Fiscal Foresight: Public Finance and Fiscal Policy Analytics Training Course

Introduction

In an era of increasing economic volatility and complex societal demands, the effective management of public finances and the strategic implementation of fiscal policy have become paramount for governments worldwide. Sound fiscal policy is not merely about balancing budgets; it involves understanding the intricate interplay between taxation, public expenditure, debt management, and their profound impacts on economic growth, income distribution, and societal well-being. Analytical rigor in this domain is essential to navigate challenges such as recessions, inflation, demographic shifts, and climate change.

This intensive training course is meticulously designed to equip participants with a comprehensive and practical understanding of public finance and the advanced analytical tools required for effective fiscal policy management. From dissecting the theoretical underpinnings of government intervention and tax incidence to mastering techniques for fiscal sustainability analysis, revenue forecasting, and expenditure review, you will gain the expertise to rigorously assess and shape public financial outcomes. This empowers you to contribute to evidence-based policy formulation, strengthen fiscal governance, and promote sustainable economic development.

Target Audience

  • Economists and analysts in ministries of finance, central banks, and public debt management offices.
  • Policy advisors and strategists involved in national or sub-national fiscal planning.
  • Public sector budget officers, financial managers, and auditors.
  • Academics and graduate students (Master's and PhD) in public economics, public policy, or macroeconomics.
  • Professionals from international organizations (e.g., IMF, World Bank, UN agencies) focused on fiscal issues.
  • Consultants specializing in public sector financial management and economic development.
  • Statisticians involved in government finance statistics.
  • Researchers and advocates for fiscal transparency and accountability.

Duration: 10 days

Course Objectives

Upon completion of this training course, participants will be able to:

  • Understand the fundamental principles of public finance and the rationale for government intervention.
  • Grasp the objectives and instruments of fiscal policy and their macroeconomic implications.
  • Analyze the economic effects of taxation and public expenditure on resource allocation and income distribution.
  • Comprehend various methodologies for fiscal sustainability analysis and public debt management.
  • Evaluate techniques for revenue forecasting and expenditure review, including quantitative methods.
  • Develop practical skills in using analytical tools for fiscal policy assessment and scenario planning.
  • Navigate the challenges of fiscal risk management and intergovernmental fiscal relations.
  • Formulate robust, evidence-based recommendations for sound public financial management and fiscal policy.

Course Content

  1. Foundations of Public Finance: Role of Government in the Economy
  • Market failures: public goods, externalities, imperfect information
  • Rationale for government intervention: efficiency and equity
  • Overview of public sector size and composition
  • Principles of public finance: efficiency, equity, stabilization, growth
  • The budget cycle and public financial management (PFM) framework
  1. Fiscal Policy Objectives and Instruments
  • Goals of fiscal policy: macroeconomic stabilization (output, employment, inflation), redistribution, resource allocation, long-term growth
  • Instruments of fiscal policy: government spending (consumption, investment), taxation, public debt
  • Fiscal stance: measuring the impact of fiscal policy on aggregate demand
  • Automatic stabilizers vs. discretionary fiscal policy
  • Fiscal policy in an open economy
  1. Public Expenditure Analysis
  • Theories of public expenditure growth (Wagner's Law, Peacock-Wiseman Hypothesis)
  • Classification of government expenditures (economic, functional, administrative)
  • Economic effects of public spending: crowding out, multiplier effects
  • Public Investment Module: appraisal, management, and impact on growth
  • Program-based budgeting and performance-based budgeting
  • Public expenditure review techniques
  1. Taxation Principles and Analysis
  • Principles of taxation: equity (horizontal, vertical), efficiency, administrative feasibility
  • Types of taxes: income, consumption (VAT, sales tax), property, corporate, international trade taxes
  • Tax Incidence Module: who bears the burden of taxation
  • Deadweight loss and distortions from taxation
  • Tax reform strategies and their economic effects
  1. Fiscal Sustainability and Public Debt Management
  • Defining fiscal sustainability: intertemporal budget constraint, debt ratios
  • Drivers of public debt: deficits, interest rates, exchange rates, contingent liabilities
  • Public Debt Dynamics Module: modeling debt accumulation and trajectory
  • Debt sustainability analysis (DSA) frameworks and stress testing
  • Strategies for public debt management: issuance, maturity, risk mitigation
  • The role of fiscal rules in promoting sustainability
  1. Revenue Forecasting and Tax Administration
  • Importance of accurate revenue forecasting for budgeting and planning
  • Methodologies for revenue forecasting: econometric models, micro-simulation models, judgmental methods
  • Forecasting specific tax revenues (e.g., income tax, VAT, customs duties)
  • Challenges in revenue forecasting: economic shocks, data limitations
  • Tax Administration Module: efficiency, compliance, and digitalization
  1. Fiscal Risk Management and Contingent Liabilities
  • Sources of fiscal risk: macroeconomic shocks, financial sector vulnerabilities, natural disasters, PPPs
  • Definition and classification of contingent liabilities
  • Measurement and reporting of fiscal risks
  • Strategies for managing and mitigating fiscal risks
  • Establishing fiscal buffers and contingency funds
  1. Intergovernmental Fiscal Relations
  • Principles of fiscal federalism: decentralization, assignment of expenditure and revenue responsibilities
  • Intergovernmental transfers: types, objectives, and impact
  • Fiscal disparities and equalization mechanisms
  • Sub-national debt management and fiscal sustainability challenges
  • Coordination of fiscal policies across levels of government
  1. Fiscal Transparency, Accountability, and Governance
  • Importance of fiscal transparency for good governance and public trust
  • International standards and codes for fiscal transparency (e.g., IMF Fiscal Transparency Code)
  • Role of supreme audit institutions, parliaments, and civil society in fiscal oversight
  • Citizen engagement in budget processes
  • Fighting corruption in public finance
  1. Contemporary Issues in Public Finance and Policy
  • Fiscal policy responses to crises (e.g., pandemics, financial crises)
  • Climate Change and Green Fiscal Policy Module: carbon pricing, environmental taxes, green public investment
  • Digitalization of public finance: e-governance, blockchain, AI in tax administration
  • Fiscal policy for inclusive growth and addressing inequality
  • The future of fiscal policy in a rapidly changing global environment.

CERTIFICATION

  • Upon successful completion of this training, participants will be issued with Macskills Training and Development Institute Certificate

TRAINING VENUE

  • Training will be held at Macskills Training Centre. We also tailor make the training upon request at different locations across the world.

AIRPORT PICK UP AND ACCOMMODATION

  • Airport pick up and accommodation is arranged upon request

TERMS OF PAYMENT

Payment should be made to Macskills Development Institute bank account before the start of the training and receipts sent to info@macskillsdevelopment.com

For More Details call: +254-114-087-180

 

 

Fiscal Foresight: Public Finance And Fiscal Policy Analytics Training Course in Kenya
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