The Fiscal Risks Working Group is one of two working groups of the Fiscal Council and is comprised of the following members of the Council – Andžs Ūbelis, Mārtiņš Āboliņš (chair) and Andrejs Jakobsons.
The working group reviews the government statement of the fiscal risks accompanying the draft annual budget and the budget framework laws as well as looks into broader issues of the fiscal stance and compliance with the FDL. The working group also assesses if the Fiscal Safety Reserve allocation has been sufficient to counter the probability of fiscal risks happening during the fiscal year.
The working group may engage experts to ensure that there is adequate analysis for the assessment of various fiscal risks.
Minutes of meeting 13-17 August.
The Council Working Group discussed fiscal risks issues with Ministry of Finance experts and concluded that the government's decision to establish a fiscal security reserve in amount of 0.1% of GDP in 2020 and within the medium-term budgetary framework, as required by the Fiscal Discipline Law to be sufficient for the current situation. Minutes of the WG meeting on August 20, 2019.
A meeting of the Fiscal Risks Working Group of the Fiscal Discipline Council took place on 31 January 2018. The meeting was attended by representatives from the Ministry of Finance. During the meeting, discussions were held on the calculation of the expenditure benchmark and the improvements needed in the assessment of the public-private partnership fiscal risk. The working group welcomed the information provided by the Ministry of Health on the progress report on the reform of the health care system, while maintaining a further monitoring of the use of funding for the deficit deviation. Discussions were also held on the political party's fiscal responsibility survey. Meeting minutes.
A meeting of the Fiscal Risks Working Group of the Fiscal Discipline Council took place on 9 May 2018. Representatives from the Cross-Sectoral Coordination Centre (on the issue of fiscal risks of state-owned capital enterprises), from the Ministry of Economics and JSC Latvenergo (on the fiscal impact of the mandatory procurement component) and from the Ministry of Finance (on the issue of "comply or explain principle"). During the meeting the information was received about the risk management mechanisms, and the discussion continued on the quantification of these fiscal risks in the fiscal risk declaration (currently, the fiscal risk of SOE is classified as qualitative fiscal risk). Meeting minutes.