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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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Medium-term expenditure framework

Along with fiscal responsibility laws, some LAC countries have implemented medium-term expenditure frameworks (MTEFs) as a way of linking the budgetary process to broad fiscal policy goals beyond the annual budgetary cycle. MTEFs allow authorities to adopt broad budget aggregates and detailed expenditure plans, typically spanning three to five years including the budgeted fiscal year, and combine prescriptive yearly ceilings and descriptive forward estimates. Expenditure estimates based on sector strategies and estimated costs form the baseline for future budgets, while a macro-fiscal framework establishes expenditure ceilings for future spending.

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