The Fiscal Transparency Code
- Jan 2019
- International Monetary Fund (IMF)
- International
Fiscal transparency – the comprehensiveness, clarity, reliability, timeliness and relevance of public reporting on the past, present and future state of public finances – is critical for effective fiscal management and accountability. The IMF’s Fiscal Transparency Code (the Code) is the international standard for disclosure of information on public finances. The Code comprises a set of principles built around four pillars :
- Fiscal reporting
- Fiscal forecasting and budgeting
- Fiscal risk analysis and management and
- Resource revenue management.
For each transparency principle, the Code differentiates between basic, good and advanced practices to provide countries with clear milestones toward full compliance with the Code and ensure its applicability to the broad range of IMF member countries.
