Chancellor picks Richard Hughes as next head of budget watchdog OBR, Now’s not the time to worry about £500bn of borrowing, says IFS. 2:00 p.m. Progress in the adoption of fiscal reporting standards 98 63 16 33 22 10100 48 78 0 50 150 200 2004 2011 Coverage of Institutions (Number of countries) Richard Hughes was a Division Chief in the International Monetary Fund’s (IMF’s) Fiscal Affairs Department where he led their work on fiscal transparency, governance, and risk management in the wake of the global financial crisis. the Committee can play here. Bean said that the government debt pile was not an immediate cause for concern. of Government’s Debt, D. Presentation The Treasury Committee heard from … Richard Hughes (Resolution Foundation and former H.M. Treasury) and Foyzunnesa Khatun (Office for National Statistics, UK). The Perimeter of Government: Best Practices from Canada, Defining the Perimeter of the General Government: The This session will discuss lessons learned and ways of Uruguay, Adriana Arosteguiberry (Uruguay, National Treasury), C. IMF Members' Quotas and Voting Power, and Board of Governors, IMF Regional Office for Asia and the Pacific, IMF Capacity Development Office in Thailand (CDOT), IMF Regional Office in Central America, Panama, and the Dominican Republic, Financial Sector Assessment Program (FSAP), Currency Composition of Official Foreign Exchange Reserves, Government Finance Statistics to Strengthen Fiscal Analysis, Review of the Implementation of Government Finance Statistics to Strengthen Fiscal Analysis, Second Review of the Implementation of Government Finance Statistics to Strengthen Fiscal Analysis, IMF Government Finance Statistics Advisory Committee (GFSAC). stock positions in financial assets, Practical methodological issues in the valuation of 2013: Sherwin, Skye: ‘‘It‘s about finding that element of romance‘‘, The Observer, 24/03/2013 Cairns, Steven: ‘Richard Hughes‘, Artforum, No. Experience of Compiling Consolidated Government Finance Box 92780, Washington, DC 20090, U.S.A. Today, OBR chair Richard Hughes told MPs that the UK’s public finances are “now more sensitive to interest rate rises than they were before the coronavirus shock because we have a higher debt stock”. Reception hosted by the IMF (City View Lounge – “I think it is worth saying that at the current juncture one shouldn’t think there is a great urgency in closing the deficit,” he said. This session will discuss the regional initiatives of the GFSAC. Mr Chote was the first permanent Chair of the OBR and has served two terms since his initial appointment in 2010. Methodological Issues and Country Practices. It’s not something that happens overnight.”. Decision-making. He said the government could not rely on borrowing costs being at their current record-low level forever. Last week, chancellor Rishi Sunak warned there were “hard choices” ahead. about the reporting of government finance data to Richard Hughes was a Division Chief in the International Monetary Fund’s (IMF’s) Fiscal Affairs Department where he led their work on fiscal transparency, governance, and risk management in the wake of the global financial crisis. Statistics, UK). Practical methodological issues in the valuation of stock positions in financial assets Irina Dubinina (Russia, GFS expert) Paper. The IMF Press Center is a password-protected site for working journalists. Practical methodological issues in the valuation of stock positions in nonfinancial assets – Country Case Richard Hughes is currently a Research Associate at the Resolution Foundation and Advisor to the IMF, and brings twenty years’ experience to the role, having worked on economic and fiscal issues both outside and inside of government. International Monetary Fund (IMF) + Business . The Treasury Select Committee (TSC) approve all appointments to the Budget Responsibility Committee, including the chairman. ongoing methodological issues. Analysis, Beyond Government—Compiling Data of State-Owned Challenges of GFS Users. Background on Fiscal Transparency: b. IMF Index of Fiscal Transparency High Income Middle Income Linear (High Income) Linear (Middle Income) I. Publication orders may be placed online, by fax, or through the mail: International Monetary Fund, Publication Services P.O. IMF Working Paper Fiscal Affairs Department Creating Sustainable Fiscal Space for Infrastructure: The Case of Tanzania Prepared by Teresa Ter-Minassian, Richard Hughes, and Alejandro Hajdenberg1 November 2008 Abstract This Working Paper should not be reported as representing the views of the IMF. HQ2-12B-931), Debt Statistics in the Context of Debt Sustainability However, Office for Budget Responsibility (OBR) board member Sir Charlie Bean said people should not think there is “great urgency” in closing the government’s budget deficit. Following the Chancellor’s announcement today, Richard will appear before the TSC for a pre-appointment hearing in due course. The actual costs of servicing the debt have fallen, however. Hughes, a former International Monetary Fund (IMF) and government adviser, replaced Robert Chote on Monday. © 2020 International Monetary Fund. The Treasury Committee heard from him and other OBR members today. Registration and breakfast (HQ2-01-280A&B), GFSAC Chair, Louis Marc Ducharme (IMF, STA), A. ©2014 International Monetary Fund IMF Country Report No. Richard Hughes. Bean added that the resurgence of coronavirus cases and government restrictions were going to put the economic recovery on hold. Hughes, a former International Monetary Fund (IMF) and government adviser, replaced Robert Chote on Monday. More recently, as Research Associate at the Resolution Foundation he published papers on fiscal rules, public investment, and the economic and fiscal implications of coronavirus. Ix ACKNOWLEDGMENTS The Fiscal Transparency Handbook was produced by the Fiscal Affairs Department (FAD) staff under the supervision of Manal Fouad and Carolina Renteria (both Division Chiefs, Public Financial Management II and I divisions, respec-tively) and before them, by Marco Cangiano and Richard Hughes, and under the strategic guidance of Gerd Schwartz International Monetary Fund (IMF) Date Written: November 2008. Public debt as a chunk of GDP is at its highest level since the 1960s. The new head of the UK’s budget watchdog has said the country’s public finances have become more sensitive to changes in interest rates because of a change in borrowing terms. General Government, Data Availability Issues in Assessing the Credit risk The Chancellor today (5 June) announced Richard Hughes as his preferred candidate for the Chair of the Office for Budget Responsibility (OBR). “They are also more sensitive because the average maturity of our debt has been getting shorter,” he said. Meeting wrap up, Summary, and Recommendations. Chancellor of the Exchequer, Rishi Sunak, said: The OBR has executive responsibility for producing the official UK economic and fiscal forecasts, assessing the Government’s performance against its fiscal rules and reporting on the sustainability of and risks to the public finances. This session will discuss the research agenda on and Public Sector Debt Statistics in China, Seeing Public Value: The Case for Balance Sheet Read more: Chancellor picks Richard Hughes as next head of budget watchdog OBR. 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