{ "title": "Fiscal Monitor - April 2020", "publication": "Fiscal Monitor, April 2020", "sourceUrl": "https://www.imf.org/en/publications/fm/issues/2020/04/06/fiscal-monitor-april-2020", "canonical": "https://www.imf.org/en/publications/fm/issues/2020/04/06/fiscal-monitor-april-2020", "overlayPath": "/en/publications/fm/issues/2020/04/06/fiscal-monitor-april-2020/index.md", "summary": "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.

", "publishDate": "2020-04-06", "sections": [ { "heading": "Chapter 1: Policies to Support People During the COVID-19 Pandemic", "content": "- \"Fiscal policies are at the forefront of responding to the COVID-19 pandemic.\"\n- Fiscal measures can \"save lives, protect the most-affected people and firms from the economic impact of the pandemic, and prevent the health crisis from turning into a deep long-lasting slump.\"\n- \"A key priority is to fully accommodate spending on health and emergency services.\"\n- Global coordination priorities: \"for a universally low-cost vaccine and to support countries with limited health capacity.\"\n- Immediate fiscal stance: \"Large, temporary and targeted support is urgently needed for affected workers and firms until the emergency abates.\"\n- As shutdowns end: \"broad-based, coordinated fiscal stimulus—where financing conditions permit—will become more effective in fostering the recovery.\"" }, { "heading": "Chapter 2: IDEAS to Respond to Weaker Growth", "content": "- \"Fiscal policies are at the forefront of facilitating an economic recovery from the COVID-19 pandemic once the Great Lockdown ends.\"\n- Policymakers can achieve this objective with IDEAS:\n - Invest for the future — \"in health systems, infrastructure, low carbon technologies, education, and research.\"\n - Adopt well-planned Discretionary policies — \"that can be deployed quickly.\"\n - Enhance Automatic Stabilizers — \"which are built-in budgetary tax and spending measures that automatically stabilize incomes and consumption.\"\n- Social protection focus: \"Improving unemployment benefit systems and social safety nets can protect household incomes from adverse shocks and strengthen resilience against future epidemics.\"\n- Recommendation on timing: deploy discretionary stimulus when the Great Lockdown ends to facilitate recovery." }, { "heading": "Chapter 3: State-Owned Enterprises — The Other Government", "content": "- \"Over the past decade, state-owned enterprises (SOEs) have doubled in importance among the world’s largest corporations.\"\n- Role and trade-offs:\n - SOEs \"often deliver basic services such as water, electricity, and loans for families and small businesses.\"\n - \"At their best, they can help promote higher economic growth and achieve development goals.\"\n - \"However, many are a burden to taxpayers and the economy.\"\n- Policy guidance to get the most out of SOEs:\n - Ensure \"the firm’s managers have the right incentives and there is effective oversight.\"\n - Require \"a high degree of transparency of their activities.\"" }, { "heading": "Data, Media, and Notable Items", "content": "- \"CHART OF THE WEEK Tracking the $9 Trillion Global Fiscal Support to Fight COVID-19\"\n- Available materials listed on the page: \"Full Text\", \"Statistical Appendix\", \"Data\", \"Executive Summary\", \"Online Annex\", \"Fiscal Monitor Database of Country Fiscal Measures in Response to the COVID-19 Pandemic\", \"Podcast\", \"Videos\", and \"Blog\" entries summarizing fiscal policy responses.\n\nFiscal Monitor - April 2020\n\n---\n\n Content in this bundle\n\n- Fiscal Monitor Database Apr. 2020 — Chapter 1\n - Fiscal Monitor Database Apr. 2020 — Chapter 1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Fiscal Monitor Database Apr. 2020 — Chapter 1 (XLSX){rel=\"external\" type=\"application/vnd.openxmlformats-officedocument.spreadsheetml.sheet\"}\n- fiscalmonitordatabase-april2020-chapter-2\n - fiscalmonitordatabase-april2020-chapter-2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - fiscalmonitordatabase-april2020-chapter-2 (XLSX){rel=\"external\" type=\"application/vnd.openxmlformats-officedocument.spreadsheetml.sheet\"}\n- fiscalmonitordatabase-april2020\n - fiscalmonitordatabase-april2020 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - fiscalmonitordatabase-april2020 (XLSX){rel=\"external\" type=\"application/vnd.openxmlformats-officedocument.spreadsheetml.sheet\"}\n- Chapter 1\n - Chapter 1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Chapter 1 Executive Summary. IMF Fiscal Monitor, April 2020\n - Chapter 1 Executive Summary. IMF Fiscal Monitor, April 2020 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 1 Executive Summary. IMF Fiscal Monitor, April 2020 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Chapter 2\n - Chapter 2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 2 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Chapter 3\n - Chapter 3 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 3 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Chapter 3 Executive Summary. IMF Fiscal Monitor, April 2020\n - Chapter 3 Executive Summary. IMF Fiscal Monitor, April 2020 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 3 Executive Summary. IMF Fiscal Monitor, April 2020 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Executive Summary\n - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}\n- Methodological and Statistical Appendix, IMF Fiscal Monitor, April 2020\n - Methodological and Statistical Appendix, IMF Fiscal Monitor, April 2020 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Methodological and Statistical Appendix, IMF Fiscal Monitor, April 2020 (PDF){rel=\"external\" type=\"application/pdf\"}\n- onlineannex11 - CHAPTER 1\n - onlineannex11 - CHAPTER 1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - onlineannex11 - CHAPTER 1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Onlineannex21\n - Onlineannex21 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Onlineannex21 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Chapter 3 Online Annexes 3.1 through 3.7. IMF Fiscal Monitor, April 2020\n - Chapter 3 Online Annexes 3.1 through 3.7. IMF Fiscal Monitor, April 2020 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 3 Online Annexes 3.1 through 3.7. IMF Fiscal Monitor, April 2020 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Fiscal Monitor: Policies to Support People During the COVID-19 Pandemic (April 2020)\n - Fiscal Monitor: Policies to Support People During the COVID-19 Pandemic (April 2020) (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Fiscal Monitor: Policies to Support People During the COVID-19 Pandemic (April 2020) (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- Fiscal Monitor Database of Country Fiscal Measures in Response to the COVID-19 Pandemic\n- Fiscal policies to contain the damage from COVID-19\n- Fiscal policies for the recovery from COVID-19\n- State-owned enterprises in the time of COVID-19\n- CHART OF THE WEEK Tracking the $9 Trillion Global Fiscal Support to Fight COVID-19\n- Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.\n- Modify your profile\n\nSource: https://www.imf.org/en/publications/fm/issues/2020/04/06/fiscal-monitor-april-2020" } ], "bullets": [ "[Markdown version](/en/publications/fm/issues/2020/04/06/fiscal-monitor-april-2020/index.md)", "[Structured JSON version](/en/publications/fm/issues/2020/04/06/fiscal-monitor-april-2020/index.json)", "[Bundle manifest](/en/publications/fm/issues/2020/04/06/fiscal-monitor-april-2020/bundle-manifest.json)", "Published: April 6, 2020", "\"Fiscal policies are at the forefront of responding to the COVID-19 pandemic.\"", "Fiscal measures can \"save lives, protect the most-affected people and firms from the economic impact of the pandemic, and prevent the health crisis from turning into a deep long-lasting slump.\"", "\"A key priority is to fully accommodate spending on health and emergency services.\"", "Global coordination priorities: \"for a universally low-cost vaccine and to support countries with limited health capacity.\"", "Immediate fiscal stance: \"Large, temporary and targeted support is urgently needed for affected workers and firms until the emergency abates.\"", "As shutdowns end: \"broad-based, coordinated fiscal stimulus—where financing conditions permit—will become more effective in fostering the recovery.\"", "\"Fiscal policies are at the forefront of facilitating an economic recovery from the COVID-19 pandemic once the Great Lockdown ends.\"", "Policymakers can achieve this objective with IDEAS:", "Social protection focus: \"Improving unemployment benefit systems and social safety nets can protect household incomes from adverse shocks and strengthen resilience against future epidemics.\"", "Recommendation on timing: deploy discretionary stimulus when the Great Lockdown ends to facilitate recovery.", "\"Over the past decade, state-owned enterprises (SOEs) have doubled in importance among the world’s largest corporations.\"", "Role and trade-offs:", "Policy guidance to get the most out of SOEs:", "\"CHART OF THE WEEK Tracking the $9 Trillion Global Fiscal Support to Fight COVID-19\"", "Available materials listed on the page: \"Full Text\", \"Statistical Appendix\", \"Data\", \"Executive Summary\", \"Online Annex\", \"Fiscal Monitor Database of Country Fiscal Measures in Response to the COVID-19 Pandemic\", \"Podcast\", \"Videos\", and \"Blog\" entries summarizing fiscal policy responses.", "**Fiscal Monitor Database Apr. 2020 — Chapter 1**", "**fiscalmonitordatabase-april2020-chapter-2**", "**fiscalmonitordatabase-april2020**", "**Chapter 1**", "**Chapter 1 Executive Summary. IMF Fiscal Monitor, April 2020**", "**Chapter 2**", "**Chapter 3**", "**Chapter 3 Executive Summary. IMF Fiscal Monitor, April 2020**", "**Executive Summary**", "**Methodological and Statistical Appendix, IMF Fiscal Monitor, April 2020**", "**onlineannex11 - CHAPTER 1**", "**Onlineannex21**", "**Chapter 3 Online Annexes 3.1 through 3.7. IMF Fiscal Monitor, April 2020**", "**Fiscal Monitor: Policies to Support People During the COVID-19 Pandemic (April 2020)**", "[Fiscal Monitor Database of Country Fiscal Measures in Response to the COVID-19 Pandemic](https://www.imf.org/en/Topics/imf-and-covid19/Fiscal-Policies-Database-in-Response-to-COVID-19)", "[Fiscal policies to contain the damage from COVID-19](https://blogs.imf.org/2020/04/15/fiscal-policies-to-contain-the-damage-from-covid-19/)", "[Fiscal policies for the recovery from COVID-19](https://blogs.imf.org/2020/05/06/fiscal-policies-for-the-recovery-from-covid-19/)", "[State-owned enterprises in the time of COVID-19](https://blogs.imf.org/2020/05/07/state-owned-enterprises-in-the-time-of-covid-19/)", "[CHART OF THE WEEK Tracking the $9 Trillion Global Fiscal Support to Fight COVID-19](https://blogs.imf.org/2020/05/20/tracking-the-9-trillion-global-fiscal-support-to-fight-covid-19/)", "[Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.](https://www.imf.org/en/email-subscription/index)", "[Modify your profile](https://www.imf.org/en/email-subscription/login)" ], "related": [ { "title": "Fiscal Monitor Database Apr. 2020 — Chapter 1", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/fiscal-monitor/2020/april/dtata/fiscalmonitordatabase-april2020-chapter-1.xlsx", "summary": { "path": "/-/media/files/publications/fiscal-monitor/2020/april/dtata/fiscalmonitordatabase-april2020-chapter-1.xlsx.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/fiscal-monitor/2020/april/dtata/fiscalmonitordatabase-april2020-chapter-1.xlsx", "mime": "application/vnd.openxmlformats-officedocument.spreadsheetml.sheet" } }, { "title": "fiscalmonitordatabase-april2020-chapter-2", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/fiscal-monitor/2020/april/dtata/fiscalmonitordatabase-april2020-chapter-2.xlsx", "summary": { "path": "/-/media/files/publications/fiscal-monitor/2020/april/dtata/fiscalmonitordatabase-april2020-chapter-2.xlsx.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/fiscal-monitor/2020/april/dtata/fiscalmonitordatabase-april2020-chapter-2.xlsx", "mime": "application/vnd.openxmlformats-officedocument.spreadsheetml.sheet" } }, { "title": "fiscalmonitordatabase-april2020", "role": "dataset", "sourceUrl": "https://www.imf.org/-/media/files/publications/fiscal-monitor/2020/april/dtata/fiscalmonitordatabase-april2020.xlsx", "summary": { "path": "/-/media/files/publications/fiscal-monitor/2020/april/dtata/fiscalmonitordatabase-april2020.xlsx.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/fiscal-monitor/2020/april/dtata/fiscalmonitordatabase-april2020.xlsx", "mime": "application/vnd.openxmlformats-officedocument.spreadsheetml.sheet" } }, { "title": "Chapter 1", "role": "chapter", "sourceUrl": "https://www.imf.org/-/media/files/publications/fiscal-monitor/2020/april/english/ch1.pdf", "summary": { "path": "/-/media/files/publications/fiscal-monitor/2020/april/english/ch1.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/fiscal-monitor/2020/april/english/ch1.pdf", "mime": "application/pdf" } }, { "title": "Chapter 1 Executive Summary. 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