The reform of the budget cycle may improve the control of expenditure The planning and implementation of measures to curb expenditure may benefit from the reform of the budget cycle currently under discussion in Parliament, which might contribute to enhancing the transparency of the public finances and encouraging the adoption of a medium-term approach to fiscal policy.
The bill approved by the Senate specifies the information on the public finances that the key documents of the budget cycle must provide. The following are especially important for planning purposes: the information needed to construct the budget on an unchanged policies basis, the data on planned revenue and expenditure, and the economic policy objectives set for the subsectors of general government.