{
  "title": "Evaluating Armenia’s Fiscal Framework",
  "publication": "Selected Issues Papers, December 30, 2025",
  "sourceUrl": "https://www.imf.org/en/publications/selected-issues-papers/issues/2025/12/30/evaluating-armenias-fiscal-framework-572927",
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  "summary": "This paper evaluates Armenia’s fiscal framework, focusing on fiscal rule design and implementation. Despite the 2018 reforms strengthening the Armenia’s fiscal rules, limitations persist: rules are somewhat procyclical and complex, ex-post enforcement is not legally binding, coverage is restricted t",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- The paper evaluates Armenia’s fiscal framework, focusing on fiscal rule design and implementation.\n- Despite the 2018 reforms strengthening the Armenia’s fiscal rules, limitations persist: rules are somewhat procyclical and complex, ex-post enforcement is not legally binding, coverage is restricted to central government, and operational flexibility is limited.\n- Armenia’s fiscal rules have served the country well, but further improvements could be considered."
    },
    {
      "heading": "Limitations and design weaknesses",
      "content": "- Rules are somewhat procyclical and complex.\n- Ex-post enforcement is not legally binding.\n- Coverage is restricted to central government.\n- Operational flexibility is limited."
    },
    {
      "heading": "Recommended reforms and policy options",
      "content": "- Upgrade fiscal rules to improve countercyclicality.\n- Simplify rule design.\n- Broaden coverage beyond the central government.\n- Strengthen transparency and enforcement mechanisms.\n- Consolidate expenditure rules.\n- Formalize escape clauses.\n- Expand coverage.\n- Empower independent oversight.\n\n---\n\n Content in this bundle\n\n- 1. Fiscal Rules\n  - 1. Fiscal Rules (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1. Fiscal Rules (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/selected-issues-papers/issues/2025/12/30/evaluating-armenias-fiscal-framework-572927"
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    "[Markdown version](/en/publications/selected-issues-papers/issues/2025/12/30/evaluating-armenias-fiscal-framework-572927/index.md)",
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    "Authors: Masud Al Taj, Nazim Belhocine, Vahram Janvelyan, Ervin Prifti",
    "Published: December 30, 2025",
    "Series: Selected Issues Papers",
    "DOI: https://doi.org/10.5089/9798229033732.018",
    "The paper evaluates Armenia’s fiscal framework, focusing on fiscal rule design and implementation.",
    "Despite the 2018 reforms strengthening the Armenia’s fiscal rules, limitations persist: rules are somewhat procyclical and complex, ex-post enforcement is not legally binding, coverage is restricted to central government, and operational flexibility is limited.",
    "Armenia’s fiscal rules have served the country well, but further improvements could be considered.",
    "Rules are somewhat procyclical and complex.",
    "Ex-post enforcement is not legally binding.",
    "Coverage is restricted to central government.",
    "Operational flexibility is limited.",
    "Upgrade fiscal rules to improve countercyclicality.",
    "Simplify rule design.",
    "Broaden coverage beyond the central government.",
    "Strengthen transparency and enforcement mechanisms.",
    "Consolidate expenditure rules.",
    "Formalize escape clauses.",
    "Expand coverage.",
    "Empower independent oversight.",
    "**1. Fiscal Rules**"
  ],
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