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| IMF Published a New Report on the Observance of Standards and Codes on Fiscal Transparency for Bulgaria
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In August 2005, the International Monetary Fund (IMF) published a new report titled Bulgaria: Report on the Observance of Standards and Codes (ROSC) — Fiscal Transparency Module.
The report provides an assessment of fiscal transparency practices in Bulgaria in relation to the requirements of the IMF Code of Good Practices on Fiscal Transparency and IMF Manual on Fiscal Transparency.
It reveals that Bulgaria has made considerable progress in improving fiscal transparency since the 2000 ROSC, much of it linked to European Union accession requirements. Areas of improvement include closure of most extrabudgetary funds, publication of arrears data, clarification of procurement, customs, and privatization legislation, strengthening of tax and customs administration, reductions in quasi-fiscal activities of public corporations, and development of a more medium-term approach to budgeting. The report also lists a number of areas that still need further improvement like: control of governmental spending and annual budget implementation; independence of procurement agency; modernizing internal control; strengthening tax and customs administration. In a number of its deliberations the report draws on the conclusions of Coalition 2000’ Corruption Assessment Report for 2005 titled Anticorruption Reforms in Bulgaria and its Corruption Monitoring System.
Full text of the report (PDF, 564 Kb)
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