14.1

Macroeconomic

forecasts

• Forecasts of key macroeconomic indicators to include at least GDP growth, inflation, interest rates, and the exchange rate

• Clear explanation of assumptions used to prepare forecasts

• Evidence that the forecasts cover the budget year and the two following fiscal years, and are updated at least annually

• Evidence of review of forecasts and assumptions by an entity other than preparing entity

• Information about the authority of the reviewing entity, for example, legal, regulatory or procedural documents

• Annual budget documents

• Annual budget circular

• Policy and analytical advice to government

• MoF working papers

• The reviewing entity

• The unit preparing the initial forecasts

14.2 Fiscal forecasts

• Medium term fiscal forecasts

• Underlying assumptions and basis of calculation of fiscal forecasts

• Evidence that the information is provided as part of budget documentation submitted to the legislature

• Annual budget documents

• MoF

• Records of legislative proceedings

14.3 Macrofiscal sensitivity analysis

• Evidence of alternative fiscal scenarios in the same format as the medium-term fiscal forecasts

• MoF

15.1 Fiscal impact of policy proposals

• Policy proposals submitted by ministries during annual budget process;

• Policy proposals submitted by ministries outside the budget process;

• Evidence that policy proposals are fully costed and include the recurrent costs of capital investment projects for the budget year and the following two fiscal years

• MoF

15.2 Fiscal strategy adoption

• Evidence of a fiscal strategy, either in a stand-alone document, statement of fiscal rules, or specified targets within the annual budget documentation

• MoF

• Office of the Prime Minister/President