IEA criticises Parliament over lack of expertise to scrutinise budget

The Institute of Economic Affairs (IEA) has criticized Parliament for failing to properly scrutinize the budget, leading to deficiencies and corrupt practices.

The IEA noted that Parliament lacked the time and expertise to thoroughly analyze the budget and allowed budget overruns to occur without consequence.

The IEA has advocated for the reintroduction of fiscal rules to establish fiscal responsibility and avoid returning to the IMF.

They also called for the establishment of a Fiscal Council composed of independent experts to ensure effective monitoring and oversight of fiscal policy.

This would help safeguard macroeconomic stability and fiscal sustainability.