Public Financial Management. The authorities commit to continue reforms that aim at improving the budget process and expenditure controls, clearing arrears, and strengthening budget reporting and cash management. The authorities will adopt legislation by October 2015 (key deliverable) to upgrade the Organic Budget Law to: a) introduce a framework for independent agencies; b) phase out ex-ante audits of the Hellenic Court of Auditors and account officers (ypologos); c) give GDFSs exclusive financial service capacity and GAO powers to oversee public sector finances; and d) phase out fiscal audit offices by January 2017. The authorities will adopt secondary legislation to define the transitional arrangements of the OBL reform by end- December 2015, and complete the reform by end-December 2016. The Greek government is committed to making the Fiscal Council operational before finalizing the MoU. For this to happen, the government adopted a Ministerial Decision to start the open procedure to select the members of the board. Following completing the process for the appointment of the Board Members of the Fiscal Council, the Government will by September 2015 issue the needed secondary legislation to make the Council fully operational (including budgeting and staffing) by November 2015. The Authorities will complete a review with the help of technical assistance from the EC of the work of the Fiscal Council by December 2016, and adopt legislation as needed (March 2017). In line with the Fiscal Compact, the Greek Government shall present the main characteristics of their medium-term public finance plans to the European Commission and the ECOFIN Council in spring of each year and will update its Medium Term Fiscal Strategy before end May of each year in line with the programme targets. In addition, as part of a common budgetary timeline, Greece shall submit to the European Commission the draft budget for the following year by 15 October of each year, along with the independent macro- economic forecast on which it is based. The Government will design a new government Budget Classification structure and Chart of Accounts (September 2016) in time for the 2018 budget. The authorities will present by September 2015 a plan to complete the clearance of arrears, tax refund and pension claims, and immediately start implementation. The authorities will then clear the outstanding stock of spending arrears of 7.5 billion by end-December 2016 after completing a thorough audit by end-January 2016, and clear t...
Public Financial Management. The authorities commit to continuing reforms that aim at streamlining and improving the budget process and expenditure controls, clearing arrears, and strengthening budget reporting and cash management. A key requirement of the Organic Budget Law (OBL) adopted in October 2015 is the transfer of financial management functions from the Fiscal Audit Offices (FAOs) to the General Directorate for Financial Services (GDFS) by January 2017. To manage the transfer of functions smoothly, and avoid overlapping of tasks and confusion of duties the authorities will: (i) ensure that all ministries provide GDFS with adequate staff, quantitatively and qualitatively (December 2016) based on an assessment of the staff capacity; (ii) By June 2017, prepare a concrete staff mobility plan in context of the new organizational chart. If necessary qualified staff from other ministries, including GAO, will be transferred to GDFS;
Public Financial Management. Preparation of four additional Medium-Term Expenditure Frameworks to cover the following four (4) ministries: Ministry of Finance, Ministry of Economy, Industry and Trade, Ministry of Domestic Security and Internal Protection, Ministry of Youth and Sports taking into consideration the ministries’ implementation capacity and the Recipient’s macroeconomic framework. Submission of the draft budget execution report for 2007 (Projet de Loi de Règlement 2007) to the Recipient’s parliament by December 31, 2008.
Public Financial Management. (a) The Borrower, through the Ministry of Finance, has issued regulations to improve financial disclosure of all state budget entities, including SOEs, requiring among other information, disclosure of their annual budget allocations, budget plans and final accounts.
Public Financial Management. (a) Improving capacity for budget planning and execution, through the:
Public Financial Management. In order to improve: (a) revenue collection and mobilization; and (b) efficiency and transparency in public financial management, the Recipient has:
Public Financial Management research challenges of globalization and on pro-poor public finance policies
Public Financial Management. Upgrading the Borrower’s capacity to plan, execute and account for public spending at the national level in accordance with national priorities established in DPR approved national budgets by:
