Abstract

I am sorry that Stanley Fischer is not here, because I was going to pay him a compliment. His presentation showed clearly how the IMF has changed. He listed five points that are important for combining economic growth and equity: macrostability, fiscal reform—a fair and efficient tax system with moderate tax rates—and reduction in unproductive expenditure. The IMF used to stop here, but Fischer has added composition of expenditure and well-targeted social safety nets.