Accountability in Public Expenditures in Latin America and by Omowunmi Ladipo

By Omowunmi Ladipo

Financial self-discipline and public quarter potency grew to become popular concerns in Latin the US and the Caribbean within the past due 1980 s following exterior debt crises that afflicted many nations within the sector. solution of the debt crises necessitated a primary wave of reforms that mostly excited by upgrading criminal and regulatory frameworks or bettering info structures. approximately two decades later growth in matching OECD practices and function in public monetary administration and procurement has been asymmetric and has been one of many elements that impeded larger development and competitiveness in Latin the USA and the Caribbean. nations similar to Chile, Brazil and Costa Rica with particularly sturdy functionality, during this admire, have proven what different nations within the sector can do and the way they'd profit. elevated globalization, possible intractable problems with source of revenue inequality, the onset of the hot worldwide monetary crises and the emergence of an assertive center type that calls for higher governance, are all the explanation why Latin the USA and the Caribbean governments may still heavily research incomplete monetary administration and procurement reform courses and embark on trajectories that might increase their functionality and be greater conscious of the desires in their voters. This e-book units out, in accordance with greater than a decade of global financial institution diagnostics, key components that stay to be addressed by means of governments within the Latin the United States and the Caribbean quarter to underpin sustainable preparations that bring effective and powerful providers, that are responsible to electorate. luck could have the real additional advantage of helping notify foreign monetary markets of the integrity in their stewardship functionality.

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Additional resources for Accountability in Public Expenditures in Latin America and the Caribbean: Revitalizing Reforms in Financial Management and Procurement

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Within the LAC region, only Chile and Brazil have comprehensive budgets that are capped by hard constraints. Countries that rely on extrabudgetary approaches or that do not use hard budget constraints frequently allocate more resources to selected programs than can be supported from government revenues. As a result, those programs receive cash as and when the government realizes revenues. Meanwhile, it is difficult to hold individual agency managers accountable for the outcomes of their programs when the resources they need are provided at irregular intervals or in unpredictable amounts.

All countries either had or were in the process of enacting mandates for the budget process. Normative laws were also in place setting out the various responsibilities for PFM. In some countries, such as Brazil, Chile, Colombia, Costa Rica, Jamaica, and Panama, the needed laws and regulations had been in place for several years. In others, such as Guatemala and Paraguay, new laws and regulations had been established more recently. In the Dominican Republic and Honduras, new laws and regulations were being developed at the time of the CFAA.

However, most of these agencies do not have the resources or the political support to perform their duties, and so they struggle to fulfill their mandates. This proliferation of regulations is a formidable barrier to the adoption of internationally recognized good practices of access and equal treatment and also complicates the negotiation of free trade agreements (FTAs) in which procurement harmonization is invariably an important item on the agenda. 11 Court practices and proceedings, even for relatively simple disputes, are widely considered to be unreliable, unpredictable, costly, and slow, a situation that worsens when disputes are settled by provincial or state courts in federal regimes.

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