Republic of Armenia: Fiscal Transparency Evaluation

International Monetary Fund

No 2019/134, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper presents Fiscal Transparency Evaluation (FTE) for Armenia. This report provides 10 recommendations aimed at further enhancing fiscal transparency in the areas prioritized. Fiscal forecasts and budgets have become more forward looking and policy oriented, with the introduction of a medium-term expenditure framework (MTEF), improved fiscal objectives, and a performance budgeting system. The report presents the assessment of fiscal transparency practices against the IMF’s Fiscal Transparency Code (FTC). Armenia’s fiscal transparency practices have strengths and weaknesses in all areas of FTC: fiscal reporting, fiscal forecasting and budgeting, and fiscal risk disclosure and management. The fiscal transparency evaluation also estimates Armenia’s public sector financial position, in order to provide a more comprehensive view of public finances. Expanding the institutional coverage of Armenia’s fiscal reports to the entire public sector would increase the deficit by 1.3 percent of gross domestic product and would have a material impact on revenue and expenditure.

Keywords: ISCR; CR; annual budget; budget documentation; central government; balance sheet; fiscal policy; real GDP; execution report; state budget receipt; reserve fund; baseline debt projection; state debt; budget message; annual budget execution report; budget document; budget appropriation; debt management; Budget planning and preparation; Fiscal risks; Budget execution and treasury management; Public sector; Global (search for similar items in EconPapers)
Pages: 90
Date: 2019-05-15
New Economics Papers: this item is included in nep-acc, nep-cis and nep-mac
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