Term:
Medium-term budget framework
Definition:
A framework for integrating fiscal policy and budgeting over the medium-term by linking a system of aggregate fiscal forecasting to a disciplined process of maintaining detailed medium-term budget estimates by ministries reflecting existing government policies. Forward estimates of expenditures become the basis of budget negotiations in the years following the budget and the forward estimates are reconciled with final outcomes in fiscal outcome reports.
Domain:
Finance
Source:
IMF, 2007, Manual on Fiscal Transparency, IMF, Washington DC, Glossary