{ "title": "Fiscal Monitor, April 2022", "publication": "Fiscal Monitor, April 2022", "sourceUrl": "https://www.imf.org/en/publications/fm/issues/2022/04/12/fiscal-monitor-april-2022", "canonical": "https://www.imf.org/en/publications/fm/issues/2022/04/12/fiscal-monitor-april-2022", "overlayPath": "/en/publications/fm/issues/2022/04/12/fiscal-monitor-april-2022/index.md", "summary": "Amidst pandemic legacies and the war, fiscal policy needs to address the humanitarian crisis and economic disruption while being flexible and ready to adjust as the outlook becomes clearer.", "publishDate": "2022-04-06", "sections": [ { "heading": "Overview: From Pandemic to War", "content": "- Just as uncertainty associated with COVID-19 pandemic was abating, Russia invaded Ukraine.\n- Uncertainty endured, shifting from pandemic to war, affecting all countries but in different ways.\n- Above-target inflation rates and inflation surprises have helped reducing debt-to-GDP ratios but such relief is often temporary.\n- High uncertainty and marked divergences across countries require a tailored and agile fiscal policy response that is ready to adjust as the outlook becomes clearer." }, { "heading": "Fiscal-policy priorities and trade-offs", "content": "- Fiscal policy needs to address the humanitarian crisis and economic disruption while being flexible and ready to adjust as the outlook becomes clearer.\n- Fiscal policy will need to shift focus away from the exceptional pandemic-related measures as central banks increase interest rates to fight inflation.\n- Governments should focus on those most affected by the crisis and priority areas.\n- Ensuring greater resilience through investment in health, food, and energy security from cleaner sources has become even more urgent.\n- Global cooperation to achieve these objectives is more important now than ever." }, { "heading": "Distributional and regional impacts", "content": "- Emerging and developing economies that are net importers of energy and food will be hit the hardest by surging international prices.\n- Many of these countries already experience scarring from the pandemic and have little fiscal space to tackle new spending pressures." }, { "heading": "Fiscal Monitor publication components (as described on the page)", "content": "- Fiscal Monitor\n- Fiscal Policy from Pandemic to War\n- April 2022\n- Chapters in Report\n- Videos\n- Watch the Webcast\n- Executive Summary\n- Foreword\n- Read the Full Report\n- Methodological and Statistical Appendix\n- Fiscal Monitor Database" }, { "heading": "Chapter highlights", "content": "- Chapter 1: Fiscal Policy from Pandemic to War\n - This chapter discusses how fiscal policy operates amid a sharp rise in uncertainty caused by the war in Ukraine, rising inflation and interest rates, slower economic growth, and increasing debt vulnerabilities.\n - Amidst pandemic legacies and the war, fiscal policy needs to address the humanitarian crisis and economic disruption while being flexible and ready to adjust as the outlook becomes clearer.\n - read the chapter\n - blog by imf staff\n - online annex\n\n- Chapter 2: Coordinating Taxation Across Borders\n - As countries strive to promote an inclusive and green recovery from the COVID-19 pandemic—and formulate responses to the immediate impacts of increased energy prices—they face shared challenges to secure tax revenues, address inequalities, and reduce greenhouse gas emissions.\n - National tax policies are under pressure to deal with cross-border spillovers—one country’s action affects other countries.\n - This chapter discusses how international coordination on tax matters (i) reduces profit shifting by multinationals and tax competition between countries; (ii) improves tax enforcement by lifting the veil of secrecy to tackle tax evasion; and (iii) limits global warming.\n - The current energy crisis reinforces the case for coordination among major emitters to reduce reliance on fossil fuels, urging countries to not allow near-term responses to detract efforts to establish credible policies for emissions reductions in the medium term.\n - Read the Blog\n - Online Annexes\n - Video: Coordinating Taxation\n - Video: Carbon Pricing" }, { "heading": "Media and outreach (languages listed)", "content": "- Press Conference: April 2022 Fiscal Monitor\n- Spanish: Conferencia de prensa de presentación de la edición de abril de 2022 del Monitor Fiscal\n- Arabic: إحاطة صحفية: إصدار عدد إبريل 2022 من الراصد المالي\n- French: Conférence de Presse avec le Lancement du Moniteur des Finances\n\nFiscal Monitor, April 2022 — International Monetary Fund\n\n---\n\n Content in this bundle\n\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 2022\n - Chapter 1 Executive Summary. IMF Fiscal Monitor, April 2022 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 1 Executive Summary. IMF Fiscal Monitor, April 2022 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Online Annex 1.1. Poverty Projections using Growth Forecasts. IMF Fiscal Monitor, April 2022\n - Online Annex 1.1. Poverty Projections using Growth Forecasts. IMF Fiscal Monitor, April 2022 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Online Annex 1.1. Poverty Projections using Growth Forecasts. IMF Fiscal Monitor, April 2022 (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 2. Executive Summary. IMF Fiscal Monitor, April 2022\n - Chapter 2. Executive Summary. IMF Fiscal Monitor, April 2022 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 2. Executive Summary. IMF Fiscal Monitor, April 2022 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Chapter 2. Online Annexes. IMF Fiscal Monitor, April 2022\n - Chapter 2. Online Annexes. IMF Fiscal Monitor, April 2022 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 2. Online Annexes. IMF Fiscal Monitor, April 2022 (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- dataset overview\n - dataset overview (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - dataset overview (XLSX){rel=\"external\" type=\"application/vnd.openxmlformats-officedocument.spreadsheetml.sheet\"}\n- Foreword\n - Foreword (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Foreword (PDF){rel=\"external\" type=\"application/pdf\"}\n- Methodological and Statistical Appendix. IMF Fiscal Monitor, April 2022\n - Methodological and Statistical Appendix. IMF Fiscal Monitor, April 2022 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Methodological and Statistical Appendix. IMF Fiscal Monitor, April 2022 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Full Report\n - Full Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Full Report (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- https://blogs.imf.org/2022/04/20/governments-need-agile-fiscal-policies-as-food-and-fuel-prices-spike/\n- https://blogs.imf.org/2022/04/12/tax-coordination-can-lead-to-a-fairer-greener-global-economy/\n- Video: Coordinating Taxation\n- Video: Carbon Pricing\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/publications/fm/issues/2022/04/12/fiscal-monitor-april-2022" } ], "bullets": [ "[Markdown version](/en/publications/fm/issues/2022/04/12/fiscal-monitor-april-2022/index.md)", "[Structured JSON version](/en/publications/fm/issues/2022/04/12/fiscal-monitor-april-2022/index.json)", "[Bundle manifest](/en/publications/fm/issues/2022/04/12/fiscal-monitor-april-2022/bundle-manifest.json)", "Published: April 6, 2022", "Just as uncertainty associated with COVID-19 pandemic was abating, Russia invaded Ukraine.", "Uncertainty endured, shifting from pandemic to war, affecting all countries but in different ways.", "Above-target inflation rates and inflation surprises have helped reducing debt-to-GDP ratios but such relief is often temporary.", "High uncertainty and marked divergences across countries require a tailored and agile fiscal policy response that is ready to adjust as the outlook becomes clearer.", "Fiscal policy needs to address the humanitarian crisis and economic disruption while being flexible and ready to adjust as the outlook becomes clearer.", "Fiscal policy will need to shift focus away from the exceptional pandemic-related measures as central banks increase interest rates to fight inflation.", "Governments should focus on those most affected by the crisis and priority areas.", "Ensuring greater resilience through investment in health, food, and energy security from cleaner sources has become even more urgent.", "Global cooperation to achieve these objectives is more important now than ever.", "Emerging and developing economies that are net importers of energy and food will be hit the hardest by surging international prices.", "Many of these countries already experience scarring from the pandemic and have little fiscal space to tackle new spending pressures.", "Fiscal Monitor", "Fiscal Policy from Pandemic to War", "April 2022", "Chapters in Report", "Videos", "Watch the Webcast", "Executive Summary", "Foreword", "Read the Full Report", "Methodological and Statistical Appendix", "Fiscal Monitor Database", "Chapter 1: Fiscal Policy from Pandemic to War", "Chapter 2: Coordinating Taxation Across Borders", "Press Conference: April 2022 Fiscal Monitor", "Spanish: Conferencia de prensa de presentación de la edición de abril de 2022 del Monitor Fiscal", "Arabic: إحاطة صحفية: إصدار عدد إبريل 2022 من الراصد المالي", "French: Conférence de Presse avec le Lancement du Moniteur des Finances", "**Chapter 1**", "**Chapter 1 Executive Summary. IMF Fiscal Monitor, April 2022**", "**Online Annex 1.1. Poverty Projections using Growth Forecasts. IMF Fiscal Monitor, April 2022**", "**Chapter 2**", "**Chapter 2. Executive Summary. IMF Fiscal Monitor, April 2022**", "**Chapter 2. Online Annexes. IMF Fiscal Monitor, April 2022**", "**Executive Summary**", "**dataset overview**", "**Foreword**", "**Methodological and Statistical Appendix. IMF Fiscal Monitor, April 2022**", "**Full Report**", "[https://blogs.imf.org/2022/04/20/governments-need-agile-fiscal-policies-as-food-and-fuel-prices-spike/](https://blogs.imf.org/2022/04/20/governments-need-agile-fiscal-policies-as-food-and-fuel-prices-spike/)", "[https://blogs.imf.org/2022/04/12/tax-coordination-can-lead-to-a-fairer-greener-global-economy/](https://blogs.imf.org/2022/04/12/tax-coordination-can-lead-to-a-fairer-greener-global-economy/)", "[Video: Coordinating Taxation](https://www.imf.org/en/Videos/view?vid=6303754175001)", "[Video: Carbon Pricing](https://www.imf.org/en/Videos/view?vid=6303757497001)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "related": [ { "title": "Chapter 1", "role": "chapter", "sourceUrl": "https://www.imf.org/-/media/files/publications/fiscal-monitor/2022/april/english/ch1.pdf", "summary": { "path": "/-/media/files/publications/fiscal-monitor/2022/april/english/ch1.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/fiscal-monitor/2022/april/english/ch1.pdf", "mime": "application/pdf" } }, { "title": "Chapter 1 Executive Summary. 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IMF Fiscal Monitor, April 2022", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/fiscal-monitor/2022/april/english/ch1onlineannexes.pdf", "summary": { "path": "/-/media/files/publications/fiscal-monitor/2022/april/english/ch1onlineannexes.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/fiscal-monitor/2022/april/english/ch1onlineannexes.pdf", "mime": "application/pdf" } }, { "title": "Chapter 2", "role": "chapter", "sourceUrl": "https://www.imf.org/-/media/files/publications/fiscal-monitor/2022/april/english/ch2.pdf", "summary": { "path": "/-/media/files/publications/fiscal-monitor/2022/april/english/ch2.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/fiscal-monitor/2022/april/english/ch2.pdf", "mime": "application/pdf" } }, { "title": "Chapter 2. Executive Summary. IMF Fiscal Monitor, April 2022", "role": "document", "sourceUrl": "https://www.imf.org/-/media/files/publications/fiscal-monitor/2022/april/english/ch2execsum.pdf", "summary": { "path": "/-/media/files/publications/fiscal-monitor/2022/april/english/ch2execsum.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/fiscal-monitor/2022/april/english/ch2execsum.pdf", "mime": "application/pdf" } }, { "title": "Chapter 2. Online Annexes. 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