The Chair’s Summing Up Independent Evaluation Office—IMF Advice on Fiscal Policy Executive Board Meeting December 4, 2025

International Monetary Fund

No 2025/045, IMF Policy Papers from International Monetary Fund

Abstract: The Executive Board discussed the Independent Evaluation Office’s review of IMF fiscal policy advice from 2008 to 2023. Directors welcomed the evaluation and noted the Fund’s progress in adapting its guidance to changing global conditions. The discussion highlighted the evolution from a narrow focus on debt sustainability toward a more integrated approach that balances fiscal sustainability, output stabilization, and long-term growth. Directors acknowledged improvements in analytical tools, including debt sustainability frameworks and fiscal risk assessments, while emphasizing the need for clearer articulation of fiscal stance and better integration of long-term spending priorities. The Board reaffirmed its commitment to transparency and consistency in providing candid, country-specific advice to help members navigate fiscal challenges.

Keywords: Fiscal policy; fiscal space; fiscal consolidation; IMF surveillance; debt sustainability; Government debt management; IMF performance; financing assessment; evaluation office; fiscal policy advice; staff take-up; Fiscal councils; Fiscal risks; Debt sustainability analysis; Global financial crisis of 2008-2009; Fiscal sustainability; Debt financing (search for similar items in EconPapers)
Pages: 2
Date: 2025-12-16
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