| Description |
1 online resource (81 pages) : color illustrations |
| Series |
IMF country report ; no. 14/134 |
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IMF country report ; no. 14/134.
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| Contents |
Cover; Contents; Glossary and Legend; Preface; EXECUTIVE SUMMARY; TABLES; 0.1. Summary Assessment Against Fiscal Transparency Code; 0.2. Estimated Public Sector Finances Overview, 2012; I. FISCAL REPORTING; 1.0. Introduction; 1.1. List of Fiscal Reports; 1.1. Coverage of Fiscal Reports; 1.2. Russia: Estimated Public Sector Institutions and Finances; FIGURES; 1.1. Coverage of Public Sector in Fiscal Reports, 2012; 1.2. Public Sector Gross Liabilities; 1.3. Reported General Government Balance Sheet, 2012; 1.3. Public Sector Balance Sheet Coverage in Fiscal Reports, 2012 |
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1.4. Estimated Public Sector Balance Sheet, 20121.4. Public Sector Net Worth in Selected Countries; 1.5. Difference between Accrued and Cash Revenue and Expenditure; 1.5. Tax Expenditures; 1.2. Frequency and Timeliness of Fiscal Reporting; 1.3. Quality of Fiscal Reports; 1.6. Stock Flow Adjustments; 1.6. Sources of Stock-Flow Adjustments; 1.4. Integrity of Fiscal Reports; 1.5. Conclusions; 1.7. Summary Assessment of Fiscal Reporting; II. FISCAL FORECASTING AND BUDGETING; 2.0. Introduction; 2.1. Macroeconomic and Fiscal Forecasting and Budget Documents |
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2.1 Comprehensiveness of Budget Documentation2.1. Retained Revenue; 2.2. Hidden (Unspecified) Expenditure in the Federal Budget; 2.2. Share of the National Budget Classified as Secret; 2.3 Average Medium-Term Real GDP Forecasting Error 2000-12; 2.2 Timeliness of Budget Submission and Approval; 2.4 Average Difference Medium-Term Estimates and Actual Expenditure; 2.3. Timing and Contents of Pre-Budget Statements in Selected Countries; 2.4. Timing of Submission of the Budget Proposal to the Legislature, 2013; 2.3 Legal Framework for Budgeting; 2.4 Policy Orientation |
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2.5 Credibility of Forecasts and Budgets2.5. Average Size of Supplementary Budgets 2000-12; 2.6. Conclusions; 2.6. Expenditure Increases Following Budget Approval 2000-12; 2.5. Summary Assessment of Fiscal Forecasting and Budgeting; III. FISCAL RISK ANALYSIS AND MANAGEMENT; 3.0. Introduction; 3.1. Selected Reports Relating to Fiscal Risk; 3.1 Risk Disclosure and Analysis; 3.1. Indicators of Macro-Fiscal Risk in the G-20, 2002-12; 3.2. Sensitivity of Revenue, Expenditure and Balance, Share of GDP; 3.3. Selected Specific Fiscal Risks; 3.2 Risk Management |
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3.2. Assets and Liabilities of General Government3.4. Selected Other Assets and Liabilities Not Reported, 2012; 3.3. Oil and Gas Revenue under Alternative Long-term Scenarios; 3.4. State Guarantees; 3.5. Total Liabilities of Russian State-Controlled Banks; 3.6. Regulatory Capital Ratios in G-20 Countries, 2012/13; 3.3 Fiscal Coordination; 3.7. Average Annual Cost of Natural Disasters in G-20 Countries; 3.8. Sub-National Liabilities in Selected Countries; 3.9. Debt of Russian Regional and Municipal Governments; 3.10. Liabilities of 18 Largest Public Nonfinancial Joint-Stock Companies, 2012 |
| Summary |
"Most aspects of Russia's fiscal reporting and budgeting practices are in line with good or advanced practice under the July 2013 draft of the Fiscal Transparency Code, and the disclosure and management of fiscal risks has significantly improved in recent years (Table 0.1). Specifically, over the past decade and a half: * the 1998 Budget Code and subsequent amendments have established a comprehensive legal framework for fiscal management at all levels of government; * the government began publishing cash-based in-year and year-end fiscal reports and accrual-based annual financial statements as well as fiscal statistics which consolidate Federal, regional, and municipal governments in line with international standards; * detailed and credible medium-term macroeconomic forecasts have been prepared since early 2000, and a new oil price-based fiscal rule was introduced in 2013 to encourage sustainable and counter-cyclical fiscal policymaking; * the coverage of the Federal government budget has steadily expanded and the three main remaining extra-budgetary funds are presented and approved alongside it in a timely manner; * the policy-orientation of the budget has improved thanks to a comprehensive and detailed medium-term budget framework introduced in 2008, and a new program and performance budgeting system introduced in the 2014 Budget; and * firm central controls over key sources of fiscal risks have been established, including annual limits on the issuance of debt, credit, and guarantees by the Federal government, and on borrowing by sub-national governments.2 At the same time, this evaluation highlights a number of important areas where fiscal transparency practices could be further improved: * while fiscal reports provide a relatively comprehensive picture of the Federal and sub-national government finances, they exclude the financial activity of various classes of government-controlled enterprises with net expenditure of at least 29 percent of GDP and liabilities of at least 127 percent of GDP in 2012;3 2 As a result of these successive enhancements to fiscal disclosure, between 2006 and 2012 Russia's rating under the International Budget Partnership's Open Budget Index has risen from a score of 47 to 74 out of 100 and from a ranking of 28th out of 59 countries to 10th out of 100 countries. 3 Figures quoted here and in the remainder of this report are based on data from the 26 largest government-controlled enterprises by liability"--Abstract |
| Notes |
"Fiscal Affairs Department and Statistics Department"--Page 2 of pdf |
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"Richard Hughes [and others]"--Page 2 of pdf |
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"May 2014"--Page 2 of pdf |
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Online resource; title from pdf title page (IMF Web site, viewed May 27, 2014) |
| Subject |
International Monetary Fund -- Russia (Federation)
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| SUBJECT |
International Monetary Fund fast |
| Subject |
Fiscal policy -- Russia (Federation) -- Evaluation
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Budget process -- Russia (Federation) -- Evaluation
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Fiscal policy -- Evaluation
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Russia (Federation)
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| Form |
Electronic book
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| Author |
Hughes, Richard (Richard John Daly), 1975-
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International Monetary Fund. Fiscal Affairs Department.
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International Monetary Fund. Statistics Department.
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| ISBN |
9781498348058 |
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149834805X |
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9781498337816 |
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1498337813 |
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