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
    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
    Afghanistan - Managing Public Finance for Development : Volume 2, Improving Public Financial Management
    (Washington, DC, 2005-12) World Bank
    Afghanistan's reconstruction has made considerable progress during the past four years. Led by the Government with international support but relying mostly on the energy and initiative of the Afghan people, reconstruction has resulted in solid achievements -- rapid economic growth, unprecedented primary school enrollments including enrollments for girls, great expansion of immunization, rehabilitation of major highways, a new and stable currency, promulgation of a new Constitution, Presidential and Parliamentary elections, return of refugees, and demobilization of militias. Public finance management has made a major contribution to these successes. Yet the challenges remain enormous. The main objective of this Afghanistan Public Finance Management Review is to consolidate, deepen, and present in an accessible, action-oriented form the knowledge base on Afghanistan's public finance system, review recent progress, analyze key challenges, and put forward options and recommendations for moving forward. This main report is supplemented by four additional volumes, covering public finance management performance and procurement (Volume 2); key cross-cutting issues (Volume 3); selected sector studies (Volume 4); and security sector expenditures (Volume 5).
  • Publication
    Afghanistan - Managing Public Finance for Development : Volume 1, Main Report
    (Washington, DC, 2005-12) World Bank
    Afghanistan's reconstruction has made considerable progress during the past four years. Led by the Government with international support but relying mostly on the energy and initiative of the Afghan people, reconstruction has resulted in solid achievements -- rapid economic growth, unprecedented primary school enrollments including enrollments for girls, great expansion of immunization, rehabilitation of major highways, a new and stable currency, promulgation of a new Constitution, Presidential and Parliamentary elections, return of refugees, and demobilization of militias. Public finance management has made a major contribution to these successes. Yet the challenges remain enormous. The main objective of this Afghanistan Public Finance Management Review is to consolidate, deepen, and present in an accessible, action-oriented form the knowledge base on Afghanistan's public finance system, review recent progress, analyze key challenges, and put forward options and recommendations for moving forward. This main report is supplemented by four additional volumes, covering public finance management performance and procurement (Volume 2); key cross-cutting issues (Volume 3); selected sector studies (Volume 4); and security sector expenditures (Volume 5).