## Understanding, Assessing and Managing Fiscal Risks (UAMFR)

## Source details

**Canonical URL:** [Understanding, Assessing and Managing Fiscal Risks (UAMFR)](https://www.imf.org/en/capacity-development/training/icdtc/courses/uamfr)

## Other formats

- [Markdown version](/en/capacity-development/training/icdtc/courses/uamfr/index.md)
- [Structured JSON version](/en/capacity-development/training/icdtc/courses/uamfr/index.json)
- [Bundle manifest](/en/capacity-development/training/icdtc/courses/uamfr/bundle-manifest.json)

## Bibliographic details
- Published: July 22, 2025

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### Overview
- Course discusses key institutions that help governments better understand, monitor, and manage risks to public finances.
- Provides an overview of the key sources of fiscal risks, approaches to analyzing and mitigating them, and institutional arrangements for dealing with them.
- Provides an overview of the IMF's Fiscal Risk Toolkit, which comprises a range of practical Excel-based tools to assist countries in analyzing and quantifying their fiscal risk exposures, as well as training on the application of selected tools in the Toolkit.
- Discusses standards for reporting and disclosing fiscal risks as prescribed in the IMF's Fiscal Transparency Code.

### Target audience
- Mid- to senior-level officials in ministries of finance and economy, treasuries and debt management offices, or other government offices involved in assessing and managing fiscal risks.

### Qualifications
- Participants are expected to have relevant experience in fiscal policy, budgeting, treasury, and debt management, or fiscal risk management.
- Participants are expected to have knowledge of Excel.

### Course objectives
- Define fiscal risks and contingent liabilities and identify their key characteristics.
- Identify the main fiscal risks a country may face and assess and prioritize these risks according to their relevance.
- Understand some of the techniques and approaches used to assess macro-fiscal risks and risks from specific sources such as government loan guarantees, state-owned enterprises, and public-private partnerships.
- Identify institutional arrangements that support effective fiscal risk monitoring and management.
- Prepare a fiscal risk statement.

### Key components and analytical focus
- Identification and characterization of key sources of fiscal risk.
- Approaches to analyzing and mitigating fiscal risks, including sector- and instrument-specific techniques.
- Use of the IMF Fiscal Risk Toolkit: Excel-based tools for analyzing and quantifying fiscal risk exposures and hands-on training in selected tools.
- Standards for reporting and disclosure anchored in the IMF's Fiscal Transparency Code.
- Institutional arrangements and roles for effective fiscal risk monitoring and management.

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## References

- [Core Elements of Banking Supervision (CBS)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/at/2027/cbsat27-10)
- [Advanced Government Finance Statistics (GFS-A)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ce/2026/gfs-ace26-45)
- [Fiscal Sustainability (FS)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ce/2026/fsce26-38)
- [Safeguards Assessments of Central Banks (SAC)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/at/2026/sacat26-30)

_Source: https://www.imf.org/en/capacity-development/training/icdtc/courses/uamfr_