Fiscal Monitor, April 2022
Fiscal Monitor, April 2022
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- Fiscal Monitor, April 2022
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Bibliographic details
- Published: April 6, 2022
Overview: From Pandemic to War
- Just as uncertainty associated with COVID-19 pandemic was abating, Russia invaded Ukraine.
- Uncertainty endured, shifting from pandemic to war, affecting all countries but in different ways.
- Above-target inflation rates and inflation surprises have helped reducing debt-to-GDP ratios but such relief is often temporary.
- High uncertainty and marked divergences across countries require a tailored and agile fiscal policy response that is ready to adjust as the outlook becomes clearer.
Fiscal-policy priorities and trade-offs
- Fiscal policy needs to address the humanitarian crisis and economic disruption while being flexible and ready to adjust as the outlook becomes clearer.
- Fiscal policy will need to shift focus away from the exceptional pandemic-related measures as central banks increase interest rates to fight inflation.
- Governments should focus on those most affected by the crisis and priority areas.
- Ensuring greater resilience through investment in health, food, and energy security from cleaner sources has become even more urgent.
- Global cooperation to achieve these objectives is more important now than ever.
Distributional and regional impacts
- Emerging and developing economies that are net importers of energy and food will be hit the hardest by surging international prices.
- Many of these countries already experience scarring from the pandemic and have little fiscal space to tackle new spending pressures.
Fiscal Monitor publication components (as described on the page)
- Fiscal Monitor
- Fiscal Policy from Pandemic to War
- April 2022
- Chapters in Report
- Videos
- Watch the Webcast
- Executive Summary
- Foreword
- Read the Full Report
- Methodological and Statistical Appendix
- Fiscal Monitor Database
Chapter highlights
- Chapter 1: Fiscal Policy from Pandemic to War
- This chapter discusses how fiscal policy operates amid a sharp rise in uncertainty caused by the war in Ukraine, rising inflation and interest rates, slower economic growth, and increasing debt vulnerabilities.
- Amidst pandemic legacies and the war, fiscal policy needs to address the humanitarian crisis and economic disruption while being flexible and ready to adjust as the outlook becomes clearer.
- read the chapter
- blog by imf staff
- online annex
- Chapter 2: Coordinating Taxation Across Borders
- As countries strive to promote an inclusive and green recovery from the COVID-19 pandemic—and formulate responses to the immediate impacts of increased energy prices—they face shared challenges to secure tax revenues, address inequalities, and reduce greenhouse gas emissions.
- National tax policies are under pressure to deal with cross-border spillovers—one country’s action affects other countries.
- This chapter discusses how international coordination on tax matters (i) reduces profit shifting by multinationals and tax competition between countries; (ii) improves tax enforcement by lifting the veil of secrecy to tackle tax evasion; and (iii) limits global warming.
- The current energy crisis reinforces the case for coordination among major emitters to reduce reliance on fossil fuels, urging countries to not allow near-term responses to detract efforts to establish credible policies for emissions reductions in the medium term.
- Read the Blog
- Online Annexes
- Video: Coordinating Taxation
- Video: Carbon Pricing
Media and outreach (languages listed)
- Press Conference: April 2022 Fiscal Monitor
- Spanish: Conferencia de prensa de presentación de la edición de abril de 2022 del Monitor Fiscal
- Arabic: إحاطة صحفية: إصدار عدد إبريل 2022 من الراصد المالي
- French: Conférence de Presse avec le Lancement du Moniteur des Finances
Fiscal Monitor, April 2022 — International Monetary Fund
Content in this bundle
- Chapter 1
- Chapter 1 Executive Summary. IMF Fiscal Monitor, April 2022
- Online Annex 1.1. Poverty Projections using Growth Forecasts. IMF Fiscal Monitor, April 2022
- Chapter 2
- Chapter 2. Executive Summary. IMF Fiscal Monitor, April 2022
- Chapter 2. Online Annexes. IMF Fiscal Monitor, April 2022
- Executive Summary
- dataset overview
- Foreword
- Methodological and Statistical Appendix. IMF Fiscal Monitor, April 2022
- Full Report