Fiscal Monitor

As the global economy faces increasing fiscal challenges, multilateral surveillance of fiscal developments has become an important part of the IMF’s surveillance responsibilities. The Fiscal Monitor series provides an overview of latest public finance developments, updates the medium-term fiscal outlook, and assesses fiscal implications of policies relevant to the global economy.

The Fiscal Monitor is prepared twice a year by the IMF’s Fiscal Affairs Department. Its projections are based on the same database used for the World Economic Outlook (WEO) and the Global Financial Stability Report (GFSR). The fiscal projections for individual countries have been prepared by IMF desk economists, and, in line with the WEO guidelines.

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Climate Crossroads Fiscal Policies in a Warming World

October 2, 2023

Join us for the launch of a new Chapter 1 of the October 2023 Fiscal Monitor discusses the appropriate mix of fiscal policies to address climate change to contain the rise in temperatures.

Fiscal Monitor April 2023

April 12, 2023

Inflation affects public finances and the distribution of well-being across households. Targeted fiscal policy can help lower inflation and protect vulnerable households from the cost-of-living crisis.


Fiscal Monitor, October 2022

October 9, 2022

The October 2022 Fiscal Monitor discusses how fiscal policy can foster economic resilience, which allows households and firms to bounce back from present adversities and cope with future challenges.

Fiscal Monitor, April 2022

April 6, 2022

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.


Fiscal Monitor, October 2021

October 7, 2021

Fiscal Monitor Chapter 1 - This report explains how committing to sound public finances, with a credible set of rules and institutions to guide fiscal policy, can help governments address challenges as they try to recover from the pandemic.

Fiscal Monitor, April 2021

April 1, 2021

The April 2021 edition of the Fiscal Monitor focuses on tailoring fiscal responses to the COVID-19 pandemic and adopting policies to reduce inequality and gaps in access to quality public services.

Fiscal Monitor Update, January 2021

January 20, 2021

Flexible government actions are necessary to ensure swift and extensive vaccine rollouts, protect the most vulnerable households and otherwise viable firms, and foster a durable and inclusive recovery. This Fiscal Monitor Update analyzes measures to date and the scope for more, depending on country circumstances, and tracing the implications for fiscal debts and deficits.


Fiscal Monitor, October 2020 - Policies for the Recovery

October 14, 2020

Chapter 1 of the October 2020 Fiscal Monitor discusses fiscal policies during and after the pandemic that save lives and livelihoods and revive growth and job creation. Chapter 2 of the October 2020 Fiscal Monitor discusses how public investment can contribute to the recovery, create jobs, and strengthen resilience to future crises.

Fiscal Monitor - April 2020

April 6, 2020

Chapter 1 of April 2020 edition of Fiscal Monitor discusses fiscal policies to support people in response to the COVID-19 pandemic. Chapter 2 of the April 2020 edition of the Fiscal Monitor discusses fiscal policies to reinvigorate economic growth and counter adverse macroeconomic shocks. Chapter 3 discusses how state-owned enterprises have evolved in recent decades and how countries can get the most out of them. 


Fiscal Monitor: How to Mitigate Climate Change

October 16, 2019

This report emphasizes the environmental, fiscal, economic, and administrative case for using carbon taxes, or similar pricing schemes such as emission trading systems, to implement climate mitigation strategies. It provides a quantitative framework for understanding their effects and trade-offs with other instruments and applies it to the largest advanced and emerging economies. Alternative approaches, like “feebates” to impose fees on high polluters and give rebates to cleaner energy users, can play an important role when higher energy prices are difficult politically. At the international level, the report calls for a carbon price floor arrangement among large emitters, designed flexibly to accommodate equity considerations and constraints on national policies. The report estimates the consequences of carbon pricing and redistribution of its revenues for inequality across households. Strategies for enhancing the political acceptability of carbon pricing are discussed, along with supporting measures to promote clean technology investments.

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