The Government Finance Statistics Reform (GFS) is an initiative to reform Papua New Guinea’s budget accounting statistics to bring them in line with international standards. Working closely with the International Monetary Fund, Treasury has taken a proactive role in updating the Nation’s budgetary procedures and processes, making Treasury’s work more robust and integrated within international financial system.
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