The workshop, the first of its kind in the region, was attended by twenty officials from finance ministries and central banks from
Participants discussed the potential risks to government finances in the region from a reliance on revenue from volatile primary commodity exports and uncertain donor grants. Discussions also covered fiscal risks arising from rapid increases in infrastructure spending, including through investments by state-owned enterprises and the use of public-private partnerships. Several governments in the region are also decentralizing activities to sub-national government with the aim of improving service delivery and accountability. Participants discussed the risks that these developments potentially create for the effective management of the public finances and approaches to mitigating such risks. Other issues covered were the sustainability of public pension schemes, payment arrears and government guarantees. The Third Pillar of the IMF's new Draft Code on Fiscal Transparency was used as an analytical framework to discuss these risks. The example of
An important part of the workshop was devoted to exploring how improved accounting and reporting practices can enable governments to better understand and be more transparent on the fiscal risks they face. Mr. Maate from the EAC Secretariat underlined the necessity of harmonizing reporting practices in the region, as the EAC moves towards a monetary union.
At the opening of the workshop, Mr.
At the conclusion of the workshop, Mr.
IMF Technical Assistance
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