Press Release No. 06/223

Press Release No. 06/223

The International Monetary Fund (IMF) is in the process of revising its 2001 Code of Good Practices on Fiscal Transparency. The four core principles of the original Code remain unchanged in the revision: institutional clarity, open budget processes, public information and integrity. However, the document has been updated and broadened to reflect recent developments and practices.

Fiscal transparency makes a major contribution to the cause of good governance. It intends to lead to better-informed public debate about the design and results of fiscal policy, make governments more accountable for the implementation of fiscal policy, and thereby strengthen credibility and public understanding of economic policies and choices. In a globalized environment, fiscal transparency is of considerable importance to achieving economic stability and high-quality growth. The IMF encourages its member countries to implement the Code of Good Practices on Fiscal Transparency.

The IMF is now requesting public comment on the proposed revised Code, which has been posted on the IMF's website, together with a six-question survey.

The deadline for comment is November 17, 2006.