On December 17, a seminar-discussion on “Fiscal Risk Management” was held at the RA Ministry of Finance with the participation of representatives from public administration and other authorized bodies. The seminar was organized with the support of the Asian Development Bank (ADB).
The main focus of the discussion was the creation of prerequisites for further cooperation with public administration and other authorized bodies in order to improve the fiscal risk management function.
Loris Muradyan, Deputy Head of Financial Statistics and Risk Department, emphasized the importance of fiscal risk management in terms of reliability of budget forecasts and improvement of long-term sustainability of public finances. He stressed that fiscal risk accountability is also an important component of the 2019-2023 reform strategy of the public finance management system. Reference was made to the need for further cooperation with the public administration and other authorities in the field of fiscal risk management.
During the seminar, ADB's Fiscal Risk Expert Gregorio Belaunde presented in detail the aspects of fiscal risk management, the importance of the role of participants, joint work and collaboration in this process.
During the meeting, agreements were reached on further cooperation, in particular on information gathering, data collection, and the development of further internal working mechanisms.
