A) Financial Policy

C) Compare the problems the two countries are trying to solve.

B) Write down 3-5 questions about the texts.

Ex. 8. a) Supply the articles where necessary.

D) Make your own sentences with any five word combinations from (b) and (c).

Ex. 7. Work on vocabulary and grammar.

a) Study the key words for the unit in the dictionary at the back of this book:

macroeconomic performance, deficit, management, taxes, revenues, expenditure, policy, taxation, balance of payments, trade, debt;

b) Think of the verbs that are most commonly used with these nouns:

taxes, decision, budget system, burden, attention, emphasis, guidelines, target, objectives, macroeconomic performance, policy, spendings;

c) Think of the nouns that are most often used with these verbs:

to introduce, to generate, to perfect, to attain, to overcome, to utilize, to adopt, to pursue, to cut;

e) Match the verbs from (a) with the nouns from (b) below:

a) to establish b) difficulties

to face efforts

to make situation

to eliminate deficit

to exacerbate priorities

to improve stability

to ensure interbudgetary relations

to design law

to enforce policy

f) Write out from the main text international words like: concept, mechanism, etc. Transcribe and read them aloud.

... term is broad and its definition is likely to differ somewhat from country to country. On the widest definition, it covers... fiscal policy (budgetary policy, i.e. policy on government revenues and expenditures), monetary policy, credit policy and management of government debt. The core of financial policy is fiscal policy. Some economists believe that fiscal policy is synonymous with... state budgetary policy. There exists, however,... wider definition that would cover the policy on the level and composition of all central and local government revenues and expenditures.

Financial policy whose main goal is provision of financial resources for... implementation of... state programmes of economic and social development is part of... complex of economic policies influencing... level and pattern of economic activity and income distribution.

The economic policy of... Russian Federation is aimed at creating conditions for sustained economic growth by reducing... inflation, by ensuring... free operation of markets of goods and factors of production, by achieving... balance of payments stability. These goals can be achieved mainly by elaborating and implementing... adequate fiscal policy.

The fiscal policy implemented these days in Russia presupposes first of all the reform of... federal budget. The ongoing budget reform includes... shift to the new budget classification, introduction of... better system of interbudgetary relations, changes of budget planning principles, shift to... treasury system of budget execution. Over... last few years the collection of tax revenue has tended to fall. Thus the Government's fiscal adjustment programme provides for a package of measures aimed at increasing revenue collection through the reform. Attention is being paid to improvement of... tax legislation. The new tax administration system shall meet... following requirements: broad tax base, well-balanced system, equitabable and transparent character, symplicity of administration. The main aim of... tax reform is to strengthen... budget, to provide financial resources for the budget system in the amount necessary to finance... state spendings for... state apparatus, for defence, health care, and... culture.

Words you may need:

management of government debt управление государственным долгом

core n сердцевина

treasury system of budget execution казначейская система исполнения бюджета

Дата добавления: 2014-11-29