The Role of Medium-Term Fiscal Frameworks for Transition Countries: The Case of Bulgaria

January 1, 2001

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 discusses the foundations for a medium-term fiscal framework for Bulgaria, a transition economy aspiring to join the European Union. The paper argues that a well-designed framework can help to enhance the credibility of macroeconomic policies and facilitate preparations for EU membership. It presents an illustrative scenario for Bulgaria, utilizing a broad concept of net public debt.

Subject: Budget planning and preparation, Expenditure, Fiscal policy, Medium-term budget frameworks, Public debt, Public financial management (PFM)

Keywords: Budget planning and preparation, budgetary interest expenditure, debt ratio, EU accession, expenditure arrears, expenditure measure, expenditure reform, Fiscal management, Global, government expenditure responsibility, interest expenditure, interest rate, Medium-term budget frameworks, medium-term fiscal framework, net present value, priority expenditure program, private sector, profit tax, reserve account, tax rate, transition experience, WP

Pages:
31
Volume:
2001
DOI:
https://doi.org/10.5089/9781451842784.001
Issue:
011
Series:
Working Paper No. 2001/011
Stock No:
WPIEA0112001
ISBN:
9781451842784
ISSN:
1018-5941

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