David Coady

Mr. Benedict J. Clements

Ms. Stefania Fabrizio

Mr. Sanjeev Gupta

Mr. Trevor Serge Coleridge Alleyne

Mr. Carlo A. Sdralevich

Energy subsidies have wide-ranging economic consequences. Although they are aimed at protecting consumers, subsidies aggravate fiscal imbalances, crowd out priority public spending, and depress private investment, including in the energy sector. Subsidies also distort resource allocation by encouraging excessive energy consumption, artificially promoting capital-intensive industries, reducing incentives for investment in renewable energy, and accelerating the depletion of natural resources. Most subsidy benefits are captured by higher-income households, reinforcing inequality. Even future generations are affected through the damaging effects of increased energy consumption on global warming. This book provides (1) the most comprehensive estimates of energy subsidies currently available for 176 countries and (2) an analysis of “how to do” energy subsidy reform, drawing on insights from 22 country case studies undertaken by the IMF staff and analyses carried out by other institutions.

Lessons and Implications

Energy Subsidy Reform

Ms. Kalpana Kochhar

Ms. Katrin Elborgh-Woytek

Ms. Monique Newiak

Kangni Kpodar

Mr. Philippe Wingender

Mr. Gerd Schwartz

The proposed SDN discusses the specific macro-critical aspects of women’s participation in the labor market and the constraints that prevent women from developing their full economic potential. Building on earlier Fund analysis, work undertaken by other organizations and academic research, the SDN presents possible policies to overcome these obstacles in different types of countries.

Women, Work, and the Economy:Macroeconomic Gains from Gender Equity

Ms. Catherine A. Pattillo

Ms. Yan Sun

Mrs. Nujin Suphaphiphat

Andrew Swiston

Mr. Robert Tchaidze

Valentina Flamini

Ms. Laure Redifer

Mr. Harald Finger

This paper examines water challenges, a growing global concern with adverse economic and social consequences, and discusses economic policy instruments. Water subsidies provided through public utilities are estimated at about $456 billion or 0.6 percent of global GDP in 2012. The paper suggests that getting economic incentives right, notably by reforming water pricing, can go a long way towards encouraging more efficient water use and supporting needed investment, while enabling policies that protect the poor. It also discusses pricing reform options and emphasizes an integrated and holistic approach to manage water, going beyond the water sector itself. The IMF can play a helpful role in ensuring that macroeconomic policies are conducive to sound water management.

Issues in Managing Water Challenges and Policy Instruments

Is the Glass Half Empty Or Half Full?

Ms. Stefania Fabrizio

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