Fiscal Risks: Sources, Disclosure, and Management
January 29, 2009
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Summary
This paper analyzes the main sources of fiscal risks, including from unexpected changes in macroeconomic variables and banking crises, which can have major consequences for countries fiscal and public debt sustainability. It builds on an overview of existing practices in a wide range of countries to provide practical suggestions on how to promote disclosure of such risks and on risk mitigation and management. The paper was written in response to requests from IMF member countries for advice on this subject. The paper also includes an example of a possible statement of fiscal risks.
Subject: Budget planning and preparation, Contingent liabilities, Expenditure, Fiscal policy, Fiscal risks, Public debt, Public financial management (PFM)
Keywords: Africa, Budget planning and preparation, contingency reserve, Contingent liabilities, debt management, DP, DPPP, economic growth, exchange rate, fiscal risk, Fiscal risks, guarantee, interest rate, risk mitigation
Pages:
60
Volume:
2009
DOI:
Issue:
001
Series:
Departmental Paper No. 2009/001
Stock No:
FRSDEA
ISBN:
9781589067905
ISSN:
2616-5333
