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class=\"nx-theme-toggle\" role=\"group\" aria-label=\"Appearance of this page\" hidden><button type=\"button\" data-mode=\"light\" aria-pressed=\"false\">Light<\/button><button type=\"button\" data-mode=\"dark\" aria-pressed=\"false\">Dark<\/button><button type=\"button\" data-mode=\"auto\" aria-pressed=\"true\">Auto<\/button><\/div><div class=\"nx-folio\" aria-label=\"Document reference\"><strong>A-P09 \u00b7 INDEX \u00b7 topics<\/strong>GRA dossier \u00b7 service level R0<\/div><div class=\"nx-hero-grid\"><div class=\"nx-hero-text\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">GRA<\/span><span class=\"nx-eyebrow\" aria-hidden=\"true\">\u00b7<\/span><span class=\"nx-eyebrow\">Public Finance and Sovereign Debt<\/span><span class=\"nx-eyebrow\" aria-hidden=\"true\">\u00b7<\/span><span class=\"nx-eyebrow\">In development<\/span><\/div><div class=\"nx-accent-row\"><span class=\"nx-accent-rule\" aria-hidden=\"true\"><\/span><span>Public Finance and Sovereign Debt \u00b7 Topics<\/span><\/div><h1 id=\"nx-title-1\" class=\"nx-hero-title\">Topics<\/h1><p class=\"nx-tagline\">Topics at Public Finance and Sovereign Debt: the pages in this section are listed below, each with its own scope and status.<\/p><div class=\"nx-actions\"><a class=\"nx-btn\" data-variant=\"primary\" href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/topics\/sovereign-debt-sustainability\/\">Open Sovereign debt sustainability <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a class=\"nx-btn\" data-variant=\"secondary\" href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/\">Back to Public Finance and Sovereign Debt<\/a><\/div><dl class=\"nx-facts\"><div><dt class=\"nx-eyebrow\">Publisher<\/dt><dd>The Global Risks Alliance<\/dd><\/div><div><dt class=\"nx-eyebrow\">Field<\/dt><dd>Sovereign and public finance, Development finance, Disaster and crisis<\/dd><\/div><div><dt class=\"nx-eyebrow\">Status<\/dt><dd>In development<\/dd><\/div><div><dt class=\"nx-eyebrow\">Service level<\/dt><dd>R0: information and enquiries<\/dd><\/div><\/dl><\/div><\/div><\/div><\/section> <nav class=\"nx-index-strip\" data-nx-spy=\"true\" aria-label=\"On this page\"><div class=\"nx-container\"><a href=\"#nx-sec-brief-answer\"><span>01<\/span>The short answer<\/a><a href=\"#nx-sec-about-this-section\"><span>02<\/span>Topics at Public Finance and\u2026<\/a><a href=\"#nx-sec-pg-nx-gra-a-p09-tp\"><span>03<\/span>Public Finance and Sovereign Debt\u2026<\/a><a href=\"#nx-sec-terms\"><span>04<\/span>Terms used on this page<\/a><a href=\"#nx-sec-pg-sources\"><span>05<\/span>Where this page's references lead<\/a><a href=\"#nx-s-7-sec\"><span>06<\/span>Pages in Topics<\/a><\/div><\/nav> <section id=\"nx-sec-brief-answer\" class=\"nx-section\" data-hue=\"finance\" aria-labelledby=\"nx-s-2\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">01<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">In brief<\/span><\/div><h2 id=\"nx-s-2\" class=\"nx-section-title\">The short answer.<\/h2><p class=\"nx-lede\">The Public Finance and Sovereign Debt topics are the eight subject dossiers of its field, among them sovereign debt sustainability, fiscal contingent liabilities and subnational fiscal risk. Each dossier sets out how the risk develops, what is measured and in which units, the public sources and their licences, the methods, who decides and the limits of the evidence.<\/p><\/div><\/div><\/section><section id=\"nx-sec-about-this-section\" class=\"nx-section\" data-hue=\"systemic\" data-tone=\"alt\" aria-labelledby=\"nx-s-3\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">02<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">About this section<\/span><\/div><h2 id=\"nx-s-3\" class=\"nx-section-title\">Topics at Public Finance and Sovereign Debt.<\/h2><p class=\"nx-lede\">GRA is a nonprofit business league for the financial services industry. It does not lend, underwrite, rate, invest, advise on or arrange transactions, and readiness work is not approval.<\/p><\/div><\/div><\/section><section id=\"nx-sec-pg-nx-gra-a-p09-tp\" class=\"nx-section\" data-hue=\"finance\" data-variant=\"split\" aria-labelledby=\"nx-s-4\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">03<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Topic map<\/span><\/div><h2 id=\"nx-s-4\" class=\"nx-section-title\">Public Finance and Sovereign Debt topics, and the question each answers.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><ul class=\"nx-dir\" data-cols=\"2\" aria-label=\"Topic\"><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/topics\/sovereign-debt-sustainability\/\"><span class=\"nx-dir-name\">Sovereign debt sustainability analysis<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Public debt is sustainable when a government can meet its obligations without unrealistically large adjustment or default.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/topics\/fiscal-contingent-liabilities\/\"><span class=\"nx-dir-name\">Fiscal contingent liabilities<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Contingent liabilities are obligations that fall on the government only if certain events occur: guarantees called, state-owned enterprises failing, public-private partnership contracts triggered or banks needing support.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/topics\/subnational-fiscal-risk\/\"><span class=\"nx-dir-name\">Subnational fiscal risk and local debt<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Regions, provinces and cities deliver much public spending and in many countries borrow.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/topics\/commodity-and-revenue-risk\/\"><span class=\"nx-dir-name\">Commodity revenue risk for governments<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Governments that depend on oil, gas or mineral revenue, or on a narrow tax base, face volatile income.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/topics\/public-investment-efficiency\/\"><span class=\"nx-dir-name\">Public investment efficiency<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Public investment builds roads, power, water, schools and hospitals, but money spent does not always become assets that work.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/topics\/social-and-health-expenditure\/\"><span class=\"nx-dir-name\">Social and health spending pressures<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Health, education and social protection make up a large share of public spending and face rising pressure from ageing, technology and expectations.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/topics\/climate-and-disaster-fiscal-risk\/\"><span class=\"nx-dir-name\">Climate and disaster fiscal risk<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Climate change and disasters affect public finances through lost revenue, emergency spending, damaged public assets and slower growth, and through the costs and revenue changes of the transition.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/topics\/debt-transparency-and-data\/\"><span class=\"nx-dir-name\">Debt transparency and public debt data<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Debt cannot be managed or restructured well if it is not fully known.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><\/ul><\/div><p class=\"nx-p\">Topic pages in Public Finance and Sovereign Debt share one structure: mechanisms, indicators, sources, methods, decisions and limits, written for debt managers and fiscal risk units.<\/p><\/div><\/div><\/section><section id=\"nx-sec-terms\" class=\"nx-section\" data-hue=\"systemic\" data-tone=\"alt\" aria-labelledby=\"nx-s-5\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">04<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Key terms<\/span><\/div><h2 id=\"nx-s-5\" class=\"nx-section-title\">Terms used on this page.<\/h2><p class=\"nx-lede\">Each term as this page uses it. Where a standard-setting body defines the term, the wording follows that body.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Term<\/th><th scope=\"col\">Definition<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Term\">Risk of debt distress<\/td><td data-label=\"Definition\">The LIC DSF rating, from low to in distress, of a country's likelihood of difficulty servicing debt.<\/td><\/tr><tr><td data-label=\"Term\">Government guarantee<\/td><td data-label=\"Definition\">A promise by the government to repay a borrower's debt if the borrower cannot.<\/td><\/tr><tr><td data-label=\"Term\">Fiscal decentralisation<\/td><td data-label=\"Definition\">The assignment of revenue and spending responsibilities to lower levels of government.<\/td><\/tr><tr><td data-label=\"Term\">Stabilisation fund<\/td><td data-label=\"Definition\">A fund that saves revenue in booms and releases it in downturns to smooth public spending.<\/td><\/tr><tr><td data-label=\"Term\">Efficiency gap<\/td><td data-label=\"Definition\">The difference between actual infrastructure output and what the most efficient peers achieve with the same spending.<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/div><\/section><section id=\"nx-sec-pg-sources\" class=\"nx-section\" data-hue=\"finance\" aria-labelledby=\"nx-s-6\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">05<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Sources<\/span><\/div><h2 id=\"nx-s-6\" class=\"nx-section-title\">Where this page's references lead.<\/h2><p class=\"nx-lede\">The bodies and documents this page is read against. Status and editions change; each link goes to the issuing body.<\/p><\/div><div class=\"nx-section-body\"><ul class=\"nx-list\" data-nav=\"true\"><li><a class=\"nx-link\" href=\"https:\/\/www.imf.org\/en\/About\/Factsheets\/Sheets\/2023\/lic-dsf-low-income-countries\"><span>IMF-World Bank Debt Sustainability Framework for Low-Income Countries (LIC DSF)<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-link\" href=\"https:\/\/www.imf.org\/en\/Publications\/Policy-Papers\/Issues\/2021\/08\/03\/Review-of-The-Debt-Sustainability-Framework-For-Market-Access-Countries-462908\"><span>IMF Sovereign Risk and Debt Sustainability Framework for Market Access Countries (2021)<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-link\" href=\"https:\/\/www.imf.org\/en\/Topics\/fiscal-policies\/fiscal-transparency\"><span>IMF Public Investment Management Assessment (PIMA) and Fiscal Transparency Code, fiscal risks pillar<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><\/ul><\/div><\/div><\/section><section id=\"nx-s-7-sec\" class=\"nx-section\" data-hue=\"systemic\" data-tone=\"alt\" aria-labelledby=\"nx-s-7\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">06<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Pages<\/span><\/div><h2 id=\"nx-s-7\" class=\"nx-section-title\">Pages in Topics.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-cards\" data-cols=\"3\"><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/topics\/sovereign-debt-sustainability\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Sovereign debt sustainability<\/h3><p class=\"nx-p nx-mt-1\">Debt structure, servicing and shock sensitivity.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/topics\/fiscal-contingent-liabilities\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Fiscal contingent liabilities<\/h3><p class=\"nx-p nx-mt-1\">Guarantees, disasters and public exposure.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/topics\/subnational-fiscal-risk\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Subnational fiscal risk<\/h3><p class=\"nx-p nx-mt-1\">Local and provincial budget shocks.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/topics\/commodity-and-revenue-risk\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Commodity and revenue risk<\/h3><p class=\"nx-p nx-mt-1\">Resources, pricing and fiscal dependence.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/topics\/public-investment-efficiency\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Public investment efficiency<\/h3><p class=\"nx-p nx-mt-1\">Evidence and capital planning.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/topics\/social-and-health-expenditure\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Social and health expenditure<\/h3><p class=\"nx-p nx-mt-1\">Resilience of essential services.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/topics\/climate-and-disaster-fiscal-risk\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Climate and disaster fiscal risk<\/h3><p class=\"nx-p nx-mt-1\">Physical risks and state finance.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/public-finance-sovereign-debt\/topics\/debt-transparency-and-data\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Debt transparency and data<\/h3><p class=\"nx-p nx-mt-1\">Quality, limitations and comparability.<\/p><\/a><\/div><\/div><\/div><\/section><section class=\"nx-section\" data-tone=\"alt\" aria-labelledby=\"nx-rel-8\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">Related<\/span><h2 id=\"nx-rel-8\" class=\"nx-h3 nx-mt-2\">Around Public Finance and Sovereign Debt.<\/h2><nav class=\"nx-related nx-mt-3\" aria-label=\"Related\"><a 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