The IMF Fiscal Transparency ROSC (officially known as IMF Code of Good Practices on Fiscal Transparency) is an additional valuable source of information on the principles and practices of a good public financial management (PFM) system.
The IMF Code of Good Practices on Fiscal Transparency is based around the following key principles:
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roles and responsibilities in government should be clear
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information on government activities should be provided to the public
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budget preparation, execution, and reporting should be undertaken in an open manner, and
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fiscal information should attain widely accepted standards of data quality and be subject to independent assurances of integrity.
Country reports on the assessment of fiscal transparency practices of countries are prepared by IMF staff and contain valuable information on certain elements of their PFM systems.
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