Macroeconomic Policy and Public Financial Management

The Project helps to advance reforms in public sector financial management and fiscal policymaking in ways that are relevant for business growth and competitiveness. The project engages in the following activities:

  • Improve public financial management:  support to the Ministry of Finance (MoF) Budget Department in:1) improving program budgeting and performance measurement practice by all central government budget beneficiaries; 2) developing the new budget preparation information system; and 3) establishing procedures for monitoring and reporting on results of program budget execution.

  • Improve public investment management: support to the Ministry of Finance (MoF) Budget Department in streamlining the process of capital project preparation, evaluation, prioritization and monitoring. This includes development of the bylaw and methodologies as well as building technical capacities across government for implementation of the new regulation.

  • Integrate program budgeting and performance management into national strategic planning: support to the Public Policy Secretariat and the Ministry of Finance in developing and implementing the planning system law and medium term planning methodology. The new regulation will ensure full integration of planning and budgeting processes and reflection of national priorities in the budget.  

  • Strengthen the capacities and role of National Assembly in budgetary and economic decision making:  help National Assembly engage in program budgeting reforms, medium-term planning and monitoring of budget execution; support for analysis of business and financial sector legislation. The assistance mainly targets the Committee for Finance, State Budget, and Control of Public Spending, and the Assembly's research staff.

 

KEY RESULTS

  • Program budgeting methodology was developed together with the Ministry of Finance; improved capacity of Ministry of Finance and Budget Department to implement program budget reform.
  • Helped 143 direct budget beneficiaries to implement program budget model and define program goals and performance indicators
  • Helped the Ministry of finance Macro Fiscal Department strengthen macro fiscal       projections and analysis by introducing model for calculation of structural deficit and dynamic stochastic general equilibrium model
  • A tackle with the shadow economy has become one of key priorities, thanks to BEP's study on Serbia’s informal economy

 

 

 








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