## JOINT IMF FISCAL AFFAIRS DEPARTMENT, IMF INSTITUTE FOR CAPACITY DEVELOPMENT AND JOINT VIENNA INSTITUTE ONLINE WORKSHOP — UNDERSTANDING, ASSESSING AND MANAGING FISCAL RISKS (APRIL 26 – 30, 2021) — DRAFT PROGRAM

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**Canonical URL:** [JOINT IMF FISCAL AFFAIRS DEPARTMENT, IMF INSTITUTE FOR CAPACITY DEVELOPMENT AND JOINT VIENNA INSTITUTE ONLINE WORKSHOP — UNDERSTANDING, ASSESSING AND MANAGING FISCAL RISKS (APRIL 26 – 30, 2021) — DRAFT PROGRAM](https://www.imf.org/-/media/files/topics/fiscal/fiscal-risks/seminarsdocs/2021-04-fad-jvi-fiscal-risks-program-agenda-april-21.pdf)

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### Logistics and schedule overview
- Event dates: April 26 – 30, 2021.
- Zoom Introductory Call: April 15, 2021, 1:30 p.m. Central European Time (CET) — testing Zoom functionality on participants’ devices.
- Pre-course quiz (20 min.): Accessible on the Moodle course page from 10:00 a.m., April 21.
- All times in the agenda are Vienna Local Time (CET).
- Daily session blocks with lectures (L-) and workshops (W-); final activities include a Final Quiz and Evaluation of the Course.

### Monday, April 26 — Fundamental concepts and disclosure standards
- 12:00 p.m. – 12:15 p.m. Introductions.
- 12:15 p.m. – 12:45 p.m. L-1 Overview of Fiscal Risks — Mr. Jyoti Rahman
  - Introduction to key concepts.
  - Overview of sources and nature of fiscal risks.
  - Importance of understanding and managing risks.
  - Fiscal risk management cycle.
  - Role of sound institutions for managing fiscal risks.
- 12:45 p.m. – 1:15 p.m. L-2 International Standards for Disclosing Fiscal Risks — Ms. Amanda Sayegh
  - IMF’s Fiscal Transparency Code.
  - Good practices in fiscal risk disclosure.
  - Preparing Fiscal Risk Statements.
  - Introduction to participants workshop W-2.
- 1:30 p.m. – 3:00 p.m. L-3 Introduction to Fiscal Risk Assessment Tool — Mr. Fritz Bachmair
  - Introduction of the fiscal risk assessment tool.
  - Illustration of how the tool can be used in fiscal risk identification, analysis and management.

### Tuesday, April 27 — Macroeconomic and pandemic-related fiscal risks
- 12:30 p.m. – 1:15 p.m. L-4 Approaches to Assessing Macroeconomic Risks — Mr. Jyoti Rahman
  - Discuss the main macroeconomic risks and the channels through which they impact public finances.
  - Present approaches to assessing macro-fiscal risks.
  - Illustrations of country practices in disclosing macro-fiscal risks.
- 1:30 p.m. – 2:15 p.m. L-5 Assessing the Macro-Fiscal Risks of the COVID-19 Pandemic — Mr. Jyoti Rahman
  - Introduction to COVID-19 Fiscal Stress Test tool.
  - Discuss how the tool can be used to support budget preparation.
- 2:30 p.m. – 3:00 p.m. W-1 Discussion on Macro-Fiscal Risks — Led by Mr. Jyoti Rahman
  - Discuss the main sources of macro-fiscal risks in your country.
  - Discuss how risks are analyzed and disclosed in budget documentation.
  - Discuss some of the key challenges in assessing macro-fiscal risks that you encounter.

### Wednesday, April 28 — State-Owned Enterprises and government guarantees
- 12:30 p.m. – 1:15 p.m. L-6 Assessing Fiscal Risks of State-Owned Enterprise (Part 1) – Overview — Ms. Avril Halstead
  - Understand fiscal risks arising from SOEs.
  - Discuss approaches to assessing SOE fiscal risks.
  - Illustrations of country practices in disclosing risks.
  - Discuss good practices for managing fiscal risks.
- 1:15 p.m. – 1:45 p.m. L-7 Assessing Fiscal Risks of SOEs (Part 2) - SOE Health Check Tool — Mr. Patrick Ryan
  - Present the SOE Health Check Tool.
  - Discuss information requirements.
  - Discuss how the outputs can be used to monitor and disclose fiscal risks.
- 2:00 p.m. – 3:00 p.m. L-8 Assessing and Managing Fiscal Risks of Government Guarantees — Ms. Amanda Sayegh and Mr. Patrick Ryan
  - Discuss common approaches to identifying and assessing risks from government guarantees.
  - Discuss the various approaches to managing and disclosing risks related to guarantees.
  - Introduce the key features of the IMF’s Guarantee and Loan Assessment Tool.

### Thursday, April 29 — Debt sustainability, PPPs, and disclosure practices
- 12:30 p.m. – 1:15 p.m. L-9 Fiscal Risks and Debt Sustainability — Mr. Jyoti Rahman
  - Overview of the IMF’s DSA Framework.
  - Incorporating contingent liabilities shocks into debt sustainability analysis.
- 1:30 p.m. – 2:15 p.m. L-10 Fiscal Risks and PPPs — Ms. Amanda Sayegh
  - Discuss risks of PPPs and good practices for monitoring and managing them.
  - Introduce the key features of the IMF’s PPP Fiscal Risk Assessment Model (PFRAM).
- 2:30 p.m. – 3:00 p.m. W-2 Country Practices in Fiscal Risk Disclosure — Facilitated by Ms. Amanda Sayegh
  - Participant presentation and discussion of country risk assessment and disclosure practices.
  - Discussion of key challenges encountered in assessing and reporting on fiscal risks.

### Friday, April 30 — Incorporating fiscal risks into fiscal policy and wrap-up
- 12:30 p.m. – 1:00 p.m. L-11 Incorporating Fiscal Risks into Fiscal Policy Making (Part 1) – Introduction to Fiscal Rules — Mr. Hamid Davoodi
  - Discussion of key concepts in fiscal rules.
  - Key elements of a fiscal rules framework.
- 1:15 p.m. – 2:00 p.m. L-12 Incorporating Fiscal Risks into Fiscal Policy Making (Part 2) — Mr. Hamid Davoodi
  - Account for fiscal risks in setting debt limits.
  - Designing and implementing escape clauses.
- 2:00 p.m. – 2:30 p.m. W-3 TBD.
- 2:30 p.m. – 3:00 p.m. Final Quiz and Evaluation of the Course.

### Key instructional tools and models introduced
- Fiscal Risk Assessment Tool — introduced and illustrated for fiscal risk identification, analysis and management.
- COVID-19 Fiscal Stress Test tool — introduced for macro-fiscal stress testing and budget preparation.
- SOE Health Check Tool — presented to assess SOE financial health and monitoring.
- IMF’s Guarantee and Loan Assessment Tool — key features introduced for guarantees.
- IMF’s PPP Fiscal Risk Assessment Model (PFRAM) — introduced for PPP risk monitoring and management.
- IMF’s DSA Framework — discussed for incorporating contingent liabilities into debt sustainability analysis.

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_Source: https://www.imf.org/-/media/files/topics/fiscal/fiscal-risks/seminarsdocs/2021-04-fad-jvi-fiscal-risks-program-agenda-april-21.pdf_