## Fiscal Risks: Sources, Disclosure, and Management

_Departmental Papers, January 29, 2009_

## Source details

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## Bibliographic details
- 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

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### Summary and purpose
- 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.

### Key findings (sources and consequences)
- Main sources of fiscal risks include:
  - Unexpected changes in macroeconomic variables.
  - Banking crises.
  - Contingent liabilities (implicit in keywords and subject matter).
- These risks can have major consequences for:
  - Countries fiscal sustainability.
  - Public debt sustainability.

### Disclosure and risk management guidance
- Provides practical suggestions on:
  - How to promote disclosure of fiscal risks.
  - Risk mitigation measures.
  - Risk management practices.
- Builds on an overview of existing practices across a wide range of countries.

### Additional content features
- 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.

### Publication and metadata
- 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, Departmental Papers 2009, 001 (2009).*

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_Source: https://www.imf.org/en/publications/departmental-papers-policy-papers/issues/2016/12/31/fiscal-risks-sources-disclosure-and-management-22362_