IMF / FISCAL MONITOR CARBON TAX

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16-Oct-2019 00:02:43
The International Monetary Fund (IMF) is warning that a synchronized downturn in global growth may mean countries need to be prepared for coordinated action, the Fund’s Director of the Fiscal Affairs Department, Vitor Gaspar said ahead of the launch of the Fiscal Monitor report on Wednesday (16 Oct) in Washington. IMF

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STORY: IMF / FISCAL MONITOR CARBON TAX
TRT: 2:43
SOURCE: IMF
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS

DATELINE: 11 OCTOBER 2019, WASHINGTON DC

SHOTLIST:

RECENT - WASHINGTON DC

1. Wide shot, IMF building exterior
2. Close up, IMF logo on building

11 OCTOBER 2019, WASHINGTON DC

3. SOUNDBITE (English) Vitor Gaspar, Director of the Fiscal Affairs Department, International Monetary Fund (IMF):
“The global economy is in a synchronized slowdown. Risks are on the downside. Large economies should be prepared to engage in concerted action. Our analysis finds that in case of major enduring shocks to the global economy, coordinated multilateral action holds the key to effectiveness.”
4. Wide shot, Gaspar being interview
5. SOUNDBITE (English) Vitor Gaspar, Director of the Fiscal Affairs Department, International Monetary Fund (IMF):
“Low interest rates cannot be allowed to feed complacency. In most countries around the world public debt ratios and interest payment burdens are on the rise. Fiscal policy should be conducted in the context of a medium-term framework. Otherwise, as it happened too many times in the past, overborrowing may be followed by investors' panic and financial markets disruptions.”
6. Wide shot, Gaspar being interview
7. SOUNDBITE (English) Vitor Gaspar, Director of the Fiscal Affairs Department, International Monetary Fund (IMF):
“Policymakers must act now to curb global warming. The window of opportunity is closing fast. Countries pledges for the Paris agreements are insufficient. Finance ministers must fully engage as carbon tax takes the centre of mitigation efforts.”
8. Wide shot, Gaspar being interview
9. SOUNDBITE (English) Vitor Gaspar, Director of the Fiscal Affairs Department, International Monetary Fund (IMF):
“The Fiscal Monitor argues that carbon taxation should be the centrepiece of mitigation efforts. Carbon pricing provides incentives to reduce energy consumption to move towards clean forms of energy and move away from coal and other polluting fossil fuels. At the same time, the revenues from carbon taxation can be used to give money back to the people, compensate affected communities, finance public infrastructure and reduce taxation on labour and capital.”

RECENT - WASHINGTON DC

10. Wide shot, IMF building exterior

STORYLINE:

The International Monetary Fund (IMF) is warning that a synchronized downturn in global growth may mean countries need to be prepared for coordinated action, the Fund’s Director of the Fiscal Affairs Department, Vitor Gaspar said ahead of the launch of the Fiscal Monitor report on Wednesday (16 Oct) in Washington.

“The global economy is in a synchronized slowdown. Risks are on the downside. Large economies should be prepared to engage in concerted action. Our analysis finds that in case of major enduring shocks to the global economy, coordinated multilateral action holds the key to effectiveness,” Gaspar said.

Although nominal rates are low across much of the world, Gaspar says that governments must carefully watch their debt burdens.

“Low interest rates cannot be allowed to feed complacency. In most countries around the world public debt ratios and interest payment burdens are on the rise. Fiscal policy should be conducted in the context of a medium-term framework. Otherwise, as it happened too many times in the past, overborrowing may be followed by investors' panic and financial markets disruptions.”

A major concern is how to finance sustainable green energy initiatives.

“Policymakers must act now to curb global warming. The window of opportunity is closing fast. Countries pledges for the Paris agreements are insufficient. Finance ministers must fully engage as carbon tax takes the centre of mitigation efforts.”

Gaspar says that carbon taxes and pricing are an important tool both as an incentive to change energy consumption practices but also to raise income to fund other social goods.

“The Fiscal Monitor argues that carbon taxation should be the centrepiece of mitigation efforts. Carbon pricing provides incentives to reduce energy consumption to move towards clean forms of energy and move away from coal and other polluting fossil fuels. At the same time, the revenues from carbon taxation can be used to give money back to the people, compensate affected communities, finance public infrastructure and reduce taxation on labour and capital.”
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