Capital control is a type of measure that includes benefits on residency, such as transaction taxes or other restrictions, which a country's government can use to regulate flows from global capital markets to its domestic capital account. Maintaining fiscal consolidation is essential for macroeconomic stability and improved economic performance. Despite the importance of strengthening fiscal consolidation, many controversial issues arise around fiscal consolidation policies, especially with global economic challenges and geopolitical conflicts.
Financial control policies are characterized by a set of characteristics that affect the success of the discipline process, such as the beginning of discipline, the duration of discipline, the size of financial discipline, and the strength of financial discipline. Fiscal policy tools are a means of controlling public finances and achieving various economic and social objectives, with an appropriate strategy for implementing fiscal consolidation and using sukuk as a tool to compensate for the decrease in public expenditures and the increase in taxes.
There are multiple factors that contribute to the success of fiscal consolidation, such as political and societal will, public support for the fiscal discipline package, the presence of effective financial management, reforms in the labor market, goods and services, and the provision of good government standards.
Fiscal control tools require governments to maintain their fiscal position in a manner consistent with macroeconomic stability and economic growth. These tools can include government spending, public revenues and taxes. Petroleum states must consider financial control policies during periods of oil shocks, as the size and extent of adjustment are determined based on the continuity of these shocks.
It is preferable to use domestic public debt to finance the deficit if foreign reserves are sufficient to finance the private sector in foreign currency. Fiscal consolidation policies should be preventive and proactive against oil shocks to avoid deepening economic and social impacts.
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