IMPORTANCE OF INTERNATIONAL COOPERATION IN MOBILIZING AND DEVELOPING
DOMESTIC FINANCIAL RESOURCES OF THE STATE Author: Medea Chelidze, Tamari Beridze
| Published: 2018-12-28
| Pages: 226-232
Many of the obstacles that Governments face in devel- oping countries in effectively managing domestic financial re- sources are due to structural conditions and related develop- ment problems. For example, a high concentration of wealth and high inequality of income are often associated with polit- ical processes and the weakening of the rule of law. Similarly, dependence on the exploitation of natural resources can lead to unpredictability and instability in the structure of public rev- enues, which limits the ability of the state to plan and main- tain the level of investment consistent with long-term devel- opment goals.
Measures aimed at strengthening the public financial management system and, therefore, mobilizing domestic public resources should be carried out taking into account these various problems, often of a structural nature. Important for the success and effectiveness of tax reforms in most develop- ing countries is the recognition that the development of ad- ministrative and institutional capacity at the national level is a complex and time-consuming process, the results of which will not be immediately apparent. To create such a potential, developing countries may often lack resources, expertise and political stability. This will require concerted efforts of the in- ternational community to help them find the necessary hu- man and financial resources to support measures aimed at improving the overall system of public finance regulation and mobilizing domestic public resources.
FINANCIAL RESOURCES, TAX DISCIPLINE, MANAGEMENT OF PUBLIC FINANCES, STATE REVENUES, MOBILIZATION OF INTERNAL RESOURCES
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