IMF Working Papers

Fiscal Transition in Countries of the Former Soviet Union: An Interim Assessment

By Jeffrey M. Davis, A. Cheasty

June 1, 1996

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Jeffrey M. Davis, and A. Cheasty Fiscal Transition in Countries of the Former Soviet Union: An Interim Assessment, (USA: International Monetary Fund, 1996) accessed November 8, 2024
Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

This paper reviews the uneven record of fiscal performance in the states of the former Soviet Union since independence. Deficits have come down rapidly, an important contribution to stabilization. Given, however, the unexpectedly severe revenue decline and limited financing, the stabilization was reached by sharp cuts in expenditure. The cuts were abrupt and not focused on transition goals, and the instruments used vitiated normal budgetary processes. Hence, benchmarks of fiscal success other than stabilization are elusive. Government intervention and subsidies remain important, social spending is inefficient, and there is little evidence in the budget of restructuring.

Subject: Arrears, Budget planning and preparation, Currencies, Economic sectors, Expenditure, External debt, Privatization, Public financial management (PFM), Social assistance spending

Keywords: Arrears, Baltics, Budget planning and preparation, FSU government, General government deficit, Government capital formation, Government expenditure priority, Government intervention, Government procurement, Governments' inability, Privatization, Reform government, Social assistance spending, State enterprise, Subsidy entitlement, WP

Publication Details

  • Pages:

    36

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Working Paper No. 1996/061

  • Stock No:

    WPIEA0611996

  • ISBN:

    9781451848120

  • ISSN:

    1018-5941

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