{
  "title": "Collecting More and Spending Better",
  "publication": "IMF News, June 5, 2024",
  "sourceUrl": "https://www.imf.org/en/news/articles/2024/06/05/sp0605-kenji-okamura-collecting-more-and-spending-better",
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  "summary": "Opening Remarks by Deputy Managing Director Kenji Okamura at the Ninth Tokyo Fiscal Forum",
  "publishDate": "2024-06-05",
  "sections": [
    {
      "heading": "Context and fiscal challenges",
      "content": "- Event: Opening Remarks by Deputy Managing Director Kenji Okamura at the Ninth Tokyo Fiscal Forum, June 5, 2024.\n- Key constraints facing policymakers:\n  - Global public debt remains high—around 9 percentage points above pre-pandemic levels as of end-2023.\n  - Medium-term growth projections are the weakest in decades—just above 3 percent.\n  - Even with inflation coming down, interest rates could remain higher for longer.\n- Consequences:\n  - These challenges constrain government budgets while public spending demands rise, including to address climate change and aging populations.\n  - Mobilizing revenue and spending more efficiently are essential to rebuild fiscal buffers, prepare for future shocks, and deliver sustainable development."
    },
    {
      "heading": "Collecting more (tax capacity and revenue mobilization)",
      "content": "- IMF research finding:\n  - With better tax design—including more fair and inclusive taxation—and stronger public institutions, emerging and developing economies can improve their tax-to-GDP ratios by up to 9 percentage points on average.\n- Focus of the conference:\n  - Strengthening tax capacity through effective policies and well-functioning revenue administrations.\n- Policy implications implied in the remarks:\n  - Prioritize tax design that is fair and inclusive.\n  - Invest in strengthening public institutions and revenue administrations to mobilize domestic resources."
    },
    {
      "heading": "Spending better (fiscal consolidation and frameworks)",
      "content": "- Timing and policy stance:\n  - With inflation falling, it is time for policymakers to pivot toward fiscal consolidation.\n  - The pace of tightening will vary across countries but should broadly strike a balance between fiscal risks and the strength of private demand.\n- Essential elements for sound policy:\n  - Medium-term plans.\n  - Credible fiscal frameworks."
    },
    {
      "heading": "IMF support, initiatives, and partnerships",
      "content": "- Instruments and initiatives noted:\n  - Domestic Resource Mobilization Initiative (with the World Bank) to help members increase resources, spend more effectively, and build domestic capital markets.\n  - Global Public Finance Partnership, or GPFP, to provide a one-stop-shop for capacity development on both revenue and spending.\n- Cross-cutting integration in GPFP:\n  - Climate change, gender, inclusion, and digitalization to help countries prepare for transformations ahead.\n- Convening role:\n  - Fora like the Tokyo Fiscal Forum are used to share experiences, insights, and best practices for strong fiscal policy.\n- Operational message:\n  - The IMF offers support to help countries turn ideas into policy and put policy into action."
    },
    {
      "heading": "Closing message",
      "content": "- Core prescription: Working together to collect more and spend better to build growth, jobs, and prosperity.\n- Tone: Collaborative and action-oriented—IMF stands ready to support members’ fiscal strengthening.\n\nOpening Remarks by Deputy Managing Director Kenji Okamura at the Ninth Tokyo Fiscal Forum, June 5, 2024.\n\n---\n\n\n References\n\n- Kenji Okamura\n- Japan and the IMF\n- Speeches\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2024/06/05/sp0605-kenji-okamura-collecting-more-and-spending-better"
    }
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    "Published: June 5, 2024",
    "Event: Opening Remarks by Deputy Managing Director Kenji Okamura at the Ninth Tokyo Fiscal Forum, June 5, 2024.",
    "Key constraints facing policymakers:",
    "Consequences:",
    "IMF research finding:",
    "Focus of the conference:",
    "Policy implications implied in the remarks:",
    "Timing and policy stance:",
    "Essential elements for sound policy:",
    "Instruments and initiatives noted:",
    "Cross-cutting integration in GPFP:",
    "Convening role:",
    "Operational message:",
    "Core prescription: Working together to collect more and spend better to build growth, jobs, and prosperity.",
    "Tone: Collaborative and action-oriented—IMF stands ready to support members’ fiscal strengthening.",
    "[Kenji Okamura](https://www.imf.org/en/About/senior-officials/Bios/kenji-okamura)",
    "[Japan and the IMF](http://www.imf.org/external/country/JPN/index.htm)",
    "[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)"
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