## Fiscal Monitor, April 2022 _Fiscal Monitor, April 2022_ ## Source details **Canonical URL:** [Fiscal Monitor, April 2022](https://www.imf.org/en/publications/fm/issues/2022/04/12/fiscal-monitor-april-2022) ## Other formats - [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) ## Bibliographic details - Published: April 6, 2022 --- ### Overview: From Pandemic to War - 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 priorities and trade-offs - 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. ### Distributional and regional impacts - 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 publication components (as described on the page) - 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 highlights - Chapter 1: Fiscal Policy from Pandemic to War - 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. - 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. - read the chapter - blog by imf staff - online annex - Chapter 2: Coordinating Taxation Across Borders - 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. - National tax policies are under pressure to deal with cross-border spillovers—one country’s action affects other countries. - 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. - 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. - Read the Blog - Online Annexes - Video: Coordinating Taxation - Video: Carbon Pricing ### Media and outreach (languages listed) - 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 *Fiscal Monitor, April 2022 — International Monetary Fund* --- ## Content in this bundle - **Chapter 1** - [Chapter 1 (Markdown version)](/-/media/files/publications/fiscal-monitor/2022/april/english/ch1.pdf.md){rel="alternate" type="text/markdown"} - [Chapter 1 (PDF)](/-/media/files/publications/fiscal-monitor/2022/april/english/ch1.pdf){rel="external" type="application/pdf"} - **Chapter 1 Executive Summary. IMF Fiscal Monitor, April 2022** - [Chapter 1 Executive Summary. IMF Fiscal Monitor, April 2022 (Markdown version)](/-/media/files/publications/fiscal-monitor/2022/april/english/ch1execsum.pdf.md){rel="alternate" type="text/markdown"} - [Chapter 1 Executive Summary. IMF Fiscal Monitor, April 2022 (PDF)](/-/media/files/publications/fiscal-monitor/2022/april/english/ch1execsum.pdf){rel="external" type="application/pdf"} - **Online Annex 1.1. Poverty Projections using Growth Forecasts. IMF Fiscal Monitor, April 2022** - [Online Annex 1.1. Poverty Projections using Growth Forecasts. IMF Fiscal Monitor, April 2022 (Markdown version)](/-/media/files/publications/fiscal-monitor/2022/april/english/ch1onlineannexes.pdf.md){rel="alternate" type="text/markdown"} - [Online Annex 1.1. Poverty Projections using Growth Forecasts. IMF Fiscal Monitor, April 2022 (PDF)](/-/media/files/publications/fiscal-monitor/2022/april/english/ch1onlineannexes.pdf){rel="external" type="application/pdf"} - **Chapter 2** - [Chapter 2 (Markdown version)](/-/media/files/publications/fiscal-monitor/2022/april/english/ch2.pdf.md){rel="alternate" type="text/markdown"} - [Chapter 2 (PDF)](/-/media/files/publications/fiscal-monitor/2022/april/english/ch2.pdf){rel="external" type="application/pdf"} - **Chapter 2. Executive Summary. IMF Fiscal Monitor, April 2022** - [Chapter 2. Executive Summary. IMF Fiscal Monitor, April 2022 (Markdown version)](/-/media/files/publications/fiscal-monitor/2022/april/english/ch2execsum.pdf.md){rel="alternate" type="text/markdown"} - [Chapter 2. Executive Summary. IMF Fiscal Monitor, April 2022 (PDF)](/-/media/files/publications/fiscal-monitor/2022/april/english/ch2execsum.pdf){rel="external" type="application/pdf"} - **Chapter 2. Online Annexes. IMF Fiscal Monitor, April 2022** - [Chapter 2. Online Annexes. IMF Fiscal Monitor, April 2022 (Markdown version)](/-/media/files/publications/fiscal-monitor/2022/april/english/ch2onlineannexes.pdf.md){rel="alternate" type="text/markdown"} - [Chapter 2. Online Annexes. IMF Fiscal Monitor, April 2022 (PDF)](/-/media/files/publications/fiscal-monitor/2022/april/english/ch2onlineannexes.pdf){rel="external" type="application/pdf"} - **Executive Summary** - [Executive Summary (Markdown version)](/-/media/files/publications/fiscal-monitor/2022/april/english/execsum.pdf.md){rel="alternate" type="text/markdown"} - [Executive Summary (PDF)](/-/media/files/publications/fiscal-monitor/2022/april/english/execsum.pdf){rel="external" type="application/pdf"} - **dataset overview** - [dataset overview (Markdown version)](/-/media/files/publications/fiscal-monitor/2022/april/english/fiscalmonitorfullreportfigures-apr2022-v6.xlsx.md){rel="alternate" type="text/markdown"} - [dataset overview (XLSX)](/-/media/files/publications/fiscal-monitor/2022/april/english/fiscalmonitorfullreportfigures-apr2022-v6.xlsx){rel="external" type="application/vnd.openxmlformats-officedocument.spreadsheetml.sheet"} - **Foreword** - [Foreword (Markdown version)](/-/media/files/publications/fiscal-monitor/2022/april/english/foreword.pdf.md){rel="alternate" type="text/markdown"} - [Foreword (PDF)](/-/media/files/publications/fiscal-monitor/2022/april/english/foreword.pdf){rel="external" type="application/pdf"} - **Methodological and Statistical Appendix. IMF Fiscal Monitor, April 2022** - [Methodological and Statistical Appendix. IMF Fiscal Monitor, April 2022 (Markdown version)](/-/media/files/publications/fiscal-monitor/2022/april/english/msa.pdf.md){rel="alternate" type="text/markdown"} - [Methodological and Statistical Appendix. IMF Fiscal Monitor, April 2022 (PDF)](/-/media/files/publications/fiscal-monitor/2022/april/english/msa.pdf){rel="external" type="application/pdf"} - **Full Report** - [Full Report (Markdown version)](/-/media/files/publications/fiscal-monitor/2022/april/english/text.pdf.md){rel="alternate" type="text/markdown"} - [Full Report (PDF)](/-/media/files/publications/fiscal-monitor/2022/april/english/text.pdf){rel="external" type="application/pdf"} --- ## References - [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) _Source: https://www.imf.org/en/publications/fm/issues/2022/04/12/fiscal-monitor-april-2022_