The authorities are considering the possibility of creating a Fiscal Council in the Republic of Moldova, which will be an independent public institution with analytical capacities that will compile and present reports on fiscal matters to the public. The Ministry of Finance calls on the population to submit proposals and make comments on the relevance of such a council, IPN reports.

In a press release, the Ministry says the fiscal councils are independent public institutions aimed at strengthening commitments to sustainable public finances through various functions, including public assessments of fiscal plans and performance, and the evaluation or provision of macroeconomic and budgetary forecasts. They also promote fiscal transparency and stimulate productive public debates on fiscal matters. Most of the EU member states have such councils of different institutional models.

A preliminary analysis showed that if the fiscal councils are well planned, they can promote fiscal transparency and stimulate productive public debates on fiscal issues. In the current circumstances, the Fiscal Council in the Republic of Moldova should cover a narrow and concentrated area, especially during the first years of work, given the generally limited understanding of fiscal aspects and the absence of debates, based on evidence, about the implementation of fiscal policy.

The guarantees against political interference are of major importance for ensuring their independence. This will be possible if the Fiscal Council’s objectives and powers are defined in a clear and realistic way.

The Ministry of Finance is waiting for comments and proposals until February 15, 2016.