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WASHINGTON, April 13 (Xinhua) -- The International Monetary1 Fund (IMF) on Wednesday called for countries to prepare fiscal2 policies and work together to counter worsening global fiscal positions.
"Fiscal positions have worsened significantly since the April 2015 Fiscal Monitor, with public debt ratios being revised upward in most countries," said the IMF in its latest Fiscal Monitor report.
For emerging markets and middle-income economies, fiscal deficit3 ratios in 2015-16 are now expected to exceed the levels observed at the beginning of the global financial crisis. The fiscal positions of commodity exporters have been especially hard hit.
Countries need to prepare policies against worsening global fiscal positions: IMF
Advanced economies have also remained vulnerable in a context of high public debt, greater than 100 percent of gross domestic product (GDP) on average, low inflation and sluggish4 growth.
"In this difficult environment, fiscal policies must be prepared to respond promptly5 to support growth and reduce vulnerabilities," said the report.
"They (countries) must be prepared to act together to fend6 off global risk," said Vitor Gaspar, director of IMF's Fiscal Affairs Department, at the press conference releasing the report.
The report said the fiscal measures for advanced economies should focus on boosting both short- and medium-term growth, such as infrastructure7 investment and structural8 reforms.
For commodity exporters, their public spending has to be realigned with tighter resources. To reduce the pain of this adjustment, those countries should improve revenue diversification9 and cut poorly targeted and wasteful10 spending.
In other emerging markets and developing economies, key challenges to fiscal policies are to create budgetary room to respond to rising demand for public services, improve the provision of health and education and develop infrastructure, said the report, adding that these objectives can be achieved by implementing11 pro-growth structural reforms, better mobilizing revenues and improving expenditure12 efficiency.
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1 monetary | |
adj.货币的,钱的;通货的;金融的;财政的 | |
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2 fiscal | |
adj.财政的,会计的,国库的,国库岁入的 | |
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3 deficit | |
n.亏空,亏损;赤字,逆差 | |
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4 sluggish | |
adj.懒惰的,迟钝的,无精打采的 | |
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5 promptly | |
adv.及时地,敏捷地 | |
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6 fend | |
v.照料(自己),(自己)谋生,挡开,避开 | |
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7 infrastructure | |
n.下部构造,下部组织,基础结构,基础设施 | |
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8 structural | |
adj.构造的,组织的,建筑(用)的 | |
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9 diversification | |
n.变化,多样化;多种经营 | |
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10 wasteful | |
adj.(造成)浪费的,挥霍的 | |
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11 implementing | |
v.实现( implement的现在分词 );执行;贯彻;使生效 | |
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12 expenditure | |
n.(时间、劳力、金钱等)支出;使用,消耗 | |
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