Front Matter

Front Matter

International Monetary Fund. Fiscal Affairs Dept.
Published Date:
April 2017
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    World Economic and Financial Surveys

    Fiscal Monitor

    April 2017

    Achieving More with Less

    ©2017 International Monetary Fund

    Cover: IMF Multimedia Services Division

    Composition: AGS, An RR Donnelley Company

    Cataloging-in-Publication Data

    Joint Bank-Fund Library

    Names: International Monetary Fund.

    Title: Fiscal monitor.

    Other titles: World economic and financial surveys, 0258-7440

    Description: Washington, DC : International Monetary Fund, 2009- | Semiannual | Some issues also have thematic titles.

    Subjects: LCSH: Finance, Public—Periodicals. | Finance, Public—Forecasting—Periodicals. | Fiscal policy—Periodicals. | Fiscal policy—Forecasting—Periodicals.

    Classification: LCC HJ101.F57

    ISBN: 978-1-47556-466-2 (paper)

    978-1-47558-836-1 (ePub)

    978-1-47558-804-0 (Mobi)

    978-1-47558-852-1 (PDF)

    Disclaimer: The Fiscal Monitor is a survey by the IMF staff published twice a year, in the spring and fall. The report analyzes the latest public finance developments, updates medium-term fiscal projections, and assesses policies to put public finances on a sustainable footing. The report was prepared by IMF staff and has benefited from comments and suggestions from Executive Directors following their discussion of the report on April 4, 2017. The views expressed in this publication are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Directors or their national authorities.

    Recommended citation: International Monetary Fund (IMF). 2017. Fiscal Monitor: Achieving More with Less. Washington, April.

    Publication orders may be placed online, by fax, or through the mail:

    International Monetary Fund, Publication Services

    P.O. Box 92780, Washington, DC 20090, U.S.A.

    Telephone: (202) 623-7430 Fax: (202) 623-7201



    Assumptions and Conventions

    The following symbols have been used throughout this publication:

    . . . to indicate that data are not available

    — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist

    – between years or months (for example, 2008–09 or January–June) to indicate the years or months covered, including the beginning and ending years or months

    / between years (for example, 2008/09) to indicate a fiscal or financial year

    “Billion” means a thousand million; “trillion” means a thousand billion.

    “Basis points” refers to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point).

    “n.a.” means “not applicable.”

    Minor discrepancies between sums of constituent figures and totals are due to rounding.

    As used in this publication, the term “country” does not in all cases refer to a territorial entity that is a state as understood by international law and practice. As used here, the term also covers some territorial entities that are not states but for which statistical data are maintained on a separate and independent basis.

    Further Information and Data

    This version of the Fiscal Monitor is available in full through the IMF eLibrary ( and the IMF website (

    The data and analysis appearing in the Fiscal Monitor are compiled by the IMF staff at the time of publication. Every effort is made to ensure their timeliness, accuracy, and completeness, but it cannot be guaranteed. When errors are discovered, there is a concerted effort to correct them as appropriate and feasible. Corrections and revisions made after publication are incorporated into the electronic editions available from the IMF eLibrary ( and on the IMF website ( All substantive changes are listed in detail in the online tables of contents.

    For details on the terms and conditions for usage of the contents of this publication, please refer to the IMF Copyright and Usage website,


    The projections included in this issue of the Fiscal Monitor are based on the same database used for the April 2017 World Economic Outlook and Global Financial Stability Report (and are referred to as “IMF staff projections”). Fiscal projections refer to the general government unless otherwise indicated. Short-term projections are based on officially announced budgets, adjusted for differences between the national authorities and the IMF staff regarding macroeconomic assumptions. The medium-term fiscal projections incorporate policy measures that are judged by the IMF staff as likely to be implemented. For countries supported by an IMF arrangement, the medium-term projections are those under the arrangement. In cases in which the IMF staff has insufficient information to assess the authorities’ budget intentions and prospects for policy implementation, an unchanged cyclically adjusted primary balance is assumed, unless indicated otherwise. Details on the composition of the groups, as well as country-specific assumptions, can be found in the Methodological and Statistical Appendix.

    The Fiscal Monitor is prepared by the IMF Fiscal Affairs Department under the general guidance of Vítor Gaspar, Director of the Department. The project was directed by Abdelhak Senhadji, Deputy Director, and Catherine Pattillo, Assistant Director. The main authors of this issue are Luc Eyraud (team leader), Philip Barrett, Victor Duarte Lledó, Adrian Peralta, Sampawende J.-A. Tapsoba, Elif Ture, and Philippe Wingender for Chapter 1, which also benefited from contributions by Valerio Crispolti, Jeff Danforth, João Jalles, Michael Keen, Takuji Komatsuzaki, Thornton Matheson, Mauricio Soto, and Daria Ulybina; Laura Jaramillo Mayor (team leader), João Jalles, Li Liu, Florian Misch, Adrian Peralta, and Mousse Sow for Chapter 2, which also benefited from contributions from Nina Budina and comments by Mariano Bosch, William Maloney, Diego Restuccia, and Juan Carlos Suárez Serrato. Excellent research contributions were provided by Kyungla Chae, Young Kim, Elijah Kimani, and Fedor Miryugin. Nadia Malikyar and Erin Yiu provided excellent coordination and editorial support. Michael Harrup from the Communications Department led the editorial team and managed the report’s production, with production assistance from Rumit Pancholi and editorial assistance from Lorraine Coffey, Susan Graham, Lucy Scott Morales, Nancy Morrison, and Vector Talent Resources.

    Inputs, comments, and suggestions were received from other departments in the IMF, including area departments—namely, the African Department, Asia and Pacific Department, European Department, Middle East and Central Asia Department, and Western Hemisphere Department—as well as the Institute for Capacity Development, Monetary and Capital Markets Department, Research Department, Statistics Department, and Strategy, Policy, and Review Department. Both projections and policy considerations are those of the IMF staff and should not be attributed to Executive Directors or to their national authorities.

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