2018年-IMF国际货币组织全球_Republic_of_Belarus_Technical_Assistance_Report_41页_1mb

Summary of the Technical Assistance Report on the Republic of Belarus

Core Content

This report is a technical assistance document prepared by the International Monetary Fund (IMF) Statistics Department (STA) for the Republic of Belarus (RB) Ministry of Finance (MoF). It outlines the progress and challenges in the implementation of Government Finance Statistics (GFS) in the country and provides recommendations for improving the quality and consistency of GFS data in alignment with the Government Finance Statistics Manual 2014 (GFSM 2014).

The mission took place from November 13 to 24, 2017, and was conducted in collaboration with the MoF, the National Statistical Committee (NSC), and the National Bank of the Republic of Belarus (NB). The report is structured into sections that cover source data, annual reporting, capital injections, noncash operations, GFS coverage, and technical documentation with specific recommendations and action plans.

Main Objectives and Outcomes

Objective

To evaluate the progress of GFS implementation in Belarus and assist the MoF in improving the quality of statistical data.

Outcomes

• The mission confirmed that GFS data for Belarus are compiled on a timely basis for all subsectors of the general government sector.
• A detailed analysis of budget classifications and conversion tables was conducted, highlighting inconsistencies with GFSM 2014.
• The mission emphasized the importance of aligning GFS data with the economic substance of transactions rather than merely their legal form.
• It recommended incorporating the GFSM 2014 analytical framework and classification codes into the RB budget system.

Key Issues and Recommendations

A. Source Data: Budget Classifications and Conversion Tables

• The current budget classification (BC) is not fully aligned with GFSM 2014, still using concepts from GFSM 1986.
• The mission recommended revising the conversion tables to ensure consistency with GFSM 2014.
• Some items in the "Other nontax revenue" category are misclassified and should be reviewed.

Recommendation:
Incorporate the analytical framework and classification code system from GFSM 2014 into the budget system and follow the corrected conversion tables in GFS compilation.

B. Annual Reporting for 2016

• Annual GFS reporting covers all subsectors of the general government sector, including central government, local governments, and social security funds.
• The data are compiled on a consolidated basis, but do not reflect the accrual method.
• The mission recommended providing updated data for 2015–2016 and making changes based on the corrected conversion tables and recommendations.

Recommendation:
Provide the IMF Statistics Department with updated annual reporting data for 2015–2016, following the mission's recommendations.

C. Capital Injections Into Enterprises

• Capital injections into state-owned enterprises (SOEs) are currently recorded as acquisitions of financial assets, which may not reflect the economic reality.
• The MoF has decided that contributions to SOE authorized capital are capital transfers, not equity acquisitions, starting in 2018.
• The mission recommended revising the recording of capital injections for the years 2015–2017 to reflect this principle.

Recommendation:
Revise the recording of capital injections into SOEs for the years 2015–2017 as capital transfers.

D. Nonmonetary Operations

• Nonmonetary transactions, such as in-kind transfers and accrued interest, are not currently included in GFS.
• Tied loans from the International Bank for Reconstruction and Development (IBRD) and the Russian Federation for the nuclear power plant (NPP) are not recorded in GFS because the funds are paid directly to contractors, bypassing government bank accounts.
• The mission recommended including these nonmonetary transactions in GFS to improve analytical accuracy.

Recommendation:
Include nonmonetary transactions involving tied loans in GFS and revise the years 2015–2017 accordingly.

E. Coverage of GFS

• GFS in Belarus currently cover national and local budgets, as well as the Social Security Fund (SSF).
• The mission emphasized the importance of ensuring full coverage of all relevant institutional units and aligning classifications with the System of National Accounts 2008 (SNA 2008).

Recommendation:
Ensure full coverage of all institutional units in the general government sector and align classifications with SNA 2008.

Technical Documentation

• A detailed action plan for the introduction of GFSM 2014 was discussed.
• The mission provided two versions of the recalculation of financial assets and liabilities for 2016, based on different approaches to capital injections and debt forgiveness.
• The second version is considered more consistent with economic reality, showing net borrowing rather than net lending.

Conclusion

The mission concluded that the implementation of GFSM 2014 is essential for improving the consistency, accuracy, and usefulness of government financial statistics. It recommended that the MoF and relevant agencies revise data for 2015–2017, incorporate the updated classification system, and ensure comprehensive coverage of all relevant financial and nonfinancial operations. The recommendations also highlight the need for a more accurate reflection of the economic substance of transactions rather than their legal form.