At the period-end of Q1 2020, the federal budget ran a slight surplus, however it was a temporary result because oil and gas revenues go into the budget in a timely manner and they record a downturn against Q1 2019. Non-oil and gas revenues although went up but that was due to the fact that they...

The RF federal budget for 2016 was executed with a deficit of 3.4% of GDP. This figure is significantly higher that the corresponding index for 2015 (2.4% of GDP), but still lower than the projection in the most recent version of the Law on the Federal Budget for 2016 (3.7% of GDP). The plunge...

One principle use of budgets is to elicit private information from subordinates in order to allow superiors to make better decisions. However, self-interested subordinates may bias their budget reports for personal gain, thus reducing the value of their budget reports to superiors. We examine...

In early 2008, the Fund launched ambitious reforms to enhance its ability to deliver the economic and financial analysis, member support, and multilateral collaboration essential to promote global stability. The reform agenda called for: (i) stronger surveillance through sharpened multilateral...