意大利：预算框架和净支出路径

ITALY Budgetary Framework and Net Expenditure Path April2026 Prepared By Carolina Renteria, Vincent Tang, Tjeerd Tim, Claude Wendling FiscalAffairs Department High-Level Summary Technical Assistance ReportFiscal Affairs Department Italy: Budgetary Framework and Net Expenditure PathPrepared by Carolina Renteria, Vincent Tang, Tjeerd Tim, Claude Wendling TheHigh-Level Summary Technical Assistance Reportseries provides high-level summaries of the assistance provided to IMF capacity development recipients, describing the high-level objectives,findings, and recommendations. ABSTRACT:At the request of the Ragioniere Generale dello Stato in the Ministry of Economy andFinance, an IMF FAD mission supported Italy to strengthen its budgetary framework and implement thenet expenditure path (NEP) under the revised European Union (EU) fiscal framework. Italy has a well-established Public Financial Management (PFM) system and has long operated under conditions ofelevated debt and sustained fiscal consolidation. The current challenge is to operationalize the NEP JEL Classification Numbers:H30, H50, H60, H68 The contents of this document constitute a high-level summary of technical advice provided by the staff ofthe International Monetary Fund (IMF) to the authorities of a member country or international agency (the"CD recipient") in response to their request for capacity development. Unless the CD recipient specifically International Monetary Fund, IMF PublicationsP.O. Box 92780, Washington, DC 20090, U.S.A.T. +(1) 202.623.7430 • F. +(1) 202.623.7201publications@IMF.orgIMF.org/pubs Background At the request of theItalianauthorities,in September 2025an IMF Fiscal Affairs Department (FAD)mission provided technical assistancetostrengthen the budgetary framework and support the Italy isoperatingin a challenging macro-fiscal context, characterized by elevated public debt, the need forsustained fiscal consolidation, and ongoing economic uncertainty.Italy’s Medium-Term Fiscal-StructuralPlan requires correction of the excessive deficit by 2026 while adhering to a tight NEP.Thefiscal Summary of Findings The mission focused on identifying how Italy’s budget institutions and practices can support sustainedcompliance with the newEUfiscalframework. This includesenhancing the role of the medium-termframework in guiding fiscal policy, improving the integration of the NEP into the budget process, Italy has awell-establishedbudgetary framework, developed and refined over many years, with stronginstitutional capacity and a comprehensive set of fiscal planningand reporting tools.In addition, the legalframework is being adapted,and the authorities areimplementing measuresto modernize the PFM Against this background, thebudgetaryframeworkneedsto operate in a more integrated and policy-oriented manner,withthe NEPfunctioning asthe operational anchor of fiscal policy. The complexity of Authorities have begun to adapt the nationallegalframework.The integration of the NEP into the budgetprocess, particularlybytranslating the rule into operational expenditure ceilings and ensuring consistencybetween projections and budget decisions,isrecommended.Medium-term projections are not alwaysfully leveraged to guide policy choices, and the relatively limited margin for deviation under the NEP, Summary of Recommendations A key priority is to finalize reforms to the legal framework to ensure full alignment with the reformed EUfiscal framework.Strengthening the budgetary framework should focus on making more effective use ofthe NEPand medium-term projections to guide fiscal policy.The budget process should be more clearlyanchored in a strategic, top-down approach to fiscal policy. A more effective use of the medium-term aligned with medium-term fiscal objectives.Upgradingthe alignment of local government spending with Reforms should also address factors that weaken the link between policy decisions and spendingoutcomes. In particular,improving the presentation of expenditure baselines, enhancing the identificationof spending drivers,andreducing reliance on residuals would improve expenditure control and supportthe effective implementation of the NEP.Furthermore, authorities should adopt initiatives aimedatdeveloping anEU DRM definition anddevelopa national DRM definition and framework that is aligned Taken together,and building on itssoundfoundations,these reforms would strengthen the effectivenessof the fiscal framework, while enhancing its ability to support fiscal policy in a more demandingenvironment.Theyshould foster a culture of proactive fiscal management, enhanced analytical capacity,