{ "title": "Opening Remarks at the Eighth Tokyo Fiscal Forum", "publication": "IMF News, June 6, 2023", "sourceUrl": "https://www.imf.org/en/news/articles/2023/06/06/sp060623-dmd-okamura-eigth-tokyo-fiscal-forum-remarks", "canonical": "https://www.imf.org/en/news/articles/2023/06/06/sp060623-dmd-okamura-eigth-tokyo-fiscal-forum-remarks", "overlayPath": "/en/news/articles/2023/06/06/sp060623-dmd-okamura-eigth-tokyo-fiscal-forum-remarks/index.md", "summary": "Good morning, ladies and gentlemen. On behalf of the IMF, I am very pleased to welcome you all to the Eighth Tokyo Fiscal Forum. This is the first in-person forum in three years since 2019.", "publishDate": "2023-06-06", "sections": [ { "heading": "Introduction", "content": "- Speaker: Mr. Kenji Okamura, Deputy Managing Director, IMF\n- Date: June 6, 2023\n- Event: Eighth Tokyo Fiscal Forum — first in-person forum since 2019\n- Co-organizers acknowledged: Japan’s Ministry of Finance and the Asian Development Bank Institute\n- Purpose of in-person format: strengthen relationships and build social networks" }, { "heading": "Topics of the forum", "content": "- Two main themes:\n - The Relevance of the Fiscal-Monetary Policy Mix for Disinflation\n - Global Cooperation and Climate Change" }, { "heading": "Fiscal-monetary policy mix — findings and implications", "content": "- Context:\n - Inflation upsurge since 2021 required immediate tightening of monetary policy.\n - Fiscal policy can support monetary policy in disinflation efforts.\n- Empirical finding from the IMF’s Fiscal Monitor:\n - \"one percentage point of GDP in additional public spending resulted in higher inflation of 0.5 percentage point from 1986–2019.\"\n- Policy implications and priorities:\n - Fiscal consolidation sends a powerful signal that macro-economic policies are aligned in the fight against inflation.\n - Need to protect those most affected by the cost-of-living crisis while operating within tighter budgets.\n - Fiscal authorities should prioritize policies to manage constrained fiscal space.\n- Forum focus:\n - Explore better coordination between fiscal and monetary policy from a macro-fiscal perspective.\n - Discuss how to manage fiscal policy under difficult fiscal and inflationary conditions." }, { "heading": "Climate policy — findings and policy recommendations", "content": "- Time horizon:\n - Transition to \"net zero\" greenhouse-gas emissions over the next three decades.\n- Policy design elements:\n - Carbon pricing identified as the ideal centerpiece.\n - Carbon pricing may need reinforcing with sectoral measures such as feebates and regulations.\n - Public infrastructure investments and transition measures should be well designed to enhance economic and social resilience.\n- Capacity development and analytical tools:\n - IMF Fiscal Affairs Department work includes Climate-Public Investment Management Assessment (C-PIMA), green Public Financial Management (PFM), capacity development on climate mitigation policies, and comprehensive climate fiscal diagnostics.\n- Climate finance:\n - Scaling up climate finance requires the right policy incentives to encourage financing flows from both the public and private sectors.\n- Forum program note:\n - Climate policy and global cooperation on this topic will be discussed on Day 2." }, { "heading": "IMF support and conclusion", "content": "- IMF commitments:\n - Stand ready to help members strengthen public finance through policy advice and institution building.\n - Provide substantive capacity development to help countries address fiscal and climate challenges.\n - Emphasis on listening to member needs and tailoring support.\n- Closing remarks:\n - Hope that the forum fosters experience-sharing and development of fiscal policy solutions for member countries.\n - Wishes for a fruitful debate over the next two days and thanks for active participation.\n\nSource: Opening Remarks at the Eighth Tokyo Fiscal Forum, Mr. Kenji Okamura, Deputy Managing Director, IMF, June 6, 2023.\n\n---\n\n\n References\n\n- Kenji Okamura\n- Speeches\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2023/06/06/sp060623-dmd-okamura-eigth-tokyo-fiscal-forum-remarks" } ], "bullets": [ "[Markdown version](/en/news/articles/2023/06/06/sp060623-dmd-okamura-eigth-tokyo-fiscal-forum-remarks/index.md)", "[Structured JSON version](/en/news/articles/2023/06/06/sp060623-dmd-okamura-eigth-tokyo-fiscal-forum-remarks/index.json)", "[Bundle manifest](/en/news/articles/2023/06/06/sp060623-dmd-okamura-eigth-tokyo-fiscal-forum-remarks/bundle-manifest.json)", "Published: June 6, 2023", "Speaker: Mr. Kenji Okamura, Deputy Managing Director, IMF", "Date: June 6, 2023", "Event: Eighth Tokyo Fiscal Forum — first in-person forum since 2019", "Co-organizers acknowledged: Japan’s Ministry of Finance and the Asian Development Bank Institute", "Purpose of in-person format: strengthen relationships and build social networks", "Two main themes:", "Context:", "Empirical finding from the IMF’s Fiscal Monitor:", "Policy implications and priorities:", "Forum focus:", "Time horizon:", "Policy design elements:", "Capacity development and analytical tools:", "Climate finance:", "Forum program note:", "IMF commitments:", "Closing remarks:", "[Kenji Okamura](https://www.imf.org/en/About/senior-officials/Bios/kenji-okamura)", "[Speeches](https://www.imf.org/en/news/searchnews)", "[PRESS CENTER](http://presscenter.imf.org/)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2023/06/06/sp060623-dmd-okamura-eigth-tokyo-fiscal-forum-remarks/index.md", "json": "/en/news/articles/2023/06/06/sp060623-dmd-okamura-eigth-tokyo-fiscal-forum-remarks/index.json", "bundleManifest": "/en/news/articles/2023/06/06/sp060623-dmd-okamura-eigth-tokyo-fiscal-forum-remarks/bundle-manifest.json" }, "generatedAtUtc": "2026-09-26T02:08:56.936Z" }