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Vybhavi Balasundharam, Ms. Leni Hunter, Iulai Lavea, and Mr. Paul G Seeds

evaluate risks and the guiding principles for offering financial support to national airlines. It shows how even the use of a simple “SOE Health Check” could illustrate the vulnerabilities of airlines. Overall, improving governance and transparency of national airlines would be the first step to mitigating the risks from national airlines. 1 The rest of the paper is organized as follows. Section II presents the state of national airlines in PICs and its impact on budgets. Section III provides a snapshot of latest Public Financial Management (PFM) practices in PICs and

Vybhavi Balasundharam, Ms. Leni Hunter, Iulai Lavea, and Mr. Paul G Seeds

MANAGEMENT, DIAGNOSTIC TOOLS, AND POTENTIAL CAPACITY DEVELOPMENT A. Examples of Support Measures and Considerations for Use V. SUMMARY AND CONCLUSIONS BOX 1. Political Economy of National Airlines FIGURE 1. Analysis of government support TABLES 1. A Snapshot of PFM practices in PICs 2. Simplified SOE Health Check Tool ANNEXES I. Pacific Island Airlines – Country Experiences II. Scope for a regional airline: History in the PICs and example from the Caribbean III: Lessons from Airlines in the African Small Island States IV: PIC coverage in SOE

Ruchir Agarwal, Ms. Elif C Arbatli Saxegaard, Ms. Lesley Fisher, and Xuehui Han
India’s recently announced privatization strategy can facilitate a change in the composition of the public sector balance sheet toward high-return public sector investments in infrastructure and human capital where there is a clear role for government, leaving commercially viable companies for the private sector. Against this background, this paper provides a description of the SOE sector in India, consider different criteria which can inform the scope and rationale for privatization. It also highlights takeaways from international experience with privatization, highlights the importance of improved governance and oversight of SOEs and showcases analytical tools that can help analyze risks from SOEs. While this paper focuses on India, the framework for SOEs developed in this paper can be used to evaluate SOEs policy options in other countries.
International Monetary Fund. African Dept.

. Climate Considerations on Addressing Fiscal Risks from the Energy Sector in STP ANNEXES I. Frat Questionnaire II. SOE Health Check Tool BOXES 1. Volatility of GDP Growth and Revenue Growth, 2000–2019 2. Quasi-Fiscal Activities 3. Fuel Price Mechanism and Formula Components FIGURES 1. Risk Rating and Priority Matrix 2. Availability of Information and Data to Support Risk Quantification and Mitigation 3. Real GDP Growth: Historical Forecast Errors 4. Inflation: Historical Forecast Errors 5. Total Revenue: Historical Forecast 6. Real GDP Growth

Ruchir Agarwal, Ms. Elif C Arbatli Saxegaard, Ms. Lesley Fisher, and Xuehui Han

Keywords: State-owned enterprises; Privatization Author’s E-Mail Address: RAgarwal@imf.org ; EArbatli@imf.org ; LFisher@imf.org ; XHan@imf.org Contents Executive Summary Introduction India’s State-Owned Enterprises: A Brief Overview Management and Privatization of SOEs in India Policy Options and Considerations: A Framework A Framework for Analyzing Policy Options Privatization Policy Governance and Management of SOEs Application of the Framework to Other Countries Conclusions Annex I. SOE Health Check Tool

International Monetary Fund. African Dept.

international fuel prices may increase losses to ENCO. 3. The paper is organized as follows : Section A. overviews fiscal risks in STP; Section B. assesses macroeconomic risks in STP; Section C. assesses risks stemming from SOEs; Section D. discusses fiscal risks in the energy sector SOEs; and Section D. discusses climate considerations for the energy sector SOEs. To systematically examine fiscal risks in STP, the paper applies two recently developed IMF tools – the Fiscal Risk Assessment Tool (FRAT) and the SOE Health Check Tool (HCT). A. Fiscal Risks 4. Fiscal risks

Ruchir Agarwal, Ms. Elif C Arbatli Saxegaard, Ms. Lesley Fisher, and Xuehui Han

SOE-level data and different criteria to assess the scope and rationale for privatizing India’s SOEs and will discuss lessons from international experience with privatizations. 3 The paper will then discuss priorities and considerations for governance and management of SOEs in India and showcase the SOE Health Check Tool which is applied to selected SOEs in India to help identify financially weak SOEs and associated risks. Box 2 describes the SOE Health Check Tool and the SOE Stress Test Tool and illustrates the tools for Air India. For the SOE Stress Test Tool

Vybhavi Balasundharam, Ms. Leni Hunter, Iulai Lavea, and Mr. Paul G Seeds
Pacific island countries (PICs) rely on national airlines for connectivity, trade, and tourism. These airlines are being struck hard by COVID-19. Losses will weigh on public sector balance sheets and pose risks to economic recovery. With a backdrop of tight fiscal space and increasing government debt, losses in airlines are adding to fiscal risks in some PICs. This paper discusses tools to evaluate and manage the fiscal risks from national airlines in the Pacific. We present a snapshot of the current state of Public Financial Management (PFM) practices in PICs and detail the best practices. This exercise would illustrate the areas in which PICs have scope to improve their risk management with regard to national airlines. We then discuss the use of diagnostic tools and capacity development to enhance monitoring and risk management. Greater transparency and accountability in the airlines, combined with rigorous oversight, would be the first step towards improved financial management of national airlines.