{
  "title": "Ukraine: Technical Assistance Report-State-Owned Enterprises–Fiscal Risk Management",
  "publication": "IMF Staff Country Reports, December 6, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2019/12/06/ukraine-technical-assistance-report-state-owned-enterprisesfiscal-risk-management-48856",
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  "summary": "This Technical Assistance Paper on Ukraine highlights that good progress has been made in improving the disclosure and management of fiscal risks since the embedding of fiscal risks in the Budget Code in December 2018.",
  "sections": [
    {
      "heading": "Overview and context",
      "content": "- Good progress has been made in improving the disclosure and management of fiscal risks since the embedding of fiscal risks in the Budget Code in December 2018.\n- The mission refined the financial model to analyze risks relating to Naftogaz that had been developed on the October 2018 mission."
    },
    {
      "heading": "Modelling results and fiscal impact",
      "content": "- Despite updating the assumptions, the modelling shows that the anticipated loss of transit gas revenue will have a significant negative impact on the Ukraine budget from January 2020.\n- Appropriate mitigating action could ameliorate this negative impact, but there will still be a significant reduction in the inflows to the budget from Naftogaz."
    },
    {
      "heading": "Mission recommendations and next steps",
      "content": "- Naftogaz, Ukrainian Railways and Energoatom models should be discussed with the State-owned Enterprises (SOE) and refined.\n- Coverage should be expanded to include other major SOEs."
    },
    {
      "heading": "Core subjects and keywords",
      "content": "- Subjects: Budget planning and preparation, Capital spending, Currencies, Expenditure, Financial statements, Fiscal risks, Public financial management (PFM), Tariffs, Taxes\n- Keywords: budget declaration, Budget planning and preparation, Capital spending, cash deficit, cost, CR, Energoatom, Energoatom model, Financial statements, financing cost, Fiscal risks, ISCR, maintenance result, MoF power, Naftogaz, result, results in breakdown, Tariffs\n\nSource: Ukraine: Technical Assistance Report-State-Owned Enterprises–Fiscal Risk Management (IMF, December 6, 2019).\n\n---\n\n Content in this bundle\n\n- 1ukrea2019009\n  - 1ukrea2019009 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1ukrea2019009 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: December 6, 2019",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513521657.002",
    "Good progress has been made in improving the disclosure and management of fiscal risks since the embedding of fiscal risks in the Budget Code in December 2018.",
    "The mission refined the financial model to analyze risks relating to Naftogaz that had been developed on the October 2018 mission.",
    "Despite updating the assumptions, the modelling shows that the anticipated loss of transit gas revenue will have a significant negative impact on the Ukraine budget from January 2020.",
    "Appropriate mitigating action could ameliorate this negative impact, but there will still be a significant reduction in the inflows to the budget from Naftogaz.",
    "Naftogaz, Ukrainian Railways and Energoatom models should be discussed with the State-owned Enterprises (SOE) and refined.",
    "Coverage should be expanded to include other major SOEs.",
    "Subjects: Budget planning and preparation, Capital spending, Currencies, Expenditure, Financial statements, Fiscal risks, Public financial management (PFM), Tariffs, Taxes",
    "Keywords: budget declaration, Budget planning and preparation, Capital spending, cash deficit, cost, CR, Energoatom, Energoatom model, Financial statements, financing cost, Fiscal risks, ISCR, maintenance result, MoF power, Naftogaz, result, results in breakdown, Tariffs",
    "**1ukrea2019009**"
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