Georgia: Technical Assistance Report-Enhancing the Fiscal Rules
- ISBN-10
- 148435821X
- ISBN-13
- 9781484358214
- Series
- Georgia
- Category
- Business & Economics
- Pages
- 57
- Language
- English
- Published
- 2018-06-01
- Publisher
- International Monetary Fund
- Author
- International Monetary Fund. Fiscal Affairs Dept.
Description
Georgia has legislated numerical fiscal rules for the main fiscal aggregates. The Economic Liberty Act (ELA), which was adopted in 2011 and came into force in 2014, defines numerical upper limits for the state debt (60 percent of GDP), the budget balance (3 percent of GDP), and expenditures (30 percent of GDP). While the debt and budget balance rules (BBRs) have been adhered to since their introduction, expenditures have exceeded the legislative limit, albeit by a small margin. Previous IMF technical assistance (TA) identified several issues in the application of the fiscal rules. A Fiscal Transparency Evaluation (FTE), conducted by the Fiscal Affairs Department in late 2016, found some gaps in reporting of general government revenue and expenditures against the standards set out in the IMF’s Government Finance Statistics Manual 2014 (GFSM2014) as well as gaps in the assessment and reporting on compliance with the fiscal rules. The FTE recommended a review of the fiscal rules framework, and this report summarizes the findings and recommendations of this review.
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Other editions
-
- 2017-12-07
- 75 pages
- Paperback
- International Monetary Fund
-
- 2016-09-01
- 63 pages
- Paperback
- International Monetary Fund
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