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The Managing Director's Written Statement: The Managing Director's Written Statement
International Monetary Fund. Strategy, Policy, & Review Department
The world faces the spillovers from the war in the Middle East. In addition to the human toll, its economic effects are global and uneven, once again hitting the poorest and most vulnerable countries the hardest. This comes at a time when policy space has been eroded and geopolitical tensions have been increasing. Spillovers to Low-Income Developing Countries (LIDCs) will transmit through supply disruptions, higher commodity prices, second-round effects on inflation and expectations, tighter global financial conditions, exchange rate pressures, and reduced remittances from members of the Gulf Cooperation Council (GCC). The appropriate policy response depends on how the shock propagates through the domestic economy, calling for pragmatism and agility, supported by credible policy frameworks. In LIDCs, near term policies should be anchored in credible frameworks, while concerted efforts are key to enhance resilience and growth potential. Domestic structural reforms, including building strong institutions, also have an important role in the medium-term to attract stronger FDI inflows and create jobs. Robust support from the international community will be essential—especially for the most vulnerable LIDCs and fragile and conflict-affected states (FCS). The IMF stands ready to deploy all its tools to assist the membership—supporting sound policies, helping ensure this new test does not derail key medium-term priorities, and providing balance of payments financing where needed.
Type:
Journal Issue
Source Title:
Policy Papers
Volume/Issue:
Volume 2026: Issue 010
Series:
Policy Papers
Publisher:
International Monetary Fund
Publication Date:
23 Apr 2026
Language:
DOI:
ISBN:
9798229043885
Type:
Journal Issue
Source Title:
Policy Papers
Volume/Issue:
Volume 2026: Issue 010
Series:
Policy Papers
Publisher:
International Monetary Fund
Publication Date:
23 Apr 2026
Language:
DOI:
ISBN:
9798229043885
Download PDF
Monetary and Fiscal Policy Linkages in the Czech Republic
Lukas Boer
and
Allan Dizioli
This paper uses scenario analysis to illustrate the implications of persistently higher fiscal deficits for monetary policy in the Czech Republic. It distinguishes across different types of fiscal spending and monetary policy responses. The paper argues that coordinated action, explicitly accounting for the monetary policy response to a fiscal easing, can improve policy outcomes. The analysis is complemented by a historical perspective of fiscal and monetary policy interactions in the Czech Republic. Specifically, the paper reviews past policy synchronization, estimates the responsiveness of fiscal policy to debt levels, and constructs a measure of monetary-fiscal policy tensions based on fiscal r*. Intensifying tensions over the coming years point to a potential need for policy adjustments.
Keywords:
Monetary Policy
Fiscal Policy
Policy Coordination
Scenario Analysis
Czech Republic
Type:
Journal Issue
Source Title:
Selected Issues Papers
Volume/Issue:
Volume 2026: Issue 035
Series:
Selected Issues Papers
Publisher:
International Monetary Fund
Publication Date:
23 Apr 2026
Language:
DOI:
ISBN:
9798229045087
Type:
Journal Issue
Source Title:
Selected Issues Papers
Volume/Issue:
Volume 2026: Issue 035
Series:
Selected Issues Papers
Publisher:
International Monetary Fund
Publication Date:
23 Apr 2026
Language:
DOI:
ISBN:
9798229045087
Download PDF
Scenario Analysis for the Czech Republic: Using the Integrated Policy Framework (IPF)
Thomas P Gade
Jesper L Linde
, and
Lukas Boer
This paper applies the IMF’s Integrated Policy Framework (IPF) to the Czech Republic with the aim of contributing to the use of scenario analysis at the Czech National Bank (CNB). The paper identifies some shallowness of FX markets as the main relevant friction under the IPF. Moreover, while inflation expectations are generally well anchored, they can nevertheless deviate from the inflation target for extended periods. Using an extended version of the QIPF model, the paper broadens the scope of analysis beyond traditional external shock scenarios, to also include domestic fiscal policy shocks and central bank balance sheet normalization. The paper finds that (i) in the event of a global risk-off outflow shock, the CNB can improve macro stabilization through a combined use of reserves and interest rate policy, (ii) refocusing fiscal stimulus towards more productive uses greatly reduces the degree of monetary policy tightening needed to stabilize inflation at target, and (iii) balance sheet normalization is optimally implemented in a preannounced and gradual manner, in which potential currency appreciation in principle can be mitigated through a slightly lower policy rate.
Keywords:
Scenario analysis
Integrated policy framework
Currency markets
Financial markets
Foreign exchange intervention
Capital flows
Inflation
Monetary policy
Fiscal Policy
Czech Republic
Type:
Journal Issue
Source Title:
Selected Issues Papers
Volume/Issue:
Volume 2026: Issue 034
Series:
Selected Issues Papers
Publisher:
International Monetary Fund
Publication Date:
23 Apr 2026
Language:
DOI:
ISBN:
9798229044455
Type:
Journal Issue
Source Title:
Selected Issues Papers
Volume/Issue:
Volume 2026: Issue 034
Series:
Selected Issues Papers
Publisher:
International Monetary Fund
Publication Date:
23 Apr 2026
Language:
DOI:
ISBN:
9798229044455
Download PDF
Housing Affordability in the Czech Republic: Drivers, Dynamics, and Policy Option
Esha Chhabra
Worsening housing affordability in the Czech Republic reflects a structural imbalance between supply and demand, where income-driven demand has persistently outpaced construction capacity constrained by slow permitting processes and municipal fragmentation. Using a structural vector autoregression (SVAR) framework, this paper quantifies the contributions of demand, supply, and monetary shocks to movements in Czech house prices. The findings show that while monetary policy can moderate cyclical pressures, achieving sustainable affordability requires structural reforms that address rigidities in the construction sector, scale affordable housing development, and modernize property taxation.
Keywords:
Housing affordability
house prices
housing supply
structural vector autoregression
macroprudential policy
structural reform
Type:
Journal Issue
Source Title:
Selected Issues Papers
Volume/Issue:
Volume 2026: Issue 036
Series:
Selected Issues Papers
Publisher:
International Monetary Fund
Publication Date:
23 Apr 2026
Language:
DOI:
ISBN:
9798229045278
Type:
Journal Issue
Source Title:
Selected Issues Papers
Volume/Issue:
Volume 2026: Issue 036
Series:
Selected Issues Papers
Publisher:
International Monetary Fund
Publication Date:
23 Apr 2026
Language:
DOI:
ISBN:
9798229045278
Download PDF
Tax Administration Reform in Greece: Outcomes and Lessons (2010–25)
Andrew Okello
Stoyan E Markov
Era Dabla-Norris
Chenghong Wang
George Pitsilis
, and
Elli-Sivylla Gregou
This Note documents Greece’s comprehensive tax administration reform journey over 2010–2025, showing how sustained reform under crisis conditions translated institutional change and digital innovation into durable revenue, compliance gains. Following an initial phase focused on revenue stabilization, Greece progressively advanced legal and institutional reforms, culminating in the establishment of the Independent Authority for Public Revenue (IAPR), followed by an ambitious digital transformation centered on myDATA, e invoicing, real time reporting, and data driven compliance management. These reforms contributed to a marked increase in the tax to GDP ratio, a sharp reduction in the VAT compliance gap, and significant improvements in operational performance, as reflected in international assessment tools such as TADAT and ISORA. IMF capacity development, supported by other development partners and strong ownership by the Greek tax authority, played a critical role in reform design, implementation, and monitoring. Greece’s experience underscores the importance of credible governance reforms, appropriate sequencing, sustained political commitment, and investment in digital and human capital. While country contexts differ, the lessons from Greece are highly relevant for other countries seeking to modernize tax administration, strengthen compliance, and enhance domestic revenue mobilization over the medium term.
Keywords:
reform
capacity development
sequencing
digital transformation
revenue mobilization
compliance
Type:
Journal Issue
Source Title:
IMF Notes
Volume/Issue:
Volume 2026: Issue 003
Series:
IMF Notes
Publisher:
International Monetary Fund
Publication Date:
22 Apr 2026
Language:
DOI:
ISBN:
9798229041812
Type:
Journal Issue
Source Title:
IMF Notes
Volume/Issue:
Volume 2026: Issue 003
Series:
IMF Notes
Publisher:
International Monetary Fund
Publication Date:
22 Apr 2026
Language:
DOI:
ISBN:
9798229041812
Download PDF
Ecuador: Fifth Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for Waivers of Nonobservance of Performance Criteria, Modification of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Ecuador
International Monetary Fund. Western Hemisphere Dept.
Ecuador successfully regained access to international capital markets in early 2026, and the authorities remain committed to the implementation of their economic program, supported by the Extended Fund Facility (EFF) arrangement of SDR 3.75 billion (537.5 percent of quota, about US$5 billion) approved by the Executive Board in May 2024 and augmented in July 2025. The authorities are strengthening fiscal sustainability and liquidity buffers, including by implementing revenue and expenditure reforms alongside targeted measures to protect vulnerable groups. They are also making important progress on their structural reform agenda.
Type:
Journal Issue
Source Title:
IMF Staff Country Reports
Volume/Issue:
Volume 2026: Issue 084
Series:
IMF Staff Country Reports
Publisher:
International Monetary Fund
Publication Date:
22 Apr 2026
Language:
DOI:
ISBN:
9798229044158
Type:
Journal Issue
Source Title:
IMF Staff Country Reports
Volume/Issue:
Volume 2026: Issue 084
Series:
IMF Staff Country Reports
Publisher:
International Monetary Fund
Publication Date:
22 Apr 2026
Language:
DOI:
ISBN:
9798229044158
Download PDF
Long-Term Spending Pressures in Liechtenstein
Rodgers B Chawani
Liechtenstein faces long-term fiscal pressures from population aging, climate transition, and enhanced security requirements. Using a Marginal Abatement Cost Curve framework, cohort-component demographic modeling, and cross-country benchmarking, staff estimates cumulative annual spending pressures of approximately 3½ percent of GDP by 2050—climate mitigation and adaptation (1.7 percent), pensions (1.5 percent), and security (0.3 percent). Liechtenstein's strong fiscal position—consistent surpluses, near-zero public debt, and substantial net assets—provides space to address these pressures. Systematic integration of long-term projections into budgetary frameworks through regular sustainability assessments and independent evaluation would strengthen transparency, intergenerational equity, and fiscal credibility.
Keywords:
Fiscal sustainability
long-term spending pressures
climate finance
pension expenditure
demographic transition
Liechtenstein
Type:
Journal Issue
Source Title:
Selected Issues Papers
Volume/Issue:
Volume 2026: Issue 032
Series:
Selected Issues Papers
Publisher:
International Monetary Fund
Publication Date:
21 Apr 2026
Language:
DOI:
ISBN:
9798229044301
Type:
Journal Issue
Source Title:
Selected Issues Papers
Volume/Issue:
Volume 2026: Issue 032
Series:
Selected Issues Papers
Publisher:
International Monetary Fund
Publication Date:
21 Apr 2026
Language:
DOI:
ISBN:
9798229044301
Download PDF
Productivity Dynamics and Long-Run Growth: Principality of Liechtenstein
Tara Iyer
and
Andinet Woldemichael
This Selected Issues Paper analyzes productivity and long-run growth in Liechtenstein. Despite among the highest labor productivity levels in Europe, growth has been weak over an extended period, leading to declining relative performance. Sectoral differences persist between high-productivity manufacturing and lower-productivity services. Long-run growth is constrained by demographic pressures, skills shortages, reliance on cross-border commuters, and infrastructure bottlenecks, despite strong private innovation. The paper concludes that sustaining high living standards will require targeted structural reforms, including upgrading human capital, expanding labor supply, strengthening public-private innovation partnerships, and improving physical and digital infrastructure.
Keywords:
Human Capital
Long-Run Growth
Productivity
Commuter Workers
Multinational Enterprises
Innovation
Macroeconomic Policies
Type:
Journal Issue
Source Title:
Selected Issues Papers
Volume/Issue:
Volume 2026: Issue 033
Series:
Selected Issues Papers
Publisher:
International Monetary Fund
Publication Date:
21 Apr 2026
Language:
DOI:
ISBN:
9798229045186
Type:
Journal Issue
Source Title:
Selected Issues Papers
Volume/Issue:
Volume 2026: Issue 033
Series:
Selected Issues Papers
Publisher:
International Monetary Fund
Publication Date:
21 Apr 2026
Language:
DOI:
ISBN:
9798229045186
Download PDF
Unpacking the Effects of Trade Policy Uncertainty on ASEAN Economics
Sandile Hlatshwayo
and
Aishwary Trivedi
Trade policy uncertainty (TPU) has reached record highs in recent years. This paper builds granular TPU measures for several ASEAN economies that distinguish between protectionist and trade agreement-based uncertainty, as well as differences between ‘own’-country TPU shocks and third-party TPU shocks (i.e., spillovers from TPU in trading partner economies). It finds that third-party TPU shocks are most detrimental to output per capita through weaker investment and private consumption, and despite improved trade balances. Own protectionist TPU shocks reduce trade balances and raise inflation. In contrast, own agreement TPU shocks are linked to a modest, temporary boost to output, likely reflecting anticipatory investment.
Keywords:
Trade policy uncertainty
ASEAN
protectionism
trade agreements
spillovers
macroeconomic effects
Type:
Journal Issue
Source Title:
Selected Issues Papers
Volume/Issue:
Volume 2026: Issue 031
Series:
Selected Issues Papers
Publisher:
International Monetary Fund
Publication Date:
20 Apr 2026
Language:
DOI:
ISBN:
9798229044783
Type:
Journal Issue
Source Title:
Selected Issues Papers
Volume/Issue:
Volume 2026: Issue 031
Series:
Selected Issues Papers
Publisher:
International Monetary Fund
Publication Date:
20 Apr 2026
Language:
DOI:
ISBN:
9798229044783
Download PDF
Republic of Tajikistan: Tax Administration Development Program 2026-2030
International Monetary Fund. Fiscal Affairs Dept.
The IMF supported the development of a draft Tax Administration Development Program (TADP) 2026-2030 for the Republic of Tajikistan which outlines a comprehensive strategy to modernize and digitalize the national tax administration system. Building on prior reforms and international best practices, the Program aims to enhance voluntary compliance, reduce the shadow economy, and improve taxpayer services through advanced risk management and digital transformation. Key findings highlight significant progress in digital services and institutional reforms and identify the need to strengthen compliance risk management and interagency cooperation. The Program recommends a sequenced and comprehensive approach focusing on four strategic priorities: enhancing compliance, digital transformation, harmonization with international standards, and organizational excellence.
Keywords:
Tajikistan
Tax Administration
Diagnostic
Tax Administration Development Program
Type:
Journal Issue
Source Title:
High-Level Summary Technical Assistance Reports
Volume/Issue:
Volume 2026: Issue 021
Series:
High-Level Summary Technical Assistance Reports
Publisher:
International Monetary Fund
Publication Date:
17 Apr 2026
Language:
DOI:
ISBN:
9798229043434
Type:
Journal Issue
Source Title:
High-Level Summary Technical Assistance Reports
Volume/Issue:
Volume 2026: Issue 021
Series:
High-Level Summary Technical Assistance Reports
Publisher:
International Monetary Fund
Publication Date:
17 Apr 2026
Language:
DOI:
ISBN:
9798229043434
Download PDF
Page:
10
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