{
  "title": "Nepal: Report on Observance of Standards and Codes: Fiscal Transparency Module",
  "publication": "IMF Staff Country Reports, October 11, 2007",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/nepal-report-on-observance-of-standards-and-codes-fiscal-transparency-module-21401",
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  "summary": "This report on the Observance of Standards and Codes on Fiscal Transparency of Nepal discusses fiscal transparency practices. Broad objectives of fiscal policy have been included in the budget speech, but the sustainability of fiscal policy over the longer term is not examined.",
  "sections": [
    {
      "heading": "Key findings on fiscal transparency",
      "content": "- Broad objectives of fiscal policy have been included in the budget speech.\n- The sustainability of fiscal policy over the longer term is not examined.\n- Public reporting on the performance of programs during budget implementation is weak.\n- The government has undertaken a review of overall economic development and revised the estimates of revenue and expenditure.\n- Internal control procedures are not fully effective.\n- The accounting system needs to be substantially strengthened."
    },
    {
      "heading": "Implications for public financial management",
      "content": "- Weak public reporting on program performance limits accountability during budget implementation.\n- Lack of long-term fiscal sustainability analysis impedes evaluation of fiscal policy risks.\n- Ineffective internal controls and a weak accounting system increase risks to the reliability of fiscal data and financial management."
    },
    {
      "heading": "Suggested areas for reform (as indicated by the report)",
      "content": "- Introduce regular analysis of the sustainability of fiscal policy over the longer term.\n- Strengthen public reporting on program performance during budget implementation to enhance transparency and accountability.\n- Improve internal control procedures to ensure more effective financial oversight.\n- Substantially strengthen the accounting system to improve the quality and reliability of fiscal information.\n\n---\n\n Content in this bundle\n\n- cr07346\n  - cr07346 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr07346 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "[Markdown version](/en/publications/cr/issues/2016/12/31/nepal-report-on-observance-of-standards-and-codes-fiscal-transparency-module-21401/index.md)",
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    "Published: October 11, 2007",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451830095.002",
    "Broad objectives of fiscal policy have been included in the budget speech.",
    "The sustainability of fiscal policy over the longer term is not examined.",
    "Public reporting on the performance of programs during budget implementation is weak.",
    "The government has undertaken a review of overall economic development and revised the estimates of revenue and expenditure.",
    "Internal control procedures are not fully effective.",
    "The accounting system needs to be substantially strengthened.",
    "Weak public reporting on program performance limits accountability during budget implementation.",
    "Lack of long-term fiscal sustainability analysis impedes evaluation of fiscal policy risks.",
    "Ineffective internal controls and a weak accounting system increase risks to the reliability of fiscal data and financial management.",
    "Introduce regular analysis of the sustainability of fiscal policy over the longer term.",
    "Strengthen public reporting on program performance during budget implementation to enhance transparency and accountability.",
    "Improve internal control procedures to ensure more effective financial oversight.",
    "Substantially strengthen the accounting system to improve the quality and reliability of fiscal information.",
    "**_cr07346**"
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