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☆ Fiscal policy must stay the course to manage rising debt, IMF's Gaspar says
▼ + stars: | 2024-04-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFiscal policy must stay the course to manage rising debt, IMF's Gaspar saysVitor Gaspar, director of the IMF's fiscal affairs department, discusses the importance of fiscal and monetary policy working in tandem to tackle inflation.

Persons: IMF's Gaspar, Vitor Gaspar

☆ America’s debt problem could spell higher interest rates in the rest of the world
▼ + stars: | 2024-04-17 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

The IMF said Wednesday that increased government spending, growing public debt and elevated interest rates in the United States had contributed to high and volatile yields — or interest rates — on Treasuries, raising the risk of higher rates elsewhere. “Loose fiscal policy in the United States exerts upward pressure on global interest rates and the dollar,” Vitor Gaspar, director of the IMF’s fiscal affairs department, told reporters. Higher interest rates make it more costly for households and businesses to service their loans, which can lead to defaults that cause losses at banks and other lenders, increasing financial instability. That means that even if the Fed cuts interest rates later this year — the IMF’s central scenario — US government funding costs may not fall by the same margin, he added. The IMF expects US public debt to continue rising, helping drive government debt worldwide to close to 100% of global gross domestic product by 2029, from 93% last year.

Persons: ” Vitor Gaspar, ”, Jerome Powell, ” Tobias Adrian, Gaspar, Pierre, Olivier Gourinchas, That’s Organizations: London CNN, International Monetary Fund, IMF, Federal Reserve, Treasury Department, Treasury, US, Federal Locations: United States, Washington

☆ Key takeaways from the IMF/World Bank meetings
▼ + stars: | 2023-10-14 | by ( ) www.reuters.com time to read: +5 min

Global inflation is seen dropping from 6.9% this year to a still-high 5.8% next. Italian central bank governor Ignazio Visco said there was an impression markets were "reevaluating the term premium" as investors become more nervous about holding longer term debt. One debt restructuring deal emerged: Zambia finally agreed a debt rework memorandum of understanding with creditors including China and France. Sri Lanka said on Thursday it reached an agreement with the Export-Import Bank of China covering about $4.2 billion of debt, while talks with other official creditors are stalling. There was much talk ahead of Marrakech on revamping the IMF and World Bank to better reflect the emergence of economies like China and Brazil.

Persons: Ajay Banga, Mercy Tembon, Finance Serhiy Marchenko, Ceda Ogada, Kristalina Georgieva, Pierre, Olivier Gourinchas, Ignazio Visco, Joyce Chang, Vitor Gaspar, Mehmet Simsek, Murat Ulgen, Kate Donald, Ahmed El Jechtimi, Andrea Shalal, David Lawder, Leika Kihara, Elisa Martinuzzi, Rachel Savage, Jorgelina, Rosario, Balazs Koranyi, Mark John, Christina Fincher Organizations: Bank, Finance, International Monetary Fund, Emerging, Research, HSBC, Reuters, Export, Import Bank of, World Bank, Oxfam International's Washington DC Office, Thomson Locations: Ukraine, MARRAKECH, Morocco, Moroccan, Marrakech, Israel, Central, United States, China, Italy, Italian, Turkey, Kenya, Zambia, France, Sri Lanka, Import Bank of China, Brazil, U.S

☆ Key takeaways from the IMF-World Bank meetings
▼ + stars: | 2023-10-14 | by ( ) www.cnbc.com time to read: +4 min

U.S. Secretary of Treasury Janet Yellen arrives for a bilateral meeting on the third day of the International Monetary Fund and World Bank annual meeting, in Marrakech, Morocco, October 11, 2023. Susana Vera | ReutersOvershadowed by fresh Middle East violence and hosted by a country still recovering from an earthquake, the week-long annual meetings of the International Monetary Fund and World Bank wrapped up on Saturday. Global inflation is seen dropping from 6.9% this year to a still-high 5.8% next. Italian central bank governor Ignazio Visco said there was an impression markets were "reevaluating the term premium" as investors become more nervous about holding longer-term debt. One debt restructuring deal emerged: Zambia finally agreed a debt rework memorandum of understanding with creditors including China and France.

Persons: Janet Yellen, Susana Vera, Pierre, Olivier Gourinchas, Italy —, Ignazio Visco, Joyce Chang, Vitor Gaspar, Mehmet Simsek, Murat Ulgen Organizations: International Monetary Fund, Bank, Reuters, Emerging, Research, HSBC, Export, Import Bank of Locations: Marrakech, Morocco, Moroccan, Israel, Central, United States, China, Italy, Italian, Turkey, Kenya, Zambia, France, Sri Lanka, Import Bank of China

☆ IMF fiscal chief: U.S., China must rein in debt, face different challenges
▼ + stars: | 2023-10-11 | by ( David Lawder | ) www.reuters.com time to read: +3 min

IMF Director of Fiscal Affairs Vitor Gaspar speaks to reporters at the headquarters of the International Monetary Fund in Washington, U.S., October 12, 2022. Continuing along their projected fiscal paths will ultimately cause difficulties for the world's two largest economies, Gaspar told Reuters in an interview. The U.S. and China are fueling a projected return to higher debt levels after two years of falling debt-to-GDP ratios as a post-COVID growth surge fades. DEFICITS RISINGGaspar said the challenge for the United States was persistently high and growing budget deficits. GROWTH FADESChina faces different challenges, the largest of which is slowing economic growth.

Persons: Vitor Gaspar, James Lawler Duggan, Gaspar, David Lawder, John Stonestreet Organizations: Fiscal, International Monetary Fund, REUTERS, Rights, Monetary Fund Fiscal, Reuters, U.S, Congressional Budget Office, Social, Thomson Locations: Washington , U.S, Rights MARRAKECH, Morocco, U.S, China, United States, Washington

☆ U.S. and China are the main drivers of rising global debt, IMF official says
▼ + stars: | 2023-10-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. and China are the main drivers of rising global debt, IMF official saysVitor Gaspar, head of the fiscal affairs department at the International Monetary Fund, discusses the outlook for global public debt.

Persons: Vitor Gaspar Organizations: U.S, International Monetary Fund Locations: China

☆ IMF's fiscal chief says U.S. CPI data shows need to maintain inflation fight
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, April 12 (Reuters) - The U.S. Consumer Price Index data for March shows persistent above-target inflation pressures, "validating" the International Monetary Fund's emphasis on continuing to fight inflation at IMF and World Bank Spring Meetings this week, IMF Fiscal Affairs Director Vitor Gaspar said. Gaspar told a news conference that fiscal tightening could help remove upward pressures on interest rates by helping reduce fiscal demand and added that he saw little chance of a broad sovereign debt crisis in coming years. Reporting by David LawderOur Standards: The Thomson Reuters Trust Principles.

☆ Energy price support measures in Europe often no longer necessary, IMF's Vitor Gaspar says
▼ + stars: | 2023-04-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEnergy price support measures in Europe often no longer necessary, IMF's Vitor Gaspar saysVitor Gaspar, director of the fiscal affairs department for the IMF, discusses the global economic outlook and reasons for current pressures, as well as adjustments governments can make as their economies recover.

☆ IMF says public debt is growing faster than pre-COVID projections
▼ + stars: | 2023-04-12 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

Summary Public debt to return to nearly 100% in 2028Growth in debt dominated by U.S., China39 low-income countries in or near debt distressWASHINGTON, April 12 (Reuters) - Public debt is higher and growing faster than projected before the COVID-19 pandemic, driven mainly by the United States and China, the world's two largest economies, the International Monetary Fund's top fiscal expert said on Wednesday. Vitor Gaspar, director of the IMF's Fiscal Affairs Department, said global public debt soared to almost 100% of GDP in 2020 before posting its steepest drop in 70 years by 2022, although it remained about 8 percentage points above the pre-pandemic level. The IMF's report warned that risks were high, and reducing debt vulnerabilities should be an "overriding priority," especially in low-income developing countries where 39 countries were already in or near debt distress. To guard against further and worsening problems, regulators should consider strengthening crisis management frameworks and their regimes for dealing with troubled institutions. "Among the worst possible crises, are crises where you have a financial crisis simultaneously with a sovereign debt crisis, and that is something labeled as the doom loop," Gaspar said.

☆ IMF says global debt well above pre-pandemic levels despite steep 2021 drop
▼ + stars: | 2022-12-12 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

In a blog released with its inaugural Global Debt Monitor, the IMF said total public and private debt decreased by 10 percentage points to 247% of global gross domestic product in 2021 from its peak of 257% in 2020. In dollar terms, global debt continued to rise, although at a much slower rate, reaching a record $235 trillion last year. The unusually large swings in debt ratios - or "global debt rollercoaster" - were caused by the economic rebound from COVID-19 and the ensuring swift rise in inflation, the IMF said. But low-income countries saw their total debt ratios continue to increase in 2021, driven by higher private debt, with total debt reaching 88% of GDP. High inflation levels continued to help reduce debt ratios in 2022, but spending will increase if inflation becomes persistent, which could lead to higher premiums.

☆ IMF sees ad hoc taxes on excess profits as 'problematic'
▼ + stars: | 2022-10-12 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

Vitor Gaspar, who heads the IMF's fiscal affairs department, said taxing excess profits could provide permanent revenue for a country's budget, but the European Union initiative now being considered was "problematic" because it violated tax certainty. Gaspar, a former Portuguese finance minister, said the IMF believed that the tax system should be clear, predictable and ruled by law, which meant a proposal to tax windfall profits "on profits that have already occurred is a problematic initiative." But the IMF believed that an ad hoc windfall profits tax would violate the principle of tax certainty. In its new Fiscal Monitor, the IMF said a permanent tax on windfall profits from fossil fuel extraction could be considered if another adequate fiscal mechanism was not in place. Doing so could raise revenues for a government without increasing inflation or reducing investment, and avoided distortions from a temporary tax on windfall profits, it said.

☆ IMF's Vitor Gaspar: More than 50 countries have debt distress issues
▼ + stars: | 2022-10-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIMF's Vitor Gaspar: More than 50 countries have debt distress issuesVitor Gaspar, director of the fiscal affairs department at the IMF, speaks to CNBC's Geoff Cutmore at the 2022 Annual Meetings of the International Monetary Fund and the World Bank Group in Washington, D.C.

☆ FMI propune ca beneficiarii pandemiei și bogații să plătească o taxă de ”solidaritate” cu cei afectați de criză
▼ + stars: | 2021-04-08 | by ( Publika.Md - Aici Sunt Știrile | ) www.publika.md time to read: +4 min

De asemenea, potrivit FMI, o astfel de taxă i-ar asigura pe cei mai afectați că lupta împotriva COVID-19 este un efort colectiv în cadrul societăților. Apelul FMI vine în ciuda faptului că majoritatea țărilor nu se confruntă cu o criză a finanțelor publice. Împrumuturile puternice ale țărilor, luate anul trecut, au contribuit la rezultate economice mult mai bune, a spus FMI. Economiile avansate au împrumutat 11,7% din venitul național, țările emergente 9,8% și țările cu venituri mici 5,5%. „Este important să se sublinieze caracterul cu mai multe viteze al redresării și ca politicile să fie adaptate pentru a se potrivi circumstanțelor specifice fiecărei țări”, a spus Gaspar.

Persons: Gaspar, El Organizations: Monetar, FMI, Financial Times Locations: FMI, pandemiei, Germaniei

☆ FMI cere o taxă suplimentară pentru cei care s-au îmbogățit în timpul pandemiei de COVID
▼ + stars: | 2021-04-08 | by ( ) www.jurnal.md time to read: +2 min

Sursa foto: Jurnal.mdFMI cere o taxă suplimentară pentru cei care s-au îmbogățit în timpul pandemiei de COVIDFMI a solicitat o taxă suplimentară temporară pentru cei care s-au „îmbogățit” în timpul pandemiei, pentru reducerea inegalităților sociale. Directorul Departamentului de Afaceri Fiscale de la FMI, Vitor Gaspar, a declarat într-un interviu acordat pentru Financial Times că a solicitat o taxă suplimentară pentru persoanele fizice și companiile cu venituri mari care s-au îmbogățit în timpul pandemiei, pentru reducerea inegalităților sociale, potrivit Axios. Astfel, FMI a solicitat țărilor dezvoltate să crească impozitul pe venit pentru o perioadă scurtă de timp și să ia în considerare implementarea unui impozit special pentru companiile care s-au „îmbogățit” în timpul pandemiei. Asta pentru că, potrivit FMI, oamenii mai tineri și mai săraci au suferit cel mai mult în timpul pandemiei, iar unele companii au avut profituri neobișnuit de mari, scrie Dcnews.ro. FMI a afirmat că lumea va înregistra o creștere a PIB-ului cu 6% în acest an, cea mai mare din anii ’70.

Persons: Gaspar, FMI Organizations: FMI, Financial Times Locations: FMI, Gaspar, Germaniei

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