July 22, 2016Michael Sutherland-Shaw
Welcome to News Balance, our new weekly blog that recaps the changing face of public financial management (PFM).
From government contracts, updated procurement policy, to ERP fails, FreeBalance is your one stop shop for staying up to date on PFM reform around the world.
As a forward-thinking software company, we’ll also touch on stories that relate to topics such as, big data, the Fourth Industrial Revolution, sustainability, cloud computing and information that we believe will be of interest to all levels of government and its citizens.
Some 32 years after quitting the African Union (AU), Morocco has officially asked to rejoin the organization earlier this week during the African Union summit in Rwanda. Morocco left the AU, known as the Organization for African Unity in 1984 after the body’s decision to admit former Western Sahara as a member state. (…read more)
With a commitment to maintaining disciplined public finances, the government of Honduras could continue improving the country’s fiscal flexibility. The International Monetary Fund (IMF) expects continuity in economic policies following national elections in late 2017. In addition, the next administration should continue to effectively implement the country’s recent Fiscal Responsibility Law. (…read more)
With oil prices at a low, Nigeria is in search of new revenue streams. And according to a host of Nigerian experts speaking at a recent conference hosted by the Chartered Institute of Taxation, the answer starts with a review of the country’s tax system. The resounding belief is Nigeria is collecting significantly less than it could. The country currently only collects 7% of its GDP in tax, compared to the 20% average for emerging market economies. (..read more)
As a growing nation, Cambodia should be excited about what the future holds. However, rapidly expanding credit is becoming a large threat to country growth. In a statement released this week, the IMF said the nation’s garment and construction industries, and the reduction in oil prices and real estate all supported the Cambodian economy. However, rapid credit growth in the latter puts growth at risk. (…read more)
It was a scary few hours in Turkey as a section of the military attempted a coup of the Erdogan government. However, the military failed to control one critical news source: the Internet. Once the Turkish government realized social media could act in their favour against the uprising, they lessened the limitations and “boom, our information was coming from the streets rather than TV channels,” said Yaman Akdeniz, a professor at Istanbul Bilgi University. (…read more)
How does one design economic growth? If you ask the OECD, the answer is tax policy. According to new research, governments should use tax systems to drive forward economic agendas. “Tax policy has a clear role to play in helping achieve strong, sustainable and balanced growth,” said OECD Secretary-General Angel Gurría. (…read more)
With a commitment to implementing transparency and accountability in the management of public office, Nigeria has applied to join the Open Government Partnership, a global coalition in the fight against corruption. Attorney General of the Federation and Minister of Justice, Abubakar Malami, said in a statement to OGP, “I am honoured to submit this letter of intent to the Open Government Partnership Steering Committee on behalf of Nigeria.” (…read more)
Plagued by corruption and poor management, Zimbabwe’s accountancy institute is working to improve public financial management after entering into a partnership with the Chartered Institute of Public Finance and Accountancy (CIPFA). The institute’s president Gloria Zvaravanhu said, “We need more chartered accountants or qualified public sector accountants to be in positions to manage and help decide how public money is spent.” (…read more)
With the U.K. voting to leave to the European Union, the IMF cut its forecasts for global economic growth this year and next. According to the IMF, “the Brexit vote implies a substantial increase in economic, political, and institutional uncertainty, which is projected to have negative macroeconomic consequences, especially in advanced European economies.” (…read more)