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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.

Economics: General --- Macroeconomics --- Finance: General --- Public Finance --- Money and Monetary Policy --- Accounting --- Informal Economy --- Underground Econom --- Foreign Exchange --- Nonprofit Organizations and Public Enterprise: General --- Public Administration --- Public Sector Accounting and Audits --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Financial Institutions and Services: Government Policy and Regulation --- Portfolio Choice --- Investment Decisions --- Economics of specific sectors --- Economic & financial crises & disasters --- Public ownership --- nationalization --- Finance --- Public finance & taxation --- Monetary economics --- Financial reporting, financial statements --- Economic sectors --- Financial crises --- Public enterprises --- Fiscal risks --- Public financial management (PFM) --- Currencies --- Money --- Financial statements --- Stress testing --- Financial sector policy and analysis --- Informal sector --- Economics --- Currency crises --- Government business enterprises --- Fiscal policy --- Finance, Public --- Financial risk management

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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.

New Zealand --- Macroeconomics --- Economics: General --- Public Finance --- Budgeting --- Foreign Exchange --- Informal Economy --- Underground Econom --- Fiscal Policy --- Governmental Loans, Loan Guarantees, Credits, and Grants --- Public Enterprises --- Public-Private Enterprises --- Public Administration --- Public Sector Accounting and Audits --- Nonprofit Organizations and Public Enterprise: General --- National Budget --- Budget Systems --- Economic & financial crises & disasters --- Economics of specific sectors --- Public finance & taxation --- Public ownership --- nationalization --- Budgeting & financial management --- Civil service & public sector --- Financial crises --- Economic sectors --- Public enterprises --- Fiscal risks --- Public financial management (PFM) --- Budget planning and preparation --- Contingent liabilities --- Public sector --- Currency crises --- Informal sector --- Economics --- Fiscal policy --- Government business enterprises --- Budget --- Finance, Public

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Achieving gender equality remains a significant challenge, that has only deepened with the on-set of the COVID-19 pandemic. Gender budgeting (GB) can help promote gender equality by applying a gender perspective to fiscal policies and the budget process. This paper takes stock of GB practices in G20 countries and benchmarks country performance using a GB index and data gathered from an IMF survey. All G20 countries have enacted gender focused fiscal policies but the public financial management (PFM) tools to operationalize these policies are far less established. We find that notwithstanding heterogeneity across countries, the average G20 level of GB practice is relatively low. More progress has been made establishing GB frameworks and budget preparation tools than with budget execution, monitoring and auditing. Too few countries assess the upfront impact of policies on gender and/or evaluate ex-post the effectiveness of policies and programs. Where GB features are in place, they tend to operate as an ‘add-on’, rather than a strategic and integral part of resource allocation decisions. Progress with GB does not appear to be dependent on the level of country development. Key to future efforts will be harnessing opportunities for integrating GB tools into existing PFM systems and more closely linking GB initiatives with PFM reforms.

Austria --- Macroeconomics --- Economics: General --- Gender Studies --- Budgeting --- Women''s Studies' --- Public Finance --- Economics of Gender --- Non-labor Discrimination --- Policy Objectives --- Policy Designs and Consistency --- Policy Coordination --- National Budget --- Budget Systems --- National Government Expenditures and Related Policies: General --- Economic & financial crises & disasters --- Economics of specific sectors --- Gender studies, gender groups --- Social discrimination & equal treatment --- Budgeting & financial management --- Gender studies --- women & girls --- Public finance & taxation --- Gender inequality --- Gender --- Gender budgeting --- Budget planning and preparation --- Public financial management (PFM) --- Women --- Currency crises --- Informal sector --- Economics --- Sex role --- Sex discrimination --- Budget --- Finance, Public