Disclosing Fiscal Risks (Everaef et al.)

Disclosing fiscal risks in the post-crisis world by Greetje Everaert, Manal Fouad, Edouard Martin, and Ricardo Velloso published by IMF (7/2009). “This note discusses appropriate methods for disclosing fiscal risks from exogenous shocks and the realization of explicit or implicit contingent obligations of the government. Expanding on previous guidance prepared prior to the crisis, the note focuses on fiscal risks emerging from recent public interventions in the financial sector. Its key recommendations is that countries should regularly prepare and publish a statement of fiscal risks, ideally accompanying annual budget documents, and including the different types of risks related to already-announced public interventions in support of the financial sector.”