Timor-Leste is making good progress in nation-building and its emerging governance systems have progressively developed into a largely disciplined PFM system. The main objective of this PEFA assessment is to establish a new baseline for Public Financial Management (PFM) performance measurement...

This paper summarizes and discusses the results of a survey on country practices in the management of sovereign assets and liabilities. Twenty-eight countries, mostly high-income economies, responded to the questionnaire. The survey responses provide detailed information about various approaches...

This paper studies whether budget rigidities affect the probability of countries getting into fiscal distress and reduce the likelihood of governments performing fiscal adjustments. Budget rigidities are constraints that limit the ability of the government to change the size and structure of the...