Appendix 1. A Tabular Comparison of Treasury Functions in Selected Countries
Appendix 2 Main Issues in the Design of a GFIS
This paper has already highlighted the importance of a modern information system for strengthening government budget execution and financial management. Systems of this kind exist already, or are in the process of being set up, in many industrial and developing countries and also in some economies in transition, as governments have become increasingly conscious of the vital importance of timely and reliable information on financial operations of their agencies, and have invested in computer technology to collect and process this information.
This Appendix discusses in greater detail the main characteristics of the proposed system.
Appendix 3 Selected Issues in Public Debt Management
The authors are grateful to L. Garamfalvi, M. Sakaguchi and other colleagues, particularly in the Public Expenditure Management Division, for helpful comments and information.
“Spending unit” is a general terminology referring to any government entity, in any hierarchical level, which carries out any kind of financial and/or budgetary operations. Specifically, spending units include the ministries, autonomous agencies, extrabudgetary funds, and their administrative units. All these units fall within the institutional field of the Treasury’s action. Therefore, their budgetary and financial operations must be covered by the government financial information system.
See “Value-for-Money Auditing, Evaluation, and Public Expenditure Management: Experience in Selected OECD Countries and Lessons for Italy,” paper prepared by the Fiscal Affairs Department of the IMF, Washington, April 1994.
If one or more of the typical Treasury functions are excluded from its responsibilities in a particular country, the structure and operations of the Treasury need, of course, to be adjusted accordingly.
If the system is designed to process also the operations of the regional and local levels, references in the paper to “operations of central government”, or “agencies of the central government”, extend to those levels as well.
This, of course, could be a part of the Treasury itself.
For a more detailed treatment of the issues covered in this section see: C. Cottarelli, “Limiting Central Bank Credit to the Government”, IMF Occasional Paper, December 1993.