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Subrat SaurabhAuthor of Kuch Woh PalSubra Ramamurthy FCCA, FCIS (UK), Ph.D (USA) is an economist with public finance specialization. He has worked with the International Monetary Fund since 1991 as its fiscal resident/peripatetic advisor in many countries, helping them restructuring their economies, and on IMF diagnostic and technical assistance missions to various countries in Africa, central Asia and Europe. He has also done training assignments in the Vienna IMF-WB Institute and worked periodically with other international organizations such Read More...
Subra Ramamurthy FCCA, FCIS (UK), Ph.D (USA) is an economist with public finance specialization. He has worked with the International Monetary Fund since 1991 as its fiscal resident/peripatetic advisor in many countries, helping them restructuring their economies, and on IMF diagnostic and technical assistance missions to various countries in Africa, central Asia and Europe. He has also done training assignments in the Vienna IMF-WB Institute and worked periodically with other international organizations such as the Commonwealth Fund for Technical Cooperation, United Nations, World Bank, Asian Development Bank and Arab Monetary Fund.
He has successfully presented papers at many international conferences organized by the UN and the IMF on Papua New Guinea and Kazakhstan models. The IMF also published his working papers on progress made by countries where he helped modernize their systems.
Read Less...Achievements
Government fiscal management systems have, in the last few decades, been evolving towards achieving greater transparency in government operations and accountability to international investors and the public, while delivering sustainable medium-term economic policies. Many countries slow to change were under pressure from international financial organizations to quickly adopt new standards. Implementation of reforms involved re-engineering of underlying process
Government fiscal management systems have, in the last few decades, been evolving towards achieving greater transparency in government operations and accountability to international investors and the public, while delivering sustainable medium-term economic policies. Many countries slow to change were under pressure from international financial organizations to quickly adopt new standards. Implementation of reforms involved re-engineering of underlying processes and use of advanced information technology and communication tools, often requiring external expertise and financing.
Subra Ramamurthy, an international specialist in this field, has worked in approximately 25 countries. These range from Tanzania to Papua New Guinea to countries transitioning to market economies like Kazakhstan and Russia as well as the tumultuous Middle East, including Iraq and Palestine.
Setting aside fuzzy diplomatic-speak of international organizations, this finance management specialist provides a frank disclosure of challenges faced whilst bringing about reform in countries of diverse cultures, historical legacies, and civil service mindset.
He and his family faced stress and dangerous situations as his efforts discovered large-scale misappropriation of government funds and unauthorized diversions. However, he believes, these were balanced by the personal satisfaction of preparing reform roadmaps and witnessing their full implementation using the latest technology.
Analytical and informative, this book is a frank expert account on the minefield of troubled economies. Peppered with personal anecdotes, it provides an insight into the successful achievement of fiscal system reforms.
This book begins with the current fiscal situation in eurozone countries such as Greece and Spain who emboldened by the currency integration adopted the policy of borrowing in euro that was available at low interest rates, and fueled their public spending. For a while they enjoyed a rising level of prosperity at the cost of burgeoning public debt. This resulted in the erosion of productivity in these countries making their exports uncompetitive, poor financial
This book begins with the current fiscal situation in eurozone countries such as Greece and Spain who emboldened by the currency integration adopted the policy of borrowing in euro that was available at low interest rates, and fueled their public spending. For a while they enjoyed a rising level of prosperity at the cost of burgeoning public debt. This resulted in the erosion of productivity in these countries making their exports uncompetitive, poor financial governance and lax surveillance of tax collections. Although the Maastricht Treaty creating the euro zone laid down strict norms for fiscal deficit and public debt in relation to GDP for the member countries, these were circumvented by creative fiscal accounting practices and underlying obsolete systems that understated their real levels. When the truth was discovered, there was a near-implosion in the euro area requiring collective bail-out measures by Germany and others to save it from collapse. Failure to adopt high fiscal management system standards that allowed such misleading practices is not uncommon in other regions, such as transition economies and developing countries.
Fiscal policies may vary across countries, but countries should reform their fiscal management systems adopting international standards. The book sets out the common contours of these reforms. The author shares his knowledge and forty years of international experience with countries planning to improve their fiscal management systems.
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