Thailand : Strengthening Financial Transparency of Specialized Financial Institutions
Through an earlier TA support, ADB recommended a system for public service account (PSA) for specialized financial institutions (SFIs) in Thailand. SFIs have been preparing PSA reports according to the guidelines set forth by the Fiscal Policy Office (FPO), Ministry of Finance. To accurately monitor SFIs' performance and quasi-fiscal activities, FPO saw the need to reconsider the framework of PSA and draft a new version of the guidelines to be rolled out later in 2015. The Ministry of Finance through FPO requested that ADB provide further support on PSA.
Project Details
-
Project Officer
Attapich, Luxmon
Southeast Asia Department
Request for information -
Country/Economy
Thailand -
Modality
-
Sector
- Public sector management
| Project Name | Strengthening Financial Transparency of Specialized Financial Institutions | ||||
| Project Number | 48155-001 | ||||
| Country / Economy | Thailand |
||||
| Project Status | Closed | ||||
| Project Type / Modality of Assistance | Technical Assistance |
||||
| Source of Funding / Amount |
|
||||
| Strategic Agendas | Inclusive economic growth |
||||
| Drivers of Change | Governance and capacity development |
||||
| Sector / Subsector |
Finance / Banking systems and nonbank financial institutions Public sector management / Public expenditure and fiscal management |
||||
| Gender | No gender elements | ||||
| Description | Through an earlier TA support, ADB recommended a system for public service account (PSA) for specialized financial institutions (SFIs) in Thailand. SFIs have been preparing PSA reports according to the guidelines set forth by the Fiscal Policy Office (FPO), Ministry of Finance. To accurately monitor SFIs' performance and quasi-fiscal activities, FPO saw the need to reconsider the framework of PSA and draft a new version of the guidelines to be rolled out later in 2015. The Ministry of Finance through FPO requested that ADB provide further support on PSA. | ||||
| Project Rationale and Linkage to Country/Regional Strategy | Thailand is going through a reform phase. A National Reform Council has been set up to recommend reform agenda in 11 areas, among which is fiscal and financial reform. The Country Partnership Strategy for Thailand, 2013-2016 is well positioned to support such reform through finance sector program and crosscutting priorities to mainstream good governance through support on financial management. With limitation of the government annual budget, SFIs have been an important tool through which governments could implement fiscal and quasi-fiscal policies to serve the lower income segment and to stimulate the economy when needed. SFI activities involve a mixture of commercial and policy activities. There are 8 SFIs in Thailand. At the end of August 2014, total loan outstanding of all SFIs were B3.9 trillion or around 27% of total loan outstanding of banking sector. Because quasi-fiscal activities of SFIs have significant implications for public policy and the general government financial position, the IMF Manual on Fiscal Transparency suggested that when public corporations undertake noncommercial activities on behalf of the government, the annual reports of public corporations identify these activities for fiscal transparency. PSA is an accounting system that records such noncommercial activities undertaken by SFIs. |
||||
| Impact | Improved government fiscal transparency | ||||
| Project Outcome | |
|---|---|
| Description of Outcome | Improved quality and transparency of SFI''s public service obligations information |
| Progress Toward Outcome | |
| Implementation Progress | |
| Description of Project Outputs | 2. Capacity Building 1. Improving PSA guidelines |
| Status of Implementation Progress (Outputs, Activities, and Issues) | |
| Geographical Location | |
| Summary of Environmental and Social Aspects | |
|---|---|
| Environmental Aspects | |
| Involuntary Resettlement | |
| Indigenous Peoples | |
| Stakeholder Communication, Participation, and Consultation | |
| During Project Design | |
| During Project Implementation | |
| Business Opportunities | |
|---|---|
| Consulting Services | The TA will engage 2.5 person months of international financial reporting expert and 1.5 person months of international fiscal governance expert. The TA will engage 3 person months of national public finance consultant. The small scale TA will be implemented over 1 year from 1 January 2015 to 31 December 2015 |
| Responsible ADB Officer | Attapich, Luxmon |
| Responsible ADB Department | Southeast Asia Department |
| Responsible ADB Division | Thailand Resident Mission |
| Executing Agencies |
Fiscal Policy Office Thailand |
| Timetable | |
|---|---|
| Concept Clearance | 06 Nov 2014 |
| Fact Finding | - |
| MRM | - |
| Approval | 17 Dec 2014 |
| Last Review Mission | - |
| Last PDS Update | 22 Dec 2014 |
TA 8825-THA
| Milestones | |||||
|---|---|---|---|---|---|
| Approval | Signing Date | Effectivity Date | Closing | ||
| Original | Revised | Actual | |||
| 17 Dec 2014 | - | 17 Dec 2014 | 31 Dec 2015 | - | 31 Mar 2016 |
| Financing Plan/TA Utilization | Cumulative Disbursements | |||||||
|---|---|---|---|---|---|---|---|---|
| ADB | Cofinancing | Counterpart | Total | Date | Amount | |||
| Gov | Beneficiaries | Project Sponsor | Others | |||||
| 225,000.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 225,000.00 | 17 Jun 2022 | 111,047.34 |
Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.
The Access to Information Policy (AIP) recognizes that transparency and accountability are essential to development effectiveness. It establishes the disclosure requirements for documents and information ADB produces or requires to be produced.
The Accountability Mechanism provides a forum where people adversely affected by ADB-assisted projects can voice and seek solutions to their problems and report alleged noncompliance of ADB's operational policies and procedures.
In preparing any country program or strategy, financing any project, or by making any designation of, or reference to, a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area.
| Title | Document Type | Document Date |
|---|---|---|
| Strengthening Financial Transparency of Specialized Financial Institutions: Technical Assistance Completion Report | TA Completion Reports | May 2016 |
Safeguard Documents See also: Safeguards
Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.
None currently available.
Evaluation Documents See also: Independent Evaluation
None currently available.
Related Publications
None currently available.
The Access to Information Policy (AIP) establishes the disclosure requirements for documents and information ADB produces or requires to be produced in its operations to facilitate stakeholder participation in ADB's decision-making. For more information, refer to the Safeguard Policy Statement, Operations Manual F1, and Operations Manual L3.
Requests for information may also be directed to the InfoUnit.
Tenders
Contracts Awarded
Procurement Plan
None currently available.