Fiscal Monitor

With increasing fiscal challenges in the aftermath of the global financial crisis, multilateral surveillance of fiscal developments, a key part of the IMF’s surveillance responsibilities, has gained further importance. In response, the Fiscal Monitor was launched in 2009 to survey and analyze the latest public finance developments, update fiscal implications of the crisis and medium-term fiscal projections, and assess policies to put public finances on a sustainable footing.

The Fiscal Monitor is prepared twice a year by the IMF’s Fiscal Affairs Department. Its projections are based on the same database used for the World Economic Outlook (WEO) and the Global Financial Stability Report (GFSR). The fiscal projections for individual countries have been prepared by IMF desk economists, and, in line with the WEO guidelines, assume that announced policies will be implemented.

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Fiscal Monitor, October 2021

October 7, 2021

Fiscal Monitor Chapter 1 - This report explains how committing to sound public finances, with a credible set of rules and institutions to guide fiscal policy, can help governments address challenges as they try to recover from the pandemic.

Fiscal Monitor, April 2021

April 1, 2021

The April 2021 edition of the Fiscal Monitor focuses on tailoring fiscal responses to the COVID-19 pandemic and adopting policies to reduce inequality and gaps in access to quality public services.

Fiscal Monitor Update, January 2021

January 20, 2021

Flexible government actions are necessary to ensure swift and extensive vaccine rollouts, protect the most vulnerable households and otherwise viable firms, and foster a durable and inclusive recovery. This Fiscal Monitor Update analyzes measures to date and the scope for more, depending on country circumstances, and tracing the implications for fiscal debts and deficits.


Fiscal Monitor, October 2020 - Policies for the Recovery

October 14, 2020

Chapter 1 of the October 2020 Fiscal Monitor discusses fiscal policies during and after the pandemic that save lives and livelihoods and revive growth and job creation. Chapter 2 of the October 2020 Fiscal Monitor discusses how public investment can contribute to the recovery, create jobs, and strengthen resilience to future crises.

Fiscal Monitor - April 2020

April 6, 2020

Chapter 1 of April 2020 edition of Fiscal Monitor discusses fiscal policies to support people in response to the COVID-19 pandemic. Chapter 2 of the April 2020 edition of the Fiscal Monitor discusses fiscal policies to reinvigorate economic growth and counter adverse macroeconomic shocks. Chapter 3 discusses how state-owned enterprises have evolved in recent decades and how countries can get the most out of them. 


Fiscal Monitor: How to Mitigate Climate Change

October 16, 2019

This report emphasizes the environmental, fiscal, economic, and administrative case for using carbon taxes, or similar pricing schemes such as emission trading systems, to implement climate mitigation strategies. It provides a quantitative framework for understanding their effects and trade-offs with other instruments and applies it to the largest advanced and emerging economies. Alternative approaches, like “feebates” to impose fees on high polluters and give rebates to cleaner energy users, can play an important role when higher energy prices are difficult politically. At the international level, the report calls for a carbon price floor arrangement among large emitters, designed flexibly to accommodate equity considerations and constraints on national policies. The report estimates the consequences of carbon pricing and redistribution of its revenues for inequality across households. Strategies for enhancing the political acceptability of carbon pricing are discussed, along with supporting measures to promote clean technology investments.

Fiscal Monitor: Curbing Corruption

April 1, 2019

This report discusses fiscal policies to prepare for the next downturn and foster long-term inclusive growth by adapting to changing demographics, advancing technology, and deepening global integration. It also covers recent fiscal developments and the fiscal outlook in advanced economies, emerging markets, and low-income developing countries; recent trends in government debt and analysis of changes in fiscal balances, revenue, and spending; and potential fiscal risks. The report takes on in-depth look at how corruption impacts government policies and operations, the fiscal costs, and how fiscal institutions can help fight corruption.


IMF Fiscal Monitor: Managing Public Wealth, October 2018

October 4, 2018

Public sector balance sheets bring together the entirety of what the state owns and owes, offering a broader fiscal picture beyond debt and deficits. Once governments understand the size and nature of public assets, they can start managing them more effectively, raising considerable additional revenue. Also, public sector balance sheet analysis allows for better risk management and policymaking. The Fiscal Monitor provides governments the tools to analyze the resilience of public finances. By identifying risks within the balance sheet, governments can act to manage or mitigate those risks early, rather than dealing with the consequences after problems occur. Balance sheet analysis raises the tenor of the policy debate, asking how public wealth can be better used to meet society’s economic and social goals.

IMF Fiscal Monitor: Capitalizing on Good Times, April 2018

April 6, 2018

The April 2018 edition of Fiscal Monitor is focused on two broad themes: the burden of high global debt and the opportunities and challenges of digital government.


IMF Fiscal Monitor: Tackling Inequality, October 2017

October 11, 2017

At the global level, inequality has declined substantially over the past three decades, but within national boundaries, the picture is mixed: some countries have experienced a reduction in inequality while others, particularly advanced economies, have seen a significant increase that has, among other things, contributed to growing public backlash against globalization. Excessive levels of inequality can erode social cohesion, lead to political polarization, and ultimately lower economic growth, but whether inequality is excessive depends on country-specific factors, including the growth context in which inequality arises, along with societal preferences. This Fiscal Monitor focuses on how fiscal policy can help governments address high levels of inequality while minimizing potential trade-offs between efficiency and equity.

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