Türkiye ranked high in financial transparency assessment

The IMF's report on Türkiye has been published within the scope of the Fiscal Transparency Assessment update, which examines countries' public financial management practices such as financial statistics, budget management, financial risk management and accountability.

The report stated that Türkiye has made significant progress in the field of financial transparency in the last 10 years, and noted that the country's level of progress in public financial management in recent years ranked at the top among approximately 40 countries, including the United Kingdom, Finland, Ireland, Austria and Portugal, whose evaluation process was completed.

In the report, it was emphasized that reforms aimed at the continuous improvement of financial statistics, implementation of performance-based program budgets and implementation of international public accounting standards were effective in Türkiye's progress in public financial management.

In the fund's report, Türkiye's development in the field of financial transparency was evaluated as the result of institutional transformation that has been ongoing for more than 20 years.

In the first review of financial reporting and standards carried out by the IMF in 2000, it was determined that there were deficiencies in the budget preparation and implementation processes, public financial reporting was largely based on cash-based budget information, balance sheet information was limited and financial risks were not adequately disclosed.

In the evaluation in 2015, it was revealed that the legal framework was strengthened compared to previous periods, medium-term budgeting practices were improved and the scope of financial reporting was expanded to include the general government sector.

Source: TRT Haber Ekonomi RSS (Open Press / Translated Full Text)