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Special Series on COVID-19

August 11, 2020
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Special Series on COVID-19
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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.

Download: English | 日本語

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.

Download: English | العربية | español | français | 日本語 | português | русский | 中文

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.

Download: English | español | français | 日本語 | русский | 中文

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.

Download: English | العربية | español | français | 日本語 | русский | 中文

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.

Download: English | العربية | español | français | 日本語 | русский | 中文

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

Download: English | العربية | español | français | 日本語 | русский | 中文

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.

Download: English | العربية | español | français | 日本語 | português | русский | 中文

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.

Download: English | العربية | español | français | 日本語 | русский | 中文

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.

Download: English | العربية | español | français | 日本語 | português | русский | 中文

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.

Download: English | العربية | español | français | 日本語 | português | русский | 中文

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.

Download: English | العربية | español | français | 日本語 | русский | 中文

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.

Download: English | العربية | español | français | 日本語 | português | русский | 中文

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.

Download: English | العربية | español | français | 日本語 | português | русский | 中文

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.

Download: English | العربية | español | français | 日本語 | português | русский | 中文

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.

Download: English | العربية | español | français | 日本語 | português | русский | 中文

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.

Download: English | العربية | español | français | 日本語 | português | русский | 中文

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.

Download: English | العربية | español | français | 日本語 | русский | 中文

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.

Download: English | العربية | español | français | 日本語 | português | русский | 中文

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.

Download: English | العربية | español | français | 日本語 | português | русский | 中文

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.

Download: English | العربية | español | français | 日本語 | português | русский | 中文

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.

Download: English | العربية | español | français | 日本語 | português | русский | 中文

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.

Download: English | العربية | español | français | 日本語 | português | русский | 中文

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.

Download: English | العربية | español | français | 日本語 | português | русский | 中文

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.

Download: English | العربية | español | français | 日本語 | português | русский | 中文 

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.

Download: English | العربية | español | français | 日本語 | português | русский | 中文

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.

Download: English | العربية | español | français | 日本語 | português | русский | 中文

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.

Download: English | العربية | español | français | 日本語 | português | русский | 中文

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.

Download: English | العربية | español | français | 日本語 | português | русский | 中文

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.

Download: English | العربية | español | français | 日本語 | português | русский | 中文

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.

Download: English | español | français | 日本語 | português | русский | 中文

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.

Download: English | العربية | español | français | 日本語 | português | русский | 中文

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.

Download: English | العربية | español | français | 日本語 | português | русский | 中文

— to www.imf.org

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