Fiscal Transparency in EU Accession Countries: Progress and Future Challenges, Issues 2003-2163
International Monetary Fund, Aug 1, 2003 - Disclosure of information - 26 pages
This paper discusses the findings of fiscal transparency reports on standards and codes (ROSCs) for most EU accession candidate countries. Emphasis is given to the need to establish effective and accountable medium-term budget frameworks to establish policy credibility and anchor adjustment programs to meet EU fiscal goals. Adoption of budgeting and accounting standards consistent with the IMF Government Finance Statistics Manual 2001 framework will also help link budget decisions to EU standards of fiscal reporting. More consistent and comprehensive coverage of off-budget activities is needed for assessing fiscal risk and sustainability. Finally, local government issues need to be addressed by many of these countries since EU fiscal goals are set with reference to general government. Progress in all of these areas can be monitored by keeping fiscal ROSC assessments up to date.
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2003 ROSC update accession countries accountable MTBF accounting and reporting accounting system accrual basis accounting achieve agencies analysis of fiscal areas of fiscal borrowing budget documentation budget estimates budget process Bulgaria candidate countries capacity central government charts of accounts consistent contingent liabilities continuing Czech Republic deficit discussed effective elements ensure establish credible Estonia European EUROSTAT external audit extrabudgetary funds fiscal activities fiscal data fiscal management fiscal reference values fiscal reporting fiscal ROSC fiscal sustainability fiscal targets fiscal transparency code fiscal transparency ROSCs forward estimates FSSA GFSM government debt government guarantees Hungary implementation improvement internal issues Latvia legislation legislature Lithuania long-term macroeconomic framework medium-term budget frameworks medium-term estimates medium-term fiscal ministries monitoring number of countries off-budget activities Poland programs progress public financial institutions QFAs reform reporting standards revenues role Romania ROSC update notes SAPARD significant Slovak Republic Slovenia spending strengthen subnational governments tax expenditures Turkey Yes Yes Yes