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IFAC meaning in Governmental ?

Answer» What is Irish Fiscal Advisory Council mean?

Irish Fiscal Advisory Council (Fiscal Council; Irish: Comhairle Chomhairleach Bhuiséadach na hÉireann) is a non-department statutory body providing independent assessments and analysis of the Irish Government's fiscal stance, its economic and budgetary forecasts, and its compliance with fiscal rules. The Fiscal Council was created as part of a wider agenda of budgetary reform after the financial crisis.

The establishment of a fiscal council had been proposed domestically in the National Recovery Plan 2011-2014 and by the Joint Committee on Finance and the Public Service in November 2010. It also became a requirement of the EU/IMF Programme of FinancialSupport for Ireland (December 2010). Its establishment follows moves to establish independent watchdogs internationally as a means of avoiding repeats of fiscal crises and to promote more transparency around the public finances.

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