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The Government Finance
Statistics Manual (GFSM) is an internationally recognized
statistical reporting framework introduced by the
International Monetary Fund (IMF), aimed at helping
IMF-member countries around the world to strengthen their
capacity to formulate fiscal policy and monitor fiscal
developments. This reform is to improve the compilation and
presentation of government’s fiscal statistics to enable
policy makers and the government to better analyse the
government’s fiscal operations and its effect on the overall
economy.
The updated version of
the GFSM framework—GFSM 2014, supports the balance sheet
approach to analysing economic and financial position of a
country by bringing together stocks and flows in a transparent
and consistent manner. This analytical framework offers greater
consistency in fiscal reporting and policy analysis across
IMF-member countries as it provides a systematic basis for
reporting and analysing government finances. The GFSM 2014
should be read in conjunction with Public Sector Debt Statistics
Guide (PSDSG)—Guide for Users and Compilers (the Guide) 2013.
The PSDSG is to provide comprehensive guidance for the
measurement and presentation of public sector debt statistics
and may assist in debt sustainability analysis.
The GFS framework is a
specialised macroeconomic statistical framework designed to
support more detailed fiscal analysis of developments in the
financial operation and financial position of government. Such
level of analysis allow an assessment of the liquidity and
sustainability of the finances of the general government sector
or the public sector in a consistent and systematic manner.
The GFS framework can be
used to analyse the operations of a specific level of
government, transactions between levels of government, and the
public sector.
The Government will
fully roll out the GFS framework to the public sector which
consists of public corporations and units of the general
government. Provincial governments and local level governments
are covered as part of general government units. By the time,
the GFS framework is fully rolled out in terms of the coverage,
whole of the Papua New Guinea Public Sector stocks and flows and
other economic flows will be reported. The GFS framework
features a balance sheet approach of which the ultimate goal is
to establish the "Net Worth"
of any Sovereign State — Papua New
Guinea.
Technical Assistance (TA) Reports
GFS Manuals
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