Odisha’s Work in ‘Fiscal Risk Management’ to Be Presented at IMF HQ Annual Spring Meetings 2022

Bhubaneswar: The Odisha Government’s continued effort at reforms in public finance management has resulted in enhancing fiscal transparency in the State. Odisha’s fiscal management strategy has been widely recognized as strong measure to mitigate fiscal risks arising out of market volatile.

Now the International Monetary Fund (IMF) will highlight Odisha’s work in “Fiscal Risk Management” as a case study in its upcoming HQ Annual Spring Meetings 2022.

“Odisha’s work in “Fiscal Risk Management” would be presented as a case study in the IMF HQ Annual Spring Meetings 2022 in the session on “Building Capacity on Managing Fiscal Risks: A New Fiscal Risk Toolkit” to be held virtually on April 19”, informed the Odisha Finance Department.

In a statement, the IMF said that the past two decades have clearly shown that poorly understood or managed fiscal risks can have huge consequences.

The COVID-19 pandemic, global financial crisis, macroeconomic and commodity price shocks, and natural disasters have put pressure on public debt levels in countries around the world. In fact, the COVID-19 pandemic contributed to the largest one-year surge in public debt in 50 years, pushing global public debt to almost 100 percent of GDP in 2020.

This CD Talk will introduce the IMF’s new Fiscal Risk Toolkit and Fiscal Risk Management Portal (IMF.org/FiscalRisk), which brings together practical tools, guidance materials, and the latest research to better support fiscal risk management. It will also show how the toolkit is being used by countries, such as India and Zimbabwe, to improve their fiscal risk management, it added.

The speakers at the event include Lesley Fisher, Senior Economist, IMF Fiscal Affairs Department, Eria Hamandishe, Director, Department of Economic Affairs, Zimbabwe Ministry of Finance & Economic Development, Vishal Kumar Dev, Principal Secretary, Finance, Government of Odisha and Amanda Sayegh, Senior Economist, IMF Fiscal Affairs Department.