The International Monetary Fund, IMF has voiced alarm about energy subsidies across the world, saying they were expected to reach 5.3 trillion dollars in 2015, more than government health spending. In a report yesterday, the IMF said, these estimates are shocking. The report said, the figures were among the largest negative factors for economic growth it had ever estimated, piling up adverse effects on efficiency, growth and inequality. The report estimated that this year's energy subsidies represent 6.5 per cent of the global economy, likely exceeding government health spending across the world. Long an opponent of energy subsidies, the IMF defines them as the difference between the amount of money consumers pay for energy and its true costs, plus a country's normal value-added or sales tax rate. In addition to what is required to produce and distribute energy, the true costs include environmental effects like carbon emissions that lead to global warming and the health effects of air pollution. According to the IMF, China is by far the largest spender on energy subsidies, at 2.3 trillion dollars a year, followed by the United States at 699 billion dollars and Russia at 335 billion dollars. The report said that overall energy subsidies had more than doubled since 2011. The IMF explained that more than half of the increase was due to more precise evidence of the damaging effects of energy consumption on air quality and health, such as premature deaths. The report said, the IMF has long argued that getting energy prices right can help national governments achieve their goals not only for the environment but also for inclusive growth and sound public finances.