This session discusses the recent recommendations announced by the OECD and the IMF to enhance fiscal transparency. The OECD Best Practices specifies the principal fiscal reports that governments should produce, the specific disclosures to be contained in the reports and practices for ensuring the integrity of the reports. Included in the list of fiscal reports are the budget, pre-budget report, monthly report, mid-year report, year-end report, pre-election report, and long-term report. The principal aim of the IMF's Code is to promote fiscal transparency and thereby make governments more accountable for the design, implementation and outcome of fiscal policy. Ultimately, fiscal transparency should be associated with, and may directly result in, improved economic performance. The Code is structured around 4 principles: Clarity of Roles and Responsibilities; Public Availability of Information; Open Budget Preparation, Execution, and Reporting; and Independent Assurances of Integrity.