For many countries in the Caribbean region, tax policy and tax administration reforms have been a long overdue task. Given the current situation worldwide, the Caribbean countries are now more than ever faced with the critical need to improve their capacity to collect and manage revenues. Achieving this will require the adoption of more efficient and modern institutional … [Read more...] about Winds of Change: An Opportunity to Reform Tax Administration in the Caribbean
Gerardo Reyes-Tagle
Gerardo Reyes-Tagle is a Lead Fiscal Economist in the IDB's Fiscal Management Division. He has more than 15 years of experience working on issues related to fiscal policy and tax administration, the quality of spending and debt sustainability. Over the years, Gerardo has led the high-level policy dialogue (for example, fiscal policy reforms, fiscal consolidation programs, debt restructuring, institutional capacity building, etc.), key technical assistance, work in the sector economic and financial operations across the spectrum of public finance in Latin America. He has directed and coordinated programs, analytical studies, and technical assistance with the IMF and the World Bank, among other multilateral organizations. Lately, he has focused on the analysis of fiscal risks that may pose threats to fiscal sustainability in the Latin American region, including those related to macroeconomic fluctuations, natural disasters, public companies, exchange rate fluctuations and interest rates, public-private partnerships, etc. It has provided technical assistance in establishing risk units within ministries of finance to help strengthen the identification and mitigation of fiscal risks. Before joining the IDB, Gerardo worked at the Energy Regulatory Commission and the Ministry of Finance in Mexico. He did his Master in Public Policy and Ph.D. in economics studies at Georgetown University and George Washington University in Washington, DC.
Tax amnesties in times of COVID: Exceptional measures in exceptional times
Some countries in Latin America and the Caribbean (LAC) are exploring a variety of options in their attempt to collect additional tax revenues to confront the COVID-19 emergency. With a somber forecast ahead, the region´s GDP may contract up to 6% while the fiscal deficit can climb up to 8% by the end of 2020. In this scenario, tax amnesties emerge as a way of generating … [Read more...] about Tax amnesties in times of COVID: Exceptional measures in exceptional times
COVID-19 in the Caribbean: The Economic Challenges Ahead
The COVID-19 pandemic caught the world by surprise, causing an unprecedented health emergency. Caribbean countries adopted containment measures to slow the spread of the disease and flatten the curve[1] based on prior experiences and lessons around the world. Actions ranged from limits to social activities and closure of non-essential businesses, to curfew hours and complete … [Read more...] about COVID-19 in the Caribbean: The Economic Challenges Ahead
Basel III and public-private partnerships: the butterfly effect
“The flutter of a butterfly’s wings can cause a hurricane halfway around the world.” This simple phrase introducing chaos theory may also sum up the impact that Basel III capital regulations could have on available finance for public-private partnerships (PPPs). The new capital regulations being implemented under Basel III are part of efforts to strengthen the requirements … [Read more...] about Basel III and public-private partnerships: the butterfly effect
PPPs in Brazil: A solution to infrastructure needs or a problem for fiscal sustainability?
The Public Private Partnership (PPP) market in Brazil is extremely active and has played a central role in policymakers’ agendas for decades. In total, 773 projects have reached financial closure in the last 20 years in Brazil, according to the World Bank’s Private Participation in Infrastructure database. These projects represent about one fifth of all private investment in … [Read more...] about PPPs in Brazil: A solution to infrastructure needs or a problem for fiscal sustainability?