## Press Release: IMF Launches Revised Fiscal Transparency Code and Manual

_IMF News, May 15, 2007_

## Source details

**Canonical URL:** [Press Release: IMF Launches Revised Fiscal Transparency Code and Manual](https://www.imf.org/en/news/articles/2015/09/14/01/49/pr0795)

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## Bibliographic details
- Published: May 15, 2007

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### Approval and context
- Press Release No. 07/95
- Date of press release: May 15, 2007
- The Executive Board of the International Monetary Fund (IMF) approved on May 8, 2007 the revised Code of Good Practices on Fiscal Transparency.
- The original Code was initially launched in 1998 and has underpinned assessments of fiscal transparency in 86 countries under the Standards and Codes initiative.

### Purpose and significance of fiscal transparency
- Fiscal transparency promotes:
  - better-informed public debate about the design and results of fiscal policy,
  - greater government accountability for the implementation of fiscal policy,
  - strengthened credibility and public understanding of economic policies and choices.
- These elements are described as crucial for securing economic stability and high-quality growth in an increasingly globalized economic environment.

### Key revisions to the Code and Manual
- The revised Code retains the original four pillars of fiscal transparency:
  - clarity of roles and responsibilities;
  - open budget processes;
  - public availability of information;
  - assurances of integrity.
- The revision introduces nine new specific `good practices' and broadens the coverage of others.
- Issues covered by the new and extended practices include:
  - contractual arrangements with private companies;
  - publication of a `citizen's guide' to the budget;
  - consultation periods for the budget and for proposed changes to laws and regulations;
  - periodic reports on long term public finances;
  - openness in the sale and purchase of government assets.
- The revised Code is said to distinguish key issues and priorities more clearly and to include some emerging issues in more detail.

### Public consultation process
- A broad public consultation process was conducted to finalize the revised Code.
- Feedback on the initial draft posted on the Fund's website and responses to a circulated questionnaire resulted in:
  - the addition of the `citizen's guide' to the budget,
  - more explicit wording on many specific practices.
- Participants in the consultation exercise included:
  - country authorities,
  - civil society organizations,
  - international institutions,
  - academia,
  - the private sector.

### Resource revenue transparency and the Manual
- A major aim of the revision is to fully integrate resource revenue transparency issues, drawing on experience from the 2005 Guide on Resource Revenue Transparency.
- The updated Guide identifies links to the Extractive Industries Transparency Initiative (EITI).
- Extensive revisions have been made to the Manual on Fiscal Transparency, which provides detailed guidance on good fiscal transparency practices.
- The Manual contains numerous examples of good and best practices drawn from real-world experience across a range of developing countries, emerging markets, and advanced economies.

*Press Release: IMF Launches Revised Fiscal Transparency Code and Manual, May 15, 2007*

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## References

- [Press Releases](https://www.imf.org/en/news/searchnews)
- [Transcript of a Conference with the Media and Civil Society Organizations on the Launch of the Revised IMF Fiscal Transparency Code](https://www.imf.org/external/np/tr/2007/tr070515.htm)
- [Code of Good Practices on Fiscal Transparency](https://www.imf.org/external/pp/longres.aspx?id=4175)
- [Manual on Fiscal Transparency](https://www.imf.org/external/pp/longres.aspx?id=4177)
- [Revised Guide on Resource Revenue Transparency](https://www.imf.org/external/pp/longres.aspx?id=4176)
- [PRESS CENTER](http://presscenter.imf.org/)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr0795_