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Fiscal Objectives in the Post IMF Program World


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  • Jiri Jonas
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    The paper discusses the challenges facing Albania''s fiscal policy following the graduation from the IMF programs. It argues that Albania''s public debt remains too high and needs to be reduced. Strengthening the fiscal framework, including by introducing a numerical fiscal rule, could help achieve this objective. The paper discusses two alternative rules, with the objective of achieving a gradual decline in the public debt ratio. One rule would limit nominal expenditure growth, with a correction mechanism to guard against revenue slippages and other shocks. An alternative rule would limit the growth in nominal public debt.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 10/77.

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    Length: 29
    Date of creation: 01 Mar 2010
    Date of revision:
    Handle: RePEc:imf:imfwpa:10/77

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    Postal: International Monetary Fund, Washington, DC USA
    Phone: (202) 623-7000
    Fax: (202) 623-4661
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    Keywords: Debt sustainability; Debt reduction; Government expenditures; Post-program monitoring; Public debt; Tax administration; debt ratio; fiscal policy; fiscal rule; fiscal balance; public finance; fiscal rules; expenditure growth; revenue collection; fiscal sustainability; budget balance; fiscal discipline; government debt; fiscal deficit; currency debt; capital expenditure; domestic debt; tax revenue; fiscal position; interest expenditure; fiscal stance; external borrowing; foreign currency debt; fiscal effort; actual debt; public borrowing; tax cuts; debt sustainability analysis; foreign debt; fiscal tightening; public finances; tax collection; domestic borrowing; government expenditure; budget systems; primary expenditure; fiscal performance; primary fiscal balance; government budget; budget law; public expenditure; public spending; fiscal balance in percent; domestic currency; debt dynamics; fiscal indicators; fiscal policy rules; fiscal outcomes; tax system; low debt; fiscal affairs department; tax base; national budget; debt ratios; debt structure; fiscal policy targets; fiscal risks; fiscal balances; excessive volatility; external public debt; budget revenues; fiscal affairs; public finance sustainability; fiscal agencies; primary deficit; level of public spending; tax burden; structural fiscal; fiscal consolidation; fiscal policy framework; tax revenues; fiscal framework; fiscal policy flexibility; average debt ratio; long-term fiscal sustainability; primary budget balance; expenditure ratio; fiscal policy objective; domestic financing; tax policy; annual budget; taxation; average revenue ratio; expenditure policy;

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