Training Catalog Session Details

Junior to senior officials interested in understanding fiscal rules and fiscal frameworks, and their role in fiscal policy and macroeconomic implications.

Participants are expected to have experience and background in macro-fiscal analysis, fiscal policy, and budget formulation. Knowledge of Excels and Eviews are preferred.

Fiscal discipline is a key element in the conduct of prudent and sustainable fiscal policy. To enhance fiscal discipline, policymakers can strengthen the fiscal framework and its underpinning institutional arrangements, such as fiscal rules and fiscal councils, needed for enhancing fiscal credibility, particularly through developing strong medium-term fiscal frameworks. This course reviews recent developments and debates on the design and implementation of rules-based fiscal frameworks since the onset of the pandemic that has resulted in large debt build up across the world. It focuses on recent research and work derived from international experiences, IMF's Fiscal Affairs Department's technical assistance and discusses lessons learned from bilateral and multilateral surveillance of countries with rules-based fiscal framework. The course will present a framework and some analytical tools to assess, select, and calibrate fiscal rules. It will discuss applications to developing and emerging market economies, commodity exporters, countries prone to natural disasters and the role of climate change.