2018年-IMF国际货币组织全球_Malta_Technical_Assistance_Report_68页_2mb

Fiscal Transparency Evaluation of Malta (IMF Technical Assistance Report, July 2018)

Core Content

This report evaluates Malta's fiscal transparency in accordance with the IMF Fiscal Transparency Code, focusing on three pillars: Fiscal Reporting, Fiscal Forecasting and Budgeting, and Fiscal Risk Analysis and Management. The assessment is based on data and practices observed during an IMF technical assistance mission in 2018.

Main Findings

I. Fiscal Reporting

• Coverage: Malta's fiscal reports cover most public sector entities, including general government, local government, and public corporations.
  • Central government includes 203 budgetary units and 62 EBUs.
  • Local government includes 68 councils.
  • Public nonfinancial corporations include 53 entities, 19 of which are controlled through six holding companies.
  • Public financial corporations include the Central Bank of Malta (CBM), Malta Financial Services Authority, and Vault Finance.
• Frequency and Timeliness: Reports are published regularly and in a timely manner, with some exceptions.
• Quality and Integrity: Reports are generally of good quality and integrity, with data prepared by the National Statistics Office (NSO) and audited by the National Audit Office (NAO).
  • The NSO prepares fiscal statistics in line with ESA 2010, while the Treasury prepares financial statements based on national classifications.
  • Annual financial statements and reports are certified and audited.
• Gaps:
  • No consolidated report exists for the entire public sector.
  • Nonfinancial assets and employment-related pension entitlements are not reported.
  • Other economic flows (e.g., restructuring of public corporations) are not captured.
  • Tax expenditures are not comprehensively reported.

II. Fiscal Forecasting and Budgeting

• Coverage and Comprehensiveness: Budget documentation is comprehensive and includes medium-term forecasts and explanations.
• Orderliness and Policy Orientation: Budgets are well-structured and aligned with fiscal policy objectives.
• Credibility: Independent fiscal councils evaluate forecasts, and fiscal legislation is robust.
• Gaps:
  • Revenue and total expenditures of extra-budgetary units (EBUs) are not reported in budget documents.
  • Limited information is provided on multi-annual public investment projects.
  • Cost-benefit analysis for major projects is not consistently published.
  • Performance information in budget documentation is not fully developed.
  • Inconsistencies exist in the presentation of fiscal data across different reports.

III. Fiscal Risk Analysis and Management

• Coverage and Analysis: Malta has a framework for analyzing fiscal risks, including scenario analysis and probabilistic fan charts.
• Management: The framework for analyzing and reporting on debt portfolio risks is comprehensive, and financial sector risks are well-monitored.
• Gaps:
  • No report provides a comprehensive view of the financial performance of public corporations.
  • No common framework exists for ownership functions and performance monitoring of public corporations.
  • A summary report on specific fiscal risks (e.g., long-term sustainability, government guarantees, public-private partnerships) is lacking.
  • Environmental and natural resource risks are not assessed.

Key Recommendations

1. Expand Fiscal Report Coverage:

   • Publish a statement of other economic flows for general government.
   • Consolidate public corporations into the general government statement of operations.
   • Prepare balance sheets for subsectors and accrual-based financial statements for central government.

2. Improve Tax Expenditure Reporting:

   • Publish a regular report on estimated revenue loss from tax expenditures.
   • Set budgetary targets to control the level of tax expenditures.

3. Enhance Budget Documentation:

   • Provide more comprehensive information on EBUs.
   • Introduce performance information in budget documents.

4. Improve Report Consistency:

   • Harmonize and consolidate macroeconomic and fiscal forecasts across reports.
   • Provide detailed explanations for changes in forecasts published in previous reports.

5. Strengthen Public Investment Management:

   • Disclose the value of total obligations under multi-annual projects.
   • Publish cost-benefit analysis for major projects.
   • Conduct a Public Investment Management Assessment (PIMA).

6. Publish an Annual Fiscal Risk Statement:

   • Discuss the size and nature of specific fiscal risks.
   • Include measures to mitigate these risks.

7. Strengthen Institutional Framework:

   • Assign responsibility for compiling and drafting the fiscal risk statement to a dedicated unit.
   • Establish a unit to oversee public corporations' financial operations using a common ownership policy and performance monitoring cycle.

Key Financial Indicators (2016)

Conclusion

Malta meets good or advanced practice on 21 out of 35 principles of the Fiscal Transparency Code. The fiscal reporting and forecasting systems are well-developed and aligned with EU standards. However, fiscal risk analysis and management require improvement, particularly in the oversight of public corporations and the reporting of specific fiscal risks. The report recommends a structured Action Plan to address these gaps and enhance overall fiscal transparency.