Over the past twenty years, fiscal policy has become one of the three pillars of macroeconomic stability for Colombia, the other two being the flexible exchange rate and inflation targeting. The credibility and sustainability of fiscal policy is the result of strong institutions (in particular,...

Benefiting from successful economic transformation after independence and the start of EU accession negotiations, economic activity in Montenegro has been solid, supporting the rise in incomes their convergence with the ones in the European Union. Inflation has been modest and kept in check....

The Ecuador public finance review (PFR) series responded to a request from the Ecuadorian Ministry of Economy and Finance (MEF) to assess the efficiency and effectiveness of public spending. The PFR series offers a combination of analysis, capacity building, and options for reform in selected...

The first three chapters of the PFR review the core fiscal policy and revenue mobilization issues. Chapter 1 discusses the fiscal landscape, fiscal framework, and progressivity of fiscal policy. Chapter 2 looks at the footprint of quasi-fiscal activities, which affects the overall fiscal stance...

This section of the Public Finance Review (PFR) assesses the level, quality, efficiency, and equity of public spending on education in North Macedonia and recommends policies that could increase efficiency as well as outcomes. It also examines the status of recent education reforms in the...

The Public Finance Review (PFR) analyzes Lebanon's public finances over a long horizon, to understand the roots of the fiscal profligacy and its eventual insolvency. To do so, the PFR links three critical elements in three Sections. Section I: Fiscal Policy in the Second Republic; Section II:...

Bulgaria has traditionally adhered to fiscal discipline and prudent fiscal policy since the introduction of its currency board arrangement in mid-1997. After a gradual decline in the 2000s, public debt has remained among the lowest in the European Union (EU), hovering in a narrow band between 17...

The national economy of Vietnam was affected by the April 2020 lockdown meant to contain the domestic spread of the COVID-19 (coronavirus) virus and subsequent outbreaks in Da Nang and Ho Chi Minh City. Nevertheless, the economy showed exceptional resilience. Gross domestic product (GDP) grew by...

This assessment of gender responsive public financial management (GRPFM) for 2020 of the government of Ukraine (GoU) has been conducted using the draft Supplementary Framework for Assessing Gender Responsive Public Financial Management and is one of the first pilots using this framework. The...

This report provides a selected analysis of Vanuatu's economy and public finances, emphasizing the lens of disaster resilience. It draws upon the analysis and tools from two core World Bank diagnostic products, the Country Economic Memorandum (CEM) and Public Expenditure Review (PER) while...