The Importance and Drivers of Stock-Flow Adjustments in Mali

Selected Issues Papers, July 19, 2023

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The Importance and Drivers of Stock-Flow Adjustments in Mali

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Bibliographic details

• Authors: Peter Kovacs, Luc Tucker
• Published: July 19, 2023
• Series: Selected Issues Papers
• DOI: https://doi.org/10.5089/9798400248764.018

Key findings

• Stock-flow adjustments—extra-budgetary and below-the-line operations that do not reflect standard spending and revenue—have added 9 percentage points to the debt-to-GDP ratio in Mali over the past decade.
• That 9 percentage points is described as just under a third of the total increase in public debt over that period.
• There is little understanding of the causes of stock-flow adjustments despite their sizable contribution to the rise in public debt.

Analysis and implications

• Stock-flow adjustments materially affect debt dynamics and debt-to-GDP outcomes in Mali.
• Limited knowledge of drivers constrains accurate fiscal assessment and debt sustainability analysis.
• Improving transparency and monitoring of below-the-line and extra-budgetary operations would assist fiscal policy decision-making.

Policy recommendations (as described)

• Pursue actions to reduce the occurrence of stock-flow adjustments.
• Increase transparency and monitoring of stock-flow adjustments to support better fiscal policy decisions.

Content in this bundle

• The Importance and Drivers of Stock-Flow Adjustments — Mali
  • The Importance and Drivers of Stock-Flow Adjustments — Mali (Markdown version)
  • The Importance and Drivers of Stock-Flow Adjustments — Mali (PDF)