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Speaker	Zeljko Sevic
	University of Greenwich, Department of Accounting and Finance, Business School, London, United Kingdom
Topic	Working Group on Public Sector Finance and Accounting: Introduction to the theme

Abstract	The focus of the Working Group research in the past year has been local debt and its management in all possible forms: classical debt financial management, borrowing, debt servicing, capacity for local borrowing, etc. The papers reflect various experiences in both advanced transitional countries and poorer performers in the transition process and focuses on the sharing best practices in the region(s). There are also some other papers that deal with related issues that face local (self-) governments in the transition process. The research emphasises the importance of local government capacity to borrow from both public and private entities and to enter the financial markets on their own, within the limitations imposed by the central government authorities (preferably by Law and not secondary legislation). The research strongly support the active financial management of local government on both asset and liability side, requiring constant innovation and improvement on side of the local government; although these efforts are often hampered by the positive legislation and regulation, and central government behaviour. It is most likely that the local governments will have to resort to borrowing far more often than it was in the past, especially with further decentralisation and strengthening of the grassroots democratic processes.