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April 07, 2020

COVID-19: Six IMF Notes on Fiscal Issues

Covid

The IMF published on April 6, 2020 the following notes in its Special Series on COVID-19. The notes discuss PFM issues and other fiscal topics. The Special Series notes are produced by IMF experts to help member countries address the economic effects of COVID-19.

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.

Preparing Public Financial Management Systems for Emergency Response Challenges[1]

Complying with the legal framework, reprioritizing spending, ensuring liquidity and timely fund disbursement will help enable emergency spending needs.

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.

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.

Tax and Customs Administration Responses

Revenue agencies must balance temporary relief of tax obligations and government support policies with protecting revenue and safeguarding compliance.

Tax Issues: An Overview

Targeted tax measures can immediately support health priorities, protect individuals and solvent enterprises, and safeguard revenue for the future.

This article is part of a series related to the Coronavirus Crisis. All of our articles covering the topic can be found on our PFM Blog Coronavirus Articles page.

 

[1] An earlier version of this note was published in the PFM Blog on March 13, 2020. 

Note: The posts on the IMF PFM Blog should not be reported as representing the views of the IMF. The views expressed are those of the authors and do not necessarily represent those of the IMF or IMF policy.

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