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Tuesday, September 19, 2017

IMF publishes report on Russia's fiscal transparency

The IMF published a fiscal transparency evaluation on Monday at the request of the Russian government.

The report is one of eight pilots in the IMF's new instrument for assessing fiscal transparency practice and was carried out by a joint team from the IMF's Fiscal Affairs and Statistics Department that visited Moscow in October.

The report showed substantial progress in Russia over the past decade in terms of strengthening fiscal disclosure.

The country has made advances in several areas, one of which is its compliance with the 1998 Budget Code, which provides a comprehensive legal framework for fiscal management.

The country's government also publishes its consolidated federal, regional and municipal fiscal statistics in a frequent and timely fashion. The country formats its budget on credible macroeconomic forecasts. It also offers detailed disclosure of key sources of financial risk.

The report also included areas in which Russia could improve, such as in the area of government controlled enterprises, in the recognition of assets and liabilities and in its budget's comprehensiveness.

The report also recommended a series of actions to enhance the areas which need improvement.