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Mr. Marcello Caiola

intermediaries. Thus, coverage of the data must be tailored to each individual country. Regarding the presentation of data, a presentation that could be correct or required from a legal, accounting, or even economic point of view, may not be the most useful for the purpose of analysis. For instance, in most countries the government budget document includes among the revenues the accumulated surplus or deficit of previous fiscal years, as well as any form of gross borrowing. Similarly, a bank presents its accounts in the form of a balance sheet that would classify accounts as

International Monetary Fund

through their annual reports, and they should make the basis of estimation clear and available to the government and the public. Government budget documents should derive information from these sources and regularly and systematically report on all such QFAs. These reports could be supported by analytical comments on the impact of such activities and future policies toward them. H. Fiscal Risks 3.1.3 Risks associated with resource revenue, particularly price risks and contingent liabilities, should be explicitly considered in annual budget documents, and

Mr. Bernardin Akitoby, Mr. Gerd Schwartz, and Mr. Richard Hemming


Over the past three decades, public spending on infrastructure, as a share of GDP, has been on the decline worldwide. Although the link between infrastructure investment and economic growth is not yet fully understood, the quality of infrastructure clearly affects a country's productivity, competitiveness in export markets, and ability to attract foreign investment. This EI explores the following questions: Should countries increase public investment in infrastructure? If the answer is yes, how can they do so in a fiscally responsible manner? Are public-private partnerships a viable alternative?

International Monetary Fund. Fiscal Affairs Dept.

Appropriation Act to which the annual estimates relate; “Government budget documents” include the Government budget and other reports and information submitted to Parliament together with the Government budget under section 10 of the Act and this Regulation; “local government” means – (a) a district council; (b) a council of a lower local government; or (c) other non-profit entity – (i) which is controlled and mainly financed by a district council or a council of a lower local government; and (ii) the competence of which is restricted to a district or lower

Mr. Alan A. Tait and Mr. Peter S. Heller

rare to see a financial valuation of such remuneration in any government budget document. Nonsalary benefits are particularly a problem in countries with large military employment, since traditionally considerable nonwage services are provided to soldiers. Also a problem in this respect is the treatment of bonus payments, the accrued liabilities of the government for future pension payments, and other types of allowances. Where statistics on bonuses, allowances, or fringe payments were readily available, an attempt was made to include such statistics explicitly

International Monetary Fund. Fiscal Affairs Dept.
This Technical Assistance Report proposes draft regulations to address issues in the provisions of the Public Finance Management Bill 2012. The draft regulations propose a virement regime which serves to protect the composition of the budget, in particular prevention of virement between development and recurrent spending which will be particularly important in light of the new fiscal environment. It is also proposed to further strengthen the expenditure controls through a requirement to regularize excess expenditures through the contingencies fund and requiring reporting of outstanding payments.
International Monetary Fund

especially pertaining to debt and other fiscal statistics. The RBI compiles and disseminates summary data on general government Finance under the requirement of SDDS. These data are compiled from Central and State government budget documents and disseminated after capturing the information from the budgets presented by all state governments, sometimes stretching two-three months beyond February. The suggestion for integration and disseminating government finance statistics is a commendable one. However, if consolidation of General Government finances (which includes all

Erhardt O. Rupprecht Jr.

job absorbing the major part of their time and tends to overlook the significance of second employment; payroll data, on the other hand, record all persons who work in each establishment, resulting in the double counting of any employees who hold more than one position. Another source of employment information is the government budget document. Frequently, however, its figures represent the budgeted staff rather than the number of permanent and temporary government staff actually at work. In addition, other employees—temporary and part-time workers—may be hired

Mr. Nicolas R Blancher, François Haas, Mr. John Kiff, Ms. Oksana Khadarina, Mr. Paul S. Mills, Parmeshwar Ramlogan, Mr. William Lee, Ms. Yoon Sook Kim, Todd Groome, and Mr. Shinobu Nakagawa

Transparency Manual have sought to go further by also encouraging contingent liabilities to be included in government budget documents.

Mr. Bernardin Akitoby, Mr. Gerd Schwartz, and Mr. Richard Hemming

spending, while the debt-service component should be separated out and included in the overall projected interest and amortization payments. Box 1. Detailed disclosure requirements for PPPs For each PPP project or group of similar projects, government budget documents and year-end financial statements should provide information on the following: Future service payments and receipts (such as concession and operating lease fees) by government specified in PPP contracts for the following 20–30 years; Details of contract provisions that give rise to