The Importance of a Medium-Term Budgetary Framework in Enhancing the Sustainability of Public Finances
Muhammad Khalil, Federal Urdu University of Art, Science and Technology, Pakistan ; Naveed Ahmad, Lahore Leads University, Pakistan ; Muhammad Nouman Shafique, Preston University, Pakistan ; Hussain Ahmad, Federal Urdu University of Art, Science and Technology, Pakistan ; Khalil Ur Rehman, Raza Illahi, Lahore Leads University, Pakistan
ILSHS Volume 53, ISSN 2300-2697
Globalization has changed traditional systems to scientific systems rapidly. This reform took place every organizational process. Fiscal reforms are the major reforms in the organization. The objectives of fiscal reform is to enhance the quality of fiscal governance and public finance. The fiscal reform also consolidate superior budgetary resources through better disciplinary fiscal policies. These disciplined fiscal policies can be followed by the organizational and legislative measurements. It will leads to the introduction and establishment of new and independent fiscal rules. Now fiscal strategies moving towards the multi-annual budget system. The implementation of multi-annual budget system introduced the medium term budgetary system. The basic aim of this study is to introducing the importance of implementation of medium term budget system and the role of this budget system in public organizations. Fiscal management policies and tools plays important role in the sustainability of public finance in nations.
Khalil, M., Ahmad, N., Shafique, M.N., Ahmad, H., Ur Rehman, K. & Illahi, R. (2015). The Importance of a Medium-Term Budgetary Framework in Enhancing the Sustainability of Public Finances. International Letters of Social and Humanistic Sciences, 53, 86-93.