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Cover IMF Notes
Agricultural Producer Subsidies: Navigating Challenges and Policy Considerations
David Amaglobeli, Todd Benson, and Tewodaj Mogues

The objectives underlying agricultural output subsidies can have conflicting implications for the design of subsidy programs. As they tend to affect meaningful swaths of the electorate, subsidies can also be an attractive political instrument. By artificially lowering production costs or assuring higher output prices, direct support measures can result in resource misallocation in instances where they fail to address market failures, such as imperfect information about the returns to fertilizers. Subsidies can also contribute to fertilizer overuse, harming the environment and the agricultural sector in the long term. Furthermore, agricultural production subsidies are often fiscally costly and unfavorable compared to alternative uses of public funds—both within the agricultural sector and outside it—to achieve the same ends. Various design and implementation challenges amplify the shortcomings of producer subsidy programs.
Keywords:
subsidy program; producer subsidy; buffer stock; beneficiary farmer; agriculture subsidy portfolio; Government subsidies
Cover IMF Notes
Front Matter
David Amaglobeli, Todd Benson, and Tewodaj Mogues
Keywords:
Policy consideration
Cover IMF Notes
Agricultural Producer Subsidies: Navigating Challenges and Policy Considerations
David Amaglobeli, Todd Benson, and Tewodaj Mogues
The objectives underlying agricultural output subsidies can have conflicting implications for the design of subsidy programs. As they tend to affect meaningful swaths of the electorate, subsidies can also be an attractive political instrument. By artificially lowering production costs or assuring higher output prices, direct support measures can result in resource misallocation in instances where they fail to address market failures, such as imperfect information about the returns to fertilizers. Subsidies can also contribute to fertilizer overuse, harming the environment and the agricultural sector in the long term. Furthermore, agricultural production subsidies are often fiscally costly and unfavorable compared to alternative uses of public funds—both within the agricultural sector and outside it—to achieve the same ends. Various design and implementation challenges amplify the shortcomings of producer subsidy programs.
Keywords:
Agricultural subsidies; direct farmer support; payments to agricultural producers; producer subsidy; input subsidy program; IMF note 2024/002; output price subsidy; implementation challenge; Agricultural policy; Government subsidies; Agroindustries; Agricultural sector; Price incentives; Global; Sub-Saharan Africa
Cover IMF Notes
Digital Money, Cross-Border Payments, International Reserves, and the Global Financial Safety Net: Preliminary Considerations
Seunghwan Kim, Alex Miksjuk, Narayan Suryakumar, Anita Tuladhar, Delia Velculescu, Yiqun Wu, Jimena Zuniga, and Nick Hallmark
Keywords:
digital money; international monetary system; cross-border payments; international reserves; global financial safety net; global safe assets
Cover IMF Notes
Front Matter
Seunghwan Kim, Alex Miksjuk, Narayan Suryakumar, Anita Tuladhar, Delia Velculescu, Yiqun Wu, Jimena Zuniga, and Nick Hallmark
Keywords:
digital money; international monetary system; cross-border payments; international reserves; global financial safety net; global safe assets
Cover IMF Notes
Digital Money, Cross-Border Payments, International Reserves, and the Global Financial Safety Net: Preliminary Considerations
Seunghwan Kim, Alex Miksjuk, Narayan Suryakumar, Anita Tuladhar, Delia Velculescu, Yiqun Wu, Jimena Zuniga, and Nick Hallmark
The rapid advent of digital money (DM) and assets raises questions about its implications for the functioning of the international monetary system (IMS). The low transaction costs of digital technologies, their accessibility and ease of automation, and their integration into existing digital services may bring opportunities in the form of higher financial interconnectedness and inclusion but may also add to risks. This paper explores the possible implications of DM for the IMS from the perspective of cross-border payments, international reserves and the supply of global safe assets, and the global financial safety net. To help inform the discussion, the paper presents empirical analyses of the effect of payment efficiency on international currency adoption for payment/transaction purposes as well as on reserve currency holdings, along with an illustrative modeling scenario of a DM-induced shock for the potential demand for global financial safety net resources.
Keywords:
digital money; international monetary system; cross-border payments; international reserves; global financial safety net; global safe assets
Cover IMF Notes
Exploring the Adoption of Selected Digital Technologies in Tax Administration: A Cross-Country Perspective
Manabu Nose and Andualem Mengistu
Keywords:
Tax administration; Tax compliance; GovTech
Cover IMF Notes
Front Matter
Manabu Nose and Andualem Mengistu
Keywords:
Tax administration; Tax compliance; GovTech
Cover IMF Notes
Exploring the Adoption of Selected Digital Technologies in Tax Administration: A Cross-Country Perspective
Manabu Nose and Andualem Mengistu
Using cross-country data, this note explores the potential impact of selected digital technologies on tax collection and compliance. The analysis makes use of multi-dimensional International Survey on Revenue Administration, Tax Administration Diagnostic Assessment Tool, and Revenue Administration-Gap Analysis Program (RA-GAP) data with results indicating that digital technologies could help enhance tax collection, but with effects that vary by the type of specific digital service or tools introduced. While the results demonstrate a strong association between digital tax administration operations and improved performance outcomes, the realization of revenue gains is heavily contingent on accompanying policy, legislative, and administrative reforms, as well as the availability of adequate digital connectivity and capable tax administration staff. The cross-country approach provides reasonable upper-bound estimates on revenue gains, which, however, need to be carefully validated with country-specific case studies. The note reviews single country case studies from selected micro-economic literature that complement the cross-country results and reveal key enabling factors necessary to reap and sustain the benefits of new digital investments.
Keywords:
Tax administration; Tax compliance; GovTech
Cover IMF Notes
Expanding and Improving Social Safety Nets Through Digitalization: Conceptual Framework and Review of Country Experiences
Nicolo Bird and Emine Hanedar
Keywords:
social safety nets; digitalization; COVID-19; fiscal sustainability