Slovak Republic: Technical Assistance Report-Implementing Public Expenditure Limits
IMF Staff Country Reports, November 3, 2023
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Bibliographic details
- Published: November 3, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400255618.002
Objective of the Public Expenditure Limits (PEL)
- Main objective: create an operational instrument to strengthen fiscal discipline and fiscal sustainability.
- PEL introduction provides an opportunity to move beyond the annual budget and advance strategic budgeting into the medium term.
Strengthening the budget process: strategic phase and Fiscal Strategy Report
- The report proposes adding a strategic phase to the budget process, which is currently lacking.
- Suggested starting element: a Fiscal Strategy Report outlining fiscal challenges and policy options for consideration by the Council of Ministers.
Recommendations, timing, and political opportunity
- Based on the report’s recommendations, the current caretaker government has a unique opportunity to propose an agenda of public financial management reforms to the new government that will emerge from the elections in September.
- Recommendations draw heavily on the experience of countries that have to some extent successfully implemented PEL and progressively moved toward medium-term budgeting.
Implementation challenges and next steps
- Further detailed work will be needed to flesh out the precise laws, decrees, regulations, or processes that will need to be changed to kick start the reforms.
- The report implies substantive follow-up across legal, regulatory, and procedural domains to operationalize PEL.
Subject coverage and keywords (as provided)
- Subject: Budget execution and treasury management, Budget planning and preparation, Expenditure, Fiscal policy, Fiscal space, International organization, Monetary policy, Public financial management (PFM)
- Keywords: authorities of the Slovak Republic, budget chapter, Budget execution and treasury management, Budget planning and preparation, Fiscal space, PEL methodology, state budget, State secretary, Value-for-Money Unit
Content in this bundle
- 1svkea2023001