Integrated Fiduciary Assessment

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  • Publication
    Pakistan, Sindh Province - Public financial management accountability assessment
    (World Bank, 2009-09-18) World Bank
    This report presents the public financial management and accountability assessment (PFMAA) for Pakistan's Sindh province. The assessment uses the public expenditure and financial accountability (PEFA) 2005 framework, which comprises 31 performance indicators to evaluate: (i) the six core public financial management (PFM) dimensions (credibility of the budget; transparency and comprehensiveness; policy-based budgeting; predictability and control in budget execution; accounting, recording, and reporting; and external scrutiny), and (ii) the extent to which donor practices and the management of donor funds affect the PFM systems in the country. This assessment report highlights the likely impact of PFM weaknesses on budgetary outcomes, aggregate fiscal discipline, the strategic allocation of resources, and efficient service delivery.
  • Publication
    India - Himachal Pradesh Public Financial Management Accountability Assessment
    (World Bank, 2009-06-01) World Bank
    The objective of this indicator-led analysis is to provide an integrated assessment of the Public Financial Management (PFM) system of the Government of Himachal Pradesh (GoHP). The analysis draws on the International Monetary Fund fiscal transparency code and other international standards. The analysis proposes to measure and benchmark PFM performance of the state across a wide range of developments over time. The findings are expected to contribute towards strengthening and implementation of the state's PFM reform strategy and in defining priorities and may serve as a baseline against which progress on PFM performance can be measured over time. The thirty-one indicators for the state's PFM system focus on the basic qualities of a PFM system, linking to existing good international practices. Assessments are classified as A (excellent), B (good), C (opportunities for some improvement), and D (in need of improvement in some areas). The indicators cover: 1) the results of the PFM system in terms of actual expenditures and revenues by comparing them to the original approved budget, as well as the level of and changes in expenditure arrears; 2) transparency and comprehensiveness of the PFM system; 3) the performance of the key systems, processes and institutions in the budget cycle; and 4) the elements of donor practices which impact the performance of the PFM system.
  • 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
    Republic of Haiti - Public Expenditure Management and Financial Accountability Review (PEMFAR) : Improving Efficiency of the Fiscal System and Investing in Public Capital to Accelerate Growth and Reduce Poverty
    (Washington, DC, 2008-01) World Bank
    After the lost decade 1994-2004, marked by political instability and economic decline, Haiti has reformed significantly and revived growth, especially in the past three years. Macroeconomic policies implemented since mid-2004 helped restart economic growth, reestablish fiscal discipline, reduce inflation and increase international reserves. Financial sector stability has been maintained though weaknesses have emerged. Significant progress was also achieved in the implementation of economic governance measures, mainly in the area of legal framework, core public institutions and financial management processes and procedures. Notably, basic budget procedures were restored, the public procurement system strengthened, and anti-corruption efforts stepped up. Efforts were also made to improve efficiency and transparency in the management of public enterprises. These recent political and economic developments open a window of opportunity to break with Haiti's turbulent past and create the sound foundations for strong and sustained economic growth and poverty reduction. In such an environment, the development challenge of more dynamic growth in order to reduce poverty requires bold policy actions across a broad spectrum covering various areas of Government interventions to: (i) improve security; (ii) expand and improve the quality of the infrastructure base; (iii) expand the economic base and (iv) enhance human capital. But because of Haiti's scarce resources, prioritizing Government interventions is critical to ensure that public resources are allocated to their best uses. This calls for reforms to improve efficiency of public spending. However, public expenditure reforms would not be enough to decisively put Haiti on a strong and sustained growth path unless they are complemented by revenue-enhancing measures. This implies that the country design a comprehensive fiscal reform package. Major policy lesson from this experiment is that strong and sustainable growth depends on the scope and quality of the fiscal reforms. Fiscal reforms should target a broad-based fiscal package, which aims at expanding the fiscal space and improving efficiency in the allocation of public spending. This package would combine: (a) an increase in total public investment; (b) a reallocation of public spending to investment; (c) a crease in the effective indirect tax rate; (d) an increase in direct tax rate; (e) an increase in security spending; and (f) a reduction in collection costs. The Haiti macro-model shows that the fiscal package tends to have positive impact on growth and poverty over time. Foreign aid could play a catalytic role to foster fiscal reforms and help accelerate growth in the short and medium-term.
  • Publication
    Managing Public Finances for a New Nepal : A Public Finance Management Review
    (Washington, DC, 2007-07-05) World Bank
    The people's movement of April 2006, known as Jana Andolan II, has created a sense that a new Nepal that is peaceful, inclusive, just, and prosperous is at hand. Such open moments are rare in the history of a country, and the opportunity must be seized. However, the road ahead is challenging. Despite remarkable achievements in reducing poverty over the last decade and despite a good growth potential, Nepal faces major investment climate constraints notably weak infrastructure, weak governance, weak trade facilitation, and rigid labor laws. Recent economic growth has stagnated around 1 percent per capita, despite growth in neighboring China and India. Investment has been sluggish despite large liquidity excess, notably from the income remitted by Nepali workers abroad. This Public Finance Management (PFM) review outlines the key objectives of the government's development strategy and explores the potential contribution of sound public finance management to this agenda.This review has been conducted by the government of Nepal (GoN) and the World Bank, working in partnership under the guidance of the government's National Planning Commission (NPC) and Ministry of Finance (MoF). The scope of the review was finalized in December 2005. Workshops were held in March 2006 to outline frameworks for assessing PFM and procurement performance, and working group meetings were subsequently held. Support was provided in early 2006 for the preparation of sectoral business plans and subsequently for the preparation of the budget. Dialogue with the MoF and the NPC underpins the expenditure data and analysis.
  • Publication
    Lesotho - Managing Government Finances for Growth and Poverty Reduction : Public Expenditure Management and Financial Accountability Review
    (Washington, DC, 2007-06-13) World Bank
    This report on managing government finances for growth and poverty reduction in Lesotho is centered on three areas of analysis: (i) macroeconomic and fiscal performance and prospects; (ii) inter and intra-sectoral allocation of resources; and (iii) public expenditure and financial management. A Public Financial Management assessment report, prepared using the Public Expenditure and Financial Accountability (PEFA) framework is included as an Appendix to the main report. The study stress that despite the relatively good growth performance, Lesotho remains one of the poorest countries in the Southern Africa region. Because of this the Government now seeks to address in a more systematic manner the many challenges facing Lesotho including: 1) the slow pace of job creation in Lesotho, compounded by the continual decline in mining jobs for migrant workers in South Africa and a slowdown in GDP growth rate; 2) the increase in the incidence of poverty over the past twenty years; 3) a relatively large and inefficient public sector; 4) excessive reliance on revenues generated by the Southern Africa Customs Union ; and 5) the rapid spread of HIV/AIDS (current prevalence rate estimated at 24 percent), which, if unchecked, will negate all efforts to improve the economy and welfare of the Basotho people.
  • Publication
    Democratic Republic of São Tomé and Príncipe : Country Integrated Fiduciary Assessment, Volume 2. Public Expenditure Review
    (Washington, DC, 2007-06) World Bank
    This Integrated Fiduciary Assessment is the first of its kind for Sao Tome and Principe. It combines the analysis and policy recommendations from a public expenditure review (PER), a country financial accountability assessment (CFAA), and a country procurement assessment review (CPAR). The goal of the report is to identify the major challenges facing the country in the prepetroleum era (the next three to five years) in public finance management (including public enterprises) as it attempts to implement its National Poverty Reduction Strategy (NPRS) with a tight resource envelope. This executive summary presents recent economic developments and fiscal sustainability analysis that takes into account petroleum and no-petroleum scenarios, with corresponding analysis on which of the Millennium Development Goals (MDGs) are reachable. The summary reports on revenue and expenditure performance since 2000-01, issues related to the implementation of the public investment program (PIP) and its coordination with the NPRS, and the budget process, including findings from the Health PER, which highlights a lack of allocative efficiency. The summary reports on the financial fragility of state-owned enterprises (SOEs) and the possible fiscal consequences for the central budget, especially regarding the implicit subsidies and tax breaks to (and the hypothetical tariff increases of) the electricity and water company. The summary of reports on the status of the public finance management system (budget preparation, execution, control, governance, and human resources) and the reform process that may address many of the concerns it rises. Finally, the summary presents the findings related to the procurement process, including the legislative and regulatory framework, institutional framework and management capacity, procurement operations and market practices, and integrity and transparency of the system.
  • Publication
    Democratic Republic of São Tomé and Príncipe : Country Integrated Fiduciary Assessment, Volume 1. Executive Summary
    (Washington, DC, 2007-06) World Bank
    This Integrated Fiduciary Assessment is the first of its kind for Sao Tome and Principe. It combines the analysis and policy recommendations from a public expenditure review (PER), a country financial accountability assessment (CFAA), and a country procurement assessment review (CPAR). The goal of the report is to identify the major challenges facing the country in the prepetroleum era (the next three to five years) in public finance management (including public enterprises) as it attempts to implement its National Poverty Reduction Strategy (NPRS) with a tight resource envelope. This executive summary presents recent economic developments and fiscal sustainability analysis that takes into account petroleum and no-petroleum scenarios, with corresponding analysis on which of the Millennium Development Goals (MDGs) are reachable. The summary reports on revenue and expenditure performance since 2000-01, issues related to the implementation of the public investment program (PIP) and its coordination with the NPRS, and the budget process, including findings from the Health PER, which highlights a lack of allocative efficiency. The summary reports on the financial fragility of state-owned enterprises (SOEs) and the possible fiscal consequences for the central budget, especially regarding the implicit subsidies and tax breaks to (and the hypothetical tariff increases of) the electricity and water company. The summary of reports on the status of the public finance management system (budget preparation, execution, control, governance, and human resources) and the reform process that may address many of the concerns it rises. Finally, the summary presents the findings related to the procurement process, including the legislative and regulatory framework, institutional framework and management capacity, procurement operations and market practices, and integrity and transparency of the system.
  • Publication
    Pakistan - Punjab Province : Public Financial Management and Accountability Assessment
    (Washington, DC, 2007-05) World Bank
    This document reports on a Public Financial Management and Accountability Assessment (PFMAA) for the province of Punjab. The study was commissioned jointly by the World Bank, the Asian Development Bank (ADB), the UK Department for International Development (DfID), and the European Commission (EC). The Government of Punjab (GoPj) managed the process through a Steering Committee chaired by the Finance Secretary. This summary assessment uses the indicator-led analysis to provide an integrated assessment of the Punjab Province's PFM system against the six core dimensions of PFM performance and provides a statement of the likely impact of those weaknesses on budgetary outcomes, on aggregate fiscal discipline, and on the strategic allocation of resources and efficient service delivery. The PFMAA was conducted against 31 Public Financial Management (PFM) performance measurement indicators in accordance with the Public Expenditure and Financial Accountability (PEFA) framework.
  • Publication
    Pakistan - Balochistan Province : Public Financial Management and Accountability Assessment
    (Washington, DC, 2007-05) World Bank
    This document reports on a Public Financial Management and Accountability Assessment (PFMAA) for the province of Balochistan. The study was commissioned jointly by the World Bank, the Asian Development Bank (ADB), the UK Department for International Development (DfID), and the European Commission (EC). The Government of Balochistan welcomed the initiative of the World Bank, ADB, DFID and EC in carrying out the PFM assessment. The provincial Finance Department is also working on framing new financial rules in order to streamline utilization of funds while ensuring transparency in financial management.. The PFMAA was conducted against 31 Public Financial Management (PFM) performance measurement indicators in accordance with the Public Expenditure and Financial Accountability (PEFA) framework.