Strengthening Fiscal Institutions and Managing Fiscal Risks

This course, presented by the IMF’s Fiscal Affairs Department, examines the role of fiscal institutions in the identification and management of fiscal risks. This will include discussion on the key institutions that help governments better understand the types, scale, and probability of realization of risks that they face. It explores how governments can put in place the necessary institutional arrangements to mitigate many of the risks they face, as well as the extent to which identification and quantification of risks can contribute to promoting fiscal transparency. The course will also discuss the Fiscal Transparency Code, Fiscal Transparency Evaluation, and Fiscal Transparency Manual and recent IMF research connected to identification and management of fiscal risks. 

Course Objectives: Upon completion of this course, participants should be able to:

• Describe, explain, and illustrate the main fiscal risks and contingent liabilities in the formulation of fiscal policies. 

• Describe the role of the main fiscal institutions in the management of fiscal risks. 

• Identify the main fiscal risks that a country may face. 

• Prioritize and assess the relevance of each type of fiscal risk. 

• Calculate the impact of the main macroeconomic and other fiscal risks. 

• Prepare a fiscal risk statement covering the main fiscal risks.