№ 11/2015

Fìnansi Ukr. 2015 (11): 22–42

PUBLIC FINANCE MANAGEMENT

GASANOV Sergіi ¹, KUDRJASHOV Vasyl ², BALAKIN Robert ³

¹SESE “The Academy of Financial Management”
OrcID ID : https://orcid.org/0000-0002-7454-0419
²SESE “The Academy of Financial Management”
OrcID ID : https://orcid.org/0000-0003-4801-3620
³SESE “The Academy of Financial Management”
OrcID ID : https://orcid.org/0000-0001-6431-6635

Foreign experience of insuring the transparency of operations in fiscal area and its application in Ukraine

The article analyzes foreign experience of the transparency increase in the fiscal area. It is indicated that IFIs have developed recommendations to ensure transparency in the fiscal area and a set of standards and rules for the proper budget accounting and control. In terms of their implementation public authorities provide detailed public information that characterizes fiscal operations, including data on extra-budgetary funds, quasi-fiscal activities, tax expenditures and so on. The mechanisms to ensure transparency in fiscal operations. The mechanism to ensure the transparency of operations in fiscal area is revealed. It is emphasized that an assessment of the transparency of budgetary operations should be done by the useof Open Budget Index, and the “budget for the citizens” is developed and published to enhance confidence of the society in the government. Foreign experience of ensuring the fiscal transparency becomes significantly important in Ukraine. Along with information disclosure an implementation of the control by legislative bodies over the formation, distribution and use of funds of the general government is an actual issue. NGOs’ participation acquires a growing importance in preparation, approval and control of general government budget execution, as well as in providing suggestions and recommendations in order to improve them. It is advisable to introduce real mechanisms of consideration by government proposals and recommendations made by public institutions concerning the management of public financial resources. It is recommended to amend the budget operations regulatory framework relating to the Budget Code of Ukraine, Core directions of budgetary policy for the next budget period, Strategy of development of the public finance management system. To improve the mechanisms of public access to information on the management of budget funds it is proposed to create a separate website “Budget to the public”, to expand the scope of public discussion over the problems of distribution of budget funds and their expenditure, and to implement the feedback mechanisms of public influence on decision-making in budget area.

Keywords:transparency of budgetary operations, international standards of fiscal transparency, mechanisms to ensure budget transparency, open budget index, budget to the public

JEL: E62, F36, H61

Gasanov S. . Foreign experience of insuring the transparency of operations in fiscal area and its application in Ukraine / S. . Gasanov, V. . Kudrjashov, R. . BALAKIN // Фінанси України. - 2015. - № 11. - C. 22-42.

Article original in Ukrainian (pp. 22 - 42)

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