IMF Fiscal Monitor Report on State-Owned Enterprises

The Peterson Institute for International Economics (PIIE) held a virtual event to launch the International Monetary Fund's IMF Fiscal Monitor report on state-owned enterprises (SOEs) on May 12, 2020. Paulo Medas, deputy division chief, and John Ralyea, senior economist, in the IMF Fiscal Affairs Department presented the report’s findings. Mary E. Lovely, senior fellow at PIIE, and Emilio Pineda, chief of the Fiscal Management Division at the Inter-American Development Bank, provided comments.

Over the past decade, state-owned enterprises (SOEs) have doubled in importance among the world’s largest corporations and some are multinationals. At their best, they can help during crises, like the pandemic, and promote economic development. However, many are a burden to taxpayers and the economy. Some are also worried about unfair competition from SOEs that receive government support. The new IMF Fiscal Monitor report discusses what countries can do to get the most out of SOEs.

Mary E. Lovely, senior fellow at the Institute, is also professor of economics and Melvin A. Eggers Faculty Scholar at Syracuse University's Maxwell School of Citizenship and Public Affairs. During 2011–15, she served as coeditor of the China Economic Review.

Paulo Medas is a deputy division chief in the IMF’s Fiscal Affairs Department. Previously, he held various positions in the IMF’s European and Western Hemisphere departments.

Emilio Pineda has been the chief of the Fiscal Management Division at the Inter-American Development Bank (IADB) since September 2019. Prior to joining the IADB, he worked at the IMF and at the Secretariat of Finance in Mexico.

John Ralyea is a senior economist in the Fiscal Affairs department. He is also part of the IMF’s China team. Prior to joining the IMF, he worked for the US Treasury Department.