## Fiscal Monitor, October 2021 _Fiscal Monitor, October 2021_ ## Source details **Canonical URL:** [Fiscal Monitor, October 2021](https://www.imf.org/en/publications/fm/issues/2021/10/13/fiscal-monitor-october-2021) ## Other formats - [Markdown version](/en/publications/fm/issues/2021/10/13/fiscal-monitor-october-2021/index.md) - [Structured JSON version](/en/publications/fm/issues/2021/10/13/fiscal-monitor-october-2021/index.json) - [Bundle manifest](/en/publications/fm/issues/2021/10/13/fiscal-monitor-october-2021/bundle-manifest.json) ## Bibliographic details - Published: October 7, 2021 --- ### Chapter 1 — Policy in an Uncertain Recovery - Fiscal policy should remain nimble and strengthen its medium-term frameworks as countries face highly uncertain and differentiated prospects. - Vaccination has saved lives and is helping fuel a nascent recovery, but risks are elevated amidst new virus variants, high debt, and poverty. - In advanced economies, the shift in fiscal support toward medium-term packages to “build back better” will have overall positive effects globally. - Emerging markets and low-income developing countries face a more challenging outlook, with permanent economic scarring and revenue losses. - These countries need international support to increase vaccine availability and financing to achieve the Sustainable Development Goals. ### Chapter 2 — Strengthening the Credibility of Public Finances - Many countries still need fiscal support to protect lives and livelihoods while facing questions on elevated debt and gross financing needs. - Guidance for balancing near-term support with signaling long-run debt sustainability: - Avoid withdrawing fiscal support too early while signaling credible long-term adjustment. - Commit to future deficit reduction through several instruments: - Undertaking structural fiscal reforms (such as pension reform or subsidies reform). - Pre-legislating changes to taxes or spending. - Committing to fiscal rules that lead to deficit reduction in the future. - Evidence and outcomes highlighted: - Countries that follow debt rules manage to reduce debt faster than other countries. - Fiscal rules should provide enough flexibility to spend in times of need. - Governments that commit to sound public finances and achieve high levels of fiscal transparency reap meaningful benefits: - Their budgets are more credible. - Their announcements are better perceived by the media. - They pay lower interest rates on their debt. ### Additional content and resources on the page - Full Report - Executive Summary - Foreword - FUll Report DATA - Methodological and Statistical Appendix - Chapter 1: Policy in an Uncertain Recovery - october 2021 database - Read the blog - Online Annexes - press conference - Chapter 2: Strengthening the Credibility of Public Finances - Watch the Video - blog *Source: Fiscal Monitor, October 2021* --- ## Content in this bundle - **Chapter 2** - [Chapter 2 (Markdown version)](/-/media/files/publications/fiscal-monitor/2021/october/english/ch2.pdf.md){rel="alternate" type="text/markdown"} - [Chapter 2 (PDF)](/-/media/files/publications/fiscal-monitor/2021/october/english/ch2.pdf){rel="external" type="application/pdf"} - **Executive Summary** - [Executive Summary (Markdown version)](/-/media/files/publications/fiscal-monitor/2021/october/english/execsum.pdf.md){rel="alternate" type="text/markdown"} - [Executive Summary (PDF)](/-/media/files/publications/fiscal-monitor/2021/october/english/execsum.pdf){rel="external" type="application/pdf"} - **Dataset overview** - [Dataset overview (Markdown version)](/-/media/files/publications/fiscal-monitor/2021/october/english/fiscalmonitorfullreportfigures-oct2021.xlsx.md){rel="alternate" type="text/markdown"} - [Dataset overview (XLSX)](/-/media/files/publications/fiscal-monitor/2021/october/english/fiscalmonitorfullreportfigures-oct2021.xlsx){rel="external" type="application/vnd.openxmlformats-officedocument.spreadsheetml.sheet"} - **CHAPTER 2 Strengthening the Credibility of Public Finances** - [CHAPTER 2 Strengthening the Credibility of Public Finances (Markdown version)](/-/media/files/publications/fiscal-monitor/2021/october/english/fm-chapter-2-online-only-annexes-final.pdf.md){rel="alternate" type="text/markdown"} - [CHAPTER 2 Strengthening the Credibility of Public Finances (PDF)](/-/media/files/publications/fiscal-monitor/2021/october/english/fm-chapter-2-online-only-annexes-final.pdf){rel="external" type="application/pdf"} - **Foreword** - [Foreword (Markdown version)](/-/media/files/publications/fiscal-monitor/2021/october/english/foreword.pdf.md){rel="alternate" type="text/markdown"} - [Foreword (PDF)](/-/media/files/publications/fiscal-monitor/2021/october/english/foreword.pdf){rel="external" type="application/pdf"} - **Methodological and Statistical Appendix. IMF Fiscal Monitor, October 2021** - [Methodological and Statistical Appendix. IMF Fiscal Monitor, October 2021 (Markdown version)](/-/media/files/publications/fiscal-monitor/2021/october/english/msa.pdf.md){rel="alternate" type="text/markdown"} - [Methodological and Statistical Appendix. IMF Fiscal Monitor, October 2021 (PDF)](/-/media/files/publications/fiscal-monitor/2021/october/english/msa.pdf){rel="external" type="application/pdf"} - **Full Report** - [Full Report (Markdown version)](/-/media/files/publications/fiscal-monitor/2021/october/english/text.pdf.md){rel="alternate" type="text/markdown"} - [Full Report (PDF)](/-/media/files/publications/fiscal-monitor/2021/october/english/text.pdf){rel="external" type="application/pdf"} - **Chapter 1: Policy in An Uncertain Recovery** - [Chapter 1: Policy in An Uncertain Recovery (Markdown version)](/-/media/files/publications/fiscal-monitor/2021/october/english/updated-october-2021-fiscal-monitor-chapter1-annexes.pdf.md){rel="alternate" type="text/markdown"} - [Chapter 1: Policy in An Uncertain Recovery (PDF)](/-/media/files/publications/fiscal-monitor/2021/october/english/updated-october-2021-fiscal-monitor-chapter1-annexes.pdf){rel="external" type="application/pdf"} --- ## References - [https://blogs.imf.org/2021/10/13/fiscal-policy-for-an-uncertain-world/](https://blogs.imf.org/2021/10/13/fiscal-policy-for-an-uncertain-world/) - [october 2021 database](https://www.imf.org/en/topics/imf-and-covid19/fiscal-policies-database-in-response-to-covid-19) - [press conference](https://www.imf.org/en/Videos/view?vid=6276923464001) - [https://blogs.imf.org/2021/10/07/when-it-comes-to-public-finances-credibility-is-key](https://blogs.imf.org/2021/10/07/when-it-comes-to-public-finances-credibility-is-key) - [Watch the Video](https://www.imf.org/en/Videos/view?vid=6276002257001) - [https://www.imf.org/en/home](https://www.imf.org/en/home) _Source: https://www.imf.org/en/publications/fm/issues/2021/10/13/fiscal-monitor-october-2021_