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PublicationDebt Management Performance Assessment: Dominica(World Bank, Washington, DC, 2018-08) World BankThe World Bank and the Eastern Caribbean Central Bank (ECCB) undertook a comprehensive assessment of the debt management (DeM) functions of the Government of Dominica (GoD) from June 18 to 22, 2018.The main outcomes of the debt management performance assessment are as follows: The assessment indicates that legal framework includes clear authorization for the Minister of Finance to borrow and issue loan guarantees on behalf of the Government. However, authorization to issue bonds in the regional market is not clearly defined.legal framework is fragmented and does not include borrowing purposes. The Debt Management Unit (DMU) is the principal guarantee entity but the borrowing operations involve more entities and are not well coordinated.Reasonably reliable debt service forecasts are produced by the DMU, but in-house debt sustainability analysis (DSA) is not undertaken. A staff in Macroeconomic Unit within the MoF has received training in the use of DSA framework and plans to undertake the exercise in-house in the coming fiscal year.Cash flows are forecasted on a monthly basis, but not submitted to the ECCB for liquidity management purposes. The Government has access to a well-developed Regional Government Securities Market (RGSM), but the potential has not been fully reaped, since Treasury bills (T-bills) are also issued locally with less advanced techniques, implying significant exposure to operational risks.Monthly detailed cash flow forecasts are prepared by the Accountant General´s Office (AGO) which could be used to guide upcoming budget allocation and short-term T-bill issuance for cash management purposes.The DMU is maintaining complete government debt and guarantees’ records which are updated quickly due to well-developed contacts with creditors and projects.The DMU has developed a draft procedures manual but it does not cover all DeM procedures and it has not been finalized. The DMU staff capacity is not sufficient and the work is not organized with adequate segregation of duties. PublicationDebt Management Performance Assessment: Kosovo(World Bank, Washington, DC, 2017-12) World BankAt the request of the Government of Kosovo (GoK), a World Bank (WB) mission visited Kosovo during September 26 to October 04, 2017 to conduct a debt management performance assessment (DeMPA). The objectives of the mission were (i) to assess the strengths and areas of development; (ii) to discuss the authorities’ immediate needs for TA and follow-up reform plan activities. This report assesses the debt management performance of the government to manage central government debt by applying the 2015 DeMPA methodology. This is the second evaluation of the government debt performances for the country. The first DeMPA assessment was conducted in 2012. Kosovo also benefitted from a Medium-Term Debt Management Strategy mission in February 2017. The mission worked with government officials from Cash and Debt Management Department (CDMD) of the Treasury, an agency of Ministry of Finance (MoF), as the main counter party. Meetings were also held with the Central Bank of Kosovo (CBK), National Audit Office (NAO), Kosovo Pension Savings Fund (KPSF), and three primary dealer banks, as well as with various units of the MoF, including human resources, legal office and internal audit. The mission agenda and the list of officials met during the mission are included in Annex 1. The main findings of this assessment along the five main areas of the DeMPA methodology are summarized below. Overall, there have been noteworthy improvements in various areas of debt management, including strategy development, domestic borrowing, debt reporting and recording. Challenges mainly arise from staffing constraints, which induce a high level of operational risk. PublicationDebt Management Performance Assessment: Cabo Verde(World Bank, Washington, DC, 2016-10) World BankThis report assesses the debt management performance of the government of Cabo Verde by applying the 2015 World Bank debt management performance assessment (DeMPA) methodology. Overall, there have been positive developments in government debt management practices in Cabo Verde. Some of those developments are reflected in improved DeMPA scores, as in the case of the preparation of a medium-term debt management strategy (DMS), publication of debt management information, and documentation of procedures in the domestic market. In some other cases, improvements were not enough to change the scores, although relevant and acknowledged, such as the case of domestic borrowing. In a number of other dimensions, such as those related to debt recording and operational risk, challenges persist. Annex 1 brings a detailed update on the implementation of the debt management reform plan designed in 2013, showing good improvement in some areas, in particular the development of a DMS and debt management reporting, but less progress in operational risk management and data recording. PublicationGeorgia Debt Management Performance Assessment(World Bank, Washington, DC, 2013-08) World BankAfter a prolonged economic downturn in the early 1990s Georgia has succeeded in improving economic performance. The Government of Georgia undertook large-scale reforms that encouraged increased output growth. Over the period 2003-2012 the Georgian economy grew at an average annual rate of 6.6 percent. Privatization, new simplified tax codes introduced in 2005 and 2010 which reduced the complexity and number of taxes, the cancellation of import duties on approximately 90 percent of goods, and an 88 percent reduction in the number of licenses for doing business resulted in increasing foreign investment inflows into the country. Large external public borrowing to finance energy imports during the first years of independence resulted in a quick accumulation of external debt stock, which exceeded 80 percent of Gross Domestic Product (GDP) by the end of 1994. As a result of strong performance in 1996-1998 when the country's economy grew at 10 percent annually on average, the external debt declined sharply to below 58 percent of GDP. However, depreciation of the Lari against the US dollar during the Russian crisis diminished these achievements. The declining of the debt-to-GDP ratio resumed in 2000. From June 17-26, 2013, a World Bank tea PublicationSudan Debt Management Performance Assessment(World Bank, Washington, DC, 2012-05) World BankThe Republic of Sudan is the third largest country in Africa, following the July 2011 secession of South Sudan, with an area of 1.8 million square kilometers and a population of 33.4 million, half of which live in urban areas. It is strategically located between Sub-Saharan Africa and the Middle East, with direct borders with Central African Republic, Chad, Egypt, Eritrea, Ethiopia, Libya, and South Sudan. Sudan is a federal republic, and the vertical structure of government consists of three tiers. The central government is embodied in the office of the President, the Council of Ministers, and the National Assembly and the two main tiers at the sub-national levels are the state tier (with 17 states) and the locality tier. The implications of the country's current political and economic transition on debt management are fundamental. The permanent fiscal shock from lower oil revenues has put heavy pressure on the budget, with fewer resources available for debt repayment and with increased needs for borrowing for deficit financing, including monetization. External resources are limited given the arrears Sudan has with many creditors and associated lack of access to concessional financing, plus traditional global markets are stressed from fiscal problems in many countries. The government has already been very active in domestic markets, and the availability of additional resources from the private sector is a concern. The DeMPA focuses on central government debt management activities and closely-related functions, such as the issuance of loan guarantees, on-lending, cash flow forecasting, and cash balance management. Thus, the DeMPA does not assess the ability to manage the wider public debt portfolio, including implicit contingent liabilities (such as liabilities of the pension system) or the debt of state-owned enterprises (SOEs), if these are not guaranteed by the central government.