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20 December 2018

Overview of fed­er­al bud­getary and fi­nan­cial da­ta up to and in­clud­ing Novem­ber 2018

Translated extracts from the Federal Ministry of Finance’s December 2018 monthly report

Federal budget trends up to and including November 2018

Trends in the federal budget

 

Actual 2017

2018 target

Actual1 January–

November 2018

Expenditure (€bn)2

325.4

343.6

304.4

Year-on-year change in % (year to date)

 

+2.1

Revenue (€bn)2

330.4

341.7

300.6

Year-on-year change in % (year to date)

 

+6.5

Tax revenue (€bn)

309.4

321.3

277.8

Year-on-year change in % (year to date)

 

+5.5

Fiscal balance (€bn)

5.0

-1.9

-3.8

Financing/use of surplus:

-5.0

1.9

3.8

Cash resources (€bn)

-

-

46.8

Seigniorage (€bn)

0.3

0.3

0.2

Movements in reserves3 (€bn)

-5.3

1.6

0.0

Net borrowing4 (€bn)

0.0

0.0

-43.2

Revenue

Federal revenue for the January–November 2018 period totalled €300.6bn, up by 6.5% (€18.4bn) on the year. Tax revenue (including EU own resources) increased by 5.5% (€14.4bn). Tax revenue trends this year have been affected by various special factors. In 2017, approximately €7.3bn of nuclear fuel duty (including interest) had to be returned to energy supply companies following the Federal Constitutional Court’s ruling of 7 June 2017. In addition, transfers of GNI-based own resources to the EU have been up significantly in 2018, by approximately €5.8bn on the year.

Other revenue was 21.4% (€4bn) higher on the year in the January–November 2018 period, mainly due to an increase in allocations from the Bundesbank’s profits (allocations so far this year have totalled €1.9bn, an increase of €1.5bn on the year). In addition, revenue from the distance-based commercial vehicle toll increased by €0.5bn and profits from the Federation’s holdings were up by €0.3bn on the year.

Expenditure

Cumulative federal expenditure for the period from January to November 2018 totalled €304.4bn, an increase of 2.1% (€6.2bn) on the year. Federal spending is separated into consumption and investment expenditure. In the January–November 2018 period, consumption spending was 2.3% higher than in the same period last year. This can be attributed primarily to increases in military procurement spending (up by +10.1%) and in ongoing grants to public administrations (up by +18.1%). In the latter category, the Federation’s allocation of €2.8bn to the Energy and Climate Fund had the biggest impact on results. This category also includes an increase in federal grants to reimburse the Länder for social spending on basic income support for older people and for people with reduced earning capacity. These grants totalled roughly €900m in the fourth quarter of 2017, but the reimbursements were not paid until 2018. There was no such spending in the first quarter of 2017. Grants for other areas saw a below-average year-on-year rise in the January–November 2018 period, tempering the increase in consumption expenditure. Nevertheless, there was a marked +2.7% increase in social security spending during this period, mainly as a result of higher allocations to the general pension insurance system (up by +3.3%). Interest expenditure fell sharply on the year by 6.6% in the first eleven months of 2018. Investment spending totalled €27.2bn; this is approximately 68% of the target level for 2018. The budgeted amount includes a €2.4bn allocation to a special digital infrastructure fund. The Bundestag approved the bill for the fund on 29 November. The final consultation on the bill in the Bundesrat took place on 14 December. If the law enters into force before the end of the year, the funds will be distributed in December. Investment spending remained steady on the year in the January–November 2018 period. Adjusted for the one-off allocation in August 2017 of €1bn to increase the equity of Deutsche Bahn AG, investment increased slightly on the year.

Fiscal balance

The federal budget recorded a deficit of €3.8bn for the period from January to November 2018.

Revenue and expenditure are subject to strong fluctuations over the course of the fiscal year and thus have an uneven effect on cash funds in individual months. Net borrowing also tends to fluctuate considerably over the course of the year. This means that the fiscal balance at this point in the year and the corresponding net borrowing figures are not reliable indicators of the end-of-year figures for the fiscal balance and net borrowing.

Actual 2017

2018 target

Actual

Year-on-year

change (year to date)

January to

November 2017

January to

November 2018

in €m

share in %

in €m

share in %

in €m

in %

General public services

77,006

23.7

81,712

 23.8

67,460

69,497

+3.0

Economic cooperation and development

8,330

2.6

9,389

 2.7

6,289

6,675

+6.1

Defence

36,419

11.2

38,002

 11.1

32,092

33,621

+4.8

Government, central administration

15,858

4.9

17,388

 5.1

15,060

15,810

+5.0

Revenue administration

4,554

1.4

4,891

 1.4

4,089

4,203

+2.8

Education, science, research, cultural affairs

22,984

7.1

24,207

 7.0

18,576

18,540

 -0.2

Support for school and university students and training programme participants

3,603

1.1

3,993

 1.2

3,083

2,991

 -3.0

Science, research and development outside of higher education institutions

12,268

3.8

13,290

 3.9

9,099

9,602

+5.5

Social security, family affairs and youth, labour market policy

168,801

51.9

173,006

 50.4

161,076

165,159

+2.5

Social insurance including unemployment insurance

111,703

34.3

115,063

 33.5

109,003

111,964

+2.7

including:

 

 

 

 

 

 

 

General pension insurance

82,381

 25.3

85,316

 24.8

81,273

83,995

+3.3

Labour market policy

37,590

11.6

36,728

 10.7

34,392

33,654

 -2.1

including:

 

 

 

 

 

 

 

Basic income support for jobseekers under Book II of the Social Code

21,423

6.6

20,400

 5.9

19,933

19,125

 -4.1

Government housing and heating allowances under Book II of the Social Code

6,753

2.1

6,900

 2.0

6,196

6,506

+5.0

Family assistance, welfare services, etc.

8,296

2.5

8,946

 2.6

7,661

8,351

+9.0

Social benefits for the consequences of war and political events

1,930

0.6

2,082

 0.6

1,767

1,741

 -1.5

Health, environment, sport, recreation

2,303

0.7

2,856

 0.8

1,811

1,877

+3.6

Housing, regional planning and local community services

2,923

0.9

3,549

 1.0

2,579

2,536

 -1.7

Housing, home ownership savings premium

2,267

0.7

2,580

 0.8

2,207

2,132

 -3.4

Food, agriculture and forestry

1,068

0.3

1,233

 0.4

714

592

 -17.0

Energy and water supply, trade and services

4,195

1.3

5,481

 1.6

3,614

3,200

 -11.5

Regional support measures

726

0.2

910

 0.3

557

497

 -10.7

Mining, manufacturing and construction

1,532

0.5

1,491

 0.4

1,471

1,332

 -9.5

Transport and communication

21,228

6.5

21,140

 6.2

18,341

17,992

 -1.9

Roads

9,484

2.9

10,081

 2.9

7,966

8,762

+10.0

Railways and public transport

7,047

2.2

6,162

 1.8

6,268

5,360

 -14.5

Financial management

30,532

9.4

30,416

 8.9

24,380

25,323

+3.9

Interest expenditure and borrowing-related expenditure

17,500

5.4

18,107

 5.3

17,426

16,278

 -6.6

Total expenditure 1

325,380

100.0

343,600

 100.0

298,223

304,392

+2.1

Actual 2017

2018 target

Actual

Year-on-year

change (year to date)

January to

November 2017

January to

November 2018

in €m

share in %

in €m

share in %

in €m

in %

Consumption expenditure

291,367

89.5

304,483

88.6

270,987

277,152

+2.3

Human resources expenditure

31,824

9.8

33,397

9.7

30,123

30,438

+1.0

Salary payments

23,182

7.1

24,796

7.2

21,841

21,988

+0.7

Pensions

8,643

2.7

8,602

2.5

8,282

8,450

+2.0

Operating expenditure

28,693

8.8

30,587

8.9

23,327

24,274

+4.1

Administrative expenditure (excl. human resources)

1,571

0.5

1,588

0.5

1,321

1,394

+5.5

Military procurement

10,625

3.3

12,316

3.6

8,035

8,843

+10.1

Other

16,498

5.1

16,682

4.9

13,971

14,037

+0.5

Interest expenditure

17,497

5.4

18,098

5.3

17,422

16,274

 -6.6

Ongoing grants and subsidies

212,582

65.3

221,491

64.5

199,410

205,407

+3.0

to public administrations

24,814

7.6

28,691

8.4

22,192

26,212

+18.1

to other areas

187,768

57.7

192,800

56.1

177,218

179,195

+1.1

including:

 

 

 

 

 

 

 

Companies

28,527

8.8

30,362

8.8

25,328

24,817

 -2.0

Pensions, assistance, etc.

30,127

9.3

29,391

8.6

28,064

27,498

 -2.0

Social security funds

117,495

36.1

120,190

35.0

114,054

117,156

+2.7

Other asset transfers

770

0.2

910

0.3

705

759

+7.7

Investment expenditure

34,013

10.5

39,803

11.6

27,236

27,240

+0.0

Financial assistance

24,170

7.4

29,312

8.5

19,342

19,056

 -1.5

Grants and subsidies

21,421

6.6

27,131

7.9

17,135

18,133

+5.8

Loans, guarantees

1,221

0.4

1,618

0.5

936

788

 -15.8

Acquisition of holdings; capital contributions

1,528

0.5

564

0.2

1,270

136

 -89.3

Fixed asset investment

9,843

3.0

10,490

3.1

7,894

8,183

+3.7

Construction projects

7,631

2.3

7,742

2.3

6,293

6,598

+4.8

Acquisition of movable assets

1,713

0.5

1,954

0.6

1,209

1,160

 -4.1

Acquisition of real property

499

0.2

794

0.2

392

426

+8.7

General reduction/increase in expenditure

0

0.0

-686

-0.2

0

0

X

Total expenditure 1

325,380

100.0

343,600

100.0

298,223

304,392

+2.1

Actual 2017

2018 target

Actual

Year-on-year

change (year to date)

January to

November 2017

January to

November 2018

in €m

share in %

in €m

share in %

in €m

in %

I. Tax revenue

309,376

93.6

321,307

94.0

263,403

277,825

+5.5

Federal share of joint taxes:

252,630

76.5

263,900

77.2

217,577

228,804

+5.2

Income tax and corporation tax (incl. final withholding tax on interest and capital gains)

136,685

41.4

144,503

42.3

112,086

120,815

+7.8

of which:

 

 

 

 

 

 

 

Wages tax

83,121

25.2

87,741

25.7

70,874

75,641

+6.7

Assessed income tax

25,256

7.6

26,173

7.7

18,688

18,949

+1.4

Non-assessed taxes on earnings

10,451

3.2

10,950

3.2

9,381

10,586

+12.8

Final withholding tax on interest and capital gains

3,227

1.0

3,474

1.0

2,825

2,849

+0.8

Corporation tax

14,629

4.4

16,165

4.7

10,318

12,790

+24.0

Value added taxes (VAT)

114,005

34.5

117,426

34.4

103,957

106,480

+2.4

Trade tax apportionment

1,941

0.6

1,971

0.6

1,535

1,509

 -1.7

Energy duty

41,022

12.4

41,300

12.1

32,508

32,368

 -0.4

Tobacco duty

14,399

4.4

14,160

4.1

12,525

12,473

 -0.4

Solidarity surcharge

17,953

5.4

18,750

5.5

15,102

16,044

+6.2

Insurance tax

13,269

4.0

13,670

4.0

12,611

13,128

+4.1

Electricity duty

6,944

2.1

6,930

2.0

6,289

6,337

+0.8

Motor vehicle tax

8,948

2.7

9,010

2.6

8,383

8,507

+1.5

Nuclear fuel tax

-7,262

-2.2

0

0.0

-7,262

0

X

Alcohol duty

2,096

0.6

2,102

0.6

1,904

1,917

+0.7

Coffee duty

1,057

0.3

1,055

0.3

949

931

 -1.9

Aviation tax

1,121

0.3

1,175

0.3

1,000

1,057

+5.7

Deductions

 

 

 

 

 

 

 

Supplementary grants to Länder

9,229

X

8,545

X

7,093

6,724

 -5.2

EU own resources (GNI-based)

14,258

X

22,610

X

12,637

18,417

+45.7

EU own resources (VAT-based)

2,362

X

2,510

X

2,165

2,184

+0.9

Grants to Länder for public transport

8,348

X

8,498

X

7,652

7,790

+1.8

Grants to Länder for motor vehicle tax and HGV toll

8,992

X

8,992

X

8,992

8,992

+0.0

II. Other revenue

21,025

6.4

20,360

6.0

18,760

22,767

+21.4

Revenue from economic activity

3,868

1.2

5,172

1.5

3,493

5,350

+53.2

Interest revenue

344

0.1

309

0.1

270

273

+1.1

Loan repayments, holdings, privatisation proceeds

1,786

0.5

1,939

0.6

1,324

1,972

+48.9

Total revenue 1

330,401

100.0

341,667

100.0

282,163

300,592

+6.5

Tax revenue in November 2018

2018 trends in tax revenue (excluding local authority taxes)

2018

November

Year-on-year
change 

January

to November

Year-on-year

change  

2018 estimates 4

Year-on-year
change

in €m

in %

in €m

in %

in €m

in %

Joint taxes            
Wages tax2

16,265

+7.8

182,207

+6.7

207,800

+6.3

Assessed income tax

-396

X

44,588

+1.4

60,200

+1.3

Non-assessed taxes on earnings

823

 -5.3

21,178

+12.7

23,200

+10.9

Final withholding tax on interest and capital gains

(including the former withholding tax on interest income)

375

 -25.1

6,475

+0.9

7,491

+2.2

Corporation tax

-231

X

25,580

+24.0

33,330

+13.9

Value added taxes (VAT)

20,784

+1.4

213,911

+3.2

234,650

+3.7

Trade tax apportionment

242

 -5.0

3,879

+4.7

4,880

+4.2

Increased trade tax apportionment

67

+16.2

3,145

+4.0

4,010

+2.9

Total joint taxes

37,929

+3.9

500,964

+5.6

575,561

+5.1

Taxes accruing to the Federation

 

 

 

 

 

 

Energy duty

3,308

 -4.7

32,368

 -0.4

41,100

+0.2

Tobacco duty

1,203

 -12.7

12,473

 -0.4

14,300

 -0.7

Alcohol duty (formerly spirits duty)

159

 -6.1

1,915

+0.7

2,120

+1.3

Insurance tax

915

+11.9

13,128

+4.1

13,700

+3.2

Electricity duty

562

+0.7

6,337

+0.8

7,000

+0.8

Motor vehicle tax

741

+6.6

8,507

+1.5

9,010

+0.7

Aviation tax

117

+1.4

1,057

+5.8

1,175

+4.9

Nuclear fuel duty

0

X

0

X

0

X

Solidarity surcharge

978

+7.8

16,044

+6.2

18,800

+4.7

Other taxes accruing to the Federation

126

 -1.7

1,298

 -0.7

1,447

+0.1

Total taxes accruing to the Federation

8,108

 -1.6

93,127

+10.4

108,652

+8.7

Taxes accruing to the Länder

 

 

 

 

 

 

Inheritance tax

463

 -11.9

6,156

+9.7

6,470

+5.8

Real property transfer tax

1,233

+10.1

12,921

+7.1

13,840

+5.3

Betting and lottery tax

181

+14.3

1,745

+3.4

1,872

+1.9

Beer duty

56

+16.2

618

+1.4

670

+0.9

Other taxes accruing to the Länder

24

+36.5

428

+3.7

464

+2.9

Total taxes accruing to the Länder

1,957

+4.7

21,868

+7.3

23,316

+5.0

EU own resources

 

 

 

 

 

 

Customs duties

472

+18.4

4,640

 -0.0

5,050

 -0.2

VAT-based own resources

201

+2.1

2,184

+0.9

2,410

+2.0

GNI-based own resources

1,860

+17.8

18,417

+45.7

21,180

+48.6

Total EU own resources

2,534

+16.5

25,241

+29.8

28,640

+32.1

Federation3

21,723

+1.0

279,347

+5.6

323,820

+4.7

Länder 3

21,114

+3.0

274,313

+4.9

311,576

+4.4

EU

2,534

+16.5

25,241

+29.8

28,640

+32.1

Local authorities’ share of income and value added tax

3,096

+10.0

41,698

+8.1

48,542

+7.5

Total tax revenue (excluding local authority taxes)

48,466

+3.1

620,599

+6.3

712,579

+5.6

Total tax revenue (excluding local authority taxes) was up by 3.1% in November 2018 over the same month last year. Revenue from joint taxes rose by 3.9%. Revenue from wages tax posted a particularly significant increase. Growth for revenue from VAT was sluggish. Receipts from taxes accruing solely to the Federation fell slightly compared with the same month last year. Receipts from taxes accruing solely to the Länder were up 4.7% on the year.

EU own resources

Transfers of own resources to the EU, including customs duties, stood at approximately €2.5bn in November 2018, up 16.5% over the same month last year. Transfers to the EU are based on the planned financial framework for 2018. Fluctuations over the course of the year depend on the EU’s financing needs at any given time.

Cumulative overview of the January-November 2018 period

In the first eleven months of 2018, total tax receipts (excluding local authority taxes) were up by 6.3% on the year. Broken down by category, revenue from joint taxes was up by 5.6%, receipts from federal taxes were up by 10.4%, and the yield from Länder taxes increased by 7.3%.

Distribution among the Federation, Länder and local authorities

The Federation’s tax receipts (after accounting for supplementary federal grants to the Länder ) were up by 1.0% on the year in November 2018. Länder tax receipts recorded a year-on-year gain of 3.0%. These results were driven by the increased share of revenue from joint taxes allocated to the Federation and the Länder : the Federation’s share increased by 3.2% and the share of the Länder rose by 3.7%. The growth in the Federation’s tax receipts was tempered by a fall in revenue from Federation-only taxes and by higher transfers of EU own resources. The local authorities’ take from joint taxes was up by 10.0% on the year.

Joint taxes

Wages tax

Wages tax revenue again posted strong growth in November 2018, with gross revenue climbing by 6.1% on the year. This reflected continuing employment growth and rising incomes in Germany. Child benefit payments – which are financed from wages tax receipts – fell by 2.3% on the year in November 2018. One Land is experiencing problems with preparing the underlying data for child benefit payments, which continues to skew this figure. However, this effect had no impact on cash receipts. On balance, cash receipts from wages tax increased by 7.8% on the year in November 2018. In cumulative terms, cash receipts from wages tax were up by 6.7% on the year in the first eleven months of the year.

Corporation tax

Corporation tax refunds totalling approximately €0.2bn were paid out in November, generally a low-revenue month for this tax. In November of the previous year, refunds amounted to roughly €0.4bn. This fluctuation is within the usual range of variation that occurs as part of assessment activity. Taken cumulatively, cash receipts from corporation tax were up by 24.0% on the year for the eleven months from January to November 2018.

Assessed income tax

Like corporation tax revenue, receipts from assessed income tax in November were driven mainly by assessment activity and posted weak year-on-year growth. Gross receipts from assessments were up by €0.1bn on the year in November 2018. However, employee refunds were also higher on the year, and after these are subtracted from the gross figure, net cash receipts from assessed income tax totalled approximately €0.4bn. In cumulative terms, cash receipts from assessed income tax totalled €44.6bn in the eleven-month period from January to November, an increase of 1.4% on the year.

Non-assessed taxes on earnings

November 2018 saw a 7.9% year-on-year drop in gross receipts from non-assessed taxes on earnings. Combined with the fall in refunds paid out by the Federal Central Tax Office, which are financed from this revenue, cash receipts from non-assessed taxes on earnings were down by 5.3% in November 2018. Overall, the trend in revenue from non-assessed taxes on earnings has been very volatile over the course of the year. The cumulative result provides a more solid basis for analysis: here, cash receipts from non-assessed taxes on earnings were up by 12.7% on the year in the January–November period.

Final withholding tax on interest and capital gains

Revenue from final withholding tax on interest and capital gains fell by 25.1% on the year in November. In the eleven months from January to November 2018, cash receipts from final withholding tax on interest and capital gains were up by 0.9% on the year.

Value added taxes (VAT)

The yield from value added taxes posted a rise of 1.4% on the year in November 2018. Revenue from domestic VAT fell slightly, by 4.2% in year-on-year terms, while import VAT revenue was up by 20.2%. Cumulative cash receipts from value added taxes were up by 3.2% on the year in the eleven-month period from January to November 2018.

Taxes accruing to the Federation

In November 2018, revenue from federal taxes was 1.6% below last year’s level, due to a year-on-year fall in revenue from tobacco duty (-12.7%), energy duty (-4.7%), and alcohol duty (-6.1%). Solidarity surcharge, motor vehicle tax, electricity duty and insurance tax all posted year-on-year revenue gains in November 2018 (up by 7.8%, 6.6%, and 11.9%, respectively). Trends in revenue from other taxes had only a minor impact on the overall results for federal taxes.

Taxes accruing to the Länder

The yield from taxes accruing solely to the Länder was up by 4.7% on the year in November 2018. This outcome was driven mainly by a year-on-year increase in receipts from real property transfer tax (up by 10.1%) and betting and lottery tax (up by 14.3%). Revenue gains were also recorded for fire protection tax (up by 35.8%) and beer duty (up by 16.2%). Receipts from inheritance tax were down 11.9% on the year.

Borrowing and guarantees

Debt trends for the Federation and its special funds (in €m)

Debt level

Borrowing
(increase)

Debt repayment
(decrease)

Debt level 

Change in debt level
(balance)

31 October 2018

November 2018

November 2018

30 November 2018

November 2018

Budget borrowing

1,072,771

13,689

-111

1,086,349

13,578

broken down by purpose

Federal budget

1,031,048

13,689

-111

1,044,626

13,578

Financial Market Stabilisation Fund

22,618

-

-

22,618

-

Investment and Redemption Fund

19,105

0

-

19,105

0

broken down by debt type

Federal securities

1,060,151

13,689

-11

1,073,829

13,678

Federal bonds

706,508

4,062

-

710,570

4,062

30-year federal bonds

216,857

1,129

-

217,986

1,129

10-year federal bonds

489,651

2,933

-

492,584

2,933

Inflation-linked federal securities

64,755

-89

-

64,666

-89

30-year inflation-linked federal bonds

7,724

-6

-

7,718

-6

10-year inflation-linked federal bonds

57,031

-83

-

56,948

-83

Federal notes

180,093

2,355

-

182,448

2,355

Federal Treasury notes

93,367

3,409

-

96,776

3,409

Treasury discount papers issued by the Federation

14,026

3,953

-

17,979

3,953

Other federal securities

1,401

-

-11

1.390

-11

Securitised loans

8,145

-

-100

8,045

-100

Other loans and ordinary debts

4,475

-

-

4,475

-

broken down by maturity

up to one year

151,747

 

 

155,322

3,575

one to four years

339,566

 

 

342,066

2,500

over four years

581,459

 

 

588,962

7,502

Additional information 1

Liabilities from the indexing of inflation-linked federal securities

4,664

 

 

4,968

304

Reserves in accordance with the Final Payment Financing Act (Schlusszahlungsfinanzierungsgesetz)

3,516

 

 

3,516

-

Guarantees

  

Authorised

amount

Amount allocated

as of 30 September 2018

Amount allocated

as of 30 September 2017

in €bn

Export credit guarantees

153.0

120.3

121.1

Loans to foreign debtors, foreign direct investment, EIB loans

65.0

42.8

44.0

Financial cooperation projects

28.5

21.1

17.9

Food stockpiling

0.7

0.0

0.0

Domestic guarantees

158.0

101.1

103.2

International financial institutions

66.0

60.0

60.0

Treuhandanstalt successor organisations

1.0

1.0

1.0

Interest compensation guarantees

15.0

15.0

15.0

Calendar

Publication schedule
Monthly report Reporting period Publication date

January 2019 issue

December 2018

31 January 2019

February 2019 issue

January 2019

21 February 2019

March 2019 issue

February 2019

21 March 2019

April 2019 issue

March 2019

23 April 2019

May 2019 issue

April 2019

20 May 2019

June 2019 issue

May 2019

20 June 2019

July 2019 issue

June 2019

22 July 2019

August 2019 issue

July 2019

22 August 2019

September 2019 issue

August 2019

20 September 2019

October 2019 issue

September 2019

21 October 2019

November 2019 issue

October 2019

21 November 2019

December 2019 issue

November 2019

20 December 2019

Key dates on the fiscal and economic policy agenda

17–18 January 2019

Financial Dialogue in Beijing

21–22 January 2019

Eurogroup and ECOFIN Council meetings in Brussels

11–12 February 2019

Eurogroup and ECOFIN Council meetings in Brussels

11–12 March 2019

Eurogroup and ECOFIN Council meetings in Brussels

5–6 April 2019

Eurogroup und informal ECOFIN Council meetings in Bucharest

11–12 April 2019

Meeting of G20 finance ministers and central bank governors in Washington, D.C.

12–14 April 2019

Spring Meetings of the IMF and World Bank in Washington, D.C.