Analysts at ANZ explained that last night, the IMF’s semi-annual Fiscal Monitor warned that fiscal deficits in emerging economies are projected to be higher this year than they were during the GFC. Key Quotes: "The collapse of oil prices has hit some countries’ fiscal books and broader economies particularly hard. The IMF warned of the risk of a self-reinforcing spiral of rising debt ratios in the face of weakening growth, as very high debt ratios may cause both the public and private sectors to curb spending, dampening GDP more than fiscal spending. Meanwhile, governments in developed nations are being urged to pull their weight in terms of fiscal stimulus and take pressure off overtaxed monetary policy." For more information, read our latest forex news.