Fiscal Monitor
As the global economy faces increasing fiscal challenges, multilateral surveillance of fiscal developments has become an important part of the IMF’s surveillance responsibilities. The Fiscal Monitor series provides an overview of latest public finance developments, updates the medium-term fiscal outlook, and assesses fiscal implications of policies relevant to the global economy.
The Fiscal Monitor is prepared twice a year by the IMF’s Fiscal Affairs Department. Its projections are based on the same database used for the World Economic Outlook (WEO) and the Global Financial Stability Report (GFSR). The fiscal projections for individual countries have been prepared by IMF desk economists, and, in line with the WEO guidelines.
2020
Fiscal Monitor - April 2020
April 6, 2020
Chapter 1 of April 2020 edition of Fiscal Monitor
discusses fiscal policies to support people in response to the COVID-19
pandemic. Chapter 2 of the April 2020 edition of the Fiscal
Monitor discusses fiscal policies to reinvigorate economic growth and
counter adverse macroeconomic shocks. Chapter 3 discusses how state-owned enterprises have
evolved in recent decades and how countries can get the most out of them.
2019
Fiscal Monitor: How to Mitigate Climate Change
October 16, 2019
This report emphasizes the environmental, fiscal, economic, and administrative case for using carbon taxes, or similar pricing schemes such as emission trading systems, to implement climate mitigation strategies. It provides a quantitative framework for understanding their effects and trade-offs with other instruments and applies it to the largest advanced and emerging economies. Alternative approaches, like “feebates” to impose fees on high polluters and give rebates to cleaner energy users, can play an important role when higher energy prices are difficult politically. At the international level, the report calls for a carbon price floor arrangement among large emitters, designed flexibly to accommodate equity considerations and constraints on national policies. The report estimates the consequences of carbon pricing and redistribution of its revenues for inequality across households. Strategies for enhancing the political acceptability of carbon pricing are discussed, along with supporting measures to promote clean technology investments.
Fiscal Monitor: Curbing Corruption
April 1, 2019
This report discusses fiscal policies to prepare for the next downturn and foster long-term inclusive growth by adapting to changing demographics, advancing technology, and deepening global integration. It also covers recent fiscal developments and the fiscal outlook in advanced economies, emerging markets, and low-income developing countries; recent trends in government debt and analysis of changes in fiscal balances, revenue, and spending; and potential fiscal risks. The report takes on in-depth look at how corruption impacts government policies and operations, the fiscal costs, and how fiscal institutions can help fight corruption.
2018
IMF Fiscal Monitor: Managing Public Wealth, October 2018
October 4, 2018
Public sector balance sheets bring together the entirety of what the state owns and owes, offering a broader fiscal picture beyond debt and deficits. Once governments understand the size and nature of public assets, they can start managing them more effectively, raising considerable additional revenue. Also, public sector balance sheet analysis allows for better risk management and policymaking. The Fiscal Monitor provides governments the tools to analyze the resilience of public finances. By identifying risks within the balance sheet, governments can act to manage or mitigate those risks early, rather than dealing with the consequences after problems occur. Balance sheet analysis raises the tenor of the policy debate, asking how public wealth can be better used to meet society’s economic and social goals.
IMF Fiscal Monitor: Capitalizing on Good Times, April 2018
April 6, 2018
The April 2018 edition of Fiscal Monitor is focused on two broad themes: the burden of high global debt and the opportunities and challenges of digital government.
2017
IMF Fiscal Monitor: Tackling Inequality, October 2017
October 11, 2017
At the global level, inequality has declined substantially over the past three decades, but within national boundaries, the picture is mixed: some countries have experienced a reduction in inequality while others, particularly advanced economies, have seen a significant increase that has, among other things, contributed to growing public backlash against globalization. Excessive levels of inequality can erode social cohesion, lead to political polarization, and ultimately lower economic growth, but whether inequality is excessive depends on country-specific factors, including the growth context in which inequality arises, along with societal preferences. This Fiscal Monitor focuses on how fiscal policy can help governments address high levels of inequality while minimizing potential trade-offs between efficiency and equity.
IMF Fiscal Monitor: Achieving More with Less, April 2017
April 6, 2017
Fiscal policy has recently gained prominence, both in public debate and in governments’ policy. A reassessment of fiscal policy is taking place, stressing its greater role in fostering sustainable and inclusive growth and smoothing the economic cycle. At the same time, the high uncertainty surrounding the outlook and high levels of public debt require a better understanding and managing of fiscal risks. Therefore, fiscal policy has the difficult task of achieving more and better in a more constrained environment. This issue of the Fiscal Monitor shows how the evolution of the debate on fiscal policy can shed new light on fiscal developments and help frame policy recommendations to countries.
2016
IMF Fiscal Monitor -- Debt: Use it Wisely -- October 2016
October 5, 2016
International Monetary Fund, Fiscal Monitor, October 2016
IMF Fiscal Monitor -- Acting Now, Acting Together -- April 2016
April 13, 2016
International Monetary Fund, Fiscal Monitor, April 2016