Special Series on COVID-19

Special Series on COVID-19

Last Updated: March 21, 2022

The Special Series notes were produced by IMF experts between April 2020 and March 2022 to help members address the economic effects of COVID-19. The series was discontinued as of December 2021. The views expressed in these notes are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. Please visit the IMF Publication landing page to browse the most current IMF publications.

Fiscal Issues

February 4, 2022

Revenue Mobilization in Sub-Saharan Africa during the Pandemic

In the face of repeated waves of the COVID-19 pandemic and multiple lockdowns, governments were cut off from much-needed sources of revenue—due to both the freeze in economic activity as well as measures implemented to help businesses survive. This note uses high frequency data to understand the extent of the decline across different types of revenue and whether revenue potential has been more permanently damaged.

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August 24, 2021

Has the DSSI Helped Lower Sovereign Spreads of Participating SSA Countries?

The DSSI has provided valuable liquidity support to SSA. This note assesses whether it has also helped lower sovereign bond spreads. The results show that the DSSI has lowered spreads of participating SSA frontier markets.

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July 28, 2021

Gender Equality and COVID-19

The COVID-19 crisis threatens decades of progress for women and girls. This joint note between IMF/UNDP/UN-Women calls for countries to deploy gender-responsive policies and budgeting, which will help to mitigate the short-term impacts, while also addressing long-term structural drivers of gender inequality.

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July 28, 2021

Postcrisis Revenue Generation for Tax Administrations

Reestablishing revenue collection approaches as the crisis moderates will be an urgent priority for many countries. This special-purpose note offers principles tax administrations can use to optimize revenue collection in the short-term. Using these principles, a practical revenue collection action plan (RCAP) is provided, which administrations can tailor to their unique circumstances.

April 16, 2021

COVID-19 Recovery Contributions

This note reviews the possible scope for and design of temporary COVID-19 recovery contributions, raised on high incomes or wealth to help meet the extraordinary financing needs following the pandemic while also promoting social cohesion in difficult times.

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December 16, 2020

Tax Policy for Inclusive Growth after the Pandemic

Revenue mobilization will be imperative in many countries once the crisis abates. This note provides guidance to identify measures that enhance tax progressivity and reduce economic distortions, while supporting a green recovery.

August 26, 2020

COVID-19 Funds in Response to the Pandemic

Many countries have established off-budget COVID-19 funds to help mobilize resources and accelerate emergency spending. The note reviews these funds and shows how they can be made efficient, transparent, and accountable.

July 22, 2020

Pension Schemes in the COVID-19 Crisis: Impacts and Policy Considerations

This note discusses the impact of the crisis on pension schemes, pension policy responses, and implementation issues. It advises against using pension systems to address temporary macroeconomic issues.

July 16, 2020

The Time is Right! Reforming Fuel Product Pricing Under Low Oil Prices

Low international oil prices provide an opportunity for reducing fuel product subsidies and a platform for increasing fuel product taxation over the medium term to efficient levels that internalize domestic and global environmental costs, while protecting the vulnerable.

July 1, 2020

Food Markets During COVID-19

One of the most consequential welfare outcomes arising from COVID-19 could be widespread food insecurity—driven by food supply disruptions, food price spikes, and disrupted livelihoods. This note presents the key issues and implications for expenditure policy.

July 1, 2020

Budgeting in a Crisis: Guidance for Preparing the 2021 Budget

Preparing the 2021 budget will be challenging for all countries given the unprecedented uncertainties created by the COVID-19 pandemic. The note discusses how to prepare the next budget cycle in the midst of high uncertainty.

June 17, 2020

Government Support to State-Owned Enterprises: Options for Sub-Saharan Africa

The pandemic is causing distress for many African state-owned enterprises. This note discusses guiding principles for intervention, how it can be done, and what governance steps are needed. While the focus is on Africa, the principles are applicable across all regions.

June 10, 2020

Enhancing Digital Solutions to Implement Emergency Responses

The note proposes recommendations to leverage digital solutions, such as financial management information systems and fiscal transparency portals, to meet the PFM objectives of smooth, efficient, and transparent implementation of COVID-19 responses

May 20, 2020

Budget Execution Controls to Mitigate Corruption Risk in Pandemic Spending

Ensuring that ramped-up spending in response to COVID-19 is effective requires addressing vulnerabilities to misuse and corruption. This note identifies measures to mitigate such vulnerabilities, with a particular focus on budget execution controls.

May 13, 2020

Managing Public Investment Spending during the Crisis

Managing public investment spending plays a key role in the fiscal response to the COVID-19 pandemic. The note discusses two aspects: cuts or postponements in spending in the initial phase, and the scaling up of spending for economic recovery.

May 13, 2020

Temporary Investment Incentives

Temporary investment incentives can provide investment demand stimulus to support economic recovery from the COVID-19 pandemic. This note describes temporary investment tax incentives and reviews their effectiveness.

April 29, 2020

Fiscal Rules, Escape Clauses, and Large Shocks

The pandemic and the global economic contraction are putting fiscal rules to the test. Many countries are appropriately activating escape clauses to deviate or suspend the fiscal rules. This should be temporary and done transparently.

April 29, 2020

Government Cash Management Under Fiscal Stress

Faced with decreasing revenues, constrained access to financial markets and large emergency spending needs, governments should adopt a multipronged approach to cash management to ensure there is adequate liquidity to meet their payment obligations.

April 29, 2020

Issues When Cutting Government Pay to Help Reshuffle Spending in a Crisis

Spending needs are at an all-time high but many countries lack fiscal space to ramp up spending. Cutting government pay has been put on the table as a temporary measure to help meet urgent needs. This note discusses key issues to consider.

April 29, 2020

Revenue Administration: Reinvigorating Operations to Safeguard Collection and Compliance

Revenue agencies will have to be ready to restore their operations, safeguard tax collection and recover taxpayers’ compliance to precrisis levels, when COVID-19 spreading is contained and lockdown measures are eased.

April 29, 2020

Revenue Administration: Safeguarding Revenues for Oil-Producing Countries

COVID-19 is contributing to extreme volatility in crude oil prices. Countries dependent on oil revenues face shortfalls; they should take urgent measures and strengthen revenue administration practices to support the sector while protecting revenues.

April 20, 2020

Business Continuity for Revenue Administrations

Covid-19 is challenging revenue administrations’ operations; they must act quickly to ensure staff and taxpayer safety while implementing governments’ responses, delivering essential services and safeguarding tax collection.

April 20, 2020

Challenges in Forecasting Tax Revenue

Forecasting tax revenue during the pandemic is challenging. Standard buoyancy approaches likely overestimate revenues. A disaggregated approach using information on the sector- and tax-specific impact of the pandemic improves forecasts.

April 20, 2020

Digital Solutions for Direct Cash Transfers in Emergencies

Digital solutions for direct cash transfers help to identify and validate intended beneficiaries, make payments in a timely and secure manner, and ensure transparency and accountability by providing a reliable audit trail and publishing timely data.

April 20, 2020

Expenditure Policies in Support of Firms and Households

Expenditure policies can help mitigate the economic impact of the pandemic through liquidity support for firms, preserving employment linkages and supporting households. Design is the key to their effectiveness and efficiency.

April 20, 2020

Greening the Recovery

The COVID-19 crisis won’t have a lasting impact on climate change, but the response will—fiscal policymakers should thus aim to make the recovery green.

April 20, 2020

Keeping the Receipts: Transparency, Accountability, and Legitimacy in Emergency Responses

Keeping the receipts” (as governments “do what it takes” to support people and firms during the global pandemic and economic downturn) requires strong fiscal transparency, public accountability and institutional legitimacy.

April 20, 2020

Managing the Impact on Households: Assessing Universal Transfers

Universal transfers can complement existing household income support programs, by reducing temporary or permanent coverage gaps. Their impact will be stronger if a basic delivery system is in place.

April 20, 2020

Managing the Impacts of the Coronavirus: Guidance on Health Spending Policies

The immediate response to the outbreak should be to increase spending for mitigation and medical treatment. Costs will depend on country-specific factors, e.g. virus exposure, capacity of health systems, and effectiveness of mitigation measures.

April 20, 2020

Natural Resource Fiscal Regimes: Tax Policy Response

Economy-wide tax measures should also apply to extractive industries hit by lower commodity prices. Only in exceptional cases would additional relief be appropriate.

April 20, 2020

Priority Measures for Customs Administrations

Covid-19 is challenging customs administrations’ operations; they should take urgent measures to sustain international supply chains and implement governments’ health and economic relief policies while continuing addressing compliance.

April 20, 2020

Reaching Households in Emerging and Developing Economies: Citizen ID, Socioeconomic Data, and Digital Delivery

Income transfers require a basic data and delivery system—citizen ID, financial inclusion, income data—often missing in LIDCs. Implementation can rely on broadening current schemes, relaxing regulations and using alternative data sources.

April 8, 2020

Fiscal Policy Responses to the Sharp Decline in Oil Prices

The urgent priority for oil exporters is to deploy existing financial buffers, reprioritize spending, and mobilize new borrowing to address the COVID-19-shock. The short-term policy response would be enhanced by a commitment to preserve fiscal sustainability in the medium term.

April 6, 2020

Managing Fiscal Risks Under Fiscal Stress

Governments should proactively identify and manage fiscal risks. Policy responses can create new risks and existing contingent liabilities can be more likely to be realized.

April 6, 2020

Preparing Public Financial Management Systems for Emergency Response Challenges

Complying with legal framework, reprioritizing spending, ensuring liquidity and timely fund disbursement will help enable emergency spending needs.

April 6, 2020

Public Banks’ Support to Households and Firms

Public banks, through loans and guarantees, can help people and firms pay their bills and keep jobs. Public support should be transparently costed and monitored in budgets.

April 6, 2020

Public Sector Support to Firms

Timely, targeted, and temporary government support for firms is vital for avoiding disruptive bankruptcies and protecting jobs. The support should be transparently costed and monitored.

April 6, 2020

Tax and Customs Administration Responses

Revenue agencies must balance temporary relief of tax obligations and government support policies with protecting revenue and safeguarding compliance.

April 6, 2020

Tax Issues: An Overview

Targeted tax measures can immediately support health priorities, protect individuals and solvent enterprises, and safeguard revenue for the future.

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Legal Topics

March 9, 2022

Fiscal Law Design Considerations in Addressing Gender Inequalities: COVID-19 and Beyond

The COVID-19 crisis has exacerbated gender inequalities in various areas including the labor market, the health sector and the education system, prompting many countries to introduce fiscal policy measures with the goal of addressing the impact of the pandemic. This note focuses on the role of fiscal legal frameworks—both tax and public financial management (PFM)—in supporting fiscal policies and PFM tools that promote gender equality, both in the crisis and towards the recovery.

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April 16, 2021

Tax Law Design Considerations When Implementing Taxing Instruments to Support the Recovery From COVID-19

This note focuses on the tax law design considerations that should be taken into account by countries with a particular focus on low-income countries—when designing domestic tax instruments to support measures taken in response to the COVID-19 outbreak and its aftermath.

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February 3, 2021

Central Bank Exceptional Measures in the COVID-19 Crisis

This note discusses key legal design issues of the exceptional measures adopted by central banks in response to the COVID-19 pandemic. The focus is on clear yet flexible legal mandates that protect the financial autonomy of central banks.

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December 16, 2020

Legal Considerations on Public Guarantees Schemes Adopted in Response to the COVID-19 Crisis

In response to the crisis, countries deployed public guarantee schemes (PGSs) in favor of creditworthy but distressed borrowers. This note presents preliminary lessons on the legal features of PGSs that enhance predictability, transparency and accountability.

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June 5, 2020

Private Debt Resolution Measures in the Wake of the Pandemic

COVID-19 has exacerbated over-indebtedness of households and firms around the world and affected the private debt resolution system. This note proposes a strategy identifying key measures for effective private debt resolution in three potential phases.

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April 12, 2020

Tax Law Design Considerations When Implementing Responses to the COVID-19 Crisis

This note focuses on the tax law design considerations that countries should take into account when they implement temporary tax policy and administration measures in response to the COVID-19 outbreak.

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Macrocritical Structural Issues

November 17, 2021

Jobs in Lockdown: Insights from Sub-Saharan Africa,

Pandemic-induced lockdowns led to sharp drops in formal employment in SSA, with likely even greater losses in the large informal economy. This note uses data on online job vacancies in Ethiopia, Kenya, and Uganda to understand job dynamics during the first lockdown.

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August 18, 2021

Vaccinating against COVID-19 to Avert a Disaster in Africa

Sub-Saharan Africa faces a perilous situation in light of lack of access to vaccines. This note examines the vaccination efforts and challenges and calls for advanced economies to share excess doses, and for Sub-Saharan African countries to ramp up their vaccine readiness and alternative tools (e.g., testing).

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July 19, 2021

Solvency Support for Enterprises: Key Considerations and Preliminary Lessons from European Programs

The pandemic has left many viable firms with too much debt and at risk of insolvency, with adverse implications for future growth. In this note the IMF draw lessons from public recapitalization programs in Europe aimed at bolstering these firms.

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June 24, 2021

The Common Framework Utilizing Its Flexibility to Support Developing Countries' Recovery

The COVID-19 pandemic has exacerbated debt vulnerabilities in many developing countries around the world. The G20 and Paris Club have endorsed a Common Framework to coordinate official creditors providing debt treatments for developing countries eligible for the Debt Service Suspension Initiative (DSSI). The Common Framework can be an important step to strengthen the architecture for sovereign debt resolution, even beyond the pandemic. This note discusses the key features of the Common Framework and how DSSI-eligible countries’ can use it to support their recovery from the crisis . The note explains the conditions under which debtors can request a debt treatment and the steps required to implement the treatment. It also highlights that a critical element of the Common Framework is the expectation that private creditors participate in the debt treatment on terms comparable to official creditors.

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April 29, 2021

Policy Advice to Asia in the COVID-19 Era

Having been hit by COVID-19 first, Asia is also recovering first. At the pandemic’s first anniversary, is the region back to full health? The best answer is that it is too early to know for sure. The pandemic exacerbated existing long-term issues: slowing productivity growth, growing indebtedness, aging population, rising inequality, and managing climate change. A new IMF staff paper looks into how the region can navigate these multiple challenges.

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April 14, 2021

Trade in Medical Goods: Challenges and a Way Forward for Sub-Saharan Africa

The COVID-19 crisis underscored the vulnerability of developing countries to disruptions in medical supplies. This note argues for diversifying the sources of supply, building resilient intraregional production networks, and eliminating barriers to trade in the health sector.

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March 18, 2021

Remittances in Sub-Saharan Africa An Update

Remittances are the largest source of foreign income for sub-Saharan Africa. This note documents that while inflows were expected to drop significantly due to the COVID-19 crisis, recent data releases paint a more mixed picture for the region.

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March 3, 2021

Sub-Saharan African Oil Exporters: The Future of Oil and the Imperative of Diversification

Sub-Saharan African oil exporters face multiple challenges making diversification away from oil more pressing than ever. This note reviews these challenges, which include the effects of the ongoing COVID-19 crisis, and the policies needed to pursue export diversification.

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February 3, 2021

Central Bank Communication Through COVID-19

The COVID-19 shock has forced central banks to relent priority to crisis management objectives. This note provides insights on how central banks can integrate the crisis response into the monetary policy communication cycle in order to safeguard integrity.

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September 16, 2020

Emerging Market Capital Flows under COVID: What to Expect Given What We Know

This note summarizes recent empirical research that focus on emerging market capital flows before and during the COVID-19 shock, focusing on the complex embrace between emerging markets’ domestic fiscal and external financing needs.

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September 10, 2020

The Impact of COVID-19 on Inflation: Potential Drivers and Dynamics

This note examines inflation dynamics during COVID-19. Food prices rose, but there is no sign of higher inflation in broader indexes. Inflation expectations have not moved up but the variance has risen, indicating a potential risk of de-anchoring.

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September 2, 2020

A Simple Guide to Estimating the Impact of COVID-19 on Travel and Hospitality Activity

COVID-19 and the associated lockdowns have severely impacted the hospitality and travel sectors. This note presents a simple method to estimate the first order impact of the crisis on these sectors and documents their macroeconomic importance.

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August 26, 2020

The Disconnect Between Financial Markets and the Real Economy

This note examines several prominent hypotheses to explain the disconnect between financial markets and the real economy in 2020. The note concludes that monetary policy actions—and the associated decline in discount rates—have lifted asset valuations.

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July 1, 2020

Digital Financial Services and the Pandemic: Opportunities and Risks for Emerging and Developing Economies

The COVID-19 pandemic and the need for social distancing have put a spotlight on digital financial services (DFS). This note explores the opportunities associated with an expansion of DFS in EMDEs and highlights the potential risks associated with their rapid ramping up.

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June 22, 2020

Are Macro and Credit Policies Enough?

The COVID-19 crisis is having a disproportionate impact on small businesses. This note argues for the importance of keeping these businesses alive through direct cash transfers conditional on employment and quantifies the cost for the US economy.

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May 20, 2020

Options to Support the Incomes of Informal Workers During COVID-19

This note reviews available options to support informal workers during COVID-19, as well as potential costs and selected financing options. A transfer to cover the basic food and energy needs of all informal workers for two months could cost over 2 and 5 percentage points of annual GDP in the median emerging market and low-income economies, respectively.

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May 7, 2020

Tracking the Economic Impact of COVID-19 and Mitigation Policies in Europe and the United States

High-frequency indicators show a sizeable economic impact of COVID-19 in Europe and the United States. The impact varies by location and is mostly captured by changes in people’s observed mobility, rather than the adoption of mandatory lockdowns.

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April 29, 2020

Options to Support Incomes and Formal Employment During COVID-19

This note reviews policies to mitigate the impact of COVID-19 on employment. The immediate priority is to preserve jobs and laid-off workers’ incomes, which calls for short-time work subsidies and scaled-up unemployment insurance. As activity resumes, wage and hiring subsidies, as well as activation policies, should play a growing role.

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Monetary and Financial Policies

September 17, 2021

The Global Financial Safety Net during the COVID-19 Crisis: An Interim Stock-Take

The Global Financial Safety Net, which helps prevent or mitigate crises, was an effective liquidity backstop during the first year of the COVID-19 crisis. Providing adequate support in the next phase of the crisis will likely be more challenging.

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March 18, 2021

Official and Parallel Exchange Rates—Recognizing Reality

This note discusses the impact of a spread growing over time between official and parallel market exchange rates for current transactions purposes, the resulting economic distortions, and what happens when the spread is eliminated by a move to a market-clearing rate.

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March 10, 2021

Unwinding COVID-19 Policy Interventions for Banking Systems

This note offers some guidance and broad principles for managing the exit from regulatory and supervisory measures already taken, including borrower support and bank capital and liquidity measures.

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February 19, 2021

Central Bank Support for Spot and Derivative Foreign Exchange Markets

This note provides guidance for central bank support for spot and derivative foreign exchange markets.

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December 23, 2020

COVID-19 Shock and Multilateral Aspects of Foreign Exchange Intervention and Capital Flow Management Policies

As the COVID-19 pandemic shock unfolds, its magnitude and multi-faceted nature requires individual economies to consider a broad range of policy interventions. This note discusses foreign exchange interventions and capital flow management measures from a multilateral perspective.

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December 16, 2020

Strengthening Regulatory Reporting and Supervisory Analysis in Response to COVID-19

This note discusses views on practical regulatory reporting and supervisory analysis that can be introduced as part of an enhanced approach to supervision, specifically in relation to COVID-19.

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October 8, 2020

Supervisory Actions and Priorities in Response to the COVID-19 Pandemic Crisis

This note focuses on the actions and priorities that supervisors should consider in planning their medium- and long-term response to the unfolding COVID-19 crisis and complements the Monetary and Capital Markets Department’s advice on crisis communication and regulatory adjustments.

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October 8, 2020

Mobile Money in the COVID-19 Pandemic

Mobile money is becoming an attractive payment method in a number of countries during the pandemic. Using the Financial Access COVID-19 Tracker, this note presents prominent mobile money promoting policies and analyzes their potential risks and challenges.

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September 24, 2020

Unconventional Monetary Policy in Emerging Market and Developing Economies

This note discusses the use of unconventional monetary policies in emerging market and developing economies with a focus on two objectives: (i) increasing monetary policy space to help central banks meet their output and inflation goals; and (ii) mitigating limitations to monetary transmission that may hamper the provision of credit where it is most needed.

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September 10, 2020

Main Operational Aspects for Macroprudential Policy Relaxation

This note covers the main operational aspects for macroprudential policy relaxation as part of the overall policy response to COVID-19, and thereby complements previous notes in this series.

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August 5, 2020

Expanding the Central Bank's Collateral Framework in Times of Stress

This note provides guidance on how a central bank could expand its collateral framework to respond to a significant tightening of financial conditions during the COVID-19 pandemic.

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July 22, 2020

Central Banks’ “Return to the Workplace” Operational Considerations

This note discusses the operational considerations associated with central banks and monetary authorities’ return to the workplace policies in the context of the COVID-19 virus.

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July 16, 2020

Restriction of Banks’ Capital Distribution during the COVID-19 Pandemic

To ensure that the banking sector continues financing the real economy and has enough resources to absorb losses, it is recommended on grounds of prudence that supervisory authorities take actions to preserve banks’ capital resources by temporarily limiting the distribution of capital for all banks, until the impact of the pandemic becomes clearer.

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June 17, 2020

Considerations for Designing Temporary Liquidity Support to Businesses

This note discusses key considerations for designing temporary liquidity support to otherwise viable businesses to allow them to continue operations during the COVID-19 pandemic.

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June 10, 2020

Monetary and Financial Policy Responses for Emerging Market and Developing Economies

This note provides an overview of appropriate central bank policy responses to the severe economic and financial impact of the COVID-19 pandemic in emerging market and developing economies. It covers monetary, exchange rate, and macroprudential policies, as well as capital flow measures.

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May 20, 2020

Impact of COVID-19 on Insurers

The increasingly grim human toll of COVID-19 and extensive financial dislocations across asset classes could be challenging for insurers. Life insurers could be hit particularly hard by this combination of direct and indirect shocks.

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May 13, 2020

Banking Sector Regulatory and Supervisory Response to Deal with Coronavirus Impact (with Q and A)

This note discusses the challenges that the COVID-19 pandemic poses for the banking sector and possible regulatory and supervisory responses that can maintain the balance between preserving financial stability, maintaining banking system soundness, and sustaining economic activity.

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May 6, 2020

Central Bank Support to Financial Markets in the Coronavirus Pandemic

This note provides broad guidance to country authorities regarding possible central bank responses to impairment in money, securities, and foreign exchange markets that could emerge in the wake of financial disruptions including the COVID-19 pandemic.

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May 6, 2020

Cybersecurity of Remote Work During Pandemic

Due to the COVID-19 pandemic, most financial sector firms and authorities have moved to teleworking arrangements. Firms should implement strong remote access security controls, and regulatory authorities should consider issuing additional guidance.

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May 6, 2020

Debt Management Responses to the Pandemic

This note aims to provide guidance on areas in which sovereign debt managers may need to respond to challenges stemming from the COVID-19 crisis.

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May 6, 2020

Macrofinancial Considerations for Assessing the Impact of the COVID-19 Pandemic

This note maps and discusses macrofinancial channels and spillovers that could amplify the negative economic and financial impact of the COVID-19 outbreak.

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May 6, 2020

Regulatory and Supervisory Response to Deal with Coronavirus Impact: Securities Market

This note discusses the challenges that the COVID-19 pandemic poses for securities markets, including high volatility and trading volume, corporate governance, and business continuity, and possible regulatory and supervisory responses.

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May 6 2020

Regulatory and Supervisory Response to Deal with Coronavirus Impact: The Insurance Sector

This note discusses the challenges that the COVID-19 pandemic poses for the insurance sector and possible regulatory and supervisory responses.

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April 29, 2020

Assessing Stress from Oil Price Shocks

This note aims to guide country authorities in oil-exporting economies on how to assess the impact of the recent fall in oil prices on bank soundness. The note discusses macroeconomic scenarios and transmission channels impacting banks.

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April 29, 2020

Central Bank Operational Risk Considerations for COVID-19

This note discusses how central banks could respond to the heightened operational risks posed by the COVID-19 virus and highlights the importance of developing a risk management framework including health and safety measures that can ensure maintenance of critical operations.

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April 29, 2020

Pandemic Preparedness for Financial Institutions

Financial institutions must prepare for operating under crisis conditions during the COVID-19 pandemic, which calls for detailed business continuity planning and measures to ensure continued customer access to critical services.

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April 29, 2020

Public Communication During a Financial Crisis

This note covers basic principles for public policy communications in systemic financial crises. While the note focuses on communication in the event of financial crisis, many of its prescriptions hold for crisis situations more broadly.

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Statistical Issues

November 3, 2021

Women’s Financial Access in Times of COVID-19

Much has been debated on the potential impact of the COVID-19 pandemic on women’s financial inclusion and the need for supportive policies. This note reviews women’s financial access during the pandemic—drawing on the latest data from the IMF’s Financial Access Survey (FAS) and publicly available information on relevant gender-sensitive policies.

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October 8, 2020

Mobile Money in the COVID-19 Pandemic

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September 30, 2020

Estimating the Volume of Government Education Services during COVID-19

The pandemic impacts the governments’ ability to deliver services. In many cases, volume of services has declined yet the government workers remain fully employed, causing measurement challenges. This note explains the sources and methods used to measure the volume of education services.

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September 2, 2020

How to Record Debt Reorganization in External Sector and Government Finance Statistics—Debt Service Suspension Initiative

In response to COVID-19, the G20 and the Paris Club have agreed to a time bound suspension of debt service payments for the poorest countries that request forbearance. This note provides guidance on recording the debt service suspension in government finance and external sector statistics.

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August 26, 2020

Benchmarking and Rebasing National Accounts

Given the acute economic shock caused by the COVID-19 pandemic in 2020, it is recommended that countries chose an alternative year to produce GDP benchmarks and fixed-weighted estimates of GDP in constant prices.

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August 26, 2020

CPI Weights and COVID-19 Household Expenditure Patterns

The COVID-19 pandemic has caused a dramatic shift in household expenditure patterns. This note explains why it would not be appropriate to adjust the CPI weights at this time and proposes alternative measures that compilers can develop.

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June 24, 2020

Recording of Deferred Delivery of, and Payments for, Goods and Services

This note reviews the national accounts treatment for instances when receipt of a good or service is significantly deferred because of COVID-19 restrictions, and when the restrictions lead to a deferred payment for a good or service.

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June 17, 2020

Recording of Deferred and Waived Interest on Loans

This note focuses on financial intermediaries’ response to the COVID-19 crisis by allowing loan payment deferrals or waived interest payments to qualified borrowers. It provides guidance on how these should be recorded in macroeconomic statistics.

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June 10, 2020

Recording of Deferred or Waived Rental Payments

This note focuses on private landlords’ response to the COVID-19 crisis by allowing for reduced or deferred rent payments to qualified tenants. It provides guidance on how these should be recorded in macroeconomic statistics.

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May 28, 2020

The Treatment of Restructured Loans for FSI Compilation

This note provides guidance to central banks and supervisory authorities to ensure consistent treatment of restructured loans in the compilation of Financial Soundness Indicators and introduces supplementary tables to strengthen their collection of data on restructured loans.

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May 6, 2020

Government Support to Business and Households

This note focuses on government measures related to supporting employers and their employees, as well as support to the self-employed, and provides guidance on how these should be recorded in macroeconomic statistics.

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May 6, 2020

How to Record Debt Relief under the Catastrophe Containment and Relief Trust in Macroeconomic Statistics

In response to COVID-19, the IMF provides debt service relief to eligible countries under the Catastrophe Containment and Relief Trust (CCRT). This note provides guidance on recording such debt service relief in government finance and external sector statistics.

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April 18, 2020

Business Continuity Plans: Consumer Price Index

This note provides guidance to national statistical organizations to ensure the continued publication of their consumer price indexes in the face of challenges resulting from measures implemented to contain COVID-19.

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April 18, 2020

Business Continuity Plans: Data Dissemination Guidelines

This note provides guidance to national statistical organizations and central banks on steps to inform users about how measures to contain COVID-19 have affected the dissemination of price statistics, national accounts, and balance of payments data.

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April 18, 2020

Business Continuity Plans: Export and Import Price Indexes

This note provides guidance to national statistical organizations to ensure the continued publication of their export and import price indexes in the face of challenges resulting from measures implemented to contain COVID-19.

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April 18, 2020

Business Continuity Plans: National Accounts Statistics Continuity

This note provides guidance to national statistical organizations to ensure the continued publication of their national accounts in the face of challenges resulting from measures implemented to contain COVID-19.

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April 18, 2020

Business Continuity Plans: Producer Price Index

This note provides guidance to national statistical organizations to ensure the continued publication of their producer price indexes in the face of challenges resulting from measures implemented to contain COVID-19.

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April 18, 2020

Ensuring Continuity in the Production of External Sector Statistics During the COVID-19 Lockdown

The COVID-19 has a significant impact on data sources used to compile external sector statistics (ESS). This note provides advice on traditional and alternative data sources and on data compilation, to ensure continuity in the production of ESS during the lockdown.

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April 18, 2020

COVID-19: How to Record Government Policy Interventions in Fiscal Statistics

Governments have reacted to the health and economic challenges created by the COVID-19 pandemic through a variety of emergency policies. It is important that these policies are correctly recorded in government accounts and fiscal statistics.

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Special Series on COVID-19

Special Series on COVID-19

Fiscal Issues

Revenue Mobilization in Sub-Saharan Africa during the Pandemic

Has the DSSI Helped Lower Sovereign Spreads of Participating SSA Countries?

Gender Equality and COVID-19

Postcrisis Revenue Generation for Tax Administrations

COVID-19 Recovery Contributions

Tax Policy for Inclusive Growth after the Pandemic

COVID-19 Funds in Response to the Pandemic

Pension Schemes in the COVID-19 Crisis: Impacts and Policy Considerations

The Time is Right! Reforming Fuel Product Pricing Under Low Oil Prices

Food Markets During COVID-19

Budgeting in a Crisis: Guidance for Preparing the 2021 Budget

Government Support to State-Owned Enterprises: Options for Sub-Saharan Africa

Enhancing Digital Solutions to Implement Emergency Responses

Budget Execution Controls to Mitigate Corruption Risk in Pandemic Spending

Managing Public Investment Spending during the Crisis

Temporary Investment Incentives

Fiscal Rules, Escape Clauses, and Large Shocks

Government Cash Management Under Fiscal Stress

Issues When Cutting Government Pay to Help Reshuffle Spending in a Crisis

Revenue Administration: Reinvigorating Operations to Safeguard Collection and Compliance

Revenue Administration: Safeguarding Revenues for Oil-Producing Countries

Business Continuity for Revenue Administrations

Challenges in Forecasting Tax Revenue

Digital Solutions for Direct Cash Transfers in Emergencies

Expenditure Policies in Support of Firms and Households

Greening the Recovery

Keeping the Receipts: Transparency, Accountability, and Legitimacy in Emergency Responses

Managing the Impact on Households: Assessing Universal Transfers

Managing the Impacts of the Coronavirus: Guidance on Health Spending Policies

Natural Resource Fiscal Regimes: Tax Policy Response

Priority Measures for Customs Administrations

Reaching Households in Emerging and Developing Economies: Citizen ID, Socioeconomic Data, and Digital Delivery

Fiscal Policy Responses to the Sharp Decline in Oil Prices

Managing Fiscal Risks Under Fiscal Stress

Preparing Public Financial Management Systems for Emergency Response Challenges

Public Banks’ Support to Households and Firms

Public Sector Support to Firms

Tax and Customs Administration Responses

Tax Issues: An Overview

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Legal Topics

Fiscal Law Design Considerations in Addressing Gender Inequalities: COVID-19 and Beyond

Tax Law Design Considerations When Implementing Taxing Instruments to Support the Recovery From COVID-19

Central Bank Exceptional Measures in the COVID-19 Crisis

Legal Considerations on Public Guarantees Schemes Adopted in Response to the COVID-19 Crisis

Private Debt Resolution Measures in the Wake of the Pandemic

Tax Law Design Considerations When Implementing Responses to the COVID-19 Crisis

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Macrocritical Structural Issues

Jobs in Lockdown: Insights from Sub-Saharan Africa,

Vaccinating against COVID-19 to Avert a Disaster in Africa

Solvency Support for Enterprises: Key Considerations and Preliminary Lessons from European Programs

The Common Framework Utilizing Its Flexibility to Support Developing Countries' Recovery

Policy Advice to Asia in the COVID-19 Era

Trade in Medical Goods: Challenges and a Way Forward for Sub-Saharan Africa

Remittances in Sub-Saharan Africa An Update

Sub-Saharan African Oil Exporters: The Future of Oil and the Imperative of Diversification

Central Bank Communication Through COVID-19

Emerging Market Capital Flows under COVID: What to Expect Given What We Know

The Impact of COVID-19 on Inflation: Potential Drivers and Dynamics

A Simple Guide to Estimating the Impact of COVID-19 on Travel and Hospitality Activity