Costa Rica: Technical Assistance Report-Sovereign Asset and Liability Management—Scoping Mission

International Monetary Fund

No 2023/213, IMF Staff Country Reports from International Monetary Fund

Abstract: This technical assistance report on Costa Rica discusses the scoping mission on sovereign asset and liability management (SALM). A comprehensive SALM framework can have significant advantages over separate management of sovereign assets and liabilities. It allows analysis of the financial characteristics of the whole balance sheet of the sovereign, identification of sources of costs and risks, and quantification of the correlations among those sources. An analysis of the balance sheet of each entity in Costa Rica’s broader public sector is the first step in developing a consolidated sovereign balance sheet. The balance sheet composition of each entity, or type of entity, is shaped by the nature of its business, historic policy decisions, and the regulatory regime under which it operates. The SALM framework provides insights into the management of liquidity risk. Committee on Sovereign Assets and Liabilities should establish a framework for cash and liquidity management, including a target for a liquidity buffer broken down between individual entities.

Keywords: BCCR balance sheet; SALM framework; balance sheet composition; balance sheet dollarization; Banco de Costa Rica; Financial statements; Government asset and liability management; Government debt management; Global (search for similar items in EconPapers)
Pages: 31
Date: 2023-06-15
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