Panama - Public expenditure and financial accountability

A distinction must be made on delayed payments, between those that are attributable to the Government but that were not paid on time, and payments delayed for reasons attributable to creditors, for example for failing to submit timely invoices. Indicator Concept Result A. PFM-out-turns: budget credibility PI-1 Aggregate expenditure out-turn compared to original approved budget A PI-2 Composition of expenditure out-turn compared to original approved budget B+ PI-3 Aggregate revenue out-turn compared to original approved budget D PI-4 Stock and monitoring of expenditure payment arrears NR B. Key characteristics of all stages: comprehensiveness and transparency PI-5 Classification of the budget B PI-6 Comprehensiveness of information included in budget documentation B PI-7 Extent of unreported government operations D PI-8 Transparency of inter-governmental fiscal relations C PI-9 Oversight of aggregate fiscal risk from other public sector entities C PI-10 Public access to key fiscal information A C. Budget cycle C. (i) Policy-based budgeting PI-11 Orderliness and participation in the annual budget process C+ PI-12 Multiyear perspective in fiscal planning, expenditure policy, and budgeting C C. (ii) Predictability and control in budget execution PI-13 Transparency of taxpayer obligations and liabilities C PI-14 Effectiveness of measures for taxpayer registration and tax assessment D PI-15 Effectiveness in collection of tax payments NR PI-16 Predictability of the availability of funds for commitment of expenditures D+ PI-17 Recording and management of cash balances, debt, and guarantees NR PI-18 Effectiveness of payroll controls C+ PI-19 Competition, value for money, and controls in procurement D+ PI-20 Effectiveness of internal controls for non-salary expenditure C+ PI-21 Effectiveness of internal audit D+ C. (iii) Accounting, recording, and reports PI-22 Timeliness and regularity of accounts reconciliation C+ PI-23 Availability of information on resources received by service delivery units A PI-24 Quality and timeliness of in-year budget reports D+ PI-25 Quality and timeliness of annual financial statements D+ C. (iv) External scrutiny and audit PI-26 Scope, nature, and follow-up of external audit D PI-27 Legislative scrutiny of the annual budget law C+ PI-28 Legislative scrutiny of external auditor reports D+ D. Donor practices D-1 Predictability of direct budget support D+