- This workshop will be delivered as part of the EU funded project ’’Strengthening Economic Governance and Public Financial Management’’ that supports fiscal reforms in six SEE countries by providing IMF technical assistance.
DAY 1- December 13, 2017
- 27 officials from Ministries of Finance, Fiscal Councils,Parliamentary Budget Offices, Public Finance Institutes, and Delegation of European Union from 10 SEE countries have gathered to discuss about how adequate analysis and management of fiscal risks can contribute to improvement of public finances and macroeconomic stability.
What is Fiscal Risk
and why is it important?
- 1. Informed policy making requires sound awareness of fiscal risks
2. Successful fiscal risk management involves identification, analysis, mitigation,incorporation in budget, and reporting
3. Approaches to assessing risks will vary depending on the nature of the risk
4. IMFs Fiscal Transparency Code sets principles to guide basic, good and advanced practice in analysis and disclosure
- Participants have prepared self assessment of their country's fiscal risks practices and identified priority areas for their improvement by leaning on the Fiscal Transparency Principles
- We have heard colleagues from Serbia, Slovenia and Macedonia presenting their key findings...
- The latest IMF's paper on State-Owned Enterprises (SOEs) in Emerging Europe: The Good, the Bad, and the Ugly offers useful assessment of SOEs performance, and evaluates recent SOE governance reform experience in 11 Emerging European countries.
Day 2- December 14, 2017
- Workshop day 2 started with the review of lessons learned during the previous day over an online game... and three participants were selected as winners
- The focus of today's sessions is on how to adequately analyse, assess and manage fiscal risks coming from state owned enterprises (SOEs). We have started by distinguishing public corporations from government agencies.
- What are efficient SOEs oversight arrangements?
- • Correct classification of corporations
• Transparent ownership policy
• Central oversight unit, preferably in MoF
• Professional and independent boards
• Financial monitoring and controls
• Annual ownership report
- Setting performance objectives is important step to strengthening oversight of SOEs. These objectives should be:
- § Measurable and time-based
§ Linked to company strategy and objectives
§ Challenging, but achievable, based onhistorical performance
§ Tracked through performance monitoring
§ Linked to management performance contracts
§ Transparent and regularly reported against
- Good example of how to monitor SOEs against performance is the Swedish Government's Annual report state-owned enterprises.