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Business and Economics > Budgeting

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Cover IMF How To Notes
How to Develop and Implement a Medium-Term Fiscal Framework
Teresa R Curristine
,
Isabell Adenauer
,
Virginia Alonso-Albarran
,
John Grinyer
,
Koon Hui Tee
,
Claude P Wendling
, and
Delphine Moretti
This Note provides guidance on developing and implementing a medium-term fiscal framework (MTFF). MTFFs aim to promote fiscal discipline and sustainability, transparency, and better-informed fiscal decisions. An MTFF comprises a set of institutional arrangements for prioritizing, presenting, reporting, and managing fiscal aggregates - revenue, expenditure, balance, and debt - generally over a three-to-five-year period. It incorporates a fiscal strategy, medium-term projections of key macroeconomic variables and fiscal aggregates, and ceilings on total expenditure to guide subsequent annual budgets. By introducing a medium-term perspective into fiscal and budgetary decision making, MTFFs provide a clearer understanding of the impact, trade-offs, and risks of policy choices. MTFFs contribute to enhancing transparency and accountability by communicating the government’s medium-term fiscal goals, policies, and fiscal performance. Ultimately, clarity on medium-term fiscal plans and on their effective implementation can bolster confidence in the government’s ability to manage its finances prudently and competently. In addition to providing guidance on how to design an MTFF and the institutional and technical arrangements needed to support implementation, the Note discusses key challenges and presents country examples from across the globe by income group and concludes with lessons learned.
Keywords:
fiscal frameworks; fiscal planning; budget cycles; MTFF; medium-term fiscal framework; emerging market economy country example; MTFF specification; koon hui tee; MTFF projection Tool; MTFF time horizon; Budget planning and preparation; Fiscal rules; Fiscal risks; Caribbean
Cover Policy Papers
FY2024-FY2026 Medium-Term Budget
International Monetary Fund. Office of Budget and Planning
FY2024-FY2026 Medium-Term Budget
Keywords:
budget framework; administrative budget; external funding; capital budget; A. budget overview; management fee; augmentation framework; Medium-Term capital budget; Budget planning and preparation; Budget execution and treasury management; Digital currencies; Global
Cover IMF Staff Country Reports
Costa Rica: Technical Assistance Report-Upgrading the Rule-Based Fiscal Framework
International Monetary Fund. Fiscal Affairs Dept.
This technical assistance report on Costa Rica discusses upgrading the rule-based fiscal framework. A principles-based classification would allay political pressure for ad-hoc exclusions. The criteria should follow the statistical principles of the Government Finance Statistics Manual: entities under government control and classified as a non-market producer should be included in the fiscal rule. The compliance with the fiscal rule should be assessed at the aggregate level, at least for the central government statistical concept. Ex-post compliance of the expenditure rule could be verified based on the fiscal outturn relative to the initial budget of the previous year. This would avoid the unintended effects from an underexecuted budget. A risk-based approach in determining the debt anchor would consider the macroeconomic shocks and debt composition in Costa Rica, alongside with the sizable development needs. Integrating the debt anchor in the medium-term fiscal framework would reinforce consistency. The fiscal council can strengthen oversight.
Keywords:
expenditure rule; government expenditure growth; expenditure growth; expenditure ceiling; IMF's Fiscal Affairs Department; fiscal rule; Fiscal rules; Budget planning and preparation; Current spending; Global; Central America; Caribbean
Cover IMF Working Papers
Western Hemisphere: A Survey of Gender Budgeting Efforts
Lucía Pérez Fragoso
and
Corina Rodríguez Enríquez
Gender budgeting is an approach to fiscal policy and administration that integrates considerations of women’s equality and advancement into the budget. Latin American countries have undertaken diverse gender budgeting initiatives, most of them addressing public expenditures. This paper surveys and assesses some key initiatives, including those in Mexico, Mexico City, Ecuador, Bolivia, and El Salvador, and briefly summarizes others. The five key initiatives offer different perspectives on how countries approach gender budgeting. We find that these initiatives are contributing to the reduction of gender inequality and the advancement of women in Latin America, though there is scope to strengthen them.
Keywords:
WP; civil society; government administration; federal budget; government institution; fiscal policies; Gender budgeting; fiscal policy and administration; Latin America; gender inequality; national budget; child benefit; spending area; executive branch; public finance; government machinery; Women; Budget planning and preparation; Central America
Cover IMF Staff Country Reports
El Salvador: 2016 Article IV Consultation- Press Release; Staff Report; and Statement by the Executive Director for El Salvador
International Monetary Fund. Western Hemisphere Dept.
This paper focuses on policies to raise growth; underpin fiscal sustainability while enhancing social safety nets; and strengthen financial sector stability, deepening, and inclusiveness. GDP growth has averaged 2 percent during 2000–14, well below the Central American regional average of 4½ percent. While the underlying causes of the low growth are complex, a key channel through which they are expressed appears to be low investment. Given the need to increase growth, revenue-raising measures should be accompanied by cuts in distortionary taxation. Stress tests suggest that financial buffers are adequate to contain most risks. The financial deepening and advancing financial inclusion could have a meaningful impact on both growth and poverty.
Keywords:
ISCR; CR; security spending; spending; authority; Salvadoran authorities; expenditure control measure; banking sector capital adequacy ratio; expenditures measure; authorities' action; Public sector; International reserves; Central America; Global
Cover Gestión financiera pública en América Latina
Gestión financiera pública en América Latina
La clave de la eficiencia y la transparencia

Abstract

La eficiencia, la eficacia y la transparencia de la gestión financiera pública en América Latina son fundamentales para la supervisión de los recursos públicos, la estabilidad fiscal y el desarrollo económico sostenible. En años recientes, los países de América Latina han adoptado reformas en la gestión financiera pública y han logrado muchos avances importantes; sin embargo, todavía existen retos. Este libro reúne el conocimiento y las experiencias del personal técnico del FMI y el BID y de representantes de 16 Gobiernos de la región para documentar estas reformas, y examina las experiencias y las lecciones aprendidas. Es un recurso valioso para quienes se ocupan de estos temas en la gestión financiera pública.

Keywords:
BOOK; government; country; cost; cash management
Cover Public Financial Management in Latin America
Public Financial Management in Latin America
The Key to Efficiency and Transparency

Abstract

In recent years, the countries of Latin America have embraced reforms in public financial management and have made many important advances—however, many challenges remain. This book brings together IMF and IDB staff and representatives from 16 governments in the region to document these reforms, and to examine the experiences and lessons learned. It is a valuable resource for those looking at issues in public financial management.

Keywords:
BOOK; government; country; cost; cash management; accounting system; Latin American country; cost information; central government; cost system; Treasury Single Account; Fiscal accounting and reporting; Budget planning and preparation; Accounting standards; Government debt management; Global; Caribbean; Africa; North America; Middle East; Central America; East Africa
Cover IMF Staff Country Reports
El Salvador: Staff Report for the 2014 Article IV Consultation
International Monetary Fund. Western Hemisphere Dept.
KEY ISSUES Focus: The main themes centered on tackling macroeconomic vulnerabilities and improving the medium-term outlook by achieving an ambitious fiscal adjustment while protecting social spending, creating an environment for higher private sector-led growth, and building a robust financial sector. Main policy issues • A reduction in the fiscal deficit of 3½ percent of GDP is needed over the next three years to place public debt on a sustainable path to maintain access to market financing on favorable terms. This adjustment should be accompanied by well- targeted social spending to protect the most vulnerable and continued progress in lessening inequality. • A broad strategy is also needed to reduce the growing imbalances in the pension system and restore its sustainability for future generations. In this regard, a broad- based dialog across all segments of Salvadoran society is needed to build support for a reform that should include an increase in the retirement age and introduce a progressive taxation of benefits. Steps are also needed to further strengthen public financial management to mitigate key fiscal risks, including by enhancing expenditure monitoring and control (to avoid future spending arrears) and recording contingent fiscal liabilities transparently in the fiscal accounts. • The authorities’ goal of raising potential growth to 3 percent while reducing inequality will require substantial supply-side measures to enhance productivity and competitiveness. These should aim to reduce red-tape, increase access to credit, upgrade infrastructure, provide access to and lower the cost of energy, and diversifying the economy. The FOMILENIO II grant from the U.S. provides a valuable opportunity to catalyze such growth-enhancing reforms. • Banking indicators appear sound, a product of prudent supervision and regulation. Nonetheless, there is scope to further strengthen the institutional underpinnings for financial stability by upgrading the legal framework for bank resolution and by creating an appropriate liquidity safety net for banks.
Keywords:
ISCR; CR; reform; assessment; IMF report; deficit; GDP; financing situation; fund staff estimate; credit growth; financial asset; financing needs; Public sector; Pension spending; Fiscal stance; Global; Central America
Cover IMF Staff Country Reports
29 de enero de 2001
International Monetary Fund. Fiscal Affairs Dept.
RESUMEN EJECUTIVO Uno de los aspectos más importantes para una buena gestión fiscal es la capacidad del gobierno formular y comunicar las políticas fiscales. La producción y publicación de informes fiscales oportunos, completos y en un lenguaje accesible es fundamental. Lo mismo con relación a la preparación, aprobación y ejecución del presupuesto. También la identificación y gestión de riesgos fiscales si ha tornado crecientemente importante considerando las recientes crisis internacionales que demuestran que parte de los riesgos estaban fuera de las áreas tradicionales de atención del gobierno central. El nuevo Código de Evaluación de Transparencia Fiscal de 2013 desarrollado por el Departamento de Finanzas Públicas (FAD) del Fondo Monetario Internacional (FMI) es un instrumento que busca revelar la situación de transparencia fiscal en un país y ayudar a prevenir crisis fiscales. El nuevo Código de Transparencia Fiscal sustituye el Código del IOCN de Transparencia Fiscal de 1998, actualizado en 2007. La estructura del Código anterior basaba en cuatro pilares i) la claridad de las funciones y responsabilidades de las instituciones públicas, ii) el grado de apertura y transparencia de los procesos presupuestarios, iii) la disponibilidad de la información fiscal al público, y iv) las garantías de integridad de las informaciones fiscales. El Código ha sido útil para los países miembros y ha servido de base para las evaluaciones que el FMI ha realizado de 93 países. El Código de 1998 también cumplió una función importante para promover mejoras en las normas, las instituciones y los informes fiscales. El nuevo Código tiene objetivos de carácter amplio, que consisten en proporcionar a las autoridades nacionales, los mercados y el público en general i) una mejor comprensión de las diferencias o discrepancias más importantes de los datos fiscales publicadas por el gobierno; ii) una descripción más completa de los principales riesgos para los pronósticos fiscales del gobierno; iii) una comparación más clara de las prácticas de gestión de información fiscal del país con respecto a las normas internacionales, y iv) un plan de acción más específico y ordenado para abordar las principales deficiencias de transparencia identificadas. La nueva evaluación de transparencia fiscal consta de tres pilares: i) presentación de informes fiscales; ii) elaboración de proyecciones y presupuestos fiscales; y iii) análisis y gestión de riesgos fiscales. Los capítulos I, II y III del informe siguen esta misma secuencia. El nuevo Código abarca 38 dimensiones. Para cada dimensión se evalúa la situación según la práctica sea considerada “BÁSICA” (color amarillo), “BUENA” (color verde claro), o “AVANZADA” (color verde oscuro). Si la práctica no alcance la evaluación “BÁSICA”, se adopta la denominación de “MENOS QUE BÁSICA” (color rojo). Costa Rica participó en una evaluación en el marco del módulo IOCN de transparencia fiscal en noviembre de 2007, conforme a la versión anterior del Código de Transparencia Fiscal.
Keywords:
ISCR; CR; executive branch; central government; accounts payable; fiscal report; government state; public finance
Cover IMF Staff Country Reports
Costa Rica: Fiscal Transparency Assessment
International Monetary Fund. Fiscal Affairs Dept.
This paper discusses pilot fiscal transparency assessment for Costa Rica. The assessment confirmed that Costa Rica has various excellent and sophisticated fiscal transparency practices. Those include: (1) institutional coverage with annual consolidated budgetary information for the entire public sector and monthly information for the Executive Branch; (2) information produced regarding tax expenditures; (3) an independent Office of the Comptroller General of the Republic that audits budget balances by May of the following year; and (4) a medium-term budgetary framework and budgetary projections with forecasts of key macroeconomic variables and the assumptions on which they are based. However, weaknesses do persist in some areas.
Keywords:
ISCR; CR; executive branch; central government; accounts payable; fiscal report; government state; public finance; Budget planning and preparation; Public sector; Budget execution and treasury management; Fiscal reporting; Global; budget target; budget approval