Policy toward fiscal rules is an important issue in the countries of the Western Balkans (Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, and Serbia). According to a rough estimate, the countries with rules (all but North Macedonia) have complied with their debt and...

Bhutan's hydropower generation potential raises the prospect of tremendous development opportunities for the country: fast increasing export revenue, sustained economic growth, and rapid poverty reduction. Driven by developments in the hydropower sector, the country has grown at an average rate...

This paper investigates the political economy of fiscal reform activism in Argentina since the late 1980s. Between 1988 and 2008, tax legislation was changed 83 times, fiscal federal rules 14 times, and budgetary institutions sixteen times. Tax and budgetary reforms moved from centralizing...

Medium Term Fiscal Frameworks (MTFs) have become one of the most popular reforms to the budgetary process in Latin America during the last decade, and introducing MTFs seemed to be the magic solution for most fiscal ailments. Nonetheless, there has been no comprehensive evaluation of their...

The objective of this paper is to provide practical recommendations for improving the effectiveness of the public financial management system as inputs to the envisaged Armenian public financial management (PFM) reform strategy. The paper aims at providing a comprehensive analysis of most of the...

The Pacific Financial Technical Assistance Center (PFTAC) produced 'A Public Financial Management Roadmap for Forum Island Countries' ("The Roadmap") in 2009 (PFTAC 2010). This document was adopted at the Forum Economic Ministers' Meeting (FEMM) of the Pacific Island Forum as an agreed approach...

This note analyzes the progress of three public sector reforms (Public Financial Management, Public Administration, and Decentralization and Deconcentration) in Cambodia and describes how their design, implementation, and institutional arrangements can be better sequenced and coordinated. It...

The Republic of Congo (Congo) boasts numerous assets that can be harnessed to build a strong and robust economy. These assets are oil, ore such as iron and potash, arable lands, and a young population. Congo is the fourth largest oil producer among West and Central African countries, both in...

This paper seeks to identify the most promising fiscal strategy to boost long-term economic growth in Argentina and quantify its effects. To this end, the authors updated a growth-diagnostics study for Argentina and corroborated that low appropriability of social returns and insufficient public...