National Treasury has welcomed South Africa’s ranking by the International Monetary Fund’s Fiscal Transparency Evaluation Report of being among the top three countries worldwide for fiscal transparency.
According to the International Budget Partnership, South Africa has a strong record of fiscal transparency and consistently ranks among the top three countries worldwide for transparency.
“A predictable and transparent fiscal policy underpins macroeconomic stability.
“The IMF’s Fiscal Transparency Evaluation Report notes a strong performance in fiscal reporting and budget transparency,” National Treasury said on Tuesday.
However, the report suggested improvements in three areas: fiscal reporting; forecasting and budgeting, and fiscal risk analysis.
This includes aligning fiscal reporting to international best practice by including other spheres of the public sector, strengthening tax expenditure disclosure, implementing precise, time-bound, and stable fiscal rules, enhancing risk analysis in the fiscal risk statement, and regularly publicising public-private partnership financial data.
“Work is underway on all these areas.
“Government is committed to addressing these areas to enhance fiscal credibility and ensure continued transparency and accountability in the management of public finances,” National Treasury said.
The full report can be accessed from the IMF website. - SAnews.gov.za
