[{"bbox": [85, 151, 438, 179], "category": "Section-header", "text": "### 2.3.4 Public Financial Management"}, {"bbox": [97, 194, 1134, 353], "category": "Text", "text": "Rwanda continue to implement a public finance management (PFM) Sector Strategic Plan for the period 2018-2024 (PFM SSP 2018-24). The implementation of the PFM SSP is currently supported by three major interventions namely the PFM Reforms Basket Fund where contributing development partners are German and Belgian cooperation, the PFM Reforms Project funded by the World Bank and the Local Government PFM Capacity Building Programme financed by British cooperation. Authorities have also committed to accelerate reforms in the area of domestic revenue mobilisation as IMF urged fiscal consolidation to meet PCI targets."}, {"bbox": [97, 382, 1134, 515], "category": "Text", "text": "The pandemic has negatively impacted the pace of reforms and a number of activities were suspended or postponed due to social distancing measures and lockdowns, nonetheless in 2021 following easing of restrictions, the implementation has improved. At the local level, districts continue to face important PFM constraints that have an impact on service delivery (Public Expenditure Survey and the annual Citizen scorecards rate agriculture services as the poorest of all sectors)."}, {"bbox": [97, 544, 1134, 624], "category": "Text", "text": "Two public expenditure financial assessments (PEFA) were launched in the second quarter of 2022 at national and subnational level, gender budgetary sub-component is also included and to be assessed. The PEFA findings will provide ground for further adaptation of PFM reforms. The last PEFA was conducted in 2016."}, {"bbox": [97, 652, 1134, 759], "category": "Text", "text": "Last but not least, Rwanda has taken steps to adopt the IMF's Green Public Financial Management (PFM) approach. This approach ensures climate objectives are integrated into PFM practices, including in budget preparation (medium-term budget frameworks, budget circulars), budget execution (tagging of climate expenditures), public investment management, control and audit, and legal frameworks."}, {"bbox": [97, 788, 1121, 841], "category": "Text", "text": "In conclusion, the public finance management reform strategy is sufficiently relevant and credible, including on domestic revenue mobilisation, and the eligibility criterion is met."}, {"bbox": [85, 854, 553, 882], "category": "Section-header", "text": "### 2.3.5 Transparency and Oversight of the Budget"}, {"bbox": [97, 897, 1134, 1136], "category": "Text", "text": "In the latest available report on fiscal transparency, published by Open Budget Index (OBI) in 2019, Rwanda scored 39 out of 100 in terms of fiscal transparency, which is significant improvement from score of 22 in 2018, and slightly better than in the assessment in 2015 when it scored 36 (Open Budget Survey-OBS 2019). It is important to note that the government stopped publishing three critical documents between OBS 2015 and OBS 2017: Executive's Budget Proposal, the Mid-Year Review, and Year-End Report. Rwanda thus still ranks among the countries with minimal publicly released information regarding fiscal transparency, sentiment that development partners in Rwanda share. Moreover, the OBS report emphasises the importance of strengthening public participation in the budget process (the public participation sub-score of the transparency index is particularly low, at 15 %)."}, {"bbox": [97, 1164, 1134, 1377], "category": "Text", "text": "The IMF has undertaken a Fiscal Transparency Assessment and identified a number of fiscal risks including government guarantees on State Owned Enterprises (STEs). The IMF subsequently required the quantification of fiscal risks, the creation of a fiscal risk committee, the creation of a fiscal risk registry and the publication of a fiscal risk statement. Outstanding public guarantees are now reflected in the public debt. The report of 5th IMF PCI review indicates that Fiscal transparency has advanced with the migration to Government Finance Statistics Manual 2014 standards for quarterly reporting, the expansion of the coverage of fiscal reporting to the central government and local governments, and the compilation of a financial balance sheet for SOEs and the Rwanda Social Security Board (RSSB)."}, {"bbox": [97, 1405, 1134, 1486], "category": "Text", "text": "The Government presented their latest Budget Framework Paper (BFP) and medium-term budget estimates for FY 2021/22 and FY 2023/24 to both chambers of Parliament in May 2021. 10 points for considerations were presented in line with NST1 and Vision 2050."}, {"bbox": [97, 1515, 1045, 1542], "category": "Text", "text": "In conclusion, the relevant budget documentation has been published and the eligibility criterion is met."}, {"bbox": [1016, 1678, 1144, 1705], "category": "Page-footer", "text": "Page 12 of 30"}]