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August 2018

August 15, 2018

Managing Fiscal Risks in the UK

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Posted by Richard Hughes[1]

On 17 July 2018, HM Treasury published its first ever report on Managing Fiscal Risks, the Government’s response to the Office for Budget Responsibility’s (OBR’s)  Fiscal Risks Report published in July 2016.

The OBR’s Fiscal Risks Report surveyed the potential near-term shocks to and longer-term pressures on the public finances. It identified 57 different risks emanating from the macroeconomy, financial sector, and government revenue, spending and the balance sheet. It also included an innovative fiscal stress test which looked at the combined impact on the public finances of a range of macroeconomic and specific fiscal risks materialising at once. The Fiscal Risks Report was recognised by the IMF, OECD, and other international organisations as the most comprehensive report of its kind, and the only one produced by an independent body.

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August 07, 2018

Colombia Emerges Strong in its Fiscal Transparency Evaluation

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Posted by Diana Escobar and Sandeep Saxena[1]

The IMF’s Fiscal Transparency Evaluation of Colombia highlights the progress made by the country in recent years in building more transparent fiscal management institutions. The IMF just published the report that evaluates Colombia’s fiscal reporting, fiscal forecasting and budgeting, and fiscal risk analysis management practices against the standards set by the 2014 version of the IMF’s Fiscal Transparency Code. The report includes a sequenced action plan to address important gaps. The report can be accessed here

http://www.imf.org/en/Publications/CR/Issues/2018/08/02/Colombia-Fiscal-Transparency-Evaluation-46148.

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