The World Bank’s Spring Meetings were the setting of a high-level dialogue on fiscal transparency between ministers of finance of six countries and emerging market investors, organized by IBP, the Philippines Department of Finance and the Department of Budget and Management, the U.S. Department of the Treasury, the Emerging Markets Investors Alliance, and the International Monetary Fund (all GIFT stewards).
The event successfully brought together ministers of finance from the Philippines, Serbia, Paraguay, Angola, Egypt, and Ghana and a group of investors to discuss how countries can improve their access to international financial markets. The discussion was very useful and allowed participants to better understand the information and data that investors and other users seek on national budgets and finances.
A number of possible next steps were discussed in the meeting, including how participants could join GIFT, which could use existing diagnostics from the IMF and IBP to tailor individual country recommendations for improving fiscal transparency and provide a peer engagement forum and technical assistance on improving transparency.
Other possible steps could involve organizing a follow up event to focus on specific fiscal transparency topics of interest to investors and governments (such as reporting of contingent liabilities and disclosure of assumptions used by governments to project revenues) or commissioning new research to assess the impact of fiscal transparency on credit ratings.