World Bank Provides Technical Assistance for Fiscal Policy Harmonization with EU Accession Requirements

The World Bank is offering technical assistance to the six Western Balkan countries to strengthen their fiscal rules and independent fiscal institutions. This assistance aims to align them with EU accession requirements under Chapter 17, as well as to bolster fiscal accountability within these countries.

During a workshop held on September 23-24 in Zagreb, titled “Fiscal Rules and Fiscal Councils – Strengthening Fiscal Governance in the Western Balkans,” representatives from the Ministry of Finance and regional officials specializing in macroeconomic policies, alongside World Bank experts, shared their knowledge on macroeconomic models, debt sustainability, and medium-term forecasting.

Accurate forecasting is crucial for maintaining a reliable government budget and effective public finance management.

With support from the European Union, the World Bank is aiding the Ministries of Finance in the Western Balkans in enhancing their capacities for macro-fiscal forecasting and modeling.

The cooperation focuses on training Ministry of Finance staff, statistical offices, local authorities, and other related institutions to build a macro-structural model. This model would enable staff to conduct long-term growth forecasts, calculate potential output, and simulate the impact of various policy reforms.

Meanwhile, the World Bank continues discussions on options for establishing a fiscal council in Albania. On June 10, the Bank’s team met with the Ministry of Finance and the Albanian Parliament to explore possible options for creating an independent fiscal council.

/k.s/

_{Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.}