The following four key requirements for fiscal transparency are regarded as essential:
• Clear roles and responsibilities
• Full provision of information
• Open budget preparation and execution
• Assurances of integrity
Please explain how those fiscal requirements are present – or not – in Saudi Arabia and how far the country is on its way to a Medium Term Budgetary Framework (MBTF). Please provide a write-up for each requirement and include most recent trends as available.
Country for the purpose of this assignment:Saudi Arabia
Recommended Material for this assignment include
International Monetary Fund – Article IV Consultation – Saudi Arabia, June 2014
International Monetary Fund – Budget Institutions in G20 Countries
- Country Evaluations – http://www.imf.org/external/np/pp/eng/2014/040714d.pdf (See in particular Saudi Arabia, pages 78-81
- An Update – http://www.imf.org/external/np/pp/eng/2014/040714c…
IMF, Saudi Arabia: 2015 Article IV Consultation –Press Release – Staff Report, IMF Country Report No. 15/251, September 2015.
IMF, Saudi Arabia: 2016 Article IV Consultation –Press Release – Staff Report, IMF Country Report No. 16/326, October 2016.
Allen, Richard, Challenges of Reforming Budgetary Institutions in Developing Countries. In: Cangiano, Marco – Curristine, Teresa – Lazare, Michel (eds.), Public Financial Management and Its Emerging Architecture, IMF 2013, pp. 411-430.