INTERNATIONALMONETARYFUNDFISCALMONITORHelping PeopleBounce Back2022OCT NTERNATIONALMONETARYEUNDFISCALMONITORHelping PeopleBounce Back2022OCT 02022 International Monetary FundCover: IMF CSF Crestive Solutions DivionComposition;: AGS, An RR Donnelley CompanyCataloging-in-Publication DataIMF LibraryNames International Monetary Fund.Other titles; World economic and financial surveys, 0258-7440Title: Fiscal monitorDescription: Washington, DC : International Monetary Fund, 2009-| Semiannual |Someissues alo have thematic tides.Subjecte: LCSH: Pinaace, Public—Periodicals. | Finance, PublicForecasting—Periodicak. Classification: LCC HJ101.F57ISBN: 979-8-40021-274-1 (paper979-8-40021-129-4 (PDF)979-8-40021-283-3 (ePub)Disclaimen The Fiucaf Meairwr is asurvey by the IMF stafpublished twice a year, inthe spring and fll The report analyzes the latest public finance devdlopmeats, updatesmedium-term fiscal projections, and aseses policies to put public finances on a sustainable footing, The report was prepared by IMF staff and has benefited from commentsand suggestions from Exccutive Directors follouing their discussion of the report onSeptember 29, 2022, The views exprssed in this publication are those of the IMF staffand do not necessarily represent the views of the IMF’s Esecutive Directors or theirsational suthorities.Recommended citations Intermational Monctary Fund (IMF). 2022. Ficrl Meaitar:Hejping Peple Beunce Brce Washington, DC: IME, October.Publication onders may be placed online, by fax, or through the mail:International Monetary Fund, Publication ServicesPO Box 92780, Washingron, DC 20090, USATdlephone: (202) 623-7430 Far (202) 623-7201E-mail: publicartions@imf.orgwwwimfbooktore.orgwww.elbraryimf.org CONTENTSAssumptions and Comventions-Further InformationPrefaceviForewrordvliExecutive SummaryChapter 1, Helping People Bounce BackIntroduction1Fiscal Policy to Build a Resilient SocietyBuilding Resilience for Households against Job or Income Losses3Responses to Surging Food and Energy Prices10Ensuring the Resilience of Firms in Extraordinary Times12 Preparing a Strategy Ready to Deploy14Box 1.1. Building a Resilient Future17Box 1.2. Designing Government Support to Fims during a Crisis19References21 Economy Abbreviations25Glossary27Methodological and Statistical Appendix31Data and Conventions31 Fiscal Policy Assumptions34 Definition and Coverage of Fiscal Data38 Table A. Economy Groupings38 Table B. Advanced Economies: Definition and Coverage of Fiscal Monitor Data41Table C. Emerging Market and Middle-Income Economies: Definition andCoverage of Fiscal Monitor Data42 Table D. Low-Income Developing Countries: Definition and Coverage of Fiscal Monitor Data43 List of TablesAdvanced Economies (A1A8)44Emerging Market and Middle-Income Economies (A9A16)52 Low-Income Developing Countries (A17A22)60 Structural Fiscal Indicators (A23A25)66Selected Topics69 IMF Executive Board Discussion of the Outlook, September 202281Interational Meetary FundOcober 2022 FISCAL MONITOR: HELPING PEOPLE BOUNCE BACKFiguresFigure ES.1. National Budget Balances, by Income Group, 201922Figure ES.2. National Gross Debt and Interest Expense, by Income Group, 201424xFigure ES.3. Effect of Inflation Shock on the Debt Ratio, Selected Countries, 2022 versus 2020xFigure ES.4. Food and Energy Support Policies, by Income GroupxiFigure ES.5. Sovereign Spreads, by Income Group, 202022xiFigure ES.6. Fiscal Impulse, Inflation, and Debt for G20 CountriesxiFigure 1.1. Fiscal Policy Builds Resilience in Several Critical Areas2Figure 1.2. Fiscal Responses in Large Crises2Figure 1.3. Simulations of the Stabilization of Income and Consumption acrossEU Countries, 2020nFigure 1.4. Stabilization of Income across EU Countries, by Household Income Groups, 2020n 6Figure 1.5. Change in Per Capita Income across Household Income Quintiles in Brazil, 2020Figure 1.6. Evolution of Poverty and Income Inequality during the Pandemic in Brazil, 2019216Figure 1.7. US Consumption Growth during the Pandemic, by Income Group, 2019211Figure 1.8. Simulated Effects of Discretionary Support and Time-Varying Automatic Stabilizers10 Figure 1.9. Recently Announced Measures in Response to High Energy and Food Prices11Figure 1.10. Domestic Consumption by Low-Income Households under Different EnergySubsidy Schemes11Figure 1.11. Estimated Implicit Subsidy and Take-Up of Govermment GuaranteePrograms, 20202114Figure 1.1.1. Children Missing Out on NonCOVID-19 Immunization17Figure 1.2.1. Firms Receiving Public Support19 TablesTable 1.1. Selected Examples of Social Spending during the COVID-19 Pandemic inEmerging Market and Developing EconomiesTable 1.2. Appropriate Fiscal Tools to Deploy Depend on the Nature of theAdversity of Shocks15Online-Only AnnexesOnline Annex 1.1. Countercyclical of Fiscal PoliciesOnline Annex 1.2. Income Stabilization before and during the COVID-19 Pandemic acrossEU Countries: A Microsimulation ApproachOnline Annex 1.3. Brazil's Emergency Cash Transfer ProgramOnline Annex 1