will be needed given the continuing fall in copper prices. A prudent fiscal stance will also be needed to manage inflation, which accelerated in the past year to over 30 percent. The current situation highlights the need to manage mining revenues better than in recent years. Mongolia saved little during the boom years, but instead dramatically increased expenditures on wages and salaries, and poorly-targeted social transfers. Adopting a multi-year fiscal framework-which enforces saving during the boom years, sets limits to expenditure growth and debt, and ensures transparency to the public-can help. Since much of the past windfall revenues have been spent, the country enters the down-turn with little savings and high inflation, forcing it to cut expenditures with every drop in the copper price. To avoid such situations in the future, the government has the opportunity to adopt a transparent, multi-year budget framework for expenditures and investment. This includes adopting a new fiscal responsibility law. It will ensure that the government saves during the 'boom' years, so that it can continue to spend during the 'bust' years. It will also set limits to expenditure growth and public debt. Within the limits set by this framework, parliament can then exercise its constitutional rights to amend the budget.
  • Publication
    Lao PDR : Public Expenditure Review Integrated Fiduciary Assessment
    (Washington, DC, 2007-05-15) World Bank
    The key challenge of the Lao People's Democratic Republic (Lao PDR) is to make full use of both physical and human assets to accelerate growth and improve the living standards of the population. To achieve the country's development goals, laid out in the sixth National Socioeconomic Development Plan (NSEDP) and the National Growth and Poverty Eradication Strategy (NGPES), improvements in public financial management and public expenditure policy aimed at increased efficiency, equity, and accountability - will be critical. This report assesses the current situation and provides a way forward. The report looks at public expenditure in the agriculture, roads, education, health, and environment sectors.
  • Publication
    Vietnam : Managing Public Expenditure for Poverty Reduction and Growth, Public Expenditure Review and Integrated Fiduciary Assessment, Volume 2, Sectoral Issues
    (Washington, DC, 2005-04) World Bank
    This Public Expenditure Review and Integrated Fiduciary Assessment (PER-FA) reviews and assesses the contribution that public expenditure has made to poverty reduction, and growth in Vietnam in recent years, and, identifies priorities and actions for strengthening that contribution over the coming years, through better resource allocation, and better public expenditure management. Fiscal trends have been positive, both in terms of revenue collection and expenditure outturns, resulting in a sustainable fiscal balance. Nevertheless, a number of threats to fiscal sustainability exist, and require attention over the coming years. The Government should restrict further off-budget bond issuance, channeling all Government borrowing through the budget. It should take urgent action to resolve the current expenditure arrears, largely associated with public investment in the transport and agriculture sectors-and prevent their further build up. It should strengthen arrangements for the monitoring, and management of fiscal risk, initially with better recording of domestic debt and credit, through the Development Assistance Fund (DAF). It should rapidly implement the plan to prepare a realistic and sustainable Medium-Term Fiscal Framework (MTFF) as part of every budget cycle. On reviewing the composition of public expenditure, the report states that the shares in total capital spending and total aggregate expenditure of Education and Training, and of Science and Technology, have increased significantly over the review period. Successful efforts have been made to make the transfer of resources between provinces more pro-poor, resulting in an inter-provincial transfer and revenue sharing formula, which indeed benefits poorer provinces. However, non-wage operations and maintenance expenditure fell to by 2002, while the share of capital expenditure (including major repairs) increased somehow. It is necessary to take urgent action to address an imminent maintenance crisis, and strike a balance between capital and recurrent spending. Moreover, regarding institutional aspects, further reforms are required. Efforts are required to strengthen joint working between the Finance and Planning functions at every level. The Ministry of Planning and Investment (MPI) and the Ministry of Finance (MOF) should collaborate actively with sector ministries, and provinces in the preparation of Medium-Term Expenditure Frameworks (MTEFs), building on the experience, and success of sectoral pilots. Additionally, the Government should further rationalize the roles and responsibilities of the audit and inspection functions, while appropriate monitoring measures should be implemented to ensure that fiscal transparency and reporting regulations are properly implemented at all levels of government, and by all spending units. Increased delegation to spending units is one of the key developments in public expenditure management in Vietnam in recent years. However, such delegation needs to be managed carefully if it is to result in better service delivery, and if it is to support, rather than jeopardize, equity and poverty reduction. Finally, public investment management is a critical part of public expenditure management; in Vietnam, it is particularly critical to the extent that State Budget-financed investment has grown rapidly, and now constitutes about 40 percent of the total State Budget. Analysis of recurrent costs should be built in to investment selection, and the MTEF approach should be used as a way of balancing and ensuring consistency between recurrent and capital costs.
  • Publication
    Vietnam : Managing Public Expenditure for Poverty Reduction and Growth, Public Expenditure Review and Integrated Fiduciary Assessment, Volume 1, Cross Sectoral Issues
    (Washington, DC, 2005-04) World Bank
    This Public Expenditure Review and Integrated Fiduciary Assessment (PER-FA) reviews and assesses the contribution that public expenditure has made to poverty reduction, and growth in Vietnam in recent years, and, identifies priorities and actions for strengthening that contribution over the coming years, through better resource allocation, and better public expenditure management. Fiscal trends have been positive, both in terms of revenue collection and expenditure outturns, resulting in a sustainable fiscal balance. Nevertheless, a number of threats to fiscal sustainability exist, and require attention over the coming years. The Government should restrict further off-budget bond issuance, channeling all Government borrowing through the budget. It should take urgent action to resolve the current expenditure arrears, largely associated with public investment in the transport and agriculture sectors-and prevent their further build up. It should strengthen arrangements for the monitoring, and management of fiscal risk, initially with better recording of domestic debt and credit, through the Development Assistance Fund (DAF). It should rapidly implement the plan to prepare a realistic and sustainable Medium-Term Fiscal Framework (MTFF) as part of every budget cycle. On reviewing the composition of public expenditure, the report states that the shares in total capital spending and total aggregate expenditure of Education and Training, and of Science and Technology, have increased significantly over the review period. Successful efforts have been made to make the transfer of resources between provinces more pro-poor, resulting in an inter-provincial transfer and revenue sharing formula, which indeed benefits poorer provinces. However, non-wage operations and maintenance expenditure fell to by 2002, while the share of capital expenditure (including major repairs) increased somehow. It is necessary to take urgent action to address an imminent maintenance crisis, and strike a balance between capital and recurrent spending. Moreover, regarding institutional aspects, further reforms are required. Efforts are required to strengthen joint working between the Finance and Planning functions at every level. The Ministry of Planning and Investment (MPI) and the Ministry of Finance (MOF) should collaborate actively with sector ministries, and provinces in the preparation of Medium-Term Expenditure Frameworks (MTEFs), building on the experience, and success of sectoral pilots. Additionally, the Government should further rationalize the roles and responsibilities of the audit and inspection functions, while appropriate monitoring measures should be implemented to ensure that fiscal transparency and reporting regulations are properly implemented at all levels of government, and by all spending units. Increased delegation to spending units is one of the key developments in public expenditure management in Vietnam in recent years. However, such delegation needs to be managed carefully if it is to result in better service delivery, and if it is to support, rather than jeopardize, equity and poverty reduction. Finally, public investment management is a critical part of public expenditure management; in Vietnam, it is particularly critical to the extent that State Budget-financed investment has grown rapidly, and now constitutes about 40 percent of the total State Budget. Analysis of recurrent costs should be built in to investment selection, and the MTEF approach should be used as a way of balancing and ensuring consistency between recurrent and capital costs.
  • Publication
    Philippines - Improving Government Performance : Discipline, Efficiency and Equity in Managing Public Resources
    (Washington, DC, 2003-04-30) World Bank
    The Philippine authorities, confronted with an unfavorable governance and macroeconomic environment in 2001, established a consistent track record in 2001 in stabilizing the economy and improving investor sentiment. The unfolding developments in 2002-03, however, pose a threat to a still fragile fiscal and institutional environment, and can dim the prospects for attaining the Philippines' target for higher growth and renewed poverty reduction. Fiscal sustainability and the government's ability to finance poverty-reducing programscontinues to be at risk from falling revenues, rising public debt and debt service, and off-budget risks. This constrained environment makes it doubly important to focus on increasing fiscal flexibility through increasing revenue collections and enhancing the discipline, efficiency, and equity of public expenditures. the objective of this public Expenditure, Procurement and Financial Management Review (PEPFMR) is to examine selected issues in the allocation and managmeent of public resources of interest to the Philippine authorities, the World Bank, and the Asian Development Bank (ADB). It aims to help the authorities to establish more effective and transparent policies and processes for allocating and using public resources to reduce poverty and promote economic growth. After the Executive Summary which summarizes the key PEPFMR findings and highlights critical actions to improve the management of public expenditures, there are five sections. Most of the report is contained in three main sections: aggregate fiscal discipline, allocative efficiency, and operational efficiency. A fourth section on decentralization highlights some issues as a prelude to a review of the decentralization experience since 1991 and its impact on issues such as service delivery, equity, and efficiency. Themes such as accountability and transparency pervade the report and have not been dealt with separately. The action plan attahced to the Executive Summary indicates the most pressing issues confronting the authorities. The more detailed action plan at the end of this report contains the joint recommendations of the Government and the task team.