• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Economy

Governments advised to make fiscal plans to tame pandemic debt

4 years ago
in Economy, highlights, Home, home-news, latest News
2 min read
0 0
0
62
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Governments advised to make fiscal plans to tame pandemic debt

Governments should start planning a return to more sustainable budgets with policies that win the trust of investors, after unprecedented fiscal stimulus to fight the COVID-19 pandemic, the International Monetary Fund (IMF) said on Thursday.

But each country must determine the appropriate timing and pace of fiscal consolidation based on its own individual circumstances, the IMF said in its Fiscal Monitor report.

The fiscal plans needed to consider the stage of the pandemic, existing fiscal vulnerabilities, the risk of economic scarring, pressures from aging populations, development needs and historical difficulties in collecting revenues.

“There are countries where the pandemic is still raging and therefore the priority continues to be the health emergency,” IMF deputy fiscal affairs director Paulo Mauro told Reuters in an interview.

Other countries where economic activity is picking up “can start thinking about also gradually reducing the degree of fiscal support that they provide to the economy”, he said.

A Fiscal Monitor chapter titled “Strengthening the Credibility of Public Finances” said countries that commit to medium-term fiscal sustainability with credible budget frameworks are rewarded with lower borrowing costs and a greater ability to refinance debts.

RelatedPosts

The Global Push for a Just Transition in Energy Jobs

Why the IEA Reinstated Its “Business as Usual” Scenario

GRA Targets Offshore Income in Expanded Tax Compliance Drive

This Also: Absa Kenya defends $169.7m East African Breweries Ltd loan

“What we find in the report is, governments can commit credibly to fiscal sustainability, that buys them time, and it buys them flexibility in this very difficult period of the pandemic,” Mauro said.

The report said IMF research showed countries with credible fiscal framework plans could more quickly reverse big jumps in debt, with feasibility for a 15% increase in debt to be reversed in a decade, absent additional shocks.

The Fund recommended that countries commit to broad fiscal targets with underlying tax and spending policies for the next three to five years, with specific policies, such as a tax increases or raising the age for securing retirement benefits.

Fiscal rules, such as keeping budget deficits within a certain percentage of gross domestic product, or independent fiscal councils within governments could add credibility, it said, adding that goals that were easy to communicate helped.

But the IMF said fiscal plans should be flexible to allow economies to stabilize and avoid cuts in key public investments.

“Changes to taxes or spending can be pre-legislated and can be made contingent on the recovery,” the IMF said.

It cited Britain’s announcement that corporate rates would rise in April 2023, and Israel’s passage of a sunset for extended unemployment benefits linked to achieving a lower jobless rate.

Tags: Covid-19ghanaGovernments advised to make fiscal plans to tame pandemic debtIMFrevenues.
No Result
View All Result

Highlights

Gold Boom Drives Rising Costs for Australian Producers

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

Premier League: Spurs Stun Man City at Etihad; Arsenal Dominates Leeds to go Top

CHAN 2024: Senegal, Sudan Complete Semifinal Lineup

From Promise to Peril: How Exam Fraud is Eroding Ghana’s Educational Soul

The 10 Fastest-Growing Trading Nations in Africa

Trending

Features

The Global Push for a Just Transition in Energy Jobs

August 24, 2025

The Global Push for a Just Transition in Energy Jobs For years, energy workers from the fossil...

Why the IEA Reinstated Its “Business as Usual” Scenario

August 24, 2025

GRA Targets Offshore Income in Expanded Tax Compliance Drive

August 24, 2025

Gold Boom Drives Rising Costs for Australian Producers

August 24, 2025

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

August 24, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.