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International Monetary Fund
This paper discusses the first Report on Observance of Standards and Codes (ROSC) for Italy. IMF staff reviewed developments in Italy's observance of fiscal transparency practices, with a view to updating changes in current practices, reviewing progress in implementing the initial ROSC's recommendations, and identifying developments relevant for future observance of good fiscal transparency practices.
International Monetary Fund
The transparency of budget presentation and the accountability to parliament have been improved. A clear view has been provided of the implementation of the objectives of the previous fiscal year for the central government. An annex to the budget showed cost-sharing contributions, which were previously left out. On the revenue side, more information has been provided on the methodology and assumptions used to estimate tax revenues and on the amounts of tax revenues earmarked for social security funds and local authorities.
International Monetary Fund
This report assesses the Observance of Standards and Codes on Fiscal Transparency for Romania. Romania has made progress in improving fiscal transparency. Over the last few years, the pace of reforms in this area and in strengthening the management of public finances has intensified, with the strong commitment to European Union accession serving as a catalyst. This has led to a significant amount of relevant legislation that has either been passed recently or is in the final approval stages.
Mr. Antonio David and Natalija Novta
Paraguay faces a trade-off between building fiscal credibility and amending the existing fiscal rule to accommodate infrastructure investment and provide space for countercyclical policies. In this paper, we discuss several alternative fiscal rules for Paraguay and present simulations of debt trajectories in each case, assuming a baseline and three deterministic shock scenarios. We provide a supplementary Excel file to replicate debt simulations under different fiscal rules. The results suggest that potential modifications to make the fiscal rules more flexible in Paraguay should be accompanied by a number of safeguards that enhance credibility of the fiscal anchor and preserve sustainability.
International Monetary Fund
Despite the negative impact of the severe winter on agriculture, other indicators are pointing to a strong recovery. Exports are growing rapidly, fueled by the rebound in copper prices and a rapid growth in coal exports. Rephasing of purchases by combining the fifth and sixth reviews is requested owing to the delay in completing the fifth review, and earlier-than-planned Board discussion of the sixth review. The sixth review is the final review. The fiscal responsibility law will help secure a lasting fiscal discipline.