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According to U.N. estimates, low-income countries will have to increase their annual public spending by up to 30 percent of GDP to achieve the Sustainable Development Goals (SDGs), raising the question of whether they can do it all. This paper develops a new metric of fiscal space in low-income countries that accounts for macroeconomic uncertainty, allowing us to assess whether those spending needs can be accommodated. Illustrative simulations based on this methodology imply that, even under benign conditions, the fiscal space available in lowincome countries is likely insufficient to undertake the spending needed to achieve the SDGs. Improving public investment efficiency and domestic revenue mobilization can somewhat narrow the gap but it will require major efforts relative to recent trends.

Developing countries --- Economic conditions. --- Fiscal policy --- E-books --- Macroeconomics --- Public Finance --- Fiscal Policy --- National Deficit Surplus --- Debt --- Debt Management --- Sovereign Debt --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Public finance & taxation --- Fiscal space --- Fiscal stance --- Public debt --- Public investment spending --- Expenditure --- Debts, Public --- Public investments --- United States

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The paper assesses, using seven structural models used heavily by policymaking institutions, the effectiveness of temporary fiscal stimulus. Models can, more easily than empirical studies, account for differences between fiscal instruments, for differences between structural characteristics of the economy, and for monetary-fiscal policy interactions. Findings are: (i) There is substantial agreement across models on the sizes of fiscal multipliers. (ii) The sizes of spending and targeted transfers multipliers are large. (iii) Fiscal policy is most effective if it has some persistence and if monetary policy accommodates it. (iv) The perception of permanent fiscal stimulus leads to significantly lower initial multipliers.

Banks and Banking --- Macroeconomics --- Money and Monetary Policy --- Public Finance --- Fiscal Policy --- Interest Rates: Determination, Term Structure, and Effects --- Monetary Policy --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Finance --- Monetary economics --- Public finance & taxation --- Fiscal stimulus --- Real interest rates --- Accommodative monetary policy --- Fiscal multipliers --- Public investment spending --- Fiscal policy --- Interest rates --- Monetary policy --- Public investments --- United States

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This Ex Post Assessment of Longer-Term Program Engagement for the Kyrgyz Republic explains macroeconomic and structural performance. External debt service claimed a steadily increasing share of fiscal revenues, but a strengthened commitment to prudent fiscal policies and improved policy capacity have helped to turn around macroeconomic performance. Fiscal policy must deliver on its revenue targets, while addressing poverty and servicing large external debt obligations. Debt reduction must continue to be a main objective of any IMF-supported program.

Exports and Imports --- Public Finance --- Trade: General --- International Lending and Debt Problems --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- International economics --- Public finance & taxation --- Exports --- External debt --- Export performance --- Public investment spending --- Public investment and public-private partnerships (PPP) --- International trade --- Expenditure --- Debts, External --- Public investments --- Public-private sector cooperation --- Kyrgyz Republic

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Durante las últimas tres décadas, el gasto público en infraestructura, como porcentaje del PIB, ha estado disminuyendo en todo el mundo. Aunque la relación entre la inversión en infraestructura y el crecimiento económico aún no se comprende cabalmente, la calidad de la infraestructura afecta sin lugar a dudas a la productividad de un país, la competitividad en los mercados de exportación y la capacidad para atraer inversiones extranjeras. Este estudio analiza las siguientes preguntas: ¿Deberían los países aumentar la inversión pública en infraestructura? Si la respuesta es sí, ¿cómo pueden hacerlo de una manera que sea responsable desde el punto de vista fiscal? ¿Son las asociaciones público-privadas una alternativa viable?.

Infrastructure --- Public Finance --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Investment --- Capital --- Intangible Capital --- Capacity --- Debt --- Debt Management --- Sovereign Debt --- National Government Expenditures and Related Policies: General --- Public finance & taxation --- Macroeconomics --- Public investment and public-private partnerships (PPP) --- Public investment spending --- Public debt --- Expenditure --- Public-private sector cooperation --- Public investments --- Saving and investment --- Debts, Public --- Expenditures, Public --- Brazil

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The preponderance of evidence from the empirical literature on aid effectiveness suggests that development aid has not had a significant impact on growth in recipient countries. However, there is some evidence that aid has had positive effects when the policy environment has been conducive to growth. Regarding the relationship between aid and the main channels through which its impact on growth could flow—investment and domestic saving—the evidence is mixed, with some indication that aid has had a positive impact where adjustment efforts have been sustained.

Exports and Imports --- Macroeconomics --- Public Finance --- Foreign Aid --- Macroeconomics: Consumption --- Saving --- Wealth --- National Government Expenditures and Related Policies: General --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- International economics --- Public finance & taxation --- Foreign aid --- Domestic savings --- Expenditure --- Aid flows --- Public investment spending --- National accounts --- International relief --- Saving and investment --- Expenditures, Public --- Economic assistance --- Public investments --- Sri Lanka