Antigua and Barbuda: Public Expenditure and Financial Accountability (PEFA) Performance Assessment
IMF Staff Country Reports, February 4, 2015
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- Antigua and Barbuda: Public Expenditure and Financial Accountability (PEFA) Performance Assessment
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Bibliographic details
- Published: February 4, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781498356091.002
Purpose and scope
- Objective: provide an objective analysis of the present performance of the public financial management system in Antigua and Barbuda and identify changes incurred since the last PEFA assessment undertaken in 2010.
- Publication date: February 4, 2015
- Publication series and identifiers:
- IMF Staff Country Reports
- Country Report No. 2015/027
- Issue: 027
- Volume: 2015
- Pages: 96
- DOI: https://doi.org/10.5089/9781498356091.002
- Stock No: 1ATGEA2015001
- ISBN: 9781498356091
- ISSN: 1934-7685
Major findings
- Fiscal outcomes in the wake of a prolonged economic crisis have not been consistent with the budget as approved.
- Central government public finances are comprehensively presented in budget documents, but important weaknesses remain.
- New policy initiatives and their budgetary implications are not sufficiently analyzed.
- A significant share of extra-budgetary expenditures remains unreported.
- Oversight and reporting requirements of statutory bodies are not yet fully enforced, impeding a comprehensive assessment of the associated fiscal risks.
- Revenue administration has been strengthened over the last years.
- Control over budget execution is still weak.
- There have been improvements in the quality of external audit.
- Lack of Parliamentary scrutiny undermines the accountability framework.
Subject areas and keywords (as listed)
- Subject: Auditing, Budget planning and preparation, Expenditure, Financial statements, Public financial management (PFM)
- Keywords: annual budget, Auditing, Budget planning and preparation, capital budget, capital expenditure, Caribbean, central government, collection ratio, CR, debt management, deficit financing, Financial statements, fiscal year, internal audit, ISCR, reform program
Areas highlighted for attention (implicit reform priorities drawn from findings)
- Ensure alignment of fiscal outcomes with the approved budget through strengthened budget execution controls.
- Improve analysis of new policy initiatives and fully assess their budgetary implications.
- Increase transparency by reporting a significant share of extra-budgetary expenditures.
- Enforce oversight and reporting requirements for statutory bodies to enable comprehensive assessment of fiscal risks.
- Sustain and build on strengthened revenue administration.
- Enhance Parliamentary scrutiny to strengthen the accountability framework.
- Continue to improve the quality and utility of external audit and internal audit functions.
International Monetary Fund. Antigua and Barbuda: Public Expenditure and Financial Accountability (PEFA) Performance Assessment, IMF Staff Country Reports 2015, 027 (2015).