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Government at a Glance

Latin America and the Caribbean 2014: Towards Innovative Public Financial Management

image of Government at a Glance

Latin American and Caribbean Government at a Glance offers a dashboard of more than 30 indicators to help decision makers and citizens analyze and benchmark government performance both within the LAC region and compared to the OECD countries. The publication focuses in four broad areas: budgeting practices; public sector pay and employment; public procurement and public finances. Furthermore, the policy chapter deepens in the budgetary and fiscal innovations which have taken place for the LAC region in the past years.

Despite the fact that the LAC region has not been so badly affected by the recent Global and Financial crisis, the Latin American an Carribbean Government at a Glance argues that governments need to be more inclusive, transparent, receptive and efficient. For that, they need to improve among other budgetary, employment and procurement practices, as well as increase the transparency levels.

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Budget transparency

The national budget is one of the main policy documents issued by governments. It is a tool for understanding government priorities and policy objectives, as well as how the executive branch plans to manage public finances. Budget transparency, as defined by the OECD, is the full disclosure of relevant fiscal information in a timely and systematic manner. Although countries might have different budget reporting systems, increasing the level of transparency throughout the budget process (preparation, approval, execution and audit) is essential for upholding public sector integrity and increasing the participation of citizens and non-government organisations in the budgetary process. Openness and transparency can ultimately lead to better public sector performance by facilitating citizen monitoring of governments and minimising the inappropriate and inefficient use of public resources.

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