The high-level panel discussion will be the fourteenth session of the IMF Fiscal Forum. The discussion will cover cross-country experiences and challenges in designing and implementing rule-based fiscal frameworks. At this juncture, large fiscal deficits and the surge in public debt seen in many parts of the world pose fiscal risks. These are compounded by the growing budgetary pressures from climate, aging, and meeting sustainable development goals. How can countries leverage fiscal rules and frameworks, balancing the need for flexibility in stabilizing the economy in a shock-prone world with the need to preserve the credibility of fiscal policy? How should countries accommodate growing budgetary demands within credible frameworks? The panel will bring in senior policymakers to discuss the fiscal rules in light of their recent experiences and examine the practical challenges countries face.
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As the 2024 Spring Meetings wrap up, we take a reflective glance at the week's pivotal moments and accomplishments.
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The challenges posed by large swings in capital flows were highlighted again with the Covid-19 crisis and the subsequent tightening cycle of monetary policies across advanced economies. The discussion will begin by gauging recent developments and trends in capital flows, and emerging risks. It will then transition to taking stock of the lessons learned so far in terms of policies that can help countries shield against the costs associated with reduced access to foreign capital, such as improved policy frameworks and reduced balance sheets and foreign currency exposure. Lastly, it will highlight potential longer-term challenges associated with the increasing fragmentation of capital flows (e.g., capital allocation and productivity) in a more digitalized and indebted environment and how they can pose macro-financial stability risks.
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