Slovak Republic: Technical Assistance Report-Implementing Public Expenditure Limits

Author: International Monetary Fund. Fiscal Affairs Dept.

Volume/Issue: Volume 2023 Issue 359

Publication date: November 2023

ISBN: 9798400255618

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , International - Economics , State secretary , PEL methodology , budget chapter , state budget , authorities of the Slovak Republic , Value-for-Money Unit , Budget planning and preparation , Budget execution and treasury management , Fiscal space

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Summary

Multi-annual public expenditure limits (PEL) are the latest addition to Slovakia’s rule-based fiscal framework and provide an operational fiscal policy instrument to strengthen fiscal discipline. This report advises on enhancements to public financial management for the successful introduction of PEL. It outlines the steps to move towards a more strategic, medium-term approach to budgeting. It also advises on how to manage spending under the PEL, including through contingency margins; to integrate expenditure baselines and spending reviews in the budget process; and to tighten budget execution. Finally, it advises on institutional changes to facilitate the process.