Governments in developing countries often borrow to achieve socially desirable objectives and smooth consumption. But problems arise when borrowing is excessive relative to repayment capacity, when resources are expended inefficiently, and when revenues and expenditures are too inflexible to permit the conduct of countercyclical fiscal policy. This volume draws on international experience and the literature on fiscal sustainability to assist emerging economies in addressing fiscal policy challenges. Further, it pays special attention to fiscal policy in Egypt, addressing such issues as debt management, social expenditures, civil service reform, and transparency and accountability of the budgetary process.