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The Fiscal Responsibility Act (FRA) came into effect in 2013 to reduce rising public debt and achieve fiscal stability. Maldives has experienced rapid public debt accumulation over the past decade. The FRA establishes objectives for maintaining debt at a sustainable level and reducing the...
Persistent link: https://www.econbiz.de/10013169205
Strong fiscal institutions have contributed to Chile's macroeconomic stability, and recent reform initiatives have focused on enhancing these institutions and fiscal transparency. This report assesses fiscal transparency practices in Chile in relation to the requirements of the IMF's Fiscal...
Persistent link: https://www.econbiz.de/10012697113
Among EU countries, Romania suffered a relatively shallow recession in the COVID-19 crisis, aided by macroeconomic easing. A strong recovery is projected in 2021. The new government is committed to balance continued pandemic-related support with the start of a medium-term fiscal consolidation...
Persistent link: https://www.econbiz.de/10012697857
This Technical Assistance paper on Ukraine discusses medium-term budget framework (MTBF) and fiscal risk statement. In … order to strengthen the medium-term orientation of the budget, the authorities have committed to implement a full …-fledged MTBF as part of their Public Financial Management Reform Strategy (2017-21). The ability of the Ministry of Finance (MoF …
Persistent link: https://www.econbiz.de/10012153832
Persistent link: https://www.econbiz.de/10009157789
revenues cover basic expenditure responsibilities and dependence on State grants and subventions is minimized, would require a … amendments to the Budget Code for implementation of certain Public Financial Management reforms. Several design issues are … combination of changes to the revenue-sharing arrangements and expenditure assignments. There is no structured arrangement for …
Persistent link: https://www.econbiz.de/10012153872
The Canadian economy was operating at close to capacity and had strong policy buffers when the COVID-19 pandemic hit. Economic and social restrictions put in place in March 2020 helped to mitigate the first wave of the virus, but they came at a significant cost. There was an unprecedented...
Persistent link: https://www.econbiz.de/10012516502
The pandemic dealt a severe blow to the Italian people and their economy. GDP fell by nearly 9 percent in 2020, with much larger drops for contact-intensive services. Public and corporate debt increased strongly and preexisting vulnerabilities have likely worsened. The government is prioritizing...
Persistent link: https://www.econbiz.de/10012604038
Persistent link: https://www.econbiz.de/10000807600
of the central government's public financial management (PFM) systems based on the Public Expenditure and Financial … Accountability (PEFA) methodology. The assessment was undertaken in close collaboration with the Ministry of Finance's (MoF) PFM …
Persistent link: https://www.econbiz.de/10009626802