[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-110091-en":3,"doc-seo-110091-105":31,"detail-sidebar-cat-0-en-105":93},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":28,"seo_description":14,"update_tm":29,"read_time":30},110091,1099513958762,"Logic","https://ap-avatar.wpscdn.com/avatar/1000023916a998db790?x-image-process=image/resize,m_fixed,w_180,h_180&k=1784791008015729253",8,"Research & Report","Joint IMF-WBG Staff Note - DSSI Fiscal Monitoring Update","The note summarizes findings from the updated fiscal monitoring system for the COVID-19 Debt Service Suspension Initiative (DSSI), endorsed by G20 Finance Ministers in April 2020 and later extended into 2021. It reviews fiscal pressures in 2020 from revenue contraction and pandemic-related spending increases, then assesses preliminary and uncertain projections for 2021, including divergence across DSSI beneficiaries and potential downside risks. It also highlights governance, accountability, and transparency measures for COVID-related expenditures and provides reference to country-level fiscal data in annexes.","Public Disclosure Authorized Public Disclosure Authorized  \nOFFICIAL USE ONLY  \nSecM2021-0234 IDA/SecM2021-0260  \nSeptember 9, 2021  \nFROM: Vice President and Corporate Secretary  \nJoint IMF-WBG Staff Note  \nDSSI Fiscal Monitoring Update  \n1. Attached for information is a document prepared jointly by the World Bank Group and the International Monetary Fund. A document which provides supplemental information was distributed as (SecM2021-0234/1[IDA/SecM2021-0260/1])  \n2. Questions on this document should be referred to Ms. Chiara Bronchi (202-473-4324, [cbronchi@worldbank.org](cbronchi@worldbank.org)) or Mr. Robert Utz (202-758-6705, [rutz1@worldbank.org](rutz1@worldbank.org)).  \nDistribution:  \nExecutive Directors and Alternates President  \nBank Group Senior Management Vice Presidents, Bank, IFC and MIGA  \nDirectors and Department Heads, Bank, IFC, and MIGA Secretary, IMF  \nThis document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank Group authorization.  \nSeptember 7, 2021  \nJOINT IMF-WBG STAFF NOTE: DSSI FISCAL MONITORING UPDATE  \nExecutive Summary  \nThe COVID-19 pandemic put significant pressures on fiscal accounts during 2020 through a contraction of revenues and increased spending needs to tackle the pandemic and its economic fallout. In response to these pressures, the countries benefitting from the Debt Service Suspension Initiative (DSSI) have faced difficult choices to reprioritize spending, especially capital spending, even as they allowed higher overall fiscal deficits.  \nThe efforts of DSSI beneficiaries in 2020 to address the challenges associated with the pandemic despite lowered revenues are expected to broadly continue in 2021, reflecting health and economic costs that the beneficiaries are incurring while the pandemic continues. At the same time, these projections for 2021 indicate some unwinding of the developments and efforts of 2020 together with divergence across the DSSI beneficiaries. However, the submitted 2021 projections are still very preliminary, with considerable uncertainty surrounding economic and fiscal prospects for the DSSI beneficiaries. Materialization of downside risks (e. g., pandemic intensification) could result in lower revenues, higher COVID-related spending, lower capital expenditure, and wider fiscal deficit than the current projections. Going forward, effective and timely implementation of the Common Framework is urgent owing to the expiration of the DSSI at the end of 2021, and hence increased fiscal pressures that countries will face as they re-start debt service payments in an environment of continued uncertainty regarding economic prospects due to the coronavirus pandemic.  \nThe DSSI beneficiaries are in the process of implementing measures to enhance accountability and transparency arrangements in the context of COVID-related spending. Such governance and anti-corruption measures were commitments made under IMF arrangements, including emergency financing, as well as under World Bank financing, including Development Policy Financing, COVID-19 related investment financing, and IDA’s Sustainable Development Financing Policy. The World Bank and IMF have provided capacity development support to strengthen the DSSI beneficiaries’Public Financial Management and other governance and anti-corruption reform.  \nInformation on each beneficiary’s fiscal data and related commentary are provided in the Country Annex.  \nApproved By  \nPaolo Mauro (IMF) and Marcello Estevão (WB)  \nPrepared by the IMF’s Fiscal Affairs Department and the World Bank’s MTI. The IMF team was led by Kenji Moriyama and included Keyra Primus, with administrative assistance from Sofia Cerna Rubinstein, Julie Vaselopulos, and Melissa Artavia Caravaca and research assistance from Isaura Alejandra Garcia Valdes. The World Bank team was led by Chiara Bronchi and included Robert Utz, Massimo Mastruzzi (","cbCaiiAMGkbfY12c","https://ap.wps.com/l/cbCaiiAMGkbfY12c","pdf",465899,5,1,20,"English","en",105,"# Executive Summary\n# Introduction and Context\n# Fiscal Efforts in 2020\n# Projected Fiscal Efforts for 2021\n# Fiscal Governance and Transparency Measures\n## IMF-World Bank DSSI Fiscal Monitoring Framework (Box 1)\n## Revenues, Expenditures, and Fiscal Deficits in 2020 (Figure 1)\n## Revenues, Expenditures, and Fiscal Deficits in 2021 (Figure 2)\n## Summary of Fiscal Policy Responses, 2020 (Table 1)\n## Summary of Fiscal Policy Responses, 2021 (Table 2)\n# Appendices\n## DSSI Eligibility and Participation","[{\"question\":\"What does the DSSI fiscal monitoring update cover?\",\"answer\":\"It summarizes the findings from the updated fiscal monitoring system for the COVID-19 Debt Service Suspension Initiative, focusing on fiscal developments and projections for participating beneficiaries and related governance arrangements.\"},{\"question\":\"Why were countries under fiscal pressure in 2020 under DSSI?\",\"answer\":\"The COVID-19 pandemic reduced revenues while increasing spending needs to address health and economic fallout, leading countries to reprioritize—especially capital spending—despite allowing higher overall fiscal deficits.\"},{\"question\":\"How will the end of DSSI in 2021 affect fiscal pressures and implementation urgency?\",\"answer\":\"DSSI expiration at the end of 2021 increases fiscal pressures as countries restart debt service payments under continued economic uncertainty, making timely implementation of the Common Framework urgent.\"}]","Joint IMF-WBG Staff Note - 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