SPB Newsfeed: Joint IMF-CEF Seminar on Strengthening Fiscal Institutions

On June 15-18, 2015, the CEF will host a high-level seminar on Strengthening Fiscal Institutions. It will examine the role of strong fiscal institutions in improving the quality of fiscal management and helping to ensure fiscal sustainability. The Seminar aims to improve participants' awareness of the importance of strong fiscal institutions for sound macro-fiscal making and management. Participants will discuss the building blocks and options for putting in place a comprehensive institutional framework for fiscal management.

One of the leading experts contributing to the seminar Brian Olden (IMF) explains that the fiscal institutions are “processes, rules and procedures that surround the management of public finances” and in particular the “planning of implementation of fiscal policies”. Further, the different institutions that surround the management of public finances are the development of macro-fiscal and medium-term budgeting frameworks, introduction of fiscal rules, the usage of independent fiscal agencies like fiscal councils in monitoring and overseeing the design of fiscal policies and coverage of the budget, the quality of fiscal reporting and budget execution.

Officials will be introduced to international experience and key requirements on fiscal institutions; fiscal reporting, risks and rules; macroeconomic and fiscal forecasting; medium-term budget frameworks; fiscal councils, as well as budget execution and treasury management. Officials will benefit in better understanding the role of strong fiscal institutions in ensuring long-term fiscal sustainability and to learn about experience-based reform options to use in their own countries.

For a first impression of the event, click here. You can follow the social memory during the seminar here.