{
  "title": "Fiscal Transition in Countries of the Former Soviet Union: An Interim Assessment",
  "publication": "IMF Working Papers, June 1, 1996",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/30/fiscal-transition-in-countries-of-the-former-soviet-union-an-interim-assessment-2049",
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  "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.",
  "sections": [
    {
      "heading": "Summary and purpose",
      "content": "- Reviews the uneven record of fiscal performance in the states of the former Soviet Union since independence.\n- Highlights that deficits have come down rapidly, contributing importantly to stabilization.\n- Notes that stabilization was achieved in the context of an unexpectedly severe revenue decline and limited financing, implying reliance on expenditure cuts."
    },
    {
      "heading": "Main findings on fiscal outcomes",
      "content": "- Deficits have come down rapidly.\n- The stabilization was reached by sharp cuts in expenditure.\n- The cuts were abrupt and not focused on transition goals.\n- The instruments used to implement cuts vitiated normal budgetary processes.\n- Benchmarks of fiscal success other than stabilization are elusive."
    },
    {
      "heading": "Expenditure cuts and budget process",
      "content": "- Expenditure cuts were:\n  - Sharp.\n  - Abrupt.\n  - Not focused on transition goals.\n- Instruments for implementing cuts undermined normal budgetary processes (no further technical details provided in source)."
    },
    {
      "heading": "Social spending, government intervention, and restructuring",
      "content": "- Government intervention and subsidies remain important.\n- Social spending is inefficient.\n- There is little evidence in the budget of restructuring."
    },
    {
      "heading": "Subject coverage and keywords (as listed)",
      "content": "- Subjects: Arrears; Budget planning and preparation; Currencies; Economic sectors; Expenditure; External debt; Privatization; Public financial management (PFM); Social assistance spending.\n- 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.\n\n---\n\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/fiscal-transition-in-countries-of-the-former-soviet-union-an-interim-assessment-2049"
    }
  ],
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    "Authors: Jeffrey M. Davis",
    "Published: June 1, 1996",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451848120.001",
    "Reviews the uneven record of fiscal performance in the states of the former Soviet Union since independence.",
    "Highlights that deficits have come down rapidly, contributing importantly to stabilization.",
    "Notes that stabilization was achieved in the context of an unexpectedly severe revenue decline and limited financing, implying reliance on expenditure cuts.",
    "Deficits have come down rapidly.",
    "The stabilization was reached by sharp cuts in expenditure.",
    "The cuts were abrupt and not focused on transition goals.",
    "The instruments used to implement cuts vitiated normal budgetary processes.",
    "Benchmarks of fiscal success other than stabilization are elusive.",
    "Expenditure cuts were:",
    "Instruments for implementing cuts undermined normal budgetary processes (no further technical details provided in source).",
    "Government intervention and subsidies remain important.",
    "Social spending is inefficient.",
    "There is little evidence in the budget of restructuring.",
    "Subjects: 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."
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