## Fiscal Policies ## Source details **Canonical URL:** [Fiscal Policies](https://www.imf.org/en/topics/fiscal-policies) ## Other formats - [Markdown version](/en/topics/fiscal-policies/index.md) - [Structured JSON version](/en/topics/fiscal-policies/index.json) - [Bundle manifest](/en/topics/fiscal-policies/bundle-manifest.json) --- ### Overview - Fiscal policy affects macroeconomic stability, growth, and income distribution. - Citizens expect governments to ensure value-for-money for public spending, a fair and efficient tax system, and transparent and accountable management of public sector resources. - The IMF monitors and analyzes global fiscal trends and advises IMF member countries on fiscal issues directly. - The content highlights the main fiscal policy issues currently under discussion and provides research, publications, and commentary. ### Recent updates and prominent outputs - 2026 updates: The IMF’s World Revenue Longitudinal Database (WoRLD) - Fiscal Monitor October 2025: Spending Smarter: How Efficient and Well-Allocated Public Spending Can Boost Economic Growth - Chapter 1 explores how governments can improve economic growth prospects by enhancing the efficiency and composition of public spending, while keeping the overall spending envelope unchanged. - Spending Smarter to Boost Growth — October 7, 2025 - "Spending more efficiently and reallocating public funds toward investment and innovation can be a powerful growth strategy" - Fiscal Rules Foster Stability as Spending Pressures Grow — September 25, 2025 - "Prudent anchors, corrective mechanisms, and supportive institutions can help countries comply with their fiscal rules and commit to sound public finances" - Global Debt Remains Above 235% of World GDP — September 17, 2025 - "Decline in private lending offsets increase in public borrowing; notable differences persist across countries and income groups." - Disclosing Public Debt Boosts Investor Confidence, Cuts Borrowing Costs — June 12, 2025 - "Greater debt transparency builds investor confidence, helps reduce borrowing costs, and strengthens debt sustainability—reducing the risk of shocks that can lead to a debt crisis" - Debt is Higher and Rising Faster in 80 Percent of Global Economy — May 29, 2025 - "Fiscal Policy under mounting uncertainty means government budgets need resilience—particularly in countries whose economic weight makes them influence global trends" - Asia Can Boost Economic Resilience Amid Surging Trade Tensions — April 24, 2025 - "Stronger regional economic ties can help build resilience during a time of growing policy uncertainty" ### Key findings and policy messages - Efficiency and composition of public spending: - Enhancing spending efficiency and reallocating funds toward investment and innovation can boost economic growth while keeping the overall spending envelope unchanged. - Fiscal rules and institutions: - Prudent anchors, corrective mechanisms, and supportive institutions foster compliance with fiscal rules and help maintain sound public finances amid rising spending pressures. - Debt levels and transparency: - Global debt remains above 235% of World GDP. - Declines in private lending can offset increases in public borrowing, with notable differences across countries and income groups. - Disclosing public debt increases investor confidence, can cut borrowing costs, and strengthens debt sustainability. - Resilience under uncertainty: - Fiscal policy needs resilience to manage mounting uncertainty, especially in economies with large global influence. - Strengthening regional economic ties can build resilience during periods of heightened policy uncertainty and trade tensions. --- ## Content in this bundle - **Chapter 1 of the Fiscal Monitor** - [Chapter 1 of the Fiscal Monitor (Markdown version)](/-/media/files/publications/fiscal-monitor/2025/october/english/ch1.pdf.md){rel="alternate" type="text/markdown"} - [Chapter 1 of the Fiscal Monitor (PDF)](/-/media/files/publications/fiscal-monitor/2025/october/english/ch1.pdf){rel="external" type="application/pdf"} - **IMF Fiscal Affairs Department Capacity Development** - [IMF Fiscal Affairs Department Capacity Development (Markdown version)](/-/media/files/topics/fiscal/fiscal-affairs-capacity-development-brochure-sm24.pdf.md){rel="alternate" type="text/markdown"} - [IMF Fiscal Affairs Department Capacity Development (PDF)](/-/media/files/topics/fiscal/fiscal-affairs-capacity-development-brochure-sm24.pdf){rel="external" type="application/pdf"} --- ## References - [The IMF’s World Revenue Longitudinal Database (WoRLD)](https://www.imf.org/en/topics/fiscal-policies/world-revenue-longitudinal-database) - [Fiscal Monitor October 2025](https://www.imf.org/en/publications/fm/issues/2025/10/07/fiscal-monitor-october-2025) - [Spending Smarter to Boost Growth](https://www.imf.org/en/blogs/articles/2025/10/07/spending-smarter-to-boost-growth) - [Fiscal Rules Foster Stability as Spending Pressures Grow](https://www.imf.org/en/blogs/articles/2025/09/25/fiscal-rules-foster-stability-as-spending-pressures-grow) - [Global Debt Remains Above 235% of World GDP](https://www.imf.org/en/blogs/articles/2025/09/17/global-debt-remains-above-235-of-world-gdp) - [Disclosing Public Debt Boosts Investor Confidence, Cuts Borrowing Costs](https://www.imf.org/en/blogs/articles/2025/06/12/disclosing-public-debt-boosts-investor-confidence-cuts-borrowing-costs) - [Debt is Higher and Rising Faster in 80 Percent of Global Economy](https://www.imf.org/en/blogs/articles/2025/05/29/debt-is-higher-and-rising-faster-in-80-percent-of-global-economy) - [Asia Can Boost Economic Resilience Amid Surging Trade Tensions](https://www.imf.org/en/blogs/articles/2025/04/24/asia-can-boost-economic-resilience-amid-surging-trade-tensions) - [A Guide and Tool for Projecting Public Gross Financing Needs](https://www.imf.org/en/Publications/TNM/Issues/2025/01/24/A-Guide-and-Tool-for-Projecting-Public-Gross-Financing-Needs-555913) - [Broadening the Gains from Generative AI: The Role of Fiscal Policies](https://www.imf.org/en/Publications/Staff-Discussion-Notes/Issues/2024/06/11/Broadening-the-Gains-from-Generative-AI-The-Role-of-Fiscal-Policies-549639) - [IMF Engagement on Health Spending Issues in Surveillance and Program Work](https://www.imf.org/en/Publications/TNM/Issues/2023/12/22/IMF-Engagement-on-Health-Spending-Issues-in-Surveillance-and-Program-Work-541112) - [Transforming Public Finance Through GovTech](https://www.imf.org/en/Publications/Staff-Discussion-Notes/Issues/2023/09/06/Transforming-Public-Finance-Through-GovTech-535765) - [How to Combat Value-Added Tax Refund Fraud](https://www.imf.org/en/Publications/Fiscal-Affairs-Department-How-To-Notes/Issues/2023/08/04/How-to-Combat-Value-Added-Tax-Refund-Fraud-528035) - [The Political Economy of GovTech](https://www.imf.org/en/Publications/IMF-Notes/Issues/2023/07/21/The-Political-Economy-of-GovTech-534783) - [Understanding the Macroeconomic Effects of Natural Disasters](https://www.imf.org/en/Publications/WP/Issues/2025/02/21/Understanding-the-Macroeconomic-Effects-of-Natural-Disasters-562165) - [Strengthening Fiscal Frameworks in the Presence of Rising Risk of Natural Disasters](https://www.imf.org/en/Publications/WP/Issues/2025/02/07/Strengthening-Fiscal-Frameworks-in-the-Presence-of-Rising-Risk-of-Natural-Disasters-561242) - [Shocks and Shields: Macroeconomic Institutions During Commodity Price Swings](https://www.imf.org/en/Publications/WP/Issues/2025/01/17/Shocks-and-Shields-Macroeconomic-Institutions-During-Commodity-Price-Swings-560291) - [The Urgency of Conflict Prevention – A Macroeconomic Perspective](https://www.imf.org/en/Publications/WP/Issues/2024/12/17/The-Urgency-of-Conflict-Prevention-A-Macroeconomic-Perspective-559143) - [Bosnia and Herzegovina: Technical Assistance to Develop a Macroeconomic Framework at the Central Bank](https://www.imf.org/en/Publications/technical-assistance-reports/Issues/2025/02/07/Bosnia-and-Herzegovina-Technical-Assistance-Report-Technical-Assistance-to-Develop-a-561805) - [Mongolia: Ministry of Finance Macroeconomic Framework Technical Assistance: Scoping Mission Report](https://www.imf.org/en/Publications/high-level-summary-technical-assistance-reports/Issues/2024/12/27/Mongolia-Ministry-of-Finance-Macroeconomic-Framework-Technical-Assistance-Scoping-Mission-560243) - [Panama: Fiscal Transparency Evaluation](https://www.imf.org/en/Publications/high-level-summary-technical-assistance-reports/Issues/2024/12/27/Panama-Fiscal-Transparency-Evaluation-560254) - [Angola: Strengthening the Forecasting and Policy Analysis System on the Transition to Inflation Targeting](https://www.imf.org/en/Publications/technical-assistance-reports/Issues/2025/02/21/Angola-Technical-Assistance-Report-Strengthening-the-Forecasting-and-Policy-Analysis-System-562279) - [Colombia: Autonomous Committee for the Fiscal Rule Macroeconomic Framework Technical Assistance: Scoping Mission Report](https://www.imf.org/en/Publications/high-level-summary-technical-assistance-reports/Issues/2024/07/29/COLOMBIA-Autonomous-Committee-for-the-Fiscal-Rule-Macroeconomic-Framework-Technical-552740) - [Mauritania: Technical Assistance Project on Public Debt Projections and Analysis: Scoping Mission](https://www.imf.org/en/Publications/technical-assistance-reports/Issues/2024/11/01/Islamic-Republic-of-Mauritania-Technical-Assistance-Report-Technical-Assistance-Project-on-556871) _Source: https://www.imf.org/en/topics/fiscal-policies_