By Omowunmi Ladipo
Financial self-discipline and public area potency grew to become well-liked matters in Latin the US and the Caribbean within the past due 1980 s following exterior debt crises that stricken many nations within the quarter. answer of the debt crises necessitated a primary wave of reforms that principally all for upgrading felony and regulatory frameworks or enhancing details structures. approximately two decades later development in matching OECD practices and function in public monetary administration and procurement has been asymmetric and has been one of many elements that impeded better progress and competitiveness in Latin the US and the Caribbean. international locations similar to Chile, Brazil and Costa Rica with particularly strong functionality, during this recognize, have proven what different nations within the area can do and the way they might profit. elevated globalization, likely intractable problems with source of revenue inequality, the onset of the new worldwide monetary crises and the emergence of an assertive heart type that calls for higher governance, are all explanation why Latin the USA and the Caribbean governments should still heavily research incomplete monetary administration and procurement reform courses and embark on trajectories that might enhance their functionality and be greater attentive to the desires in their electorate. This booklet units out, in line with greater than a decade of global financial institution diagnostics, key parts that stay to be addressed through governments within the Latin the USA and the Caribbean sector to underpin sustainable preparations that bring effective and powerful companies, that are liable to voters. good fortune can have the real added benefit of helping notify foreign monetary markets of the integrity in their stewardship functionality.
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For example, Paraguay has developed more robust budget and accounting systems, which are now being implemented across the public sector. Elsewhere, Honduras and the Dominican Republic have introduced new or upgraded information systems, and both governments are also addressing the need to upgrade independent oversight functions. Important improvements also have taken place in public procurement. Awareness seems to be growing of the importance of procurement as a strategic function that can, among other things, improve the quality of public expenditures.
Treasury Secretary Nicholas Brady proposed a program of debt relief for the region predicated on adopting policies aimed at reducing capital flight. This approach implied containing inflation, implementing effective tax policies, committing to fiscal discipline, and taking steps to improve the overall efficiency and effectiveness of the public sector. Countries across the region thus embarked on a first wave of reforms that largely focused on updating legal and regulatory frameworks or improving management information systems.
A Revitalized Focus Going Forward In the years since completion of the Country Financial Accountability Assessments and Country Procurement Assessment Reports that underpin this book, several countries have furthered their PFM reform programs. For example, Paraguay has developed more robust budget and accounting systems, which are now being implemented across the public sector. Elsewhere, Honduras and the Dominican Republic have introduced new or upgraded information systems, and both governments are also addressing the need to upgrade independent oversight functions.
Accountability in Public Expenditures in Latin America and the Caribbean: Revitalizing Reforms in Financial Management and Procurement by Omowunmi Ladipo