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This paper aims to clarify possible systemic bottlenecks to the introduction of advanced PFM reforms in the SEE countries. It relates key fiscal developments to PFM reform processes over the last 15 years. PFM reform strategies must be realistic, with clear objectives and timetables, and with strong country ownership. Among the advanced reforms, some aspects of medium-term budgeting seems to be somewhat less challenging than performance-oriented budgeting, and it could be rational to make sure that there is solid progress in this area first. When developing performance budgets, countries should consider focusing initial efforts on the areas that are most suitable for performance management, such as education and health.

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries.

This paper addresses issues relating to the establishment and financial management of extrabudgetary funds (EBFs), a large group of government entities that on average accounts for 40 to 45 percent of central government expenditure-two-thirds of which represents social security funds-in countries at various stages of development. If improperly designed and managed, EBFs can undermine effective fiscal control. However, they also bring potential benefits in the form of greater autonomy of decision-making in countries with well-established governance and financial management systems that have applied the \"agency model\" of devolved public management and fiscal control. The paper develops a typology of EBFs and argues that EBFs are frequently created because of failures in the budget system and political economy factors that need to be recognized and, where possible, corrected. The paper recommends that data on EBFs be consolidated within a unified system of fiscal reporting and proposes an analytical framework that governments might use to evaluate the effectiveness and utility of their EBFs.

A zero net domestic financing (NDF) target has served Tanzania well in recent years, contributing to prudent expenditure policy, improved fiscal sustainability, and macroeconomic stability. Moving to a more flexible fiscal policy, however, may serve Tanzania better. The \"diamond rule\" proposed in this paper incorporates a permanent hard ceiling on debt and annual benchmark limits on NDF, expenditure growth, and nonconcessional external financing. This rule would provide flexibility for countercyclical policy and help define the fiscal space for infrastructure spending that is consistent with longrun fiscal sustainability. An illustrative simulation shows that Tanzania has considerable fiscal space for development spending.

El presente estudio tiene como alcance el análisis de los dispositivos presupuestarios que se incorporan como herramientas de planificación presupuestaria, a saber, el Plan Plurianual, la Ley de Directrices Presupuestarias y la Ley de Presupuesto Anual. Esta investigación busca comprender las características de las leyes de presupuesto federal, contenidas en la Constitución Federal de 1988, así como a través de la doctrina patria. En cuanto a la metodología utilizada, el presente trabajo es una investigación realizada por el método inductivo-deductivo, promovida a través de revisión bibliográfica y documental. La investigación tuvo como objetivo mejorar las ideas sobre el tema propuesto y, por lo tanto, se caracteriza por ser exploratoria. Finalmente, por tratarse de una revisión de la literatura, el estudio en cuestión analizó las principales características de las Leyes de Presupuesto brasileñas, así como su proceso legislativo desde la remisión del Presidente de la República, a través del análisis en la Comisión Conjunta de Presupuesto del Congreso, hasta su aprobación en el Pleno del Congreso Nacional, y posterior sanción por el Presidente de la República.