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Managing Director Christine Lagarde at a meeting with CSO representatives at the October 2012 IMF-World Bank Annual Meetings in Tokyo (photo: IMF)

The IMF and Civil Society

Consultation on Revisions to the Code of Good Practices on Fiscal Transparency

January 19, 2013

The IMF launched on December 7, 2012, a consultation with governments, civil society, academics, and private sector stakeholders to gather ideas for the revision of its Code of Good Practices and Manual on Fiscal on Fiscal Transparency and related instruments. The on-line consultation process remains open until February 10, 2013.

The consultation marks the first time the institution has sought the input of such a broad range of stakeholders in connection with planned revisions to the Fiscal Transparency Code and the related Manuals and Processes.

Interested parties are being asked to submit their comments by February 10, 2013, after which time submissions will be posted on the IMF website.

Fiscal transparency—defined as the clarity, reliability, frequency, timeliness, and relevance of public fiscal reporting and the openness to the public of the government’s fiscal policymaking process—is considered a critical element of effective fiscal management.

After this first round of consultation, the IMF will prepare a revised draft of the Code of Good Practices and Manual on Fiscal Transparency, which will form the basis for a second round of consultation in Spring 2013. The IMF plans to submit final versions of the new Code and Manual to its Executive Board for approval and publication in late 2013.

Procedures

The IMF Civil Society Team will receive the comments and post a summary of the comments received. Senders can request for their comments to be private. Any interested stakeholder can submit their input through the following channels:

E-mail: IMFconsultation@imf.org

Fax: +1 202 623 6220

When submitting your comments, via fax or email, please include the following information so that your comments are registered: name of sender; organization you represent; address; country; phone number; and e-mail address.