Libya : Technical Assistance Report—Public Financial Management Reform Priorities in the New Environment.

Format:

Book

Government document

Author/Creator:

International Monetary Fund. Fiscal Affairs Department.

Contributor:

International Monetary Fund. Fiscal Affairs Department.

Series:

IMF Staff Country Reports; Country Report ; No. 2013/036

IMF Staff Country Reports

Language:

English

Subjects (All):

Budget--Libya.

Budget.

Finance, Public--Libya.

Finance, Public.

Physical Description:

1 online resource (63 p.)

Place of Publication:

Washington, D.C. : International Monetary Fund, 2013.

Language Note:

English

Summary:

Libya faces a number of challenges to establishing a robust, efficient, and transparent public financial management system. There is a need to establish a clear macrofiscal policy framework. The Sovereign Wealth Fund (SWF) should be a financing fund system with clear and rigid inflow and outflow rules and should be based on clear and regulated investment criteria. Under the existing legal and regulatory framework, budget expenditures cannot exceed the initial ceilings specified in the annual budget law. This should be strictly enforced.

Contents:

Cover; Contents; Abbreviations and Acronyms; Preface; Executive Summary; Tables; 1. Summary of Priority Reform Measures; I. Macro-fiscal Analysis and Use of Oil Revenue; A. Macro-fiscal Policy Framework; B. Fiscal Forecasting and Analysis; II. A Libyan Sovereign Wealth Fund - Linkage to the Macro Framework and Operational Aspects; A. Linkage to the Macro Framework; B. Operational Objectives and Rules for a Libyan SWF; Figure; 1. SWF Stabilization Buffer; III. Budget Planning and Preparation; A. Key Weaknesses in Budget Preparation; B. Reform Priorities in the Wake of the Revolution; Boxes

1. Three Aspects of Budget Integration2. Core Functions and Other Accompanying Functions of a Ministry of Finance; 3. General Criteria for Selection of Projects to be Funded in 2012; IV. Budget Execution Control; A. Expenditure Control at Aggregate Level; B. Expenditure Control at Transaction Level; C. Internal Audit; D. External Audit; V. Accounting and Reporting; A. Key Weaknesses in the Accounting and Reporting Framework; B. Reform Priorities in the Near Term; 2. Illustrative Administrative Classification for Libya; 3. Illustrative Economic Classification for Libya (based on GFSM 2001)

VI. Banking Arrangements and Cash ManagementA. Government Banking Arrangements and Payment System; B. Cash Planning and Cash Management; Appendixes; 1. Fiscal Frameworks for Hydrocarbon Intense Economies; 2. Medium-Term Fiscal Framework; Appendix Tables; 1. Hypothetical Medium-Term Fiscal Framework; 2. Hypothetical Medium-Term Fiscal Framework GFSM 2001 Presentation; 3. International Experience on SWFs; Appendix Boxes; 1. SWFs in Resource-Dependent Countries; 2. A SWF for Domestic Development: International Experience; 4. Illustrative Budget Preparation Timetable

5. Content of a Budget Preparatory Circular6. Outline Structure for a Budget Strategy Paper (BSP); 7. Comparison of Expenditure Control Practices; 8. Ministry of Planning Functions (related to PFM)

Notes:

Description based upon print version of record.

Description based on print version record.

ISBN:

9781475572230

1475572239

9781475529074

1475529074

9781299265226

1299265227

9781475545463

1475545460