Assessing the Fiscal Risks of State-Owned Enterprises

Feb 15 – Mar 12, 2021 Online No Fee
Mar 1, 2021

The course aims at helping countries strengthen the fiscal oversight of state-owned enterprises (SOEs) and the related fiscal risks. It will comprise presentations from and discussions with staff and experts of the IMF’s Fiscal Affairs Department (FAD) and government officials of participating countries. Officials will also participate in interactive panel discussions to share experiences and lessons from implementing reforms in their home countries.

This online learning course will build upon the December 2017 IMF/CEF workshop that introduced the topic of fiscal risk oversight, and in particular risks related to SOEs. Since that 2017 workshop, several countries in the region have enhanced their fiscal risk functions and are beginning to broaden and deepen their analysis of fiscal risks, including SOEs, typically the riskiest SOEs or those of a strategic nature.

The course will introduce and provide an opportunity to use the excel-based SOE Health Check Tool developed by FAD staff, drawing on experience globally. Participants will have the opportunity to interpret the results of the analysis the tool generates and using those results consider how to report on any related risks and discuss the potential impact on fiscal policies.

To avoid excessive PowerPoint presentations, theoretical underpinning and examples will be delivered through pre-recorded presentations for participants to absorb before each webinar. The face-to-face online sessions will be devoted as far as possible to clarification, reinforcement and questions and answers. Guest speakers, who work on these topics in their own countries will be invited to share their practical experiences with the participants.

What will you learn

The course offers participants an opportunity to:

  • Discuss common fiscal risks surrounding state-owned enterprises in the region and globally and the importance of monitoring and analyzing these risks
  • Use the SOE Health Check Tool developed by FAD and interpret the outputs it provides, to analyze financial performance and identify risks arising from SOE
  • Use the SOE Fiscal Stress Test Tool developed by FAD to evaluate and analyze fiscal risks related to SOEs
  • Discuss other FAD fiscal risk analysis tools and how your country can benefit from utilizing them
  • Consider how to disclose information related to SOE-related fiscal risks, incorporate this information in the government’s fiscal strategy and budget documents and how this can be closely linked to fiscal policy decisions

Who should attend

The target group for the course are senior officials from ministries of finance and economy, and other government institutions responsible for monitoring, managing and reporting fiscal risks from SOEs. Priority will be given to nominees who are most directly involved in fiscal policy analysis, fiscal risk management, and analyzing the financial position and performance of SOEs.

Applications need to be submitted no later than January 31, 2021, via the online application form. Selected candidates will be notified by February 7 2021. We aim at engaging four participants per country in the Western Balkans. 

No fee will be charged for officials in the public sector.

The estimated study and meeting time will be about 4 hours per week. The course will be delivered in English language; simultaneous translation to Serbian and Albanian will be provided for online meetings.


This course will be delivered by IMF FAD experts.


This IMF/CEF activity is financed with EU/SECO support under the IMF's program "Revenue Administration and Public Financial Management Reform in Southeast Europe", which supports fiscal reforms in six Western Balkan countries (Albania, Bosnia and Herzegovina, Kosovo, North Macedonia, Montenegro, Serbia).