BARBADOS has been lauded for having a number of good practices on fiscal transparency.

The International Monetary Fund (IMF) outlined this in a report published on its website dealing with its Code of Good Practices on Fiscal Transparency.

It pointed to positive things such as the publishing of the Estimates, the annual reports of the Accountant General and the Auditor-General as well as websites that provide data on budget outturn for current and previous years.

"A financial management information system is in place which effectively controls revenue collection and expenditures, and a new system of accrual accounting began in April 2007.

Code of ethics

"The code of ethics for public servants meets the key criteria of the UN International Code of Conduct for Public Officials. Procurement and employment regulations are standardised and accessible", the report said.

However, it noted that to improve fiscal transparency, highest priority should be given to developing a better understanding of the full reach of government activities.

"This will require taking inventory of all statutory bodies and determining whether their primary purpose is commercial or non-commercial activities, and then developing the means for reporting on the consolidated general government including extra-budgetary funds. The non-government public sector should also be clearly defined and consistently monitored.

"Other important priorities include providing an analysis and documentation of costs of quasi-fiscal activities and tax expenditures in the budget documentation; strengthening audit functions and improving the effectiveness of the Public Accounts Committee; and better analysis and disclosure of information related to public-private partnerships". (ES)