The International Monetary Fund (IMF) urges countries to reduce fossil fuel subsidies, pointing out that energy subsidies will drag down government finances and ultimately benefit the rich more. The IMF said in a wide-ranging report that subsidies for oil, gasoline and electricity were designed to help consumers, but in the end had the opposite effect, leaving governments overwhelmed by cost burdens. In addition, the report stated that energy subsidies promote energy waste, fail to encourage the public to invest in energy-saving industries, and make pollution and global warming worse. According to the IMF, global direct energy subsidies amounted to US$480 billion in 2011. If after-tax subsidies are included, global government subsidies amounted to US$1.9 trillion. Oil exporters receive the most subsidies, which will deplete natural resources faster. However, in the past three years, global oil and natural gas prices have risen, and energy importers have been particularly hard hit. According to the report, many countries have not raised domestic energy prices to respond to rising prices, which has increased their fiscal burden. David Lipton, first deputy managing director of the IMF, said that countries that provide energy subsidies to the public are now trapped in financial paralysis and energy shortages. There are 20 countries in the world where energy subsidies account for more than 5% of gross domestic product (GDP). These subsidies squeeze out much-needed spending on health, education and infrastructure and are a stumbling block to higher growth. The report also stated that including after-tax subsidies, the total amount of subsidies provided by the three major energy subsidy countries, the United States, China and Russia, is nearly 900 billion US dollars.