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PATRICIA ANNEZ and ALFRED FRIENDLY

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

International Monetary Fund. External Relations Dept.
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.
International Monetary Fund

Abstract

Fiscal policy affects sustainable development through its effects on growth, the environment, and resource development. What are the relationships between fiscal policy and sustainable development, and how does the IMF seek to promote sustainable development in its policy advice? What lessons have been learned so far, and how can governments, the international community, and international financial institutions more fully support sustainable development?

International Monetary Fund

Abstract

Economic growth is essential for sustainable development and improving social outcomes.4 Growth usually—but not always—benefits the poor; in about 90 percent of the cases in which countries have experienced per capita GDP growth of at least 2 percent per year over a five-year period, the poor also experienced rising real incomes. While, in general, there is no pro-rich bias in growth,5 appropriate development of the poor’s income-earning potential can help ensure that they also share in the fruits of an expanding economy (see the section on “Fiscal Policy, Human Development, and the MDGs”). Not surprisingly, there is also a strong link between economic growth and improvements in non-income dimensions of poverty. For example, a 10 percent increase in GDP per capita typically results in a 3–5 percent decrease in infant and child mortality rates.6 Similarly, disparities between male and female literacy rates fall markedly as GDP increases.7 In this light, fiscal policy can play a pivotal role in achieving the MDGs by fostering robust economic growth.

International Monetary Fund

Abstract

In both developed and developing countries, fiscal policy has an important role to play in assuring sustainable use of natural resources and safeguarding the environment. This applies to both the tax and spending sides of the government’s budget. On the former,

International Monetary Fund

Abstract

Government expenditure policy will have a key role in determining whether countries meet the MDGs. In many countries, the government will have a central role in ensuring that its citizens, especially the poor, have access to education and health services by either providing these services itself or financing private sector provision. As such, it is critical to understand the link between government spending on these programs and performance on indicators that measure the health and education status of the population. Of special interest is how government spending affects the achievement of the 48 social and human development indicators that have been selected to monitor progress toward the achievement of the MDGs.

Ms. Dora Benedek, Mr. Edward R Gemayel, Abdelhak S Senhadji, and Alexander F. Tieman
International Monetary Fund

Abstract

Poor governance poses a number of obstacles to human development.52 Corruption results in the allocation of budgetary resources for unproductive programs and inefficiencies in public spending, which reduces the effectiveness of outlays on social and poverty-reducing programs in fostering social development. Poor governance results in budgetary allocations tilted in favor of less-productive investment projects and defense-related spending and against nonwage operations and maintenance expenditures, which reduces the quality and productivity of existing infrastructure. Corruption also reduces revenue and therefore the ability of the government to mobilize the resources needed to finance critical poverty-reducing programs. Corruption results in the poor capturing a smaller share of the benefits from public spending and, more generally, in higher poverty and income inequality.

International Monetary Fund. Western Hemisphere Dept.

This 2016 Article IV Consultation highlights that the real output of Honduras in 2015 grew at 3.6 percent, slightly higher than projected. From the demand side, growth was supported by the recovery in private consumption-which responded positively to a reduction in gasoline prices and strong remittances inflows-and a boost in investment. On the supply side, the recovery in manufacturing and agriculture supported greater activity. The outlook for 2016 remains favorable. Real GDP through the second quarter of 2016 grew by 4.1 percent (year over year) broadly consistent with IMF staff projection of 3.6 percent for 2016. This projected growth performance is supported by scaled up public infrastructure investment and a supportive monetary policy stance.