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Debt relief and the scaling up of aid to low-income countries should allow for increased fiscal space for expenditure programs to spur long-term growth and reduce poverty. But designing a suitable medium-term fiscal framework that fosters a sustainable delivery of better public services and infrastructure while maintaining a credible commitment to fiscal prudence raises many challenges.
Peter Heller, Deputy Director, Fiscal Affairs Division, International Monetary Fund, discussed his paper, Making Fiscal Space Happen: Managing Fiscal Policy in a World of Scaled-Up Aid, which was co-authored with Menachem Katz, Xavier Debrun, Theo Thomas, Taline Koranchelian, and Isabell Adenauer. Steve Radelet, Senior Fellow, Center for Global Development, served as a discussant and David Goldsbrough, Visiting Fellow, Center for Global Development, moderated the discussion.