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International Monetary Fund. Fiscal Affairs Dept.

Abstract

1. Fiscal transparency refers to the information available to the public about the government’s fiscal policy-making process. It refers to the clarity, reliability, frequency, timeliness, and relevance of public fiscal reporting and the openness of such information.

International Monetary Fund and World Bank

Abstract

1. The Guidelines are designed to assist policymakers in considering reforms to strengthen the quality of their public debt management and reduce their country’s vulnerability to domestic and external shocks, irrespective of whether they are structural or financial in nature. Vulnerability is often greater for smaller and emerging market countries because their economies may be less diversified, have a smaller base of domestic financial savings and less developed financial systems, and may be more susceptible to financial contagion through capital flows. Nevertheless, events since the global financial crisis in the late 2000s demonstrate that larger and developed economies are vulnerable too. The Guidelines should therefore be considered within the broader context of the factors and forces affecting a government’s financial position more generally, and the management of its balance sheet. Governments often manage large foreign exchange reserves portfolios, their fiscal positions are frequently subject to real and monetary shocks, and they can have large exposures to contingent liabilities and to the consequences of poor balance sheet management in the private sector. However, irrespective of whether financial shocks originate within the domestic banking sector or from global financial contagion, prudent government debt management policies, along with sound macroeconomic and regulatory policies, are essential for containing the welfare and output costs associated with such shocks.

International Monetary Fund and World Bank

Abstract

4. Public debt management is the process of establishing and executing a strategy for managing the government’s debt in order to raise the required amount of funding at the lowest possible cost over the medium to long term, consistent with a prudent degree of risk. It should also meet any other public debt management goals the government may have set, such as developing and maintaining an efficient market for government securities.

International Monetary Fund. Fiscal Affairs Dept.

Abstract

Budgets and their underlying fiscal forecasts should provide a clear statement of the government’s budgetary objectives and policy intentions, and comprehensive, timely, and credible projections of the evolution of the public finances.

International Monetary Fund and World Bank

Abstract

10. The main objective of public debt management is to ensure that the government’s financing needs and its payment obligations are met at the lowest possible cost over the medium to long term, consistent with a prudent degree of risk.

International Monetary Fund and World Bank

Abstract

49. The main objective of public debt management is to ensure that the government’s financing needs and its payment obligations are met at the lowest possible cost over the medium to long term, consistent with a prudent degree of risk. Prudent risk management to avoid risky debt structures and strategies (including monetary financing of the government’s debt) is crucial, given the severe macroeconomic consequences of public debt default and the magnitude of the ensuing output losses. These costs include business and banking insolvencies as well as the diminished long-term credibility and capability of the government to mobilize domestic and foreign savings. Box 1 provides a list of the main risks encountered in public debt management.

International Monetary Fund. Fiscal Affairs Dept.

Abstract

The IMF’s Fiscal Transparency Code is the international standard for disclosure of information about public finances and is the centerpiece of the global architecture on fiscal transparency. The Fiscal Transparency Handbook (2018) provides detailed guidance on the implementation of the new Fiscal Transparency Code, which was approved by the IMF Board in 2014. It explains why each principle of the Code is important and describes current trends in implementation of the principles, noting relevant international standards as well. Selected country examples are also provided.

International Monetary Fund and World Bank

Abstract

The Revised Guidelines for Public Debt Management have been developed as part of a broader work program undertaken by the IMF and the World Bank to strengthen the international financial architecture, promote policies and practices that contribute to financial stability and transparency, and reduce countries external vulnerabilities.