Press Release No. 12/157

Press Release: IMF and Sweden Host International Conference on Issues Surrounding Fiscal Consolidation and Medium-Term Budgetary Frameworks

May 2, 2012

Most advanced economies are undertaking fiscal adjustments in order to put their public finances on a sounder footing. The key policy challenge, however, is to strike a balance between consolidation and growth-oriented policies, while ensuring that sound public finances are preserved once the crisis is over. To achieve this ambitious goal, countries need strong budgetary frameworks that can support the pursuit of well balanced policies. To further the policy debate on this crucial topic, the Swedish Finance Ministry and the International Monetary Fund (IMF) are convening a high-level conference in Stockholm on May 7-8, 2012.

The conference, Medium-Term Budgetary Frameworks and Fiscal Consolidation Programs, will bring together policy-makers, practitioners, and academics from around the world to review current fiscal programs, discuss options, and propose solutions. In particular, the conference will focus on designing and implementing medium-term plans that restore fiscal sustainability while promoting broad-based economic growth. Among the participants are Swedish Finance Minister Anders Borg, who will deliver the opening key-note speech, as well as IMF First Deputy Managing Director David Lipton and IMF Fiscal Affairs Department Director Carlo Cottarelli.

“The conference brings together a number of prominent researchers and practitioners in the field of fiscal consolidation programs and policy frameworks,” Mr. Borg said. “This is an area in which much can be learned from successful examples, such as Sweden. It is important that reforms in Europe to promote fiscal consolidation and better fiscal policy frameworks make progress and are stepped up,” he added.

“I am delighted to co-host this conference with Minister Borg,” Mr. Lipton said. “Sweden offers a remarkable example in both fiscal consolidation and institutional reforms, and I am looking forward to an in-depth discussion that will also help us distill lessons from successful experiences that can be applied today. The Fund can play a constructive role in promoting such exchange of ideas and experiences among countries.

“Credible medium-term plans are critical for countries facing the daunting task of cutting back their debt and deficits without undermining growth,” he noted, adding that it is important for the Fund to hear directly from those who are dealing with this task every day.

Attendance is by invitation only but open to accredited media. Journalists are encouraged to attend and may register via the Swedish Finance Ministry’s press office. It will also be webcast live on the conference website www.sweden.gov.SE/budgetary-frameworks, where the schedule is also available.

Link to the IMF’s April 2012 Fiscal Monitor:

For any further information please contact:

In Stockholm:

Daniel Valiollahi
Press office, Swedish Finance Ministry
+46 8 405 37 80
+46 72 225 45 47

Markus Sjöqvist
Press office, Swedish Finance Ministry
+46 8 405 13 81
+46 76 107 20 36

In Washington:

Simonetta Nardin
IMF Press Office
+ 1 202 623 4899

media@imf.org