This paper integrates into the Fiscal Transparency Code (FTC) a new fourth pillar (Pillar IV) on natural resource revenue management. This completes the pending update to the IMF's FTC, as set out by staff in 2014 (see IMF 2014a)

El Gobierno de Chile ha anunciado que esta comprometido a alcanzar su meta fiscal y contener el crecimiento del gasto. El objetivo de la meta fiscal es reducir el deficit estructural en 0,2% del PIB en cada ano del mandato presidencial (2018-2021). A fin de alcanzar esa meta, el Gobierno anuncio...

Russia was one of the first countries (and first G20 country) to volunteer to pilot the IMF's new Fiscal Transparency Evaluation (FTE). The evaluation was conducted in October 2013 on the basis of a draft version of the IMF's revised Fiscal Transparency Code released for consultation in July...

Energy Subsidy Reform is a key pillar of Colombia's national development plan. Rising fiscal challenges in Colombia-which have been exacerbated by the adjustment costs associated with recent large migration flows from Venezuela-can risk derailing the government from their commitment to meet both...

This note aims to inform governments on how to account for tax expenditures and use that information in fiscal management. The emphasis is on developing and emerging market economies, where the use of such accounts is in its infancy because of data constraints, insufficient human and financial...

The Public Investment Management Assessment (PIMA) of Benin has brought to light an institutional framework of high quality but ineffective implementation. In accordance with the PIMA methodology applied in several countries, the mission focused on assessing the institutional strengths (such as...

Interest in social spending issues has intensified over the last decade. This reflects concerns about rising inequality and the need to support vulnerable groups, especially in the aftermath of the global financial crisis. In line with this, the Fund has also increased its engagement on social...

The global economy remains fragile at this time. While the recovery in advanced economies is softening, many emerging market and developing economies have experienced a significant economic slowdown, and some large countries show signs of distress. Global risk aversion has risen, and commodity...

At the global level, inequality has declined substantially over the past three decades, but within national boundaries, the picture is mixed: some countries have experienced a reduction in inequality while others, particularly advanced economies, have seen a significant increase that has, among...