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STORY: IMF / FISCAL MONITOR REPORT
TRT: 03:19
SOURCE: IMF
RESTRICTIONS: NONE
LANGUAGE: NATS
DATELINE: 22 APRIL 2025, WASHINGTON DC / RECENT
RECENT, WASHINGTON DC
1. Various shots, IMF exteriors with Spring Meetings 2025 signage
22 APRIL 2025, WASHINGTON DC
2. SOUNDBITE (English) Vítor Gaspar, Director of Fiscal Affairs Department, International Monetary Fund (IMF):
“The Spring Fiscal Monitor documents that global public debt is high and rising, approaching 100 percent of GDP by the end of the decade and surging above the pandemic peak. High debt, low growth, rising interest costs, spending pressures, and elevated policy uncertainty contribute to narrower fiscal space, making policy trade-offs starker and policy choices more painful.”
3. Med shot, IMF Director of Fiscal Affairs Department Vítor Gaspar
4. SOUNDBITE (English) Vítor Gaspar, Director of Fiscal Affairs Department, International Monetary Fund (IMF):
“The fiscal monitor shows that public finance positions and prospects are very different across countries. Countries will need to first and foremost keep their own house in order. This involves three key priorities. First, fiscal policy should be part of overall stability-oriented macroeconomic policies. Second, fiscal policy should, in most countries, aim at reducing public debt and building buffers to create space to respond to spending pressures and economic shocks. Lastly, fiscal policies should, together with other structural policies, aim at improving potential growth, thereby easing policy tradeoffs.”
5. Med shot, Gaspar
6. SOUNDBITE (English) Vítor Gaspar, Director of Fiscal Affairs Department, International Monetary Fund (IMF):
“If a crisis occurs, fiscal policy has an important role to play. First, it should support the central bank in its efforts to preserve financial stability and orderly market conditions. Such complementarity was crucial in recent episodes, as in the Global Financial Crisis and the pandemic. Fiscal policy should be counter cyclical. It is crucial that the public sector leans against the wind of private sector deleveraging. Otherwise, the crisis will be deeper and longer. But this requires fiscal space. Third, in extreme cases, public finance may be at the center of the crisis and timely and orderly debt restructuring may be required.”
7. Med shot, Gaspar
8. SOUNDBITE (English) Vítor Gaspar, Director of Fiscal Affairs Department, International Monetary Fund (IMF):
“In these times of high uncertainty, fiscal policy must be an anchor for confidence and stability that helps delivering growth and prosperity for all. A crisis is by no means a foregone conclusion. There is still a time to build a more balanced, resilient, global economy. Ministers of Finance must build trust, tax fairly, spend wisely and take the long view.”
RECENT, WASHINGTON DC
9. Various shots, IMF exteriors with Spring Meetings 2025 signage
Global public debt is rising to historic levels and fiscal pressures are intensifying, IMF Director of Fiscal Affairs Department Vítor Gaspar warned today (23 Apr) at the launch of the Spring Fiscal Monitor in Washington DC.
“The Spring Fiscal Monitor documents that global public debt is high and rising, approaching 100 percent of GDP by the end of the decade and surging above the pandemic peak. High debt, low growth, rising interest costs, spending pressures, and elevated policy uncertainty contribute to narrower fiscal space, making policy trade-offs starker and policy choices more painful,” Gaspar said.
He emphasized that country-specific responses will be critical in maintaining stability and avoiding further deterioration in public finances.
“The fiscal monitor shows that public finance positions and prospects are very different across countries. Countries will need to first and foremost keep their own house in order. This involves three key priorities. First, fiscal policy should be part of overall stability-oriented macroeconomic policies. Second, fiscal policy should, in most countries, aim at reducing public debt and building buffers to create space to respond to spending pressures and economic shocks. Lastly, fiscal policies should, together with other structural policies, aim at improving potential growth, thereby easing policy tradeoffs.”
Gaspar noted the importance of fiscal response during times of economic and financial distress, pointing to recent crises as key examples.
“If a crisis occurs, fiscal policy has an important role to play. First, it should support the central bank in its efforts to preserve financial stability and orderly market conditions. Such complementarity was crucial in recent episodes, as in the Global Financial Crisis and the pandemic. Fiscal policy should be counter cyclical. It is crucial that the public sector leans against the wind of private sector deleveraging. Otherwise, the crisis will be deeper and longer. But this requires fiscal space. Third, in extreme cases, public finance may be at the center of the crisis and timely and orderly debt restructuring may be required.”
Despite the risks, Gaspar struck a hopeful tone, calling for long-term thinking and collaborative action.
“In these times of high uncertainty, fiscal policy must be an anchor for confidence and stability that helps delivering growth and prosperity for all. A crisis is by no means a foregone conclusion. There is still a time to build a more balanced, resilient, global economy. Ministers of Finance must build trust, tax fairly, spend wisely and take the long view.”
