The IMF approved on May 8 a new fiscal transparency code that introduces nine new "good practices" governments should follow to promote better-informed public debate about how they tax and spend. The IMF's revised Code of Good Practices on Fiscal Transparency draws on the real-world experiences of developing countries, emerging markets, and advanced economies, and follows a broad public consultation process.
The revision retains the original code's four pillars of fiscal transparency: clarity of roles and responsibilities, open budget processes, public availability of information, and assurances of integrity. But it introduces nine new specific good practices and broadens the coverage of others. Among the areas the expanded code covers are revenue from natural resources, government contracts with resource companies, revenue collection, the legal basis for the use or sale of government assets, the impact of budget measures, and publication of a citizens' guide to the budget.
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