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Without good fiscal information, governments can’t understand the fiscal risks they face or make good budget decisions. And unless that information is made public, citizens and their legislatures can’t hold governments accountable for those decisions.
Fiscal transparency—the public availability of timely, reliable, and relevant data on the past, present, and future state of the public finances—is thus crucial to the foundation of effective fiscal management.
A new paper from the IMF on fiscal transparency, accountability, and risk considers the progress we have made in opening up the “black box” of fiscal policymaking over the past decade, the lessons of the recent crisis for current fiscal reporting standards and practices, and the steps we need to take to revitalize the global fiscal transparency effort.
Filed under: Advanced Economies, Employment, Europe, Finance, Fiscal policy, growth, IMF, Inequality, International Monetary Fund, Politics, Public debt | Tagged: balance sheets, budget, Central African Economic and Monetary Community, compliance, economic crisis, European Union, financial crisis, fiscal data, fiscal policy, fiscal reporting, fiscal transparency, government, Government Finance Statistics Manual, Greece, IMF, iMFdirect blog, International Monetary Fund, International Public Sector Accounting Standards, standards, transparency, West African Economic and Monetary Union | 4 Comments »