Fiscal Monitor Report

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Recently, in its Fiscal Monitor the International Monetary Fund said industrial policy initiatives pursued by the United States, Europe and other countries to steer innovation in certain sectors were no panacea to boost economic growth.

About Fiscal Monitor Report:

  • It provides an overview of latest public finance developments, updates the medium-term fiscal outlook, and assesses fiscal implications of policies relevant to the global economy.
  • It is prepared twice a year by the IMF’s Fiscal Affairs Department.
  • Its projections are based on the same database used for the World Economic Outlook (WEO) and the Global Financial Stability Report (GFSR).
  • The fiscal projections for individual countries have been prepared by IMF desk economists, and, in line with the WEO guidelines.

Key facts about the International Monetary Fund

  • It was formed in 1944 at the Bretton Woods Conference with the goal of reconstructing the international monetary system.
  • Its mission is to promote global economic growth and financial stability, encourage international trade, and reduce poverty around the world.
  • It gets its money through quotas and subscriptions from its member countries.
  • Objective: It fosters economic growth and employment by providing temporary financial assistance to countries to help ease the balance of payments adjustment and technical assistance.
  • Reports by IMF: World Economic Outlook and Global Financial Stability Report

Headquarters: Washington, DC, USA

Q1: What is the Global Financial Stability Report?

It provides an assessment of the global financial system and markets, and addresses emerging market financing in a global context. It focuses on current market conditions, highlighting systemic issues that could pose a risk to financial stability and sustained market access by emerging market borrowers. It is given by the International Monetary Fund.

Source: IMF warns industrial policy no magic cure for slow economic growth