Chile: Report on Observance of Standards and Codes—Fiscal Transparency

IMF Staff Country Reports, August 5, 2003

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The Chilean government has succeeded in constructing and disseminating a clear view of its objectives and targets, both at the macroeconomic level and for individual budget programs.
Government accountability to congress and the public is demonstrably being strengthened.
A general reform challenge for Chile will be to institutionalize the many recent advances in transparency, so that they become permanent components of fiscal management.
The flexibility inherent in such instruments as protocols and time-bound laws may contribute importantly to speedy and effective policy responses.

Clear articulation and dissemination of objectives and targets at:
- the macroeconomic level, and
- for individual budget programs.
Strengthened government accountability to congress and the public.
Recent advances in fiscal transparency exist but require institutionalization to become permanent.

Institutionalize recent transparency advances to embed them as permanent components of fiscal management.
Leverage flexible instruments (e.g., protocols and time-bound laws) to allow speedy and effective policy responses while ensuring durability of reforms.