{
  "title": "Fiscal Risks: Sources, Disclosure, and Management",
  "publication": "Departmental Papers, January 29, 2009",
  "sourceUrl": "https://www.imf.org/en/publications/departmental-papers-policy-papers/issues/2016/12/31/fiscal-risks-sources-disclosure-and-management-22362",
  "canonical": "https://www.imf.org/en/publications/departmental-papers-policy-papers/issues/2016/12/31/fiscal-risks-sources-disclosure-and-management-22362",
  "overlayPath": "/en/publications/departmental-papers-policy-papers/issues/2016/12/31/fiscal-risks-sources-disclosure-and-management-22362/index.md",
  "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.",
  "sections": [
    {
      "heading": "Summary and purpose",
      "content": "- 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.\n- 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.\n- Written in response to requests from IMF member countries for advice on this subject.\n- Includes an example of a possible statement of fiscal risks."
    },
    {
      "heading": "Key findings (sources and consequences)",
      "content": "- Main sources of fiscal risks include:\n  - Unexpected changes in macroeconomic variables.\n  - Banking crises.\n  - Contingent liabilities (implicit in keywords and subject matter).\n- These risks can have major consequences for:\n  - Countries fiscal sustainability.\n  - Public debt sustainability."
    },
    {
      "heading": "Disclosure and risk management guidance",
      "content": "- Provides practical suggestions on:\n  - How to promote disclosure of fiscal risks.\n  - Risk mitigation measures.\n  - Risk management practices.\n- Builds on an overview of existing practices across a wide range of countries."
    },
    {
      "heading": "Additional content features",
      "content": "- The paper includes an example of a possible statement of fiscal risks.\n- Targets policy advice for IMF member countries seeking guidance on fiscal risk issues."
    },
    {
      "heading": "Publication and metadata",
      "content": "- Authors: Lusine Lusinyan, Aliona Cebotari, Ricardo Velloso, Jeffrey M. Davis, Amine Mati, Murray Petrie, Paolo Mauro\n- Publication date: January 29, 2009\n- Series: Departmental Paper No. 2009/001\n- Issue: 001\n- Volume: 2009\n- Pages: 60\n- Stock No: FRSDEA\n- DOI: https://doi.org/10.5089/9781589067905.087\n- ISBN: 9781589067905\n- ISSN: 2616-5333\n- Subjects: Budget planning and preparation, Contingent liabilities, Expenditure, Fiscal policy, Fiscal risks, Public debt, Public financial management (PFM)\n- 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\n\nFiscal Risks: Sources, Disclosure, and Management, Departmental Papers 2009, 001 (2009).\n\n---\n\n Content in this bundle\n\n- Fiscal Risks: Sources, Disclosure, and Management\n  - Fiscal Risks: Sources, Disclosure, and Management (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Fiscal Risks: Sources, Disclosure, and Management (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/departmental-papers-policy-papers/issues/2016/12/31/fiscal-risks-sources-disclosure-and-management-22362"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/departmental-papers-policy-papers/issues/2016/12/31/fiscal-risks-sources-disclosure-and-management-22362/index.md)",
    "[Structured JSON version](/en/publications/departmental-papers-policy-papers/issues/2016/12/31/fiscal-risks-sources-disclosure-and-management-22362/index.json)",
    "[Bundle manifest](/en/publications/departmental-papers-policy-papers/issues/2016/12/31/fiscal-risks-sources-disclosure-and-management-22362/bundle-manifest.json)",
    "Authors: Lusine Lusinyan, Aliona Cebotari, Ricardo Velloso, Jeffrey M. Davis, Amine Mati, Murray Petrie, Paolo Mauro",
    "Published: January 29, 2009",
    "Series: Departmental Papers",
    "DOI: https://doi.org/10.5089/9781589067905.087",
    "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.",
    "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.",
    "Written in response to requests from IMF member countries for advice on this subject.",
    "Includes an example of a possible statement of fiscal risks.",
    "Main sources of fiscal risks include:",
    "These risks can have major consequences for:",
    "Provides practical suggestions on:",
    "Builds on an overview of existing practices across a wide range of countries.",
    "The paper includes an example of a possible statement of fiscal risks.",
    "Targets policy advice for IMF member countries seeking guidance on fiscal risk issues.",
    "Authors: Lusine Lusinyan, Aliona Cebotari, Ricardo Velloso, Jeffrey M. Davis, Amine Mati, Murray Petrie, Paolo Mauro",
    "Publication date: January 29, 2009",
    "Series: Departmental Paper No. 2009/001",
    "Issue: 001",
    "Volume: 2009",
    "Pages: 60",
    "Stock No: FRSDEA",
    "DOI: https://doi.org/10.5089/9781589067905.087",
    "ISBN: 9781589067905",
    "ISSN: 2616-5333",
    "Subjects: 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",
    "**Fiscal Risks: Sources, Disclosure, and Management**"
  ],
  "related": [
    {
      "title": "Fiscal Risks: Sources, Disclosure, and Management",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/dp/2009/_dp0901.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/dp/2009/_dp0901.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/dp/2009/_dp0901.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/departmental-papers-policy-papers/issues/2016/12/31/fiscal-risks-sources-disclosure-and-management-22362/index.md",
    "json": "/en/publications/departmental-papers-policy-papers/issues/2016/12/31/fiscal-risks-sources-disclosure-and-management-22362/index.json",
    "bundleManifest": "/en/publications/departmental-papers-policy-papers/issues/2016/12/31/fiscal-risks-sources-disclosure-and-management-22362/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-16T17:09:51.439Z"
}