The seminar, delivered at the CEF on January 18-20 promoted a better understanding of the IMF’s new Fiscal Transparency Code (FTC) and how evaluation can help identify priority areas of improvement in fiscal transparency and fiscal risk. We welcomed 26 mid-to-senior finance officials from 10 SEE countries. Participants actively contributed to this knowledge exchange; click here for a social memory of this learning journey. Before coming to Ljubljana, they completed with colleagues at their ministries a country self-assessment that mimicked a Fiscal Transparency Evaluation (FTE), and provided a good basis for illustrating and discussing challenges that SEE countries face in reforming their fiscal management.

The seminar focused on the first three pillars of the new Code:

• Under the FTC pillar I, Fiscal Reporting, we explored principles and practices in the coverage, frequency, quality and integrity of fiscal reports and statistics.
• Under the FTC pillar II, Fiscal Forecasting and Budgeting, we discussed macro-economic, fiscal and budgetary forecasting practices and whether they provide comprehensive, timely, and credible projections for the evolution of public finances as well as how well they reflect the government’s policy objectives.
• And, under the FTC pillar III, Fiscal Risk Analysis and Management, we reviewed disclosure, analysis and management practices related to a broad range of fiscal risks that governments are exposed to in the short as well as long term, including macro-economic shocks, guarantees, state-owned enterprises, long-term fiscal obligations, public-private partnerships, financial sector exposure, and environmental damage.

The Seminar has been designed and delivered by FAD experts, including the CEF-based PFM Advisor for SEE, and co-facilitated by the CEF. It benefited also from the sharing of Dutch experience by an expert from the Dutch National Academy of Finance and Economics. This FAD/CEF activity has been financed with the support of the European Commission under the FAD project Strengthening Economic Governance and Public Financial Management, which supports fiscal reforms in six SEE countries. Complementary financial support has been provided by the Dutch Ministry of Finance.

The next CEF learning initiative in the area of Budget Preparation and Execution will be a Workshop on Novelties provided under the Instrument for Pre-Accession (IPA) II, which we will deliver at the CEF on February 10-12, 2016. Browse through our Catalog for more information on related learning initiates in 2016.