{
  "title": "Assessing Fiscal Space: An Update and Stocktaking",
  "publication": "Assessing Fiscal Space: An Update and Stocktaking, June 15, 2018 — https://www.imf.org/en/publications/policy-papers/issues/2018/06/15/pp041118assessing-fiscal-space",
  "sourceUrl": "https://www.imf.org/en/publications/policy-papers/issues/2018/06/15/pp041118assessing-fiscal-space",
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  "summary": "This paper reviews the experience with the fiscal space assessment framework that was piloted during 2017–18. In 2016, staff proposed an operational definition of fiscal space and a new four-stage framework for its assessment.",
  "sections": [
    {
      "heading": "Purpose and scope",
      "content": "- Reviews the experience with the fiscal space assessment framework that was piloted during 2017–18.\n- Framework developed in response to the need to provide a more systematic approach to assessing fiscal space in the Fund’s surveillance.\n- Designed to inform the availability of fiscal space over a 3 to 4 year horizon for discretionary action, not the optimality of its use."
    },
    {
      "heading": "Definition and framework",
      "content": "- Fiscal space narrowly defined as the room for undertaking discretionary fiscal policy relative to existing plans without endangering market access and debt sustainability.\n- A new four-stage framework for assessment was proposed in 2016.\n- The framework and operational definition were discussed informally by the Board in June, and a Board paper “Assessing Fiscal Space: An Initial Consistent Set of Considerations” incorporating Directors’ views was published in December."
    },
    {
      "heading": "Pilot and coverage",
      "content": "- The framework was piloted in the Article IV consultations of 34 advanced economies and emerging markets.\n- Pilot coverage comprised almost 80 percent of global GDP in PPP terms."
    },
    {
      "heading": "Key considerations emphasized",
      "content": "- Availability of fiscal space does not necessarily mean that it should be used or should not be further expanded.\n- The tool is intended to inform the availability of discretionary fiscal space over a 3 to 4 year horizon.\n\nAssessing Fiscal Space: An Update and Stocktaking, June 15, 2018 — https://www.imf.org/en/publications/policy-papers/issues/2018/06/15/pp041118assessing-fiscal-space\n\n---\n\n Content in this bundle\n\n- Policy Paper\n  - Policy Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/policy-papers/issues/2018/06/15/pp041118assessing-fiscal-space"
    }
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    "Published: June 15, 2018",
    "Reviews the experience with the fiscal space assessment framework that was piloted during 2017–18.",
    "Framework developed in response to the need to provide a more systematic approach to assessing fiscal space in the Fund’s surveillance.",
    "Designed to inform the availability of fiscal space over a 3 to 4 year horizon for discretionary action, not the optimality of its use.",
    "Fiscal space narrowly defined as the room for undertaking discretionary fiscal policy relative to existing plans without endangering market access and debt sustainability.",
    "A new four-stage framework for assessment was proposed in 2016.",
    "The framework and operational definition were discussed informally by the Board in June, and a Board paper “Assessing Fiscal Space: An Initial Consistent Set of Considerations” incorporating Directors’ views was published in December.",
    "The framework was piloted in the Article IV consultations of 34 advanced economies and emerging markets.",
    "Pilot coverage comprised almost 80 percent of global GDP in PPP terms.",
    "Availability of fiscal space does not necessarily mean that it should be used or should not be further expanded.",
    "The tool is intended to inform the availability of discretionary fiscal space over a 3 to 4 year horizon.",
    "**Policy Paper**"
  ],
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