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Digital Solutions Guidelines for Public Financial Management
The Digital Solutions Guidelines for Public Financial Management (Guidelines) are intended to serve as a comprehensive reference material for the assessment, design, and improvement of digital initiatives in the public financial management (PFM) area. To support the digital transformation of PFM functions, the Guidelines are structured around three Pillars – Functional, IT Architectural, and Governance and Management. Each pillar comprises six principles, which are further broken down into one to four attributes to promote more efficient and transparent PFM operations while fostering innovation and managing digital risks. These Guidelines also allow a graduated approach to digital transformation of PFM through three levels of maturity for each Attribute – foundational, intermediate, and advanced – to help take into account country-specific contexts and capacities in digital transformation strategies.
Transforming Public Finance Through GovTech
Digital divide across countries and within countries continues to persist and even increased when the quality of internet connection is considered. The note shows that many governments have not been able to harness the full potential of digitalization. Governments could play important role to facilitate digital adoption by intervening both on supply (investing in infrastructure) and demand side (increase internet affordability). The note also documents significant dividends from digital adoption for revenue collection and spending efficiency, and for outcomes in education, health and social safety nets. The note also emphasizes that digitalization is not a substitute for good governance and that comprehensive reform plans embedded in National Digital Strategies (NDS) combined with legal and institutional reforms are needed to ensure that governments can reap full benefits from digitalization and manage the risks appropriately.
How to Develop and Implement a Medium-Term Fiscal Framework
This Note provides guidance on developing and implementing a medium-term fiscal framework (MTFF). MTFFs aim to promote fiscal discipline and sustainability, transparency, and better-informed fiscal decisions. An MTFF comprises a set of institutional arrangements for prioritizing, presenting, reporting, and managing fiscal aggregates - revenue, expenditure, balance, and debt - generally over a three-to-five-year period. It incorporates a fiscal strategy, medium-term projections of key macroeconomic variables and fiscal aggregates, and ceilings on total expenditure to guide subsequent annual budgets. By introducing a medium-term perspective into fiscal and budgetary decision making, MTFFs prov...
How to Make the Management of Public Finances Climate-Sensitive–“Green PFM”
This How to Note develops the “green public financial management (PFM)” framework briefly outlined in an earlier Staff Climate Note (2021/002, published in August 2021). It illustrates, how climate change and environmental concerns can be mainstreamed into government’s institutional arrangements in place to facilitate the implementation of fiscal policies. It provides numerous country examples covering possible entry points for green PFM – phases in the budget cycle (strategic planning and fiscal framework, budget preparation, budget execution and accounting, control, and audit), legal framework or issues that cut across the budget cycle, such as fiscal transparency or coordination with State Owned Enterprises or with subnational governments. This How to Note also summarizes practical guidance for implementation of a green PFM strategy, underscoring the need for a tailored approach adapted to country specificities and for a strong stewardship role of the Ministry of Finance.
Crypto Assets and CBDCs in Latin America and the Caribbean: Opportunities and Risks
After providing a general overview of the nature, pros, and cons of crypto assets and CBDCs, this paper focuses on documenting their recent experience in LAC. The region records a high interest in unbacked crypto assets and stablecoins and its authorities’ policy responses have varied substantially, ranging from the introduction of Bitcoin as legal tender in El Salvador to their prohibition in many other countries worried about their impact on financial stability, currency/asset substitution, tax evasion, corruption, and money laundering. This paper also describes briefly the results of a survey on CBDCs’ introduction plans and crypto assets regulation. Finally, this paper presents some general lessons and policy recommendations for the region on the regulation of cypto assets, digital currencies and cross-border payments, and on the potential introduction of CBDCs.
Inclusive GovTech: Enhancing Efficiency and Equity Through Public Service Digitalization
How could the GovTech improve budget processes and execution efficiency? Could the GovTech strengthen redistributive function of public expenditure? Based on an event-study method, this paper finds that the introduction of digital budget payments and e-procurement could significantly enhance budget transparency and help expand the coverage of social assistance to reach the most vulnerable population. Exploiting staggered adoption of digital budget payments, a synthetic control regression identifies meaningful increase in pre-tax income shares among the bottom 50th percentile and female workers, especially for emerging market and developing countries, with effects materializing gradually over...
Private Finance for Development
The Covid-19 pandemic has aggravated the tension between large development needs in infrastructure and scarce public resources. To alleviate this tension and promote a strong and job-rich recovery from the crisis, Africa needs to mobilize more financing from and to the private sector.
Environmental Governance and Greening Fiscal Policy
This book addresses the increasingly urgent question: How can governments be made more accountable for the quality of their environmental stewardship? It explores: Enhanced national State of the Environment reporting and integration of environmental outcomes in key national indicators. Mainstreaming environmental goals, targets, and risks by integrating them in fiscal policy and the annual budget—a government’s most important policy instrument. Promoting sustainability by progressively exposing and eliminating harmful tax and expenditure policies, putting a price on pollution, and providing environmental public goods. Civil society environmental monitoring. The book combines in-depth ass...
Exploring the Adoption of Selected Digital Technologies in Tax Administration
Using cross-country data, this note explores the potential impact of selected digital technologies on tax collection and compliance. The analysis makes use of multi-dimensional International Survey on Revenue Administration, Tax Administration Diagnostic Assessment Tool, and Revenue Administration-Gap Analysis Program (RA-GAP) data with results indicating that digital technologies could help enhance tax collection, but with effects that vary by the type of specific digital service or tools introduced. While the results demonstrate a strong association between digital tax administration operations and improved performance outcomes, the realization of revenue gains is heavily contingent on acc...
Complexity Economics and Sustainable Development
The Sustainable Development Goals are global objectives set by the UN. They cover fundamental issues in development such as poverty, education, economic growth, and climate. Despite growing data across policy dimensions, popular statistical approaches offer limited solutions as these datasets are not big or detailed enough to meet their technical requirements. Complexity Economics and Sustainable Development provides a novel framework to handle these challenging features, suggesting that complexity science, agent-based modelling, and computational social science can overcome these limitations. Building on interdisciplinary socioeconomic theory, it provides a new framework to quantify the link between public expenditure and development while accounting for complex interdependencies and public governance. Accompanied by comprehensive data of worldwide development indicators and open-source code, it provides a detailed construction of the analytic toolkit, familiarising readers with a diverse set of empirical applications and drawing policy implications that are insightful to a diverse readership.
