02194cas a2200277 a 4500 AALejournalIMF018187 230101c9999 xx r poo 0 0eng d 20.00 USD 9781484337165 2616-5333 BD-DhAAL BD-DhAAL Gemayel, Edward. A Growth-Friendly Path for Building Fiscal Buffers in the Caucuses and Central Asia / Edward Gemayel, Lorraine Ocampos, Matteo Ghilardi, James Aylward. Washington, D.C. : International Monetary Fund, 2018. 1 online resource (55 pages) Departmental Papers <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 Since 2014, large and persistent external shocks have hit the CCA region, particularly a slump in global commodity prices and slower growth in its key economic partners. Fiscal accommodation, along with currency adjustment, has helped the CCA mitigate the impact of the external shocks. However, amid weakening revenues, increased public spending has widened budget deficits, weakened external balances, and increased public debts. Fiscal policy and strengthening fiscal frameworks must play a central role in helping build buffers and ensuring debt sustainability while supporting growth. This requires (1) tightening fiscal policies to reduce deficits to help restore external balance and fiscal sustainability, (2) strengthening tax systems and tax collection and tilting expenditure toward a more productive and growth-enhancing composition, and (3) implementing public financial management reforms and strengthening fiscal institutions, including through fiscal rules. Mode of access: Internet Aylward, James. Ghilardi, Matteo. Ocampos, Lorraine. Departmental Papers; Departmental Paper ; No. 2018/006 Full text available on IMF http://elibrary.imf.org/view/journals/087/2018/006/087.2018.issue-006-en.xml IMF e-Library