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.
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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.
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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.
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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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— to www.imf.org
