Pakistan: Report on Observance of Standards and Codes: Fiscal Transparency Module: An Update
IMF Staff Country Reports, April 15, 2008
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- Pakistan: Report on Observance of Standards and Codes: Fiscal Transparency Module: An Update
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Bibliographic details
- Published: April 15, 2008
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451830729.002
Summary
- Study carried out in association with an FAD technical assistance mission on public financial management issues.
- Focuses on transparency aspects of fiscal management reforms reviewed by that mission and implementation of key report on observance of standards and codes recommendations.
- Assesses the impact of reforms under way and suggests priorities for further transparency improvements.
- Notes that Pakistan Improvement to Accounting and Auditing (PIFRA) has been implemented recently.
- Publication date: April 15, 2008.
Key findings and assessment
- A strong legal framework for coordinating fiscal and debt management policies and improving fiscal transparency was established by the Fiscal Responsibility and Debt Limitation Law (FRDL).
- The update evaluates how reforms supported by the FAD mission and the FRDL have affected fiscal transparency and fiscal management practices.
- Emphasis on implementation status of prior recommendations from the Report on the Observance of Standards and Codes (ROSC) fiscal transparency module.
Coverage and thematic scope
- Subject areas listed: Auditing, Budget planning and preparation, Fiscal accounting and reporting, Fiscal policy, Public financial management (PFM).
- Keywords cited: a number of audit report, appointment authority, audit, Auditing, Budget planning and preparation, c. government holding, CR, cross-government program, equity holding, Fiscal accounting and reporting, government, government holding, ISCR, PIFRA, policy.
Implementation status and reforms under way
- Implementation highlighted: Pakistan Improvement to Accounting and Auditing (PIFRA) implemented recently.
- Legal reform highlighted: Fiscal Responsibility and Debt Limitation Law (FRDL) established to coordinate fiscal and debt management policies and improve transparency.
Priorities and recommendations (as presented)
- The update suggests priorities for further transparency improvements based on assessment of reforms under way.
- Specific operational or technical recommendations are framed in the context of strengthening fiscal transparency through continued implementation of public financial management reforms and consolidation of legal and institutional frameworks (detailed recommendations are contained in the full report).