From the FT:
Cash-strapped governments could find a huge new source of revenues if they managed their assets more professionally, the IMF said on Wednesday. The potential receipts, equivalent to an average of 3 per cent of national income in 31 countries, would be available if state-owned companies produced returns half as good as private ones and improved their financial asset management correspondingly. The call to manage assets better is part of an IMF drive for a private sector approach to public finances that properly accounts for total assets and liabilities rather than simply concentrating on borrowing and debt. The approach also alters countries’ ranking in the league table for net worth. “It’s not only what you owe, it’s also what you own,” Vitor Gaspar, head of fiscal affairs at the fund, told the FT.