The Parliamentary Budget Office introduced the "fiscal review" report at the concluding session of the Finance and Budget Committee. "Fiscal Review" aims to analyze fiscal indicators in order to assess the role of fiscal policy in macroeconomic stability promotion process, also to assess fiscal risks and fiscal sustainability in medium- and long-term periods. In particular, dynamics of receipts and payments of consolidated budget level are considered in the document. Based on international practice, core fiscal indicators are assessed; among them structural and cyclically adjusted balance dynamic is introduced, in order to assess the role of fiscal policy in the short-term macroeconomic stability promotion. Effects on medium-term fiscal sustainability is also explored in different case of macroeconomic development.
Noteworthy, that the Parliamentary Budget Office has first-ever introduced review with similar format at the concluding committee. For the Full version of the report, see the link (meeting of the Budget and Finance Committee).