Ministries of Financeand NationallyDeterminedContributionsStepping Up for Climate ActionJuly 2020
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Ministries of Financeand NationallyDetermined Contributions—Stepping Upfor Climate ActionREPORT on Helsinki Principle 6
ForewordThe Coalition of Finance Ministers for Climate Action is a group of fifty-two financeministers engaged in efforts to address climate change through economic andfinancial policies according to the Helsinki Principles. Peer learning and knowledgeexchange plays a strong part in the Coalition’s success.As part of the core mandate of Ministries of Finance (MOFs), which is the design andimplementation of sound macro-economic policies and public finances, the economicand social impacts of climate change are becoming increasingly relevant for thewellbeing of our societies. This report is a first step in the Coalition’s work to supportits Member Countries to design their Nationally Determined Contributions (NDCs) bystrengthening the Finance Ministries’ involvement in the preparatory process. Thiswork is closely related to the Helsinki Principle 1 on aligning policies and practiceswith the Paris Agreement commitments and Principle 2 on sharing experienceand expertise in order to provide mutual encouragement and promote a collectiveunderstanding of policies and practices for climate action.Countries are expected to update or communicate their NDC targets by the end of2020 (as per the UNFCCC Decision 1/CP.21 paragraph 23 and paragraph 24). In thiscontext, the economic policy tools of climate change are also being developed. In linewith this, the involvement of Finance Ministries in the NDC process is still evolving inmost countries. This report approaches the topic through experiences from MemberCountries, drawing from practical challenges and ways to overcome them.The report will provide a useful overview to the Coalition members and InstitutionalPartners working on NDC updates. It will also provide the basis for future workpriorities of the Coalition in all areas of the Helsinki Principles as well as promotehorizontal efforts nationally and globally.Coalition of Finance Ministers for Climate ActionStepping Up for Climate July 20203
Strategic relevanceand mandateof NDCs and long-term climate strategiesand provide effective guidance to the NDCdevelopment process. Key actions include:The Helsinki Principles set out the strategicobjectives for the Coalition. They state thatFinance Ministers are in a unique positionto help accelerate a just transition to alow-carbon and climate-resilient economythrough their economic policy tools.Finance Ministers have a common purposeand can benefit from sharing experiencesand facilitating the adoption of bestpractices and policies for low-carbon andclimate-resilient growth. Identifying a list of economic-fiscalguidelines and requirements thatFinance Ministries could issue to sectorministries and agencies for the NDCdevelopment process in the future, aswell as increasing the awareness oftools, resources, and support availableto assess the macro-fiscal impactsof NDC and Long-Term Strategyimplementation. Providing opportunities for peerexchange informed by relatedinstitutions on good practices andinstruments that members can use tosupport other ministries in the NDCimplementation and validation process. Facilitating access to networks forinformation, resource sharing, andvisibility of success stories.The Principles also acknowledge that suchpolicies and actions will support globalcollective action on climate change underthe Paris Agreement.The Helsinki Principle 6 sets out thestrategic basis of the Coalition’s objectivesfor engaging actively in the domesticpreparation and implementation of NDCssubmitted under the Paris Agreement.Helsinki Principle 2 states that the Coalition’smembers share experience and expertisewith each other in order to provide mutualencouragement and promote the collectiveunderstanding of policies and practices forclimate action.The Santiago Action Plan agreed uponby Finance Ministers on 9 December 2019sets out specific actions on preparationand implementation of the NDCs underHelsinki Principle 6. It underlines that theefforts under Principle 6 build on the workprograms of all other Helsinki Principlesand aim to help members improve theirability to evaluate the macro-fiscal impacts4Ministries of Finance and Nationally Determined ContributionsExecutionThis report draws together the experienceof a selection of the Coalition’s membercountries updating and implementing theNDCs as part of their climate strategies. Ithas been prepared based on the Coalition’sAction Plan and benefited from feedback ofthe Coalition members and the InstitutionalPartners in the Sherpa meetings. Thepreparation of the work has been led byJamaica and Uganda and supported byInstitutional Partners the NDC PartnershipSupport Unit and the World Bank. The reportis a joint effort of the Working Group 6 ofthe Coalition of Finance Ministers in closecooperation with the four country membersChile, Colombia, Ireland, and Philippines.
PixabayWith these efforts and contributions,progress towards the objectives of theHelsinki Principles and Santiago Action Planis taking place through this report.The report describes the involvement ofFinance Ministries in the NDC work anddraws general lessons on the review ofapproaches, experiences, challenges,policy instruments utilized, as well as themanagement of the practical process ofpreparing the NDCs.This report is a working document. Opinionsor points of view expressed in this report arethose of the authors and do not necessarilyreflect the views of the Coalition or itsmembers. The main findings of the reportwill be presented to Finance Ministers. Thereport serves as a contribution to furtherpolicy considerations and planning in theCoalition’s work.Coalition of Finance Ministers for Climate ActionThe primary audience for this report is policymakers at the Ministries of Finance andEconomy that are typically responsible forcross-sector economic coordination, publicfinance, and fiscal policy, all of which areneeded in formulating and implementingNDCs and longer-term strategies. In theon-going work of the Coalition, this reportis intended as a background paper onministerial level discussions. The reportshould benefit other ministries andinstitutions involved in the NDC work, andespecially those in lead roles at the nationaland international levels.Pekka MorénLorena PalomoCo-Chairs of Sherpas, Coalition of FinanceMinisters for Climate ActionStepping Up for Climate July 20205
AcknowledgmentsThis paper is a joint effort of the Working Group 6 of the Coalition of Finance Ministersfor Climate Action in close consultation with four country members (Chile, Colombia,Ireland, and Philippines). The Working Group 6 is led by Jamaica and Uganda andsupported by the NDC Partnership Support Unit and the World Bank.The Coalition is very grateful to the experts involved and especially to the NDC PartnershipSupport Unit for acting as the lead Institutional Partner supporting members during thework together with the World Bank, acting as the Secretariat of the Coalition.A special thanks goes to all contributors from member countries and institutions, as follows:COUNTRY CHAMPIONSJamaica Anaitee Mills — Office of the Prime MinisterKarelle Samuda — Office of the Minister of Finance and the Public ServiceLe-Anne Roper — Climate Change Division — Ministry of Economic Growth and Job CreationUganda June Nyakahuma and Sam Mugume — Macro Economic Policy Department —Ministry of Finance, Planning and Economic DevelopmentCOALITION MEMBER COUNTRIESChile Lorena Palomo - Trade Policy and Sustainable Development — Ministry of FinanceRodrigo Rojo, IDB Sr. Consultant and advisor to Ministry of Finance of ChileColombia German Romero Otalora and Laura Marcela Ruiz Daza — Office of the Vice-Minister — Ministry of FinanceIreland Paul Ryan — International Finance Division — Ministry of FinanceSean Judge — Department of Finance — Ministry of FinanceNiamh McGuire — Ministry of FinancePhilippines Assistant Secretary Paola Sherina A. Alvarez — Department of FinanceAssistant Secretary Romell Antonio C. Cuenca — Climate Change Commission (CCC)Assistant Secretary Mercedita A. Sombilla — National Economic and Development Authority (NEDA)Assistant Secretary Rolando U. Toledo — Department of Budget and Management (DBM)INSTITUTIONAL PARTNERSNDC PartnershipSupport Unit Alexandra Murray-Zmijewski (consultant), Jahan Chowdhury, Joaquim Leite, Nishchay Mehrotra,Romeo Bertolini and Skylar BeeWorld Bank Ana Bucher, Marius Kaiser and Stephen HammerIn preparation of the report, the Coalition organized, as part of the Sherpa Meeting in Abidjan (on 24 February 2020), a full dayon NDC approaches with the NDC Partnership Support Unit in co-operation with the Finance Ministry of Côte d’Ivoire. This eventbenefited from the inputs from Finance Minister Koulibaly and Larissa Couadio from Côte d’Ivoire and Romeo Bertolini, fromthe NDC Partnership Support Unit, as well as representatives from Uganda, Jamaica and Niger who shared their experience onintegrating NDCs into Ministry of Finance work.6Ministries of Finance and Nationally Determined Contributions
Executive SummaryMinistries of Finance have a central role in improving the next generation ofNationally Determined Contributions (NDCs) and supporting their implementation.International evidence shows that a focus on climate change can identify andmitigate systemic risks and bring opportunities with positive economy-wideimpacts, such as job creation and poverty reduction.Country experiences demonstrate thatNDCs developed in close collaboration withMinistries of Finance (MOFs) are fiscallysound and consider the macro-economicfactors and wider financial and private sectorimplications. NDCs can be situated withinthe central economic and fiscal policies andmainstreamed into the Public FinancialManagement (PFM) systems. MainstreamingNDCs into national PFM systems can ensurethat economic and fiscal externalities of theclimate agenda are factored into growth anddevelopment strategies. The mainstreamingprocess allows Ministries of Finance todeploy their tools, e.g. annual budgeting,macroeconomic forecasts, Monitoring andEvaluation systems, and PFM laws andregulations to drive climate actions in acoordinated way.The usefulness of these tools is bestoptimized by having climate, sectoral, andmacroeconomic experts working togetherto consider the impacts of climate changein their economy. Specifics of PFM systemsvary across countries leading to differentapproaches. This paper uses the experienceof six countries and offers insights on therole of a MOF in two tasks: 1. the review anddevelopment of NDCs – a five-year task toreflect on past performance and develop aCoalition of Finance Ministers for Climate Actionnew five year set of commitments on climateaction; and 2. mainstreaming of NDCs –incorporating NDC climate actions intoannual PFM systems, focusing on the budgetcycle. The key messages for MOFs engagingin NDCs are summarised as follows:1. Strong MOF leadership and coordinationstrengthens the realisation of climatebenefits: The process of optimizing benefitsof climate action planning and overcomingchallenges associated with fiscal andfinancial domestic constraints requiresstrong leadership, coordination, and a clearconnection with national policy priorities.Climate action is usually integrated into lineministries’ mandates. However, promoting theinvolvement of a MOF is crucial to ensuringthat the proposed policies and sectorinterventions can be implemented. Jamaicaand Uganda provide some evidence of thebenefits of this approach.2. A MOF can help create an effective andachievable NDC by providing reliablecosting and macroeconomic assessmentsof climate interventions: Macroeconomicanalysis can improve decision making foroptimizing economic benefits and mitigatingrisks from climate change. Costing gives amore precise idea of the financial resourcesStepping Up for Climate July 20207
required to implement the differentprograms and interventions, the feasibilitywithin macro-fiscal constraints, and a strongbasis for budget allocation negotiations.These tools improve the chances of NDCsbeing designed as realistic and achievablecommitments, and can attract greater levelsof support, i.e. there is an opportunity to linkthis type of macro-planning and disaster riskfinancing to safeguarding investments inthe NDC process. The experiences of Chile,Jamaica, and Uganda demonstrate differentways of realizing this.they expected, and that private sectorincentives are working.5. A MOF can pursue a variety of entry pointsand phased approaches to suit theireconomic situation when mainstreamingtheir NDC: A MOF does not need to holdall knowledge and skills immediatelyto begin this work; rather it can be aniterative process which evolves over time.All countries presented in this paper havebeen ‘learning by doing’, assisted by interagency collaboration, peer learning, and3. MOF input at the review and developmentstages are essential for effectivemainstreaming of NDCs: To support thedevelopment of a realistic NDC and enableits effective implementation, Ministries ofFinance need to consider how PFM lawsand regulations will affect mainstreaming.The review of the first generation NDCs cangive evidence for what challenges existedand how they can be overcome. This caninclude analysis of procurement policy,investment plans, and fiscal policy and howthese enabled or prevented the attainmentof NDC goals. Once this information isgained, solutions to remedy them can beforthcoming as Uganda’s experience shows.international support. They have begun incertain entry points and built from thereto incorporate climate action into widereconomic and PFM systems.Countries are requested to communicateor update their NDCs and submit themto the UNFCCC Secretariat by the end of2020 (as per the UNFCCC Decision 1/CP.21,paragraph 23 and 24). Demands on MOFsare high given the COVID-19 pandemicand its social, health and economic toll.It is more important than ever to build onwhat has been achieved through the firstgeneration NDCs and continue to investin our environment. COVID-19 will have4. A MOF is essential for institutionalisingNDCs into national PFM systems: It is crucialthat climate change is institutionalised intonational PFM systems via mainstreaming.Monitoring financial flows or taggingexpenditures are common tools and linkclimate throughout the budget cycle asthe Philippines, Ireland and Colombiaexperiences show. The MOF task is wider andmore complex, including ensuring all lineministries and other budgetary entities aretraining in new climate-sensitive protocols,that new tax policies are having the impacts8Ministries of Finance and Nationally Determined Contributionsbudgetary consequences. The developmentof macroeconomic assessments, includingclimate opportunities and risks, and havingcosted NDCs rooted in macro-fiscal realitiescan be a doubly effective process. First,it will help Ministries of Finance buffereconomic shocks from climate changewhilst providing wider recovery optionsby investing in NDC activities. Second,it will provide a stronger evidence basefor negotiating tight fiscal allocations forinvesting in NDC activities.
Contents111: INTRODUCTION132: WHY MINISTRIES OF FINANCE ARE NEEDED:MACROECONOMIC IMPACT OF CLIMATE CHANGE143: HOW AND WHERE MINISTRIES OF FINANCE CAN BE INVOLVED:ENTRY POINTS AND BUDGET CYCLE TOOLS164:235:REVIEW AND DEVELOPMENT OF NDCS4.1: Coordination and Leadership164.2: Costing and Macroeconomic Modelling of NDCs194.3: Opportunity to Refine NDCs23INTEGRATION OF NDCS5.1: Strategic Planning and Budget Formulation245.2: Budget Execution and Accounting and Monitoring265.3: Audit and Evaluation and Policy Review28306:34ANNEX A: THE BUDGET CYCLE ENTRY POINTS AND TOOLSFOR NDC MAINSTREAMING39ANNEX B: METHODOLOGY41FURTHER READING / REFERENCESCONCLUSIONS AND NEXT STEPSGeneral41Country Specific43Coalition of Finance Ministers for Climate ActionStepping Up for Climate July 20209
List of Figures and Boxes1015FIGURE 1: Budget cycle with overarching PFM systems and tools toconsider as entry points for mainstreaming climate change throughNDCs (denoted as CC)17BOX 1: Jamaica’s high-level political leadership strengthening interagency coordination for climate action18BOX 2: Uganda’s NDC review led to improved coordination andachievements in planning and budgeting for climate actions20BOX 3: Jamaica’s entry point for mainstreaming climate change intomacroeconomic and debt sustainability21BOX 4: Uganda’s economic analysis for mainstreaming climateactions into planning22BOX 5: Chile’s evolution of macroeconomic skills for climate impactand NDC targets24BOX 6: Philippines’ development of decentralized climate planningand budgeting26BOX 7: Ireland’s expenditure tracking for monitoring climate finance29BOX 8: Colombia’s monitoring of climate finance providing evidencefor policy reviewMinistries of Finance and Nationally Determined Contributions
IntroductionThis document is the joint effort of representatives of the Working Group on HelsinkiPrinciple 6 (WG6) of the Santiago Action Plan of the Coalition of Finance Ministersfor Climate Action (the ‘Coalition’), launched in April 20191. The Coalition will helpcountries mobilize and align the finance needed to implement their national climateaction plans; establish best practices such as climate budgeting and strategies for,green investment and procurement; and factor climate risks and vulnerabilities intomembers’ economic planning. The focus of Principle 6 is how MOFs can activelyengage in the review, development and mainstreaming of Nationally DeterminedContributions (NDCs) submitted under the Paris Agreement.Since its launch, finance ministers from 52countries have signed on to the HelsinkiPrinciples, a set of six aspirational principlesthat promote national climate action, bymainstreaming climate change decisionmaking into economic and financial policies2.WG6 is led by the country champions Jamaicaand Uganda and supported by the NDCPartnership Support Unit and the World Bank.The aim of this paper is to share knowledgeand experiences on how Ministries ofFinance can support the development andmainstreaming of NDCs to achieve the goalsof the 2015 Paris Agreement3. Five years afterthe Paris Agreement was adopted, countriesare now communicating current targets or18.104.22.168.5.preparing to submit the next generation ofNDCs by the end of 2020 as per the UNFCCCDecision 1/CP.214. An overarching finding fromfirst generation NDCs is that they need to bebetter situated within the central economicand fiscal debates and that Ministries ofFinance have an important role to improve thenext generation of NDCs in terms of quality,depth, scope and ambition.This paper addresses two distinct topics5. Firsthow a MOF can engage in the review of thecurrent NDCs and the development of a newNDC, and second, ways in which NDCs canbe mainstreamed into the PFM systems. It isstructured along the following key questions:See World Bank (2019) and Climate Action Peer Exchange (2019), respectively.CAPE (2019).The overall aim of NDCs is to set the course for a net-zero emissions future, limiting warming to below 2 C degree (and to pursueefforts to limit it to 1.5 C degrees). To date, commitments that countries put forward would leave us with a 3 C degree warmingscenario- requiring countries to effectively halve global emissions to reach a 1.5 C degree target.As per the UNFCCC Decision 1/CP.21, countries with a 2030 target are requested to either update or communicate their currenttarget by the end of 2020, and to do so every five years thereafter. Countries with a 2025 target are requested to communicate a new(second/updated) NDC by the end of 2020, and to do so every five years thereafter.This document isn’t focused on how to develop a country’s NDCs, for information on this please see Designing and Preparing INDCsLevin et all (2015).Coalition of Finance Ministers for Climate ActionStepping Up for Climate July 202011
Why should Ministries of Finance beinterested and engaged with NDCs andclimate change? Climate change haswide and long-term economic impactsincluding climate vulnerability, debtand financial management as well asopportunities such as job creation. AMOF can incorporate these into economicanalysis to optimize growth anddevelopment. Recent macroeconomicevidence, including a study suggesting thatin light of the current COVID pandemic,green stimulus packages offer “strongreturns on investment for governmentspending”6.One final comment is to acknowledgethere are numerous tools, techniques andpolicy options for a MOF to engage withNDCs, and climate change, within the PFMsystem. Most are incorporated within thesix Helsinki Principles, some concentrate ondescribing different tools, models, and policyoptions, whilst here the focus is highlightingsome experiences on how countries havemainstreamed NDCs. In this regard, the papergives an overview of approaches and tools,and set out clear links within the text forfurther information. Additionally, for technicaldiscussions and detailed approaches, MOFscan refer to the other five Helsinki Principles. How can Ministries of Finance engage andwhat are the key entry points? IntegratingNDCs within national PFM systems, withparticular emphasis on the budget cycleand establishing strong linkages foreffective inter-ministerial/inter-agencycollaboration, i.e. using and capitalizing onalready established processes and systems.For example: How different Ministries of Finance aremainstreaming NDCs? Country examplesto illustrate how several methods are usedto development and mainstream NDCs’climate action within PFM systems. Thereis no ‘one size fits all’. The experiencesof Chile, Colombia, Ireland, Jamaica,Philippines, and Uganda describe howdifferent entry points and PFM tools haveled to mainstreaming through the budgetcycle.A summary conclusion and next steps isset out with references and links for furtherreading and information.6.12Hepburn et al (2020).Ministries of Finance and Nationally Determined Contributions1. Designing long term strategies —Discusses what macroeconomic modelscan be used;2. Capacity building — What skills andtraining Ministries of Finance need todeliver realistic NDCs;3. Carbon pricing — Details the tax andsubsidy policies that could be part of theNDC development;4. Macroeconomic, fiscal, investment, andprocurement policy — Provides technicaldetails on how to incorporate climateinto PFM tools such as macro models,public investment, budget tagging andprocurement rules; and5. Creating an enabling environment toattract private investment — Looks atgreen finance options and regulation.
2Why Ministries of Finance are Needed:Macroeconomic Impact of Climate Change“Climate policy should not be seen in isolation, but should rather be consideredan integral part of the broader policy agenda to promote economic growth”(Bank of England, 2018)“Recovery packages that seek synergies between climate and economic goals have betterprospects for increasing national wealth, enhancing productive human, social, physical,intangible, and natural capital” (Hepburn et al, 2020)“NDCs often provide a window into the government’s vision for areas of future economicgrowth and technology transformation, both of which have clear linkages with jobcreation. They frequently have to account for complex challenges where progress candeliver multiple wins in terms of reduced poverty, enhanced competitiveness, improvedpublic health and local quality of life, and global public goods.”(World Bank, 2020)Evidence for improving linkages betweeneconomic planning and climate changeis growing. Climate change has wide andlong-term economic impacts on output,jobs, and macroeconomic fundamentalssuch as inflation debt, and exchange rates7.Left unaddressed, climate change can haveknock-on effects which affect governmentrevenue and the ability of to fund widerdevelopment plans. Additionally, MOFs canchoose investments to further green growth.There are substantial opportunities to begained and risks to be offset, for example:Analysis on mitigation efforts suggest lowcarbon sustainable growth “could deliver adirect economic gain of US 26 trillion through22.214.171.124.11.to 2030 compared to business-as-usual”8;Research on adaption measures indicatesthat “investing 1.8 trillion globally in five areasfrom 2020 to 2030 could generate 7.1 trillionin total net benefits”9; and, Forecasts suggestthat if no urgent action is taken, the numberof people in need of humanitarian assistanceannually due to the climate crisis could doubleby 205010. In light of this, there are calls for agreater focus on the linkages between climatechange and economic growth and stability11.Ministries of Finance have an important role toplay in the development and implementationof ambitious, yet realistic climate action inNDCs. If well planned, in cooperation with aBatten (2018) Climate Change and the Macroeconomy.Global Commission on the Economy and Climate (2018).Global Commission on Adaption (2019).International Federation of Red Cross and Red Crescent Societies (2019).Batten (2018).Coalition of Finance Ministers for Climate ActionStepping Up for Climate July 202013
MOF, NDCs and their focus on climate change,could bring resources to challenges, havepositive economy-wide impacts, create jobsand reduce poverty. For example, a recentstudy compared stimulus packages for postCOVID19 recovery phase for economic growth12.It found that stimulus packages with anemphasis on climate action and green growthcould provide greater returns on investmentthan those without. Moreover, NDCs are agood resource for identifying investmentopportunities for stimulus packages13.3Indeed, the Paris Agreement places climatein the context of sustainable developmentand poverty eradication, i.e. it identifies thatclimate change is central to long term growthand sound fiscal management. As such, thetask of a Ministry of Finance (MOF)— to reducerisks and optimize opportunities for growthand development - puts it at the centre ofsafeguarding realistic climate actions withinNDCs. Particularly when considering theirpower to influence policy and nationaldevelopment.How and Where Ministries of Finance Can Beinvolved: Entry Points And Budget Cycle ToolsNDC development and mainstreaming encompasses policies and resource-allocation decisionsacross many sectors, national and sub-national levels of government and involves variousstakeholders (public, private, civil society, and international). To work well, mainstreaming mustensure that the planning, budgeting, and reviewing processes for climate plans are aligned withnational systems and processes. This results in a system where climate is included as part of thetechnical and political assessment of policy priorities, budget allocations, and review of efficiencyof spending.Figure 1 shows a universal budget cycle andits wider PFM systems indicating entry pointsand tools which can assist in mainstreamingclimate action across government. Thisapproach can be adapted to any country’sPFM system. Whether a country uses annualline item budgeting or performance basedMedium Term Expenditure Frameworks(MTEFs), centralized or decentralized budgets:the core budget cycle, represented in Figure1, is still relevant. Review of these institutions126.96.36.199can be made to identify the most usefulentry points for integrating climate change (asummary is set out in out in the Annex) 14.Incorporating NDCs into national systemsensures that real and potential economicand fiscal implications and externalitiesare factored into growth and developmentstrategies. For example, throughmacroeconomic assessment of the benefitsand costs of climate action / inaction, aHepburn et al (2020) COVID-19 Fiscal Recovery Packages.Hammer et al (2020) NDCs and COVID-19 Recovery.For more detailed information please see: World Bank (2013) Beyond the Annual Budget Global Experience with MTEFs, Levin et al(2015) Climate Change Public Expenditure and Institutional Review, Shabih Ali Mohib (2014) Mainstreaming Climate Change: Entry Points, and Allen et al(2013) International Handbook of PFM.Ministries of Finance and Nationally Determined Contributions
government will be able to prioritise budgetallocations based on risks and opportunitieslinked to climate change. Moreover,understanding the macro-fiscal realities willcreate an achievable list of climate activities ofNDCs that can be implemented in a given year.And through PFM tools such as a budget callcircular - requesting climate activities to beplanned and costed - line ministries will ownand implement their climate commitments.This can result in a situation where variousagencies will then be responsible — in acoordinated fashion - for driving the processof deepening the climate mitigation andadaptation agenda alongside nationalpriorities.tasks extend to consideration of how PFM lawsand regulations will affect mainstreaming.For example, the review and developmentstage could assess how a new c
Rodrigo Rojo, IDB Sr. Consultant and advisor to Ministry of Finance of Chile. Colombia German Romero Otalora and Laura Marcela Ruiz Daza — Office of the Vice-Minister — Ministry of Finance. Ireland Paul Ryan — International Finance Division — Ministry of Finance Sean Judge — Department of Finance — Ministry of Finance
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