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International Monetary Fund

financial statistics. See Box 1 for a list of the core areas of IMF technical assistance. 4 4 For additional information on the IMF’s activities, visit http://www.imf.org

International Monetary Fund. Independent Evaluation Office

How Much Impact Has the IMF Had in Fragile States? The IMF’s role in fragile states, compared to other member countries, has been particularly important in: (i) providing support in early stages of macroeconomic stabilization after a period of conflict or a natural disaster; (ii) providing a macroeconomic framework valuable for coordinating policies within a country as well as for facilitating engagement by international partners; and (iii) helping to build basic policymaking and institutional capacity in the core areas of IMF expertise. In the view of most

Mr. Serhan Cevik and Guohua Huang
This how-to note focuses on the management of the fiscal costs associated with natural disaster risks. Unlike other types of fiscal risks (for example, unexpected macroeconomic changes or materialization of contingent liabilities), a natural disaster presents a unique challenge to fiscal risk-management and budget processes because of its exogenous nature and potentially overwhelming scale. This note discusses how governments can build fiscal resilience against natural hazards and strengthen fiscal management after a disaster, including through budgeting frameworks and other fiscal policies. The note aims to answer three central questions: How large should fiscal buffers be? How should fiscal buffers be built up? How should fiscal buffers be used efficiently and transparently once a natural disaster has struck? These three questions directly relate to fiscal policy, fiscal risk management, and the budget process—all core areas of IMF expertise. To address them, the note focuses on fiscal strategies for financing recovery efforts and considers approaches to mitigate disaster impact. The note also provides guidance on how to conduct regular risk analyses of natural disasters’ potential fiscal consequences and outlines best practices for defining and accounting for the contingent liabilities associated with natural disasters in budgeting frameworks. Finally, the note touches on approaches for risk reduction, disaster risk financing strategies, and risk transfer mechanisms, such as various insurance instruments.
Mr. Serhan Cevik and Guohua Huang

management, and the budget process—all core areas of IMF expertise. To address them, the note focuses on fiscal strategies for financing recovery efforts and considers approaches to mitigate disaster impact. The note also provides guidance on how to conduct regular risk analyses of natural disasters’ potential fiscal consequences and outlines best practices for defining and accounting for the contingent liabilities associated with natural disasters in budgeting frameworks. Finally, the note touches on approaches for risk reduction, disaster risk financing strategies, and

International Monetary Fund

Abstract

The past year has been a time of unexpected challenges for the international community, International Monetary Fund (IMF) Managing Director Christine Lagarde says in her foreword to the institution’s Annual Report 2015—Tackling Challenges Together, published today. Amid the continued focus on spurring stronger and more inclusive growth and strengthening global cooperation, the IMF faced economic developments that required rapid adjustments. Highlights of the IMF’s work during the year included insight into the international impact of falling oil prices, financing and policy advice for countries in difficulties, emergency funding to combat the Ebola crisis in West Africa, a new relief fund for the poor and most vulnerable countries hit by natural or public health disasters, research on fiscal policy to reduce inequality, free online training for the public and government officials, and online statistical data free of charge for all users. The report covers the work of the IMF’s Executive Board and contains financial statements for the year May 1, 2014, to April 30, 2015. It describes the IMF’s support for its 188 member countries, with an emphasis on the core areas of IMF responsibility: assessing their economic and financial policies, providing financing where needed, and building capacity in key areas of economic policy.