El Salvador - Public Expenditure Review : Enhancing the Efficiency and Targeting of Expenditures, Volume 1. Main Report

This Public Expenditure Review (PER), produced jointly by the World Bank and the Inter-American Development Bank (IADB), is an in-depth economic and sector report on El Salvador. The study builds on the analysis and recommendations of the PER delivered in 2004 that concluded that El Salvador faced the dual challenge of addressing deteriorating fiscal trends while financing key investments required to accelerate growth and meet pressing social needs. This report is intended to provide the government with practical and useful near-and medium-term recommendations that will support the country's efforts to ensure sustainable fiscal balances and establish effective and transparent mechanisms to allocate public resources to promote broad-based economic growth, improve social indicators, and reduce poverty. Hence, the government knows that El Salvador is faced with two fiscal challenges that will have great influence on the economic performance over the coming years. The first is the need to improve the fiscal balance, by strengthening revenue and reducing expenditure, to ensure medium-term sustainability. The second is the need to finance priority investments required to accelerate growth, reduce unemployment, and cover basic social needs. Meeting both challenges simultaneously will require great skill, given the still fragmented political environment and the difficulties in creating a consensus on future policies. The country needs to strengthen its fiscal stance because not doing so jeopardizes the medium-term macroeconomic framework, and exposes the country to greater vulnerability in the face of external shocks and contingent liabilities.

Bibliographic Details

Main Author:	World Bank
Format:	Public Expenditure Review biblioteca
Language:	English en_US
Published:	Washington, DC 2010-11
Subjects:	ARREARS, AUCTIONS, BALANCE SHEET, BANK ACCOUNT, BANKING LAW, BASELINE SCENARIO, BENEFICIARIES, BENEFICIARY, BOND INDEX, BONDS, BUDGET FRAMEWORK, BUDGET PROCESS, BUDGETARY PROCESS, CAPITAL GAINS, CAPITALIZATION, CASH TRANSFER, CENTRAL BANK, CENTRAL GOVERNMENT DEBT, COMPETITIVE MARKET, CONTINGENT LIABILITIES, CONTINGENT LIABILITY, CURRENCY, CURRENCY COMPOSITION, CUSTODY, DEBT, DEBT BURDEN, DEBT INSTRUMENTS, DEBT ISSUES, DEBT MANAGEMENT, DEBT MANAGEMENT POLICY, DEBT MARKET DEVELOPMENT, DEBT RATIO, DEBT SERVICE, DEBT SERVICING, DEBT SUSTAINABILITY, DEGREE OF TRANSPARENCY, DEPOSIT, DEVELOPMENT BANK, DOMESTIC CAPITAL, DOMESTIC CAPITAL MARKET, DOMESTIC DEBT, DOMESTIC DEBT MARKET, DOMESTIC DEBT MARKETS, DOMESTIC MARKET, DOUBLE TAXATION, ECONOMIC DEVELOPMENT, ECONOMIC GROWTH, ECONOMIC SHOCKS, EFFICIENCY OF GOVERNMENT SPENDING, EMERGING MARKETS, EXPENDITURE, EXPENDITURES, EXPORTERS, EXTERNAL AUDIT, FINANCIAL CRISIS, FINANCIAL INFORMATION, FINANCIAL INSTRUMENTS, FINANCIAL MANAGEMENT, FINANCIAL PORTFOLIO, FINANCIAL STABILITY, FINANCIAL STRUCTURES, FISCAL BURDEN, FISCAL DEBT, FISCAL DISCIPLINE, FISCAL EFFORT, FISCAL POLICY, FISCAL REFORM, FISCAL SUSTAINABILITY, FIXED CAPITAL, FOREIGN INVESTORS, FOREIGN LOANS, FUNGIBLE, GOVERNMENT BOND, GOVERNMENT BOND MARKET, GOVERNMENT EXPENDITURE, GOVERNMENT FINANCES, GOVERNMENT INVOLVEMENT, GOVERNMENT REVENUES, GOVERNMENT SPENDING, GROSS DOMESTIC PRODUCT, HOLDING, HUMAN RESOURCES, IMMUNIZATION, IMPLICIT SUBSIDIES, IMPLICIT SUBSIDY, INCOME TAX, INFLATION, INFORMATION SYSTEM, INFORMATION SYSTEMS, INSURANCE, INTEREST PAYMENTS, INTEREST RATES, INTERNATIONAL BANK, INTERNATIONAL DEVELOPMENT, INTERNATIONAL FINANCIAL CRISIS, INTERNATIONAL MARKETS, INTERNATIONAL STANDARDS, INVESTMENT FUND, INVESTMENT POLICIES, INVESTMENT PROJECTS, INVESTMENT REGULATIONS, INVESTMENT SPENDING, INVESTOR BASE, JUDICIAL ENFORCEMENT, LABOR MARKET, LACK OF TRANSPARENCY, LEGAL PROVISIONS, LIABILITY MANAGEMENT, LIQUIDITY, LOCAL GOVERNMENTS, LOCAL MARKET, MACROECONOMIC STABILITY, MACROECONOMIC VARIABLES, MARKET DEBT, MARKET INFRASTRUCTURE, MARKET PRICE, MARKET TRANSACTIONS, MATURITIES, MATURITY, MATURITY STRUCTURE, MEDIUM-TERM MACROECONOMIC FRAMEWORK, MEDIUM-TERM PLAN, MEDIUM-TERM SECURITIES, MICROFINANCE, MINISTRY OF FINANCE, MONETARY FUND, MONEY MARKET, MONEY MARKETS, MUTUAL FUNDS, OIL PRICES, OLD-AGE PENSION, PENSION, PENSION FUND, PENSION FUND INVESTMENTS, PENSION FUNDS, PENSION LIABILITIES, PENSION SYSTEM, PENSION SYSTEMS, PENSIONS, PERSONAL INCOME, PERSONAL INCOME TAX, POLITICAL ECONOMY, POLITICAL UNCERTAINTIES, PORTFOLIO, PORTFOLIOS, POVERTY REDUCTION, POVERTY-REDUCING IMPACT, PRICE VOLATILITY, PRIMARY MARKET, PROFIT MARGINS, PROGRAMS, PUBLIC DEBT, PUBLIC DEBT MANAGEMENT, PUBLIC EXPENDITURE, PUBLIC EXPENDITURE REVIEW, PUBLIC EXPENDITURES, PUBLIC FINANCES, PUBLIC INVESTMENT, PUBLIC INVESTMENTS, PUBLIC SECTOR, PUBLIC SECTOR DEBT, PUBLIC SPENDING, RATE OF RETURN, REAL INTEREST, REAL INTEREST RATE, REFORM AGENDA, REFORM EFFORTS, REGULATORY FRAMEWORK, REMITTANCES, REPOS, RESERVE, RESERVE BANK, RETURNS, REVENUE INCREASES, SAVINGS ACCOUNT, SAVINGS ACCOUNTS, SECONDARY DEBT, SECONDARY DEBT MARKET, SECONDARY MARKET, SECONDARY MARKET DEVELOPMENT, SECURITIES, SERVICE DELIVERY, SETTLEMENT, SETTLEMENT INFRASTRUCTURE, SHORT TERM DEBT, SOCIAL SERVICE, SOCIAL SERVICES, STATE GUARANTEE, STOCK EXCHANGE, STRATEGIC PRIORITIES, SUSTAINABILITY ANALYSIS, TAX, TAX ADMINISTRATION, TAX BASE, TAX CODE, TAX COLLECTION, TAX DEDUCTIONS, TAX EXEMPTION, TAX EXEMPTIONS, TAX EXPENDITURES, TAX POLICY, TAX RATES, TAX REVENUE, TAX REVENUES, TAX SYSTEM, TAXPAYERS, TIGHT FISCAL POSITION, TOTAL EXPENDITURES, TOTAL PUBLIC SECTOR, TOTAL SPENDING, TRANSACTION, TRANSACTION COSTS, TRANSPARENCY, TREASURY, TREASURY BILLS, TREASURY CREDIT, TRUST FUND, TRUST FUNDS, WITHDRAWAL,
Online Access:	http://documents.worldbank.org/curated/en/2010/11/16242844/el-salvador-enhancing-efficiency-targeting-expenditures-public-expenditure-review-vol-1-2-main-report http://hdl.handle.net/10986/12372
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