Medium-Term Budgetary Frameworks, Fiscal Rules and Fiscal Councils

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Medium-Term Budgetary Frameworks, Fiscal Rules and Fiscal Councils - Options to Ensure Fiscal Sustainability (MTBF)

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.

Target Audience

Mid-level to senior officials who make or support fiscal policy decisions.

Qualifications

Participants are expected to have considerable experience in fiscal policy institutions.

Course Objectives

Upon completion of this course, participants should be able to:

Describe and explain how MTBFs, fiscal rules, and fiscal councils promote sound fiscal policy, based on international experiences.
Analyze the readiness of countries for MTBF, fiscal rules, and fiscal councils and address barriers to implementation.
Apply acquired knowledge and skills to group-based assessments of real case studies.

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