Training Program

This course, presented by the Fiscal Affairs Department, examines the role of strong fiscal institutions and fiscal governance in ensuring fiscal sustainability. Drawing on international country experiences, it covers three main areas: medium-term budgetary frameworks (MTBFs), fiscal rules, and fiscal councils. Regarding MTBF, the course discusses how a medium-term perspective in budgeting can improve fiscal discipline and expenditure control, and the preconditions and elements for effective MTBFs, including their relationship with fiscal rules. With respect to fiscal rules, the course reviews the pros and cons of different types of fiscal rules and how to select, design, and calibrate them to balance fiscal sustainability and macroeconomic stabilization objectives.

The course also explores how fiscal councils might help strengthen fiscal performance, support fiscal rules, review trends, and disseminate best practices.