Fiscal Risk Assessment of Contingent Liabilities Associated with Natural Disasters : The Colombian Experience
The report titled ‘contingent liabilities: the Colombian experience,’ is the first publication on the management of contingent liabilities in Colombia. Published by the Ministry of Finance and Public Credit (MHCP), the report highlights technical a...
| Main Author: | |
|---|---|
| Format: | Working Paper |
| Language: | English en_US |
| Published: |
Washington, DC
2015
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2015/06/24654950/fiscal-risk-assessment-contingent-liabilities-associated-natural-disasters-colombian-experience http://hdl.handle.net/10986/22118 |
| Summary: | The report titled ‘contingent
liabilities: the Colombian experience,’ is the first
publication on the management of contingent liabilities in
Colombia. Published by the Ministry of Finance and Public
Credit (MHCP), the report highlights technical and normative
efforts and policy reforms on the management of contingent
liabilities implemented by the Colombian Government. Policy
reforms disclosed in the report pertain to the management of
contingent liabilities borne by the Government from four
different sources, namely public credit operations,
contractual public-private partnerships on infrastructure
development, legal actions against the Colombian Government,
and contingencies resulting from natural disasters.
Importantly, although natural disasters are the second most
important source of contingent liabilities faced by the
Colombian Government, most formal policy reforms have been
directed to the institutionalization of managing the first
three sources of contingencies, while legal reforms for the
explicit accounting of natural disasters is an ongoing
effort in Colombia. |
|---|