Argentina

The assessment for the Province of Buenos Aires was prepared jointly by the Ministry of Finance of the Province of Buenos Aires and the World Bank (WB) on the basis... Mostrar más + of findings from missions. It seeks to: (i) provide the provincial government with a reference tool for dialogue and action to strengthen their public financial management systems; (ii) assess the province's PFM systems and identify and address their main fiduciary issues, as well as their impact on the implementation of World Bank operations; and (iii) contribute in a broader sense to the dialogue between the Bank and Argentina's national and provincial authorities regarding fiduciary portfolio management and reliance on the country's systems. The assessment was prepared based on the findings of missions that visited Argentina in the period 2006-2009 and is based on 2006 to 2008 fiscal years. It was completed with a closing mission and workshop that took place in La Plata, on June 25, 2012 to incorporate the provincial government comments in the final version. Mostrar menos -

This public financial management assessment for Cordoba has three main objectives: (i) to provide the provincial governments with a reference tool for dialogue and ... Mostrar más + action to strengthen their public financial management (PFM) systems; (ii) to provide an assessment of provincial PFM systems, identifying and addressing their main fiduciary issues, as well as the impact of these issues on the implementation of World Bank operations; and (iii) to contribute to the World Bank's dialogue with Argentina's national and provincial authorities on fiduciary portfolio management and reliance on country systems. The study focuses on budget preparation and execution, with emphasis on budget comprehensiveness and performance, and on public accountancy and control. It describes strengths and weaknesses of the provincial systems and analyzes their impact on fiscal discipline and the allocation of resources. Chapter 2 of this assessment describes the economic and institutional framework of the Province of San Juan. Chapter 3 summarizes the province's main achievements and challenges ahead in public financial management reform, drawing on Chapter 4, which gives a detailed analysis of public financial management in the province, using the PEFA indicators agreed with the provincial government. Chapter 3 summarizes the province's main achievements and challenges ahead in public financial management reform, drawing on Chapter 4, which gives a detailed analysis of public financial management in the province, using the PEFA indicators agreed with the provincial government. Mostrar menos -

The Province of Buenos Aires has historically been the most important of all 23 Argentine provinces. Following Argentina's independence in 1816 and the development ... Mostrar más + of the export-oriented agricultural sector, the province's control of the nation's biggest ports and waterways turned it into a major political and economic power. Rapid population growth, primarily driven by immigration, stimulated consumption, which led to the rise of manufacturing industries in and around the main urban centers in the province. The construction of the railway, which by 1914 had reached 35,000 km in length, gave Buenos Aires an additional advantage: it linked the agricultural interior of the country to the ports located in Buenos Aires, La Plata, and Bahia Blanca (as well as to Rosario in Santa Fe Province). Given the central role the Province of Buenos Aires plays in Argentina's economy, ensuring its sustained growth and competitiveness is a key national priority. The Province accounts for 35 percent of Gross Domestic Product (GDP), more than half of the country's manufacturing industry and 37 percent of its exports. Its private sector is the largest in the country, with every third Argentine company located in the province. The Province's schools and universities turn out a large share of Argentina's labor force, and its roads and ports transport the bulk of the country's domestic goods and exports to their respective markets. Argentina's economic success is therefore closely linked to that of the Province of Buenos Aires. This chapter provides a general background of the province's economic profile, growth record and social conditions. Mostrar menos -

"Esta Evaluación de la capacidad de gestión financiera (CFAA por sus siglas en inglés) fue preparada de forma conjunta por el Banco Mundial y el Banco Interamerican... Mostrar más + o de Desarrollo (BID) con base en la información obtenida oportunamente en dos misiones realizadas en la Argentina en diciembre de 2005 y abril de 2006. El objetivo de esta CFAA es proveer: i) un diagnóstico de los sistemas y prácticas de Administración de las Finanzas Públicas (AFP) a escala nacional, y ii) un análisis de los temas centrales que afectan a los principales procesos de la AFP en el ámbito nacional, como son la presupuestación, los informes financieros y contables, la gestión de la deuda y el sistema de control. Además, la CFAA provee un análisis de los acuerdos sobre la AFP para las operaciones financiadas por el Banco Mundial y el Banco Interamericano de Desarrollo (BID). Por otro lado, la CFAA analiza los logros y los retos para alcanzar una mejor AFP, establece el efecto que la reciente crisis económica tuvo sobre esa trayectoria, describe las fortalezas y los desafíos del actual funcionamiento del sistema y los obstáculos que impiden avanzar en su profundización y progreso, y recomienda medidas correctivas a corto y largo plazo." Mostrar menos -

Strengthening corporate financial reporting is important for Argentina, as the country seeks to foster confidence in the local business community in order to stimul... Mostrar más + ate investments, both local and foreign. In addition, strong corporate accounting practices enable local banks and financial institutions to monitor adequately their businesses risks, credit and otherwise, which is essential at a time when the Argentine banking sector emerges from the crisis triggered by the events of December 2001. Sound accounting and auditing is therefore essential to the stability of Argentina's banking sector. This report analyzes Argentina's corporate financial reporting and auditing practices with a view to supporting the Government's strategy to: (a) improve the investment climate for Argentine companies; (b) foster trade competitiveness by aligning the standards of reporting and governance with practices that are prevalent among the country's main trading partners; and (c) ensure greater transparency in both the private and public sectors. International Financial Reporting Standards (IFRS), International Standards on Auditing (ISA) and good international practice, particularly among the other large countries in Latin America, have been used as benchmarks for this exercise. A study of corporate governance practices was conducted in parallel, which findings complement those of the Report on the Observance of Standards and Codes (ROSC) accounting and auditing. Mostrar menos -

En 1995, Argentina sancionó una nueva ley moderna de insolvencia que mejoró sustancialmente las liquidaciones y rehabilitaciones institucionales. Después de casi si... Mostrar más + ete años de experiencia, persisten algunas debilidades legales e institucionales: 1) la reestructuración de las empresas resulta difícil en la práctica; 2) el régimen de insolvencia unificado causa graves problemas en la interpretación judicial de muchas disposiciones legales, causando una congestión judicial de los casos de insolvencia; 3) la desigualdad de condiciones desalienta la rehabilitación; 4) la falta de especialización de los jueces en el área de insolvencia impide la eficiencia y la uniformidad en los grandes centros comerciales; y 5) los síndicos se perciben como faltos de objetividad y experiencia suficiente para manejar reestructuraciones complejas. Los procesos de liquidación toman uno a cinco años (según la complejidad), mientras que las reorganizaciones un promedio de uno y medio a dos años en jurisdicciones con jueces especializados (Mendoza, Córdoba) y dos a tres años en las demás. Para mejorar el sistema de inmediato, deberá introducirse un nuevo mecanismo de reestructuración para hacer frente a los niveles sistémicos de dificultades de las empresas. En el mediano plazo deberán mejorarse otros aspectos del marco jurídico e institucional. Mostrar menos -

La nota se centra en el ataque especulativo de los activos internos, lo que puede ocurrir independientemente de la situación fiscal del país, sugiriendo que la caus... Mostrar más + a pueden ser las consideraciones de economía política. Sin embargo, los acontecimientos recientes reabrieron el debate sobre cómo reducir la vulnerabilidad a la salida de capitales en los países en desarrollo, aunque se identificaron otros factores de riesgo, que si se minimizan, todavía pueden reducir la vulnerabilidad a ataques especulativos. Se ocupa de los peligros de la inconsistencia de las políticas macroeconómicas, como se evidenció en Argentina, donde el Banco Central financiaba el déficit presupuestario del Gobierno mediante la emisión de moneda, mientras trataba de mantener el tipo de cambio fijo. Por otra parte, un ataque especulativo sobre los bonos, en lugar de la moneda, también puede conducir a una devaluación, tal como un cambio repentino en la percepción acerca de la estabilidad macroeconómica puede conducir a una pérdida de reservas, como en la crisis de México en 1994, donde las altas tasas de interés asociadas con una defensa de la moneda eran percibidas como intolerables. Esto queda demostrado mediante estudios de caso, que incluyen además la expectativa de la realización de pasivos contingentes, la caída de los ingresos fiscales asociados con los ciclos de negocios impulsados por los flujos de capital, y la negativa de los inversores a refinanciar la deuda de los países que no sean el país en crisis, conocido como el contagio. Las recomendaciones incluyen la adopción de políticas macroeconómicas consistentes, la reducción de los riesgos de refinanciamiento de la deuda, el fortalecimiento de la regulación financiera, y la regulación de los flujos de capital. Mostrar menos -

Private companies must be involved in finding and carrying out solutions to global environmental problems. Otherwise, the technologies and approaches piloted by GEF... Mostrar más + (Global Environment Facility) projects will not be widely applied or sustained. Private capital flows to developing countries are not five times greater than official development assistance. Private enterprises produce goods and provide services needed to address global environmental and development challenges. At the same time, private businesses are often the source of significant greenhouse gas emissions and ozone depleting substances, pollution of international waters, and threats to conservation and sustainable use of biological diversity. Effectively engaging them in finding lasting solutions to these problems is essential. The Overall Performance Study recommended that GEF take actions to expand private investment and the participation of the private sector in GEF projects. The first generation of GEF projects provides lessons that offer some insights on opportunities and things to watch out for in this area. Mostrar menos -

Following the recent Latin American crisis that severely weakened the Argentinean province of Cordoba's financial position, a new administration implemented the Eme... Mostrar más + rgency Law of 1996 to curtail fiscal spending. In spite of this, Cordoba remains in deep financial crisis and requires a fundamental reform of the public sector, in order to: (1) attain financial creditworthiness, and (2) increase the efficiency of public expenditures. This report evaluates the nature of the crisis and Cordoba's current financial conditions and prospects, and recommends a set of short- and medium-term reforms which could facilitate the restructuring of the public sector. The short-term recommendations for reform include: replacing the 1996 Emergency Law; presenting a new balanced budget for 1996; ceasing to use the Certificate of Cancellation of Debt (CECOR) as a means of payment; cutting personnel expenditures by $270 million in 1996; privatizing the Banco de la Provincia, EPEC (an electricity company), and the Provincial Department for Water and Sanitation (DIPAS); closing the Banco Social; signing the Pacto Fiscal; transferring the social security system to the national government; and creating a more effective social safety net. The medium-term recommendations include implementing reforms in the sectors of health, education, social welfare and civil service; streamlining municipal coparticipation; increasing revenues and capital expenditures; and establishing an economic, statistical, and financial data base. The report concludes with an addendum listing measures implemented since October 1995 that constitute an initial effort toward: (1) fiscal reforms in the areas of public employment, public salaries and employment conditions, the provincial pension system, and debt reconfiguration; and (2) structural reforms in the areas of health, revenue-sharing with the municipalities, taxes, provincial banks, the energy company, the judiciary, and water and sanitation. Mostrar menos -