Front Matter

Front Matter

International Monetary Fund. Fiscal Affairs Dept.
Published Date:
October 2017
    • ShareShare
    Show Summary Details

    World Economic and Financial Surveys

    Fiscal Monitor October 2017

    Tackling Inequality

    © 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: 978-1-48431-248-3 (paper)

    978-1-48431-749-5 (ePub)

    978-1-48431-750-1 (Mobi)

    978-1-48431-741-9 (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 September 21, 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: Tackling Inequality. Washington, October.

    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 October 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 Vitor Gaspar, Director of the Department. The project was directed by Abdelhak Senhadji, Deputy Director; Catherine Pattillo, Assistant Director; and David Coady, Division Chief. The main authors of this issue are Mercedes Garcia-Escribano (team leader), Brooks Evans, Xiangming Fang, Maura Francese, Claudia Gerber, Emine Hanedar, João Jalles, Hui Jin, Emmanouil Kitsios, Alexander Klemm, Li Liu, Sandra Lizarazo Ruiz, Victor Mylonas, Adrian Peralta Alva, Delphine Prady, Baoping Shang, and Sébastien E. J. Walker. The chapter also benefited from contributions by Tomas Hellebrandt, Lisa Kolovich, Paolo Mauro, Monique Newiak, Tigran Poghosyan, and Philippe Wingender. Excellent research assistance was provided by Kyungla Chae, Mark Albertson, Devin D’Angelo, Saida Khamidova, Young Kim, and Candice Liu. The Methodological and Statistical Appendix was prepared by Young Kim. 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 Houda Berrada and editorial assistance from Sherrie Brown, Susan Graham, Nancy Morrison, and Vector Talent Resources.

    The analysis benefited from comments and suggestions by staff members in other IMF departments, as well as by Executive Directors following their discussion of the report on September 21, 2017. The Fiscal Monitor also benefited from comments by Martin Ravallion (Georgetown University), Andrea Guedes, Gabriela Inchauste, Igor Kheyfets, Aart Kraay, Christoph Kurowski, and Christoph Lakner (all World Bank). Both projections and policy considerations are those of the IMF staff and should not be attributed to Executive Directors or to their national authorities.

      You are not logged in and do not have access to this content. Please login or, to subscribe to IMF eLibrary, please click here

      Other Resources Citing This Publication