These measures are largely complementary, and it is not possible to determine a priori which are the most important. From a short-term perspective, the government may be most concerned about the net contribution to the budget. If SOE debt is seen as a critical problem (e.g., because of worsening payment arrears of SOEs) or there is substantial borrowing by SOEs under a government guarantee, then the focus may be more on financing need and net debt. If the government is concerned about liabilities that may accumulate outside the balance sheet, then it may want to carefully monitor and control such risks.
