Contents -- I. INTRODUCTION -- II. FISCAL DEVELOPMENTS IN PERSPECTIVE -- III. CONCEPTUAL FRAMEWORK FOR QUANTIFYING QUASI-FISCAL ACTIVITIES -- IV. THE SCOPE AND COVERAGE OF QUASI-FISCAL ACTIVITIES -- V. QUASI- FISCAL ACTIVITIES AND THE FISCAL POSITION -- VI. POLICY IMPLICATIONS AND CONCLUSIONS -- REFERENCES -- Appendix I Alternative Approaches to Estimating Quasi-Fiscal Activities -- Appendix II Assumptions Underlying the Public Sector Debt Sustainability Analysis -- APPENDIX TABLES.