02073cas a2200241 a 4500 AALejournalIMF016111 230101c9999 xx r poo 0 0eng d 5.00 USD 9781513523682 1934-7685 BD-DhAAL BD-DhAAL International Monetary Fund. European Dept. Iceland : Selected Issues. Washington, D.C. : International Monetary Fund, 2019. 1 online resource (24 pages) IMF Staff Country Reports <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This Selected Issues paper examines scope for improving Iceland's fiscal framework. Iceland's fiscal framework provides for a forward-looking exercise in consolidated fiscal planning. The Icelandic fiscal framework shares most elements of successful fiscal frameworks but would benefit from more structured guidance in dealing with cyclical fluctuations. It is backed by a firm legal basis that reflects political support for the fiscal policy objectives, covers the consolidated general government, and is based on sound accounting practices and budget management arrangements. The current parameters of the policy rules have a bias to reduce net public debt and gradually build fiscal space to deal with adverse shocks to economic activity. Adding a primary structural balance rule to the framework would ensure a countercyclical fiscal policy but would add significant complexity. Once the net public debt reaches a socially desirable level, the fiscal rule parameters may be modified to keep net public debt fluctuating around that level. Mode of access: Internet IMF Staff Country Reports; Country Report ; No. 2019/376 Full text available on IMF http://elibrary.imf.org/view/journals/002/2019/376/002.2019.issue-376-en.xml IMF e-Library