Colombia: Technical Assistance Report-Scoping Mission to Develop Macroeconomic Forecasting Capacity at the Autonomous Committee for the Fiscal Rule (CARF)
Colombia: Technical Assistance Report-Scoping Mission to Develop Macroeconomic Forecasting Capacity at the Autonomous Committee for the Fiscal Rule (CARF)
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Volume 2024
Issue 087
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Economics- Macroeconomics , Macroeconomic and fiscal forecasts , Evaluation and Selection , Forecasting and Other Model Applications , Forecasting and Simulation: Models and Applications , General Macroeconomic Policy , Fiscal Policy , Planning Models , Planning Policy , Fiscal and Monetary Policy in Development , Technical Assistance , Capacity Development , High Level Summary , Fiscal Council , Independent Fiscal Institution
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Summary
In response to a request from the Ministry of Finance and the Central Bank, staff from the IMF´s Institute for Capacity Development (ICD) conducted diagnostic work and provided insights to enhance the Autonomous Committee for the Fiscal Rule (CARF)'s technical capacity. This report emphasizes a comprehensive action plan agreed with CARF to develop and institutionalize a new macroeconomic framework using ICD´s Comprehensive Adaptive Expectations Model, integrated with CARF's tools. Anticipated to boost CARF's ability in generating accurate macroeconomic projections and assessments, this macroeconomic framework supports Colombia's policy development and implementation. The plan includes a two-year timetable with virtual engagements and in-person missions, aiming to transfer knowledge and build capacity among CARF's economists.
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