{
  "title": "Strengthening the WAEMU Regional Fiscal Framework",
  "publication": "IMF Working Papers, March 4, 2022",
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  "summary": "This paper assesses the adequacy and effectiveness of the WAEMU fiscal framework along three pillars that have proven to effectively support fiscal discipline in monetary unions—common fiscal rules (including adequacy of numerical ceilings as well as elements of design and enforcement), shared publi",
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    {
      "heading": "Summary assessment",
      "content": "- The paper assesses the adequacy and effectiveness of the WAEMU fiscal framework along three pillars that have proven to effectively support fiscal discipline in monetary unions:\n  - common fiscal rules (including adequacy of numerical ceilings as well as elements of design and enforcement),\n  - shared public financial management systems, and\n  - coordination mechanisms for decentralized fiscal policies.\n- The analysis undertakes a calibration of regional debt and fiscal deficit ceilings taking into account different macroeconomic tradeoffs and risks.\n- Conclusion: numerical ceilings that prevailed before the suspension of the fiscal rules remain adequate and strike the right balance between growth and fiscal sustainability.\n- The paper proposes reform options to strengthen the WAEMU regional fiscal surveillance framework, with a view to more effectively supporting fiscal discipline."
    },
    {
      "heading": "Key findings and projections",
      "content": "- Numerical ceilings in place before the suspension of the fiscal rules are assessed as adequate for balancing growth and fiscal sustainability.\n- Calibration of regional debt and fiscal deficit ceilings is performed considering different macroeconomic tradeoffs and risks (details and quantitative calibrations are in the full paper)."
    },
    {
      "heading": "Policy recommendations and reform options",
      "content": "- Strengthen the WAEMU regional fiscal surveillance framework to more effectively support fiscal discipline.\n- Improve design and enforcement elements of common fiscal rules.\n- Enhance shared public financial management (PFM) systems.\n- Reinforce coordination mechanisms for decentralized fiscal policies.\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2022/03/04/strengthening-the-waemu-regional-fiscal-framework-513691"
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    "Authors: Antonio David, Alexandre Nguyen-Duong, Hoda Selim",
    "Published: March 4, 2022",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9798400204357.001",
    "The paper assesses the adequacy and effectiveness of the WAEMU fiscal framework along three pillars that have proven to effectively support fiscal discipline in monetary unions:",
    "The analysis undertakes a calibration of regional debt and fiscal deficit ceilings taking into account different macroeconomic tradeoffs and risks.",
    "Conclusion: numerical ceilings that prevailed before the suspension of the fiscal rules remain adequate and strike the right balance between growth and fiscal sustainability.",
    "The paper proposes reform options to strengthen the WAEMU regional fiscal surveillance framework, with a view to more effectively supporting fiscal discipline.",
    "Numerical ceilings in place before the suspension of the fiscal rules are assessed as adequate for balancing growth and fiscal sustainability.",
    "Calibration of regional debt and fiscal deficit ceilings is performed considering different macroeconomic tradeoffs and risks (details and quantitative calibrations are in the full paper).",
    "Strengthen the WAEMU regional fiscal surveillance framework to more effectively support fiscal discipline.",
    "Improve design and enforcement elements of common fiscal rules.",
    "Enhance shared public financial management (PFM) systems.",
    "Reinforce coordination mechanisms for decentralized fiscal policies.",
    "**Working Paper**"
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