INTERNATIONAL MONETARY FUND - Fiscal Affairs Department Newsletter

November 2018

Top Stories |  Tax Policy and Revenue Administration |  Public Financial Management and Expenditure Policy |  Macrofiscal


Fiscal Monitor: Managing Public Wealth
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The October 2018 Fiscal Monitor presents public sector balance sheets for 31 countries and illustrates tools that can be used to analyze the resilience of public finances. Public sector balance sheets bring together the entirety of what the state owns and owes, offering a broader fiscal picture beyond debt and deficits, allowing for better risk management and policymaking (see video ). Balance sheet analysis raises the tenor of policy debate as highlighted in press conference , asking how public wealth can be better used to meet society’s economic and social goals.

Costing Spending Needs for Achieving Selected SDGs
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The IMF in close collaboration with development partners has assessed costing spending needs for achieving selected SDGs. On September 24, Christine Lagarde (IMF Managing Director) presented key findings at a UN Secretary-General’s High-Level Meeting and Vitor Gaspar (FAD Director) made a more detailed presentation at a session chaired by Amina J. Mohammed (UN Deputy Secretary General) and Jeff Sachs (UN senior advisor). The work shows that in most low-income developing countries, ambitious tax revenue strategies will not be sufficient to meet the financing needs, and that these countries will therefore require supportive efforts from the private sector, donors, and philanthropists. These efforts need to be coordinated and embedded into the national plans, requiring improvements in governance.

Gender, Technology and the Future of Work
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New technologies—digitalization, artificial intelligence, and machine learning—are increasing the range of workplace tasks that may be automatable. Hard-won gains from policies fostering greater gender equality in labor force participation and earnings may be quickly eroded if women are overrepresented in sectors and occupations that are at high risk of automation. This SDN finds that female workers face a higher risk of automation compared to male workers, albeit with significant heterogeneity across sectors and countries. Given the current state of technology, it is estimated that 26 million female jobs in 30 countries are at a high risk of being displaced by technology within the next two decades. Less well-educated and older female workers, as well as those in low-skill clerical, service, and sales positions are disproportionately exposed to automation.

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"Mitigation Policies for the Paris Agreement: An Assessment for G20 Countries" Parry, Ian; Mylonas, Victor; Vernon, Nate; WP/18/193.

"The Tax Cuts and Jobs Act: An Appraisal" Chalk, A Nigel; Keen, Michael; Perry, J Victoria; WP/18/185.

"International Corporate Tax Avoidance: A Review of the Channels, Magnitudes, and Blind Spots" Sebastian Beer; Mooij, de Ruud A.; Liu, Li; WP/18/168.

"Progressive Taxation of Extractive Resources as Second-Best Optimal Policy" Jean-François Wen; WP/18/130.

"Are Elasticities of Taxable Income Rising?" Klemm, D Alexander; Liu, Li; Mylonas, Victor; Wingender, Philippe; WP/18/132.

"Tax Policy Measures in Advanced and Emerging Economies: A Novel Database" Amaglobeli, David; Crispolti, Valerio; Dabla-Norris, Era; Karnane, Pooja; Misch, Florian; WP/17/110.

"Costa Rica : Technical Assistance Report-Revenue Administration Gap Analysis Program-Tax Gap Analysis for General Sales and Corporate Income Tax " AInternational Monetary Fund, Fiscal Affairs Dept.; Country Report 18/124.

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"Uganda : Technical Assistance Report-Initiating the Stock-Taking of the Public Investment Program" International Monetary Fund, Fiscal Affairs Dept.; Country Report 18/180.

"Austria : Fiscal Transparency Evaluation " International Monetary Fund, Fiscal Affairs Dept.; Country Report 18/193.

"Colombia : Fiscal Transparency Evaluation" International Monetary Fund, Fiscal Affairs Dept.; Country Report No. 18/250; August 2018.

"Malawi : Technical Assistance Report-Public Investment Management Assessment (PIMA)" International Monetary Fund, Fiscal Affairs Dept. ; Country Report No. 18/259; August 2018.

"Namibia : Technical Assistance Report-Assessing and Managing Fiscal Risks from State-Entities and Public-Private Partnerships" International Monetary Fund, Fiscal Affairs Dept.; Country Report No. 18/258; August 2018.

"Mali : Technical Assistance Report-Public Investment Management Assessment" International Monetary Fund, Fiscal Affairs Dept.; Country Report No. 18/114; May 2018.

"Public Investment Management Assessment - Review and Update" International Monetary Fund, Fiscal Affairs Dept.; Policy Paper; May 2018.

"Universal Basic Income in Developing Countries: Issues, Options, and Illustration for India" Coady, David ; Delphine Prady; WP/18/174.

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"Global Debt Database: Methodology and Sources" Mbaye, Samba; Moreno Badia, Marialuz; Chae, Kyungla; WP/18/111.

"Resource Misallocation and Productivity: Evidence from Mexico " Misch, Florian; Saborowski, Christian; WP/18/112.

"Georgia : Technical Assistance Report-Enhancing the Fiscal Rules " International Monetary Fund, Fiscal Affairs Dept.; Country Report 18/132.

"How to Manage the Fiscal Costs of Natural Disasters" Cevik, Serhan; Guohua Huang; Hot to Note 18/03.

"The Macroeconomic and Distributional Implications of Fiscal Consolidations in Low-income Countries " Peralta-Alva, Adrian; Mendes Tavares, Marina; Tam, S. Xuan; Xin Tang; WP/18/146.

"Bailing Out the People? When Private Debt Becomes Public" Mbaye, Samba; Moreno Badia, Marialuz; Chae, Kyungla; WP/18/141.

"Fiscal Politics" Gaspar, Vitor; Gupta, Sanjeev; Mulas-Granados, Carlos; International Monetary Fund Publication Services, Washington, DC; July 2018.

"Predicting Fiscal Crises" Cerovic, Svetlana; Gerling, Kerstin; Hodge, Andrew; Paulo Medas; WP/18/181.

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