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Smart public procurement refers to making optimal decisions to minimize waste and enhance the quality, efficiency and sustainability of public spending when purchasing and contracting goods, works and services. Better fiscal balances will contribute to greater macroeconomic stability. What is Smart Public Procurement?
Our findings highlight the asymmetric impact of climate risks on financing costs, particularly for high-risk countries, and emphasize the critical role of investments in climate preparedness, resilient infrastructure, and economic diversification.
There’s never been a better time to explore creative solutions for stretching budgets further and turning federal infrastructure funding into transformative investments in efficient and sustainable water management. Here are 4 a-ha moments from their conversation that should be on the mind of every finance professional.
There is no turning back now, the ministries of economy and finance are at the heart of climate action. What are finance ministries doing and discussing to advance green fiscal management? 2- Sovereign thematic issuances are increasingly relevant Sustainable debt instruments are becoming increasingly relevant in the capital markets.
Louis struggle with resource constraints and grapple with the significant challenges cities face in balancing budgets, maintaining public services and managing infrastructure needs. It’s why all city leaders, not just those in finance, must be well-versed in the different types of budgetary concerns and how to navigate them.
The COVID-19 pandemic had a very large impact on government finances. Three important variables worth highlighting are borrowing costs, primary balances, and exchange rates. Supply-driven inflation shocks tend to be associated with a tightening of financing conditions. This is in tern reflected in increases in borrowing costs.
As the largest portion of the economy that is directly in government’s hands, public procurement is now at the forefront of interventions in digitizing government business, and advancing inclusive development, sustainability, and open government. This was not always the case.
Fiscal rules have become a common policy tool to promote the sustainability of public finances, as the number of countries with at least one fiscal rule has grown from ten in 1991 to more than 100 by 2021.
Over the past two decades, a growing number of Latin American and Caribbean (LAC) countries began adopting fiscal rules to limit overspending influenced by election cycles, public pressure, and other political economy factors, helping the region strengthen its fiscal solvency and sustainability.
Sustainability. By 2025, many Directors will be Millennials and will drive to find renewable disposition and consumption approaches to resources while balancing ways to drive revenue. Most companies we see today have their finance departments bogged down with spreadsheets. Think of the brand Tom’s shoes. Globalization.
This is because there is still a need to supply conventional energy to ensure energy affordability, security, and sustainability of supply while the energy transition occurs. However, the focus on delivering a conventional energy business in a value-focused way has led to more disputes due to finely balanced economics and resource shortages.
Sustainability, diversity and inclusivity In order to enhance the sustainability, diversity and inclusivity of arbitrations, the new NAI Rules provide that all communications during the proceedings must be made by email or through the NAI arbitration platform ( Article 50, paragraph 4 ). Hetterscheidt, LinkedIn post, February 2024 ).
After the launch, the systems were transferred to the balance of the state in the form of a state-owned enterprise. Projects financed by the European Investment Bank, World Bank, and USAID are already uploaded to DREAM. At the same time, the state does not spend a single penny of budget funds on the creation of the system.”
With establishing end-to-end process ownership at Procurement and structuring cross-functional collaboration between Businesses, Procurement, and Finance, it is also time to revitalize your performance measures. The latter is a much stronger predictor of future performance levels but is usually overlooked.
Kudrna added that the Czech Republic recently faces new challenges connected with climate change and the developing economies’ balance between compliance with international norms and treaties (e.g., the Paris Agreement) and the eventual need to encourage and sustain, for instance, fossil fuel investments.
Balance Procurement Objectives. Before diving into specifics, I feel it is important to note how the crisis has emphasized the importance of Procurement / Supply Chain leaders having a balanced set of objectives. Others may still be applied to help businesses better manage the effects of the crisis. Yes, cost still matters.
Senior tax policymakers from across the region attended the event organized by the IDB, the World Bank and the G-20 Brazilian presidency, represented during the event by Ministry of Finance and Receita Federal do Brasil (RFB), the country’s federal tax agency.
The administration of the tax would require a single tax return (consolidated balance sheet of the mega MNE) to be filed with the tax authorities of the country where the ultimate parent company is domiciled, and the information would be shared with the other countries. Another significant measure is the application of unitary taxation, i.
Ivalua Spend Management Insights [ivory-search] Navigating CSRD Regulation: What Procurement, Supply Chain, and Finance Leaders Need to Know June 12, 2023 | | Sustainability by Vishal Patel In an effort to drive sustainability and combat climate change, the European Union has introduced the Corporate Sustainability Reporting Directive (CSRD).
In addition, a dedicated Sustainable Public Procurement (SPP) Competence Center was established in the LPPO to lead implementation and to support contracting authorities and suppliers in their adoption of green criteria. In 2023, the LPPO added a set of key sustainability performance indicators to its procurement dashboard.
He has been in numerous leadership roles in the private sector for over 25 years, spanning accounting, finance, technology & operations management spheres. As CFO, he looks forward to working to achieve the Secretary’s vision and the Departmental mission of creating strong, sustainable, and inclusive communities.
40] It is also worth noting that the Government can materially breach the contract by failing to make contract financing payments (e.g., Generally speaking, the Government seeking to balance the budget is laudable. Housing Finance Agency, 745 F.3d [e]nsuring timely payments and payment of interest penalties where required. [15]
and Gabriella Palmieri (Italian Attorney General) highlighted the complex interaction between international, transnational and national law, and they agreed on the need to find a balance between environmental protection and economic competitiveness. environmentally harmful) firms from making sustainable investments.
Central to the event were the themes of generative AI, sustainability, security, and—importantly for Europe—digital sovereignty. AWS enables customers to get the most value from data by providing a comprehensive set of integrated tools and robust governance capabilities that balance access and control.
Department of State), Margie-Lys Jaime (Legal Adviser, Office of Investment Arbitration, Ministry of Economy and Finance, Republic of Panama), Ladan Mehranvar (Senior Legal Researcher, Columbia Center on Sustainable Investment (“CCSI”)) and Marie-Claire Argac (Partner, Curtis, Mallet-Prevost, Colt & Mosle LLP). Mr. Bigge and Ms.
On the other hand, SADC decided against including the FET or fair administrative treatment in the SADC Finance and Investment Protocol. In 2017, SADC issued a revised model BIT , which, like the PIA, provides fair administrative treatment in the place of FET.
Latin America and the Caribbean are at a crossroads of environmental sustainability and inclusive development; and public governance plays a critical role in a fair green transition, especially given existing inequalities, limited fiscal capacity, and deteriorating public trust. of gross domestic product (GDP) in 2022 compared to 39.7%
Advancing Equity and Civil Rights Section 7 focuses on three key categories where AI can impact civil rights: (1) the criminal justice system; (2) government benefits and programs; and (3) issues in the broader economy, including hiring, housing, and consumer finance. as related to benefits determinations) is warranted.
236 ), along with its budget and financing considerations. UNCITRAL Working Group III and the Advisory Centre on International Investment Dispute Resolution , analyzed key outstanding elements of the draft statute, including the Advisory Centres objective and scope of activities, governance structure, financing mechanisms, and legal status.
This proposal has raised concerns about undermining the legitimacy of the arbitration process and whether it strikes the right balance between party autonomy and the supervisory role of courts. Ministry of Finance discourages government entities from using arbitration The backlash of the Supreme Courts decision in DMRC v.
This proposal has raised concerns about undermining the legitimacy of the arbitration process and whether it strikes the right balance between party autonomy and the supervisory role of courts. Ministry of Finance discourages government entities from using arbitration The backlash of the Supreme Courts decision in DMRC v.
The importance and positive contribution of public procurement law to the adequate management of public funds may seem difficult to appreciate in ordinary times, and there are recurrent calls for a reduction of the administrative burden and bureaucracy related to procurement procedures, checks and balances.
Another key update in this regard is the substantive revision of investment protection provisions, which now better balance investor rights with the right of Contracting Parties to regulate within their territories. Is it an advantage for promoting sustainable development through the ECT, or a shortcoming that could hinder its pursuit?
The tax agency said the program received more than $90 million in refunds and reported $35 million in balances due during its pilot run. billion from fiscal 2024 funding levels, is the culmination of months of sustained attacks on Direct File from GOP members of Congress , state attorneys general and state treasurers and comptrollers.
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