Within the framework of cooperation with the International Monetary Fund (IMF), the RA Ministry of Finance initiated a comprehensive evaluation of fiscal transparency for Armenia. In this context, technical assistance was provided from the IMF, within the framework of which the mission of the IMF Fiscal Affairs Department has thoroughly assessed the degree of transparency and accountability of different directions of fiscal policy in Armenia. As a result, the IMF experts developed a report on the RA Fiscal Transparency Evaluation, including key mid-term reforms and action plan for transparency.
The evaluation results of the report show that in the last decade the public finance management reforms were favourable for raising fiscal transparency in Armenia and some envisaged improvements will provide further progress. With the introduction of Medium-Term Expenditure Framework (MTEF), improved fiscal targets and program budgeting system; fiscal projections and budgets have become more forward-looking and policy-oriented. Disclosure of fiscal risks, though fragmentary, has gradually improved, in particular, on the assessment of macrofiscal risks. Changes aimed at further improvement of fiscal transparency are mainly related to the introduction of an accrual basis accounting and statistics system, public sector balance development based on the latter, introduction of a fiscal risk management system, and ensuring inclusiveness of budget execution reports.
The report on Fiscal Transparency Evaluation in Armenia, reflecting the results of technical assistance, is available in Armenian and English on the website of the RA Ministry of Finance and on the IMF website.