Does Greater Fiscal Transparency Reduce Corruption?
The International Monetary Fund (IMF) recently published its “Fiscal Transparency – Revised IMF Code of Good Practices.” This comprehensive code not only covers a range of detailed areas where governments should provide public budget information, but it also stresses the need for governments to pursue good practices in this area. It states that: • There should be sufficient time for consultation about proposed laws and regulatory changes and, where feasible, broader policy changes. • Contractual arrangements between the government and public or private entities, including resource companies and operators of government concessions, should be clear and publicly accessible. • Government liability and asset management, including the granting of rights to use or exploit public assets, should have an explicit legal basis. • A budget calendar should be specified and adhered to. Adequate time should be allowed for the draft budget to be considered by the legislature. The Fund’s new code fundam
