The budget of the government is the main instrument of fiscal policy. Deliberate or discretionary changes to the structure of revenue and expenditure components of the budget can be used to alter the level of economic growth, inflation, unemployment and external stability. For example, a budget surplus can be used to reduce government debt, increasing national savings and lowering domestic interest rates. Higher levels of domestic savings lessen the need to borrow funds from overseas with the effect of reducing interest payments and lowering the current account deficit. Changes in the methods of revenue collection and expenditure can also effect the distribution of income and the patterns of resource allocation in the economy. In choosing the methods of financing the budget, policy makers should ensure sound public finances over the medium term avoiding an unsustainable and damaging rise in the burden of public debt. Potential conflicts between the objectives of fiscal policy and public debt management are the main reason to implement coordination arrangements.
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The aim of our Discussion Forum is to promote dialogue on specific topics proposed by the Secretariat and by Partners.
