Back to TopBack to Top
 

Fiscal Transparency in Public Financial Management

 

February 5, 2013

Doug Hadden, VP Products

Conferences organized by the International Consortium on Governmental Financial Management ( ICGFM ) are the best value in Public Financial Management (PFM). I’ve been participating in the organization for the past seven years including two years as volunteer VP of Communications. And, our President and CEO, Manuel Pietra, was elected ICGFM President for 2013-2014.

I’m not suggesting that ICGFM is an awesome organization because we’re involved.

We became involved in ICGFM because of the quality of PFM knowledge sharing.

The recent conference in Washington DC of Fiscal Transparency (“storified below”) held at the IMF demonstrates why ICGFM should not be missed by PFM professionals!

Fiscal Transparency in Public Financial Management

Lessons from International Consortium on Governmental Financial Management Winter Conference last month

Storified by · Tue, Jan 08 2013 18:04:59

(Presentations at http://www.scribd.com/collections/4038991/Winter-Conference-2012)
The move to open data can improve transparency if we know what to do with the data and if governments are prepared to improve aid effectiveness (despite the embarrassment of aid gone wrong.)
Development and open data: how to spot the signal in the noise http://ow.ly/fVqXD #globaldev @GdnDevelopmentSteve Davenport
the conundrum of #aidtransparency: improved #aideffectiveness with aid embarrasment http://econ.st/11eA8jrFreeBalance
Reliable data leads to greater market confidence Paull Coughlin @standardpoorsicgfm
RT @DGateway From @WorldBankData: What happens when #bigdata meets official statistics? http://bit.ly/UabbRo #opendata #devdataTariq Khokhar
The state of fiscal transparency in many countries needs to improve.
consolidation of government owned companies is important to include in the budget and financial reporting is criticalicgfm
There are significant advantages to fiscal transparency.
.@standardpoors Paul Coughlin: good planning in local governments results in financial resilience #icgfmFreeBalance
.@standardpoors Paul Coughlin: weakest gov #disclosure in all countries in gov owned business #SOE #transparency #icgfmFreeBalance
Linda Fealing: government understanding fiscal position & #risk remains inadequate, need to share good prices #icgfmFreeBalance
Trust of public and moral responsibility can be results from fiscal #transparencyicgfm
#SierraLeone participant indicated that a fiscal transparancy assessment could lead to donor and market confidenceicgfm
.@IMFNews Dr Gupta: gov financial management & reporting remains inadequate as seen by countries realizing further in dept #icgfmFreeBalance
.@standardpoors Paul Coughlin: good quality data should improve government decisions – need for good fiscal #transparency #icgfmFreeBalance
.@standardpoors on advantage to govs on fiscal #transparency yfrog.com/h4h7utblj #icgfmFreeBalance
.@standardpoors Paul Coughlin: sovereign rating includes political score, stable & predictable, #transparency & #activism #icgfmFreeBalance
.@standardpoors Paul Coughlin: independence of statistical, audit functions & media plays role on country rating #icgfmFreeBalance
.@standardpoors Paul Coughlin: beyond immediate #financialcrisis, big mismatch on retirement promises vs reality #sustainability #icgfmFreeBalance
.@standardpoors Paul Coughlin: #transparency and good #financialmanagement leads to greater access to funding and trusticgfm
Reliable data leads to greater market confidence Paull Coughlin @standardpoorsicgfm
.@standardpoors Paul Coughlin: many countries using credit rating as benchmark & to limit government spending #icgfmFreeBalance
Saliendra Pattanayak #IMF: gov fiscal #transparency=clarity, frequency, timeliness, relevance, openness to public #icgfmFreeBalance
Saliendra Pattanayak #IMF: public fiscal reporting needs statistics, risk, fiscal forecasts #icgfmFreeBalance
More advantages for gov fiscal #transparencyhttp://yfrog.com/h4wg4adj #icgfm #ImfFreeBalance
Progress on government fiscal #transparency yfrog.com/h013bxzj #IMF, more progress neededFreeBalance
Saliendra Pattanayak #IMF: #Greece starkest example of contributions to unexpected gov #debt #icgfmFreeBalance
Saliendra Pattanayak #IMF: weaknesses in fiscal reporting standards in government exposed during #financialcrisis #icgfmFreeBalance
#IMF strengthen fiscal #transparency standards needed yfrog.com/gzzucgjj #icgfmFreeBalance
Saliendra Pattanayak #IMF: #ROSC, #PEFA & Open Budget Survey have strengths & weaknesses #icgfmFreeBalance
#IMF recommends changes to fiscal #transparency standards yfrog.com/kkulnhpj #icgfmFreeBalance
Dr Khagram @fiscaltrans: gaps & inconsistencies in global #transparency norms, #accountability incentives not always there #icgfmFreeBalance
Vivek Ramakumar @OpenBudgets: need for norms on #budget #transparency to help governments to change behaviour #icgfmFreeBalance
Vivek Ramakumar @OpenBudgets: governments more likely to adopt #transparency norm when widely adopted #icgfmFreeBalance
Vivek Ramakumar @OpenBudgets: norms can help achieve #aideffectiveness, eg #MDGs have no need to report on spending #icgfmFreeBalance
Public financial management experts presented the value proposition of engaging citizens in policy and budgets.
Vivek Ramakumar @OpenBudgets:fiscal #transparency about giving voice & dignity to citizens #icgfmFreeBalance
Dr Murray Petrie: there is right for citizens partipate in #policy design-beyond #elections #icgfmFreeBalance
Nicola Smithers: public #policy #participation strengthens gov effectiveness, equity, stability, sustainabilty of fiscal outcomes #icgfmFreeBalance
.@fiscaltrans good practice ideas for #policy #participation yfrog.com/oew77dij #transparency #icgfmFreeBalance
Reaction in ICGFM participants was positive to improving fiscal transparency standards.
Dr Petrie: more #budget #participation means less likely for policy reversals #icgfmFreeBalance
Majority of #icgfm participants agree that government fiscal #transparency norms need to be strengthenedFreeBalance
Audience survey of #GIFT principles is strongly supported by 60% of respondentsicgfm
#icgfm survey, majority strongly supports @FiscalTran promotion of international fiscal #transparency normsFreeBalance
Vivek Ramakumar@OpenBudgets: many governments do not have sufficient information to form credible budgets #icgfmFreeBalance
Incentives for fiscal transparency were discussed. Many ICGFM participants suggested that there are strong incentives for transparency despite the negative perception in the press.
Khagram: countries with elections tend to have 20 point advantage in @openbudgets index #PFM #icgfmFreeBalance
Khagram: #oil in non-democratic regimes has negative impact on @OpenBudgets index #icgfmFreeBalance
.@fintran fiscal #transparency incentives matrix yfrog.com/obdatskj #icgfmFreeBalance
Khagram: last 2 decades in fiscal #transparency improvements yfrog.com/nwtb2bxj #icgfmFreeBalance
challenges continue in making government institutional changes in stride with financial system changes that are occuringicgfm
#Bangladesh has been reforming their public financial management for 17 years in a series of building blocksicgfm
Lively #icgfm discussion: maybe 17 years is too long to custom develop a government #IFMISFreeBalance

The following two tabs change content below.
Doug Hadden

Doug Hadden

Executive Vice President, Innovation at FreeBalance
Doug is responsible for identifying new global markets, new technologies and trends, and new and enhanced internal processes. Doug leads a cross-functional international team that is responsible for developing product prototypes and innovative go-to-market strategies.

Leave a Reply