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A Status Updateon Fiscal Exit Strategies


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  • International Monetary Fund


With a modest recovery in the global economy underway, and amid rising concerns about the sharp increase in government debt in several countries, debate has increasingly focused on the need to identify and implement fiscal exit strategies. This paper reviews the medium-term plans of 25 countries - the G20 plus six others with large adjustment needs - and finds that most of them have made reasonable progress in defining these strategies. Nevertheless, strategies fall short in some areas, including committing to long-term debt targets, spelling out adjustment measures in detail, and tackling rising health care costs.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 10/272.

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Length: 66
Date of creation: 01 Dec 2010
Date of revision:
Handle: RePEc:imf:imfwpa:10/272

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Postal: International Monetary Fund, Washington, DC USA
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Keywords: Fiscal consolidation; Economic recovery; Government expenditures; Group of Twenty; Medium-term strategy; pension; retirement; health care; retirement age; fiscal policy; pensions; fiscal adjustment; fiscal rules; fiscal rule; fiscal stimulus; pension reform; public finances; fiscal pressures; fiscal institutions; public debt; spending cuts; government deficit; tax rates; taxation; tax base; fiscal management; fiscal targets; fiscal measures; pension reforms; budget deficit; expenditure cuts; fiscal deficit; fiscal reforms; tax increases; primary deficit; fiscal framework; pension system; pension spending; pension coverage; tax administration; public pension; fiscal indicators; fiscal sustainability; national fiscal rules; budget balance; fiscal balances; fiscal impact; pensioners; structural fiscal; fiscal consolidations; fiscal position; tax revenue; fiscal responsibility; pension age; tax rate; fiscal objectives; fiscal commission; tax reform; fiscal costs; fiscal policies; pension expenditure; fiscal plans; structural adjustment; fiscal projections; fiscal agencies; fiscal responsibility law; budget surplus; fiscal stance; excessive deficit procedure; fiscal balance; tax evasion; tax cuts; green taxes; fiscal imbalances; fiscal strategy; public finance; government budget; fiscal cost; fiscal affairs department; tax system; interest expenditure; expenditure increase; contribution rate; fiscal adjustments; annual budget; fiscal tightening; tax revenues; expenditure growth; defense spending; tax credits; medium-term fiscal framework; tax ratios; fiscal frameworks; health system; life expectancy; service pensions; contribution rates; public spending; internal control; structural budget balance; medium-term fiscal strategy; retirement ages; structural fiscal reforms; fiscal space; labor force; fiscal affairs; budgetary impact; health care system; fiscal federalism; tax systems; fiscal prudence; reduction in transfers; capital expenditure; fiscal gaps; pension liabilities; fiscal stimulus package; pension programs; fiscal management plan; pension payments; tax policy; private pension; pension funds; national fiscal management; fiscal data; minimum pension; spending control; price growth; service pension; social pension; fiscal budget; risk management; fiscal aggregates; fiscal savings; old-age pensions; expenditure adjustment; capital expenditures; tax reforms; fiscal system; budget law; fiscal performance; national pensions; state budget; early retirement; tax bases; tax compliance; pensions framework; funded pension; budget requests; pension scheme; fiscal deficits; fiscal outcomes; budget balances; contingent liabilities; fiscal years; fiscal outlook; fiscal accounts; average pension; reduction in tax; fiscal agency; fiscal plan; fiscal positions; cyclical fiscal policies; fiscal program; national fiscal management plan; tax collection; environmental taxes; tax preferences; tax credit; medium-term fiscal frameworks; fiscal management system; retirement-income; social expenditure; future pension; fiscal retrenchment; tax incentives; tax burden; central government budget; state pensions; fiscal consolidation on growth; budget revenues; basic pensions; fiscal impulse; fiscal reporting; prudent fiscal management; expansionary fiscal; fiscal ? surpluses; fiscally sustainable; expenditure restraint; minimum income; fiscal outturn; fiscal policy objective; public expenditure; fiscal developments; replacement rates; moral hazard; budget preparation process; lower pension; national budget; fiscal implications; fiscal adjustment package; revenue collections; fiscal burden; contribution base; tax treatment; revenue adjustment; budget rigidities; public expenditures; tax reductions; fiscal discipline; fiscal adjustment effort; private pension coverage; public pensions; medium-term fiscal plan;

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