Spain: Report on the Observance of Standards and Codes--Fiscal Transparency Module

International Monetary Fund
2005 IMF Staff Country Reports  
This Report on the Observance of Standards and Codes on Fiscal Transparency for Spain was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on January 26, 2005. The views expressed in this document are those of the staff team and do not necessary reflect the views of the government of Spain or the Executive Board of the IMF. The
more » ... the IMF. The policy of publication of staff reports and other documents by the IMF allows for the deletion of market-sensitive information. To assist the IMF in evaluating the publication policy, reader comments are invited and may be sent by e-mail to publicationpolicy@imf.org. EXECUTIVE SUMMARY This report provides an assessment of fiscal transparency practices in Spain in relation to the requirements of the IMF Code of Good Practices on Fiscal Transparency (FTC), as requested by the authorities in early 2004. It is based on discussions with the authorities and other organizations, the authorities' response to the IMF fiscal transparency questionnaire, and other sources of information. The IMF Manual on Fiscal Transparency (http://www.imf.org/external/np/fad/trans/manual/) should be consulted for further explanation of the terms and concepts discussed in this report. Over the last several years, Spain has made major progress not only in macroeconomic and fiscal adjustment, but also in modernizing and strengthening its fiscal institutions and in disseminating information about the government's operations. As a result, it now fully meets or exceeds the FTC's standards in many areas. There remain, nevertheless, certain aspects in which further progress would be desirable. In particular:
doi:10.5089/9781451812121.002 fatcat:3dfyveo4xjcpva6uvvyhk7px7u