• Can we fight climate change with innovation? Read the new article in #FandD’s September issue, produced in partnership with @COP26. Link https://t.co/ULujlbQoUK
    IMF Thu 16 Sep 2021 15:51

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    Innovation has brought us to an inflection point; the coming decade will be decisive

    When we gathered in Paris in 2015 to hammer out the historic climate deal, few of us dared hope that by 2021 more than 60 countries—representing over half of global emissions—would have committed to net zero emissions by mid-century. In addition, 4,500 non-state actors, such as companies, cities, regions, and other institutions, have embraced a net zero target. Asset owners and managers are also now stepping up, with over $40 trillion of assets under management committed to net zero portfolios by 2050.

    What has brought us to this inflection point of hope edging out despair?

    Innovation—in institutions, understanding, technology, and leadership. The Paris deal itself was hugely innovative. Politics ruled out a legally binding treaty, so a new approach had to be forged. Fiercely criticized by some for its voluntary nature and non-binding...

  • In an #IMFBlog we survey the digital landscape in #Asia and the effect of new tax proposals on corporate tax revenue across Asian countries. Read more here: Link https://t.co/YJYoJLHltT
    IMF Thu 16 Sep 2021 12:01

    Asia alone has roughly two billion internet users, with considerable room to grow. Asia’s advanced and emerging market economies have several locally headquartered tech giants—including Alibaba, JD.com, Tencent, Rakuten—and host foreign tech giants such as Facebook. A new set of agreed global tax reforms will change where these tech giants and other global giants pay taxes.

    Thus far, it’s been challenging for many Asian countries to tax tech giants especially because many are not physically but rather only digitally present in a country. Existing international norms for taxing profits, which many people consider to be outdated and unfair, haven’t kept up. Collecting taxes on cross-border digital services and small parcel e-commerce deliveries is also a challenge.

    Changes afoot

    Some Asian countries have started to introduce digital services taxes—withholding taxes on payments for cross-border digital services or user-based turnover taxes on digital...

  • RT @GitaGopinath: The world reached 40% vaccination (at least 1 dose) this week. But only 2% in low-income countries. Reaching our goal of…
    IMF Wed 15 Sep 2021 20:40
  • Just how much equity and debt did global investors hold in 2020? $76.3 trillion, an all time high, and up from $61.4 trillion in June that year. Check out the details in our latest coordinated portfolio investment survey: Link https://t.co/7bOObSI1yR
    IMF Wed 15 Sep 2021 20:00
  • Deadline approaching 9/30. "Successfully rebalancing our needs for nature requires action at all levels." Prof. Dasgupta on the importance of the IMF's Climate Innovation Challenge. Submit your idea at Link #IMFinnovation #climateaction #DasguptaReview https://t.co/RchcAScdxK
    IMF Wed 15 Sep 2021 15:05
  • A small country can make a big difference. Here is how Finland is using innovation to fight climate change. Link #FandD https://t.co/PUsV6lOtE4
    IMF Wed 15 Sep 2021 14:50

    Download PDF

    Finland and Dominica pursue innovative ways of coping with climate change

    The devastating scenes of destruction that have played out in recent weeks—from record-breaking floods in China to raging fires in Greece—offer a glimpse into what a warmer world looks like. Climate chaos is not inevitable, however. Climate solutions exist, and they are being delivered in countries with the will and leadership to do so.

    The countries highlighted here have different goals. In Finland, it’s mitigation. The country has set an ambitious target of becoming carbon neutral by 2035, in part by shifting from plastic, concrete, and steel to wood and bio-based materials through careful forest management.

    In Dominica, a Caribbean island on the front lines of the war on climate change, adaptation is the priority. Storms regularly batter the island and climate change will inevitably increase both the frequency and intensity of those storms. The country...

  • #Digitalization is a game changer. How is it playing out in #Asia and what does it mean for tax revenue and tax collection? Find out at #IMFBlog. Link https://t.co/bqvRIr3J4Z
    IMF Wed 15 Sep 2021 13:55

    Asia alone has roughly two billion internet users, with considerable room to grow. Asia’s advanced and emerging market economies have several locally headquartered tech giants—including Alibaba, JD.com, Tencent, Rakuten—and host foreign tech giants such as Facebook. A new set of agreed global tax reforms will change where these tech giants and other global giants pay taxes.

    Thus far, it’s been challenging for many Asian countries to tax tech giants especially because many are not physically but rather only digitally present in a country. Existing international norms for taxing profits, which many people consider to be outdated and unfair, haven’t kept up. Collecting taxes on cross-border digital services and small parcel e-commerce deliveries is also a challenge.

    Changes afoot

    Some Asian countries have started to introduce digital services taxes—withholding taxes on payments for cross-border digital services or user-based turnover taxes on digital...

  • Join us at the Civil Society Policy Forum from Sep 27-Oct 8! ?Explore inclusive space for civil society ??Engage @IMFNews @WorldBank @IFC_org ?Let your voice be heard ? Discuss shared development goals Register before Sept 20: Link #AMCSO21 https://t.co/gKX9RpbsUu
    IMF Wed 15 Sep 2021 00:49

    The Civil Society Policy Forum (CSPF) has become an integral part of the International Monetary Fund and World Bank Group Spring and Annual Meetings, providing an open space for Civil Society Organizations (CSOs) to dialogue and exchange views with World Bank Group and IMF staff, their peers, government delegations, and other stakeholders on a wide range of topics.

    Find a tentative schedule for the CSPF.

    To attend the CSPF, we invite civil society organizations to register for the Annual Meetings.

    CSOs include non-governmental organizations, community groups, labor unions, indigenous peoples movements, faith-based organizations, professional associations, foundations, think tanks, charitable organizations, and other not-for-profit organizations.  Representatives from the private sector, academia or governmental bodies must apply for accreditation through the "Guests" or other respective registration category as clarified on the...

  • REPLAY | A conversation on the future of taxation in an increasingly digitalized world in Asia. #taxation #digitaleconomy #digitalization Link
    IMF Tue 14 Sep 2021 18:24

    You can add location information to your Tweets, such as your city or precise location, from the web and via third-party applications. You always have the option to delete your Tweet location history. Learn more

  • The #IMFyouth Fellowship Program is back! Join the global effort to build forward better and share your ideas on how to tackle today’s most pressing economic issues by applying before September 24. Learn more and apply here: Link https://t.co/ck28NguJBW
    IMF Tue 14 Sep 2021 17:39

    Apply Now

    The 2021 IMF Youth Fellowship Program provides an opportunity for young participants to become part of the global effort to build forward better and join the IMF at the forefront of the response to the crisis. Participants in the program will experience firsthand the IMF virtual Annual Meetings and participate in virtual training led by IMF experts. Selected fellows will get the opportunity to participate in a 2-day virtual workshop to meet with IMF management and senior staff and discuss current global economic issues including inclusive growth, inequality, digital economy and climate change.

  • Dominica is determined to become the first climate-resilient country by 2030 and is investing heavily to “disaster-proof” its buildings and infrastructure. Link #FandD https://t.co/k3KAEKCdsM
    IMF Tue 14 Sep 2021 15:54

    Download PDF

    Finland and Dominica pursue innovative ways of coping with climate change

    The devastating scenes of destruction that have played out in recent weeks—from record-breaking floods in China to raging fires in Greece—offer a glimpse into what a warmer world looks like. Climate chaos is not inevitable, however. Climate solutions exist, and they are being delivered in countries with the will and leadership to do so.

    The countries highlighted here have different goals. In Finland, it’s mitigation. The country has set an ambitious target of becoming carbon neutral by 2035, in part by shifting from plastic, concrete, and steel to wood and bio-based materials through careful forest management.

    In Dominica, a Caribbean island on the front lines of the war on climate change, adaptation is the priority. Storms regularly batter the island and climate change will inevitably increase both the frequency and intensity of those storms. The country...

  • Good economics demands that we manage nature better, writes Cambridge’s Partha Dasgupta in the latest #FandD, produced in partnership with @COP26. Link https://t.co/urVmSaHuM2
    IMF Tue 14 Sep 2021 14:33

    Download PDF

    Good economics demands that we manage Nature better

    The past 70 years are a success story on many counts. We are healthier, live longer, and enjoy higher income, on average, than our predecessors. The proportion of the world’s population in absolute poverty has fallen dramatically. As we benefit from advances in technology, modern science, and food production, we may be excused for thinking that humanity never had it so good. Global GDP has risen enormously since the 1950s (see chart), and world economic output is 15 times higher.

    These achievements conceal a simple truth, however, which has profound consequences not only for how we think about and practice economics, but also for the way we live our lives. All the prosperity we have enjoyed relies on the Nature that surrounds us and of which we are a part—from the food we eat, to the air we breathe, to the decomposition of our waste, to opportunities for recreation and spiritual...

  • Dominica is determined to become the first climate-resilient country by 2030 and is investing heavily to “disaster-proof” its buildings and infrastructure. Link #FandD https://t.co/jRFT3nJpP8
    IMF Tue 14 Sep 2021 13:23

    Download PDF

    Finland and Dominica pursue innovative ways of coping with climate change

    The devastating scenes of destruction that have played out in recent weeks—from record-breaking floods in China to raging fires in Greece—offer a glimpse into what a warmer world looks like. Climate chaos is not inevitable, however. Climate solutions exist, and they are being delivered in countries with the will and leadership to do so.

    The countries highlighted here have different goals. In Finland, it’s mitigation. The country has set an ambitious target of becoming carbon neutral by 2035, in part by shifting from plastic, concrete, and steel to wood and bio-based materials through careful forest management.

    In Dominica, a Caribbean island on the front lines of the war on climate change, adaptation is the priority. Storms regularly batter the island and climate change will inevitably increase both the frequency and intensity of those storms. The country...

  • Our congratulations to Ilan Goldfajn, the new director of the IMF’s Western Hemisphere Department. Read #FandD’s Dec 2019 “In the Trenches” interview of Goldfajn here: Link Link
    IMF Tue 14 Sep 2021 13:08

    Brazil’s Ilan Goldfajn explains why central bankers ought to follow their convictions

    Andreas Adriano

    Central banks should never surprise markets, so goes the cliché. But Ilan Goldfajn knows that sometimes that is exactly what is needed. In mid-2016, during his first two weeks as governor of Brazil’s central bank, markets, journalists, and commentators all believed that the country’s inflation-targeting regime would have to be adjusted, because inflation was too high. Goldfajn disagreed and stood his ground. Inflation in 2017 was 2.95 percent, almost below the tolerance margin.

    Born in Israel, Goldfajn grew up in Rio de Janeiro during a time of profound economic disarray in Brazil, witnessing four currency changes in seven years and inflation upward of 80 percent a month. He earned a PhD from the Massachusetts Institute of Technology and worked with Asian countries at the IMF during the late 1990s. He was deputy governor for economic policy at...

  • [STARTING NOW] A conversation on the future of taxation in an increasingly digitalized world in Asia. Link #Taxation #digitaleconomy #digitalization https://t.co/4ih12HfvuL
    IMF Tue 14 Sep 2021 12:08

    September 14, 2021

    Digitalization in Asia is pervasive, unique, and growing. It stands out by its sheer scale, with internet users far exceeding numbers in other regions. Yet, digitalization also raises new tax challenges. Existing income tax systems are widely perceived as unfair as they fail to assign taxing rights to countries where non-resident businesses make e-commerce sales or where online users are located.

    Global tax reforms currently under consideration under the OECD-led Inclusive Framework will likely change the geographic distribution of tax revenue paid by multinational enterprises in Asia, creating winners and losers. Unilateral measures, such as digital services taxes, have been introduced by many countries in the region, but create tradeoffs, and potential revenues remain limited. Finally, a key question for indirect taxes is not “what” to tax, but “who” will collect the tax.

    Against this backdrop, this high-level virtual seminar will...

  • RT @imf_podcast: The SDR allocation will go a long way toward helping vulnerable countries and minimize the dangerous divergence in recover…
    IMF Thu 26 Aug 2021 13:42
  • Global current account balances had been on the decline for years, but that trend changed in 2020 with the #pandemic. What has driven the widening in global current account balances? Read more in our latest External Sector Report #ESR: Link https://t.co/IC1R8JeFju
    IMF Thu 26 Aug 2021 12:11

    Overall current account deficits and surpluses widened in 2020 to 3.2 percent of world GDP. The IMF’s multilateral approach suggests that global excessive imbalances were broadly unchanged in 2020 at about 1.2 percent of world GDP. The external outlook for 2021 is highly uncertain given the divergent economic prospects across countries.

    Unprecedented government borrowing to finance health care and economic support has had uneven effects on current account balances. The impact on the current account balances depends on a country’s relative fiscal policy stance compared with that of its trading partners.

    The outlook for global current account balances is a gradual narrowing during 2022–26, mainly reflecting a narrowing of the US deficit and China’s surplus to below pre-pandemic levels. Over the medium term, collective action is needed to reduce global imbalances in a growth-friendly manner.

  • .@CeylaP_IMF: As in 2009, the SDR allocation will benefit all our members. It will build confidence and strengthen the resilience and stability of the global economy. Listen to the full interview on @IMF_podcast: Link
    IMF Wed 25 Aug 2021 20:16

    Special Drawing Rights (SDR) are international reserve assets and used as the accounting unit for IMF transactions with its member countries. Earlier this month, in a historic multilateral response to the pandemic, the IMF board of governors approved a new SDR allocation of $650 billion, the largest in the institution's history. Ceyla Pazarbasioglu heads the Strategy, Policy and Review Department at the IMF. In this podcast, she says the SDR allocation will go a long way toward helping vulnerable countries and minimize the dangerous divergence in recovery paths around the world. TRANSCRIPT: https://bit.ly/3y6inY1

  • How much have the pandemic and crisis response widened current account balances? How have government policies added to the widening balances? Find out here: Link #ESR https://t.co/HDSrOkSWp8
    IMF Wed 25 Aug 2021 16:01
  • The IMF Executive Board has urged Jordan to prioritize reforms that improve its #business environment, strengthen governance, and reduce #unemployment, particularly among women and young people. https://t.co/nzqeMkPJQV
    IMF Tue 24 Aug 2021 20:20
  • The IMF’s financial support for Jordan will help the country—host to 1.3 million Syrian #refugees—deal with the health, economic, and social impact of the #pandemic and catalyze much needed support from other development partners. https://t.co/2kcJEbIct8
    IMF Tue 24 Aug 2021 20:20
  • ?? #Jordan’s strong implementation of its economic reform program will help boost jobs-rich and inclusive growth, while maintaining macroeconomic and financial stability. Link https://t.co/74rKiiU9gH
    IMF Tue 24 Aug 2021 20:20
  • RT @NOIweala: I urge members with strong foreign exchange reserve positions to channel their SDR allocations to poorer countries, particula…
    IMF Tue 24 Aug 2021 19:35
  • RT @NOIweala: Let me congratulate @KGeorgieva and her whole team as well as @IMFNews shareholders on today’s historic allocation of $650 bi…
    IMF Tue 24 Aug 2021 19:35
  • RT @CeylaP_IMF: I sat down with @imf_podcast to discuss #SDRs & how the $650 bln allocation can help build confidence & strengthen countrie…
    IMF Tue 24 Aug 2021 18:30
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