Fiscal policy affects macroeconomic stability, growth, and income distribution. Citizens expect their governments to ensure value-for-money for public spending, a fair and efficient tax system, and transparent and accountable management of public sector resources.
The IMF has been a leading source of fiscal policy and management expertise worldwide. The IMF monitors and analyzes global fiscal trends and advises IMF member countries on fiscal issues directly. This page highlights the main fiscal policy issues currently under discussion, as well as provides links to research, publications, and commentary.
Fiscal Monitor 2025: Fiscal Policy under Uncertainty
Chapter 1 of the Fiscal Monitor Escalating uncertainty and policy shifts are reshaping the fiscal outlook. Global public debt projections have been revised upwards, while tariffs, market volatility, increased defense spending, and challenging foreign aid are intensifying risks. Countries must implement gradual fiscal adjustments within credible medium-term frameworks, reducing debt and building buffers against heightened uncertainty.
Greater debt transparency builds investor confidence, helps reduce borrowing costs, and strengthens debt sustainability—reducing the risk of shocks that can lead to a debt crisis
Fiscal Policy under mounting uncertainty means government budgets need resilience—particularly in countries whose economic weight makes them influence global trends
Stronger regional economic ties can help build resilience during a time of growing policy uncertainty
Amid heightened uncertainty, policymakers will need to deal with complex trade-offs between debt, slower growth, and new spending pressures
The increase in debt in the last decade points to the need for lowering deficits, rebuilding space to deal with shocks, and strengthening fiscal rules
Empirical analysis points to low growth prospects as the main driver of this trend in 2023.
A Guide and Tool for Projecting Public Gross Financing Needs
Broadening the Gains from Generative AI: The Role of Fiscal Policies
IMF Engagement on Health Spending Issues in Surveillance and Program Work
Transforming Public Finance Through GovTech
How to Combat Value-Added Tax Refund Fraud
The Political Economy of GovTech
Understanding the Macroeconomic Effects of Natural Disasters
Strengthening Fiscal Frameworks in the Presence of Rising Risk of Natural Disasters
Shocks and Shields: Macroeconomic Institutions During Commodity Price Swings
The Urgency of Conflict Prevention – A Macroeconomic Perspective
The Urgency of Conflict Prevention – A Macroeconomic Perspective
Bosnia and Herzegovina: Technical Assistance to Develop a Macroeconomic Framework at the Central Bank
Mongolia: Ministry of Finance Macroeconomic Framework Technical Assistance: Scoping Mission Report
Panama: Fiscal Transparency Evaluation
Angola: Strengthening the Forecasting and Policy Analysis System on the Transition to Inflation Targeting
Colombia: Autonomous Committee for the Fiscal Rule Macroeconomic Framework Technical Assistance: Scoping Mission Report
Mauritania: Technical Assistance Project on Public Debt Projections and Analysis: Scoping Mission
A Guide and Tool for Projecting Public Gross Financing Needs
Broadening the Gains from Generative AI: The Role of Fiscal Policies
IMF Engagement on Health Spending Issues in Surveillance and Program Work
Transforming Public Finance Through GovTech
How to Combat Value-Added Tax Refund Fraud
The Political Economy of GovTech
Understanding the Macroeconomic Effects of Natural Disasters
Strengthening Fiscal Frameworks in the Presence of Rising Risk of Natural Disasters
Shocks and Shields: Macroeconomic Institutions During Commodity Price Swings
The Urgency of Conflict Prevention – A Macroeconomic Perspective
The Urgency of Conflict Prevention – A Macroeconomic Perspective
Bosnia and Herzegovina: Technical Assistance to Develop a Macroeconomic Framework at the Central Bank
Mongolia: Ministry of Finance Macroeconomic Framework Technical Assistance: Scoping Mission Report
Panama: Fiscal Transparency Evaluation
Angola: Strengthening the Forecasting and Policy Analysis System on the Transition to Inflation Targeting
Colombia: Autonomous Committee for the Fiscal Rule Macroeconomic Framework Technical Assistance: Scoping Mission Report
Mauritania: Technical Assistance Project on Public Debt Projections and Analysis: Scoping Mission
Fiscal Monitor Database of Country Fiscal Measures in Response to the COVID-19 Pandemic
Global Debt Database
Fiscal Decentralization Database
International Survey on Revenue Administrations
Fiscal Monitor Database
Fiscal Crises Database
Public Finances in Modern History Database
How to Cut Methane Emissions
Escalating uncertainty and policy shifts are reshaping the fiscal outlook.
Director of the IMF's Fiscal Affairs Department, Vítor Gaspar, answers key questions on the latest Fiscal Monitor. How fast are global debt levels rising, what challenges do policymakers face, and what’s our advice?
The theme of this year’s Statistical Forum is Measuring the Implications of Artificial Intelligence (AI) on the Economy. The increased use of AI presents both opportunities and challenges, with significant economic and societal implications.
Global inflation has tripled since pre-pandemic levels, challenging policymakers. Our analysis shows the ripple effects of monetary policy remain largely consistent with historical patterns, despite the unique nature of recent economic shocks.
First Deputy Managing Director Gita Gopinath joined Washington Post's Heather Long for a fireside chat about fiscal policies in the age of AI
The report takes stock of mitigation policies across countries and presents the trilemma facing policymakers of balancing between achieving climate goals, debt sustainability, and political feasibility.
