Republic of Chile : Country Financial Accountability Assessment

Chile's macroeconomic policies and strong fundamentals have, to a large extent, insulated it from regional crises, and have allowed continued growth in recent years, albeit at lower rates than in the mid-1990s. Economic performance continues to outpace that of the rest of the Region, and in per...

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Bibliographic Details
Main Author:	World Bank
Format:	Country Financial Accountability Assessment
Language:	English en_US
Published:	Washington, DC 2012
Subjects:	ACCOUNT ACCOUNTABILITY ACCOUNTANTS ACCOUNTING ACCOUNTING PRACTICES ACCOUNTING PRINCIPLES ACCOUNTING STANDARDS ACCOUNTS ADJUSTMENT LENDING ADMINISTRATION ADMINISTRATIVE REFORM AGGREGATE FISCAL DISCIPLINE ALLOCATION OF RESOURCES APPROPRIATIONS AUDIT REPORTS AUDITING AUDITING STANDARDS AUDITS AUTONOMY BUDGET APPROPRIATIONS BUDGET CLASSIFICATION BUDGET ESTIMATES BUDGET EXECUTION BUDGET EXPENDITURES BUDGET IMPLEMENTATION BUDGET MONITORING BUDGET PROCESS BUDGET REVENUES BUDGET SURPLUS BUDGET SYSTEM BUDGETARY FUNDS BUDGETARY PROCESS BUDGETARY PROCESSES BUDGETARY RESOURCES BUDGETING CAPITAL EXPENDITURES CASH FLOWS CASH MANAGEMENT CASH PAYMENTS CENTRAL AGENCIES CENTRAL GOVERNMENT CIVIL SERVICE CONSOLIDATED FINANCIAL STATEMENTS DEBT SERVICING DIVISION OF POWERS ECONOMIC GROWTH EXECUTION FINANCIAL ACCOUNTABILITY FINANCIAL ADMINISTRATION FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL PERFORMANCE FINANCIAL PROGRAMMING FINANCIAL RESULTS FINANCIAL TRANSACTIONS FISCAL BALANCE FISCAL CONTROL FISCAL CONTROLS FISCAL DISCIPLINE FISCAL MANAGEMENT FISCAL PERFORMANCE FISCAL REFORM FISCAL REFORMS FISCAL RESPONSIBILITY FISCAL STRATEGIES FISCAL SUSTAINABILITY FISCAL TRANSPARENCY FISCAL YEAR GOVERNMENTAL ORGANIZATION GROSS DOMESTIC PRODUCT HUMAN RESOURCES INSTITUTIONAL ARRANGEMENTS INSTITUTIONAL FRAMEWORK INTERNAL AUDIT INTERNAL AUDITING INTERNAL CONTROLS INTERNATIONAL ACCOUNTING STANDARDS JUDICIARY LAWS LEGAL FRAMEWORK LEGAL PROVISIONS LEGISLATION MANAGEMENT ACCOUNTING MINISTRY OF FINANCE MUNICIPAL GOVERNMENTS MUNICIPALITIES NATIONAL BUDGET PAYROLL PRIVATE SECTOR PROCUREMENT PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC EMPLOYMENT PUBLIC EXPENDITURE PUBLIC EXPENDITURE REVIEW PUBLIC EXPENDITURES PUBLIC FUNDING PUBLIC INVESTMENT PUBLIC SECTOR PUBLIC SECTOR BORROWING PUBLIC SECTOR MANAGEMENT QUALITY CONTROL RECURRENT EXPENDITURES REPORTING SOCIAL ASSISTANCE SOCIAL SECTOR SOCIAL SECTOR EXPENDITURES SOCIAL SECURITY STRUCTURAL ADJUSTMENT TAX TAXATION TECHNICAL ASSISTANCE TOTAL EXPENDITURES TREASURY WAGES
Online Access:	http://documents.worldbank.org/curated/en/2005/06/6317954/chile-country-financial-accountability-assessment http://hdl.handle.net/10986/8302

Description
Summary:	Chile's macroeconomic policies and strong fundamentals have, to a large extent, insulated it from regional crises, and have allowed continued growth in recent years, albeit at lower rates than in the mid-1990s. Economic performance continues to outpace that of the rest of the Region, and in per capita terms, GDP growth has averaged 4 percent per year since 1990, versus one percent for the Latin America and the Caribbean (LAC) region during the same period. This performance is sustained by sound policies and an ambitious structural reform agenda. The abundant trust in government in Chile today, can be attributed, in part, to two elements of transparency: its fiscal reporting, and the incontestable review by a competent, independent authority - the CGR (Controller General of the Republic). Furthermore, Chile has effectively centralized policies and procedures to support aggregate fiscal discipline, yet, its public financial management is characterized by a unique blend of strengths and weakness. Chile is well into the second generation of public sector reforms. Notwithstanding the favorable status of financial management, to advance with modernization in terms of fiscal transparency, several issues have to be addressed. For Chile to emerge at the forefront of public sector management, it should issue its annual financial statements with an audit opinion, adherent with international accounting standards. But to render opinions, the CGR would have to distance itself from both the ex ante approval role of budget uses, and the preparation of the annual financial statements. Thus, the authorities should consider a solution that complies with international practices, and accommodates with country constraints.

Republic of Chile : Country Financial Accountability Assessment

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