I am proud to have co-led the International Monetary Fund's October 2025 Fiscal Monitor, titled “Spending Smarter: How Efficient and Well-Allocated Public Spending Can Boost Economic Growth.”

This Fiscal Monitor explores how governments can improve economic growth prospects by enhancing the efficiency and composition of public spending. Redirecting public spending toward infrastructure, education, health, and research and development, without increasing overall spending, can deliver significant long-term gains in output. Closing gaps in efficiency can further magnify these gains, with institution-building being the most effective strategy. The analysis provides new global and time-varying datasets of public spending efficiency and rigidity.

The release sparked incredible global dialogue and extensive outreach. Following a press briefing by the IMF's Fiscal Affairs Department and a panel discussion at the Center for Strategic and International Studies, our team delivered several well-attended presentations, for example, at the African Development Bank, the Centre for Economic Policy Research (CEPR), the European Central Bank (ECB), and the OECD. Notable highlights included sessions at the World Bank with 90 participants and the Africa Training Institute with 270 participants, both of which were characterized by exceptionally active audience participation. It has also been rewarding to see our findings cited by major global outlets, including the Financial Times, Bloomberg, Reuters, AFP, CNBC, Xinhua, The Economic Times, and Agencia EFE.

It was a true honor to co-lead a talented team alongside Galen Sher, under the expert guidance and supervision of Era Dabla-Norris and Davide Furceri.