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Roger S. Smith

The financing of cities in developing countries is a complex topic, which this paper only begins to explore. The paper is divided into six sections. Sections I and II attempt to provide a basic understanding of (a) the problems faced by city governments and (b) some of the factors that determine the extent to which city authorities will, and should, be expected to solve these problems. Section I introduces the reader to aspects of the urbanization process, explains why the process is accompanied by an increasing need for government revenues and expenditure, and indicates that cities have some potential for meeting their currently unmet revenue requirements. Section II investigates the effects that the division of responsibility among governmental levels may have on the provision of urban services. This section reviews the factors influencing decentralization, examines difficulties in measuring decentralization, and considers the special status and powers granted to authorities in the largest cities in several countries.

International Monetary Fund


This report overviews countries fiscal actions in response to COVID-19 and discusses how governments policies should adapt to get ahead of the pandemic and set the stage for a greener, fairer, and more durable recovery. Global vaccination should be scaled up as it can save lives and will eventually pay for itself with stronger employment and economic activity. Until the pandemic is brought under control globally, fiscal policies must remain flexible and supportive, while keeping debt at a manageable level over the long term. Governments also need to adopt comprehensive policies, embedded in medium-term frameworks, to tackle inequalities—especially in access to basic public services—that were exacerbated by the COVID-19 pandemic and may cause income gaps to persist. Investing in education, healthcare and early childhood development and strengthening social safety nets financed through improved tax capacity and higher progressivity, can strengthen lifetime opportunities, improve trust, and contribute to more social cohesion.

International Monetary Fund
This paper analyzes several issues regarding fiscal sustainability and fiscal adjustment in Brazil during 1990 and searches for econometric evidence of a monetary dominant regime during some subperiods. The following statistical data are also presented in detail: macroeconomic flows and balances, industrial production, consumer price index, relative public sector prices and tariffs, minimum wage statistics, financial system loans, monetary aggregates, exports by principal commodity groups, direction of trade, detailed balance of payments, total external debt, central government operations, and so on.