How To Assess Fiscal Risks From State Owned Enterprises
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How To Assess Fiscal Risks From State Owned Enterprises
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Author : Ms. Anja Baum
language : en
Publisher: International Monetary Fund
Release Date : 2021-08-19
How To Assess Fiscal Risks From State Owned Enterprises written by Ms. Anja Baum and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-08-19 with Business & Economics categories.
The size and operation of state-owned enterprises (SOEs) can imply significant risks for governments. SOEs are present in virtually every country in the world and are major players in domestic economies and in global markets. In some countries, they number in the thousands and are owned by national or subnational governments. SOEs are among the largest corporations in some advanced economies and comprise a third or more of the largest firms in several emerging markets. Many operate with systematic losses and carry significant liabilities. If SOEs face adverse shocks and financial distress they can impact the government budget or balance sheet through numerous transmission channels. This How to Note describes a newly developed SOE risk assessment tool to help country authorities and IMF country teams. The analysis can provide inputs for annual budgets and medium-term fiscal planning. This includes providing estimates of possible transfers to and from SOEs to the budget and possible financing needs. The note outlines the main steps and elements of the template to assess fiscal risks for governments from individual SOEs. The first step is to collect financial information on SOEs and their relation to the government budget, and to provide a benchmark against other SOEs in similar sectors. A second step is to do a forward-looking analysis based on baseline forecasts and stress scenarios, to identify and analyze possible risks and their impact on government accounts.
Managing Fiscal Risks From State Owned Enterprises
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Author : Ms.Anja Baum
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2020-09-25
Managing Fiscal Risks From State Owned Enterprises written by Ms.Anja Baum and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-09-25 with Business & Economics categories.
Ensuring that state-owned enterprises (SOEs) are efficient and managed prudently is important for economic and social reasons. It is also crucial to contain fiscal risks and reduce the burden on taxpayers from recurrent and large bailouts. Governments need to develop stronger capacity to monitor and mitigate the risks from SOEs. We present a risk tool to benchmark the performance of SOEs relative to their peers and assess their vulnerabilities, including through stress tests. A strategy to mitigate risks requires the right incentives for managers to perform and for government agencies to conduct effective oversight. Incorporating SOEs in overall fiscal targets would promote greater fiscal discipline and transparency.
Government At Risk
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Author : Hana Polackova Brixi
language : en
Publisher: World Bank Publications
Release Date : 2002
Government At Risk written by Hana Polackova Brixi and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Business & Economics categories.
Many governments have faced serious instability as a result of their contingent liabilities. But conventional public finance analysis and institutions fail to address such fiscal risks. This book aims to provide motivation and practical guidance to governments seeking to improve theirmanagement of fiscal risks. The book addresses some of the difficult analytical and institutional challenges that face reformers tooling up to manage government fiscal risks. It discusses the inadequacies of conventional practices as well as recent advances in dealing with fiscal risk.
Fixing State Owned Enterprises
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Author : Aldo Musacchio
language : en
Publisher: Inter-American Development Bank
Release Date : 2019-11-20
Fixing State Owned Enterprises written by Aldo Musacchio and has been published by Inter-American Development Bank this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-11-20 with Business & Economics categories.
The situation of state-owned enterprises (SOEs) in Latin America and the Caribbean continues to be dire. This book uses an original database of SOE performance that shows that every year about one-third of such enterprises in the region report losses (up to 70 percent in some countries) and that they require between 0.3 and one percentage point of GDP in fiscal transfers to cover such losses. Countries in the region have adopted centralized agency monitoring of their SOEs, managed to reduce the fiscal burden of SOEs, shown better financial returns, and accumulated less liabilities to GDP, thus generating less fiscal risk for the government overall. Each of the chapters provides a practical way to solve either asymmetry of information problems in the monitoring of SOEs or solutions to reduce the discretionary nature of the fiscal governance of SOEs. Chapter 2 details the kinds of fiscal risks and contingent liabilities that SOEs create for governments and provides a set of controls to limit those risks. Chapter 3 shows that allowing SOEs to issue bonds has been an ineffective way of hardening their budget constraint, given that investors price those bonds at a discount. Chapter 4 presents a state-contingent financial instrument that allows investors to value an SOE. Chapter 5 provides empirical evidence on the advantages of SOE centralized monitoring agencies in Latin America and the Caribbean, highlighting Chile, Peru, and Paraguay. Chapter 6 examines the experience of East Asian countries with holding companies and discusses when holding companies are a better vehicle to control SOEs. Chapter 7 suggests ways to align the incentives of politicians and SOE managers to provide better goods and services. Finally, Chapter 8 provides a practical guide to improve the monitoring of SOEs and to design a centralized monitoring agency.
State Owned Enterprises In Bosnia And Herzegovina Assessing Performance And Oversight
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Author : Bobana Cegar
language : en
Publisher: International Monetary Fund
Release Date : 2019-09-20
State Owned Enterprises In Bosnia And Herzegovina Assessing Performance And Oversight written by Bobana Cegar and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-09-20 with Business & Economics categories.
Based on a new database of State-Owned Enterprise (SOE) financial statements, we find that SOEs in Bosnia and Herzegovina are mostly in poor financial shape. We estimate the overall size and composition of the SOE sector, and identify individual companies that affect fiscal and macroeconomic performance. Financial analysis suggests that SOEs are not contributing enough to the economy. We also review the SOE governance framework and find that governments do not exercise their ownership function in line with WB/OECD guidelines. Reforms to the governance frameworks are necessary to foster transparency and improve accountability. More fundamental reform of the SOE sector might increase overall GDP by 3 percent per year.
How To Improve The Financial Oversight Of Public Corporations
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Author : Mr.Richard I Allen
language : en
Publisher: International Monetary Fund
Release Date : 2016-11-23
How To Improve The Financial Oversight Of Public Corporations written by Mr.Richard I Allen and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-11-23 with Business & Economics categories.
Many studies have highlighted how failures of public corporations (otherwise known as state-owned enterprises) can result in huge economic and fiscal costs. To contain the risks associated with these costs, an effective regime for the financial supervision and oversight of public corporations should be put in place. This note discusses the legal, institutional, and procedural arrangements that governments need to oversee the financial operations of their public corporations, ensure accountability for their performance, and manage the fiscal risks they present. In particular, it recommends that governments should focus their surveillance on public corporations that are large in relation to the economy, create fiscal risks, are not profitable, are unstable financially, or are heavily dependent on government subsidies or guarantees.
Ukraine
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Author : International Monetary Fund. Fiscal Affairs Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2019-12-06
Ukraine written by International Monetary Fund. Fiscal Affairs Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-12-06 with Business & Economics categories.
This Technical Assistance Paper on Ukraine highlights that good progress has been made in improving the disclosure and management of fiscal risks since the embedding of fiscal risks in the Budget Code in December 2018. The mission refined the financial model to analyze risks relating to Naftogaz that had been developed on the October 2018 mission. Despite updating the assumptions, the modelling still shows that the anticipated loss of transit gas revenue will have a significant negative impact on the Ukraine budget from January 2020. Appropriate mitigating action could ameliorate this negative impact, but there will still be a significant reduction in the inflows to the budget from Naftogaz. The next steps recommended by the mission include that Naftogaz, Ukrainian Railways and Energoatom models should be discussed with the State-owned Enterprises (SOE) and refined and that coverage should be expanded to include other major SOEs.
Namibia
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Author : International Monetary Fund. Fiscal Affairs Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2018-08-16
Namibia written by International Monetary Fund. Fiscal Affairs Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-08-16 with Business & Economics categories.
Following a period of strong growth, the Namibian economy is experiencing a slowdown. Despite efforts from the authorities, there is still limited fiscal space to fund through the budget the large capital programs that underpin Namibia’s long-term growth strategy. Consequently, the government is turning to public entities (PE) and public private partnerships (PPPs), which is resulting in a build-up of off-budget commitments and fiscal risks. The government is seeking to develop a framework to strengthen the management and reporting of fiscal risks. Like many countries, Namibia is exposed to a variety of fiscal risks, which should be analyzed and reported annually in a Fiscal Risk Statement (FRS). Fiscal risks are factors that may cause fiscal outcomes to deviate from expectations or forecasts. Should such risks materialize, they could undermine ongoing fiscal consolidation, public debt would continue to deviate from a sustainable path and recovery of investment grade level would be very difficult.
Corporate Governance And Fiscal Risk Assessment Of State Owned Enterprises In The Republic Of Korea
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Author : Sang Hoon Shin
language : en
Publisher:
Release Date : 2024-07-30
Corporate Governance And Fiscal Risk Assessment Of State Owned Enterprises In The Republic Of Korea written by Sang Hoon Shin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-07-30 with Business & Economics categories.
Off The Books
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Author : Matías Herrera Dappe
language : en
Publisher: World Bank Publications
Release Date : 2023-03-20
Off The Books written by Matías Herrera Dappe and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-03-20 with Business & Economics categories.
Developing countries face massive infrastructure needs, but public spending on infrastructure is inadequate, and public investment has been declining in recent years. Rising debt levels and tightening fiscal and monetary conditions are putting further pressure on the funds available for infrastructure, heightening the importance of increasing the efficiency of infrastructure spending. Off the Books: Understanding and Mitigating the Fiscal Risks of Infrastructure shows that however governments deliver infrastructure—through direct public provision, state-owned enterprises (SOEs), or public-private partnerships (PPPs), the risk of fiscal surprises is high in both good times and bad. As a result, infrastructure service delivery often ends up costing significantly more than expected, eroding limited fiscal space for productive spending. This book makes a unique contribution by quantifying the magnitude and prevalence of fiscal risks from electricity and transport infrastructure and identifying their root causes across a range of low- and middle-income countries. Drawing on important new sources of evidence and compiling many others, the analysis sheds light on how much is at stake in the good governance of infrastructure sectors. It allows policy makers to weigh the magnitudes of different types of risks and examine how they vary across contexts. Off the Books shows how a deeper understanding of the fiscal risks of infrastructure can help policy makers target reforms to areas where they can be expected to have the greatest impact. It lays out a reform agenda for mitigating the fiscal risks associated with infrastructure based on building government capacity; adopting integrated public investment management and integrated fiscal risk management; improving fiscal and corporate governance of SOEs; and ensuring robust PPP preparation, procurement, and contract management. The book will be of enormous value to policy makers, practitioners, and academics who have an interest in infrastructure and fiscal policy.