Institutional research & analysis

Source: IMF

INSTITUTIONAL

Working PaperJune 5, 2026

The EU’s Recovery and Resilience Facility: Experience and Lessons for the Next Multiannual Financial Framework

This paper takes stock of the Recovery and Resilience Facility (RRF)’s economic impact as implementation enters its final phase and draws lessons for the design of the next EU Multiannual Financial Framework (MFF). Using sectoral and cross-country data, the paper finds that the RRF provided a short term demand boost, supporting employment and output growth—especially in countries with large allocations—while a substantial share of its growth impact is expected to materialize as absorption acc...

IMF1 min read

ReportJune 3, 2026

Rethinking Fiscal Policy and Frameworks in the Caucasus and Central Asia

This paper evaluates the fiscal frameworks in the CCA and finds significant scope to strengthen fiscal policy along its stabilization, allocation, and sustainability dimensions. Priorities include enhancing automatic stabilizers through reforms to personal income taxation and social protection systems; refining fiscal rules to better accommodate cyclical conditions and strengthen enforcement; and anchoring fiscal planning in credible medium-term expenditure and fiscal frameworks underpinned b...

IMF1 min read