Iceland: Technical Assistance Report on a New Organic Budget Law
IMF Staff Country Reports, January 12, 2012
Source details
- Canonical URL
- Iceland: Technical Assistance Report on a New Organic Budget Law
Other formats
Bibliographic details
- Published: January 12, 2012
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781463932480.002
Executive summary and findings
- The report focuses on designing a new organic budget law (OBL) for Iceland.
- Important to preserve good features of Iceland’s current legal framework for budgeting.
- Key weaknesses in the Financial Reporting Act 1997 prevent it from providing a credible, integrated framework for budgeting.
- The institutional coverage of the OBL should be expanded to encompass the whole public sector.
- The OBL should incorporate an integrated timetable for the entire budget process.
Policy recommendations
- Preserve effective elements of the existing budgeting legal framework while reforming identified weaknesses.
- Amend or replace provisions in the Financial Reporting Act 1997 that impede a credible, integrated budgeting framework.
- Expand institutional coverage of the OBL to include the whole public sector to ensure comprehensive fiscal governance.
- Adopt an integrated timetable that covers the entire budget process to improve coherence and predictability.
Scope and thematic focus
- Subject areas covered: Budget planning and preparation; Expenditure; Financial statements; Fiscal law; Fiscal policy; Public financial management (PFM).
- Keywords included: annual budget; balance sheet; Budget planning and preparation; budget year; central government; Financial statements; Fiscal law; Medium-term Fiscal Strategy; net lending; operating statement; permanent secretary.
Document metadata (as presented on the landing page)
- Date listed: January 12, 2012
- Series: IMF Staff Country Reports
- Short abstract: Technical assistance report on a new OBL emphasizing preservation of good features, addressing weaknesses in the Financial Reporting Act 1997, expanding institutional coverage to the whole public sector, and incorporating an integrated budget timetable.
International Monetary Fund. "Iceland: Technical Assistance Report on a New Organic Budget Law", January 12, 2012.