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Publication(Washington, DC, 2009-12) World BankThe results of this assessment show that seven (7) indicators warranted an overall score of C or better, demonstrating compliance with the minimum requirement; these referred to the debt management strategy; evaluation of debt management operation; coordination with fiscal policy; domestic borrowing; external borrowing; debt records and debt reporting, and debt administration and data security. A total of eight (8) indicators did not meet the minimum requirement at the time of the mission. These correspond to legal framework; managerial structure; audit, coordination with monetary policy; loan guarantees and on-lending; cash-flow forecasting and balance management; segregation of duties, staff capacity and business continuity and debt reporting. The mission notes that Ministry of Finance and Economic Development, or MOFED is currently implementing reforms in the areas of public debt management and domestic debt market development, including i) designing a new comprehensive public debt law; ii) implementing the reorganization of the debt management unit in MOFED; iii) formulating and implementing a procedures manual for debt management functions in MOFED; iv) implementing connectivity between two major data bases, namely CSDRMS and the integrated financial management system of the government. As a consequence, the mission expects several of these indicators to improve with reform implementation.
Publication(Washington, DC, 2008-06) World BankDuring November 12 through November 24, 2007 a World Bank team traveled to Lome, Togo, to undertake an assessment of the government's debt management operations using the Debt Management Performance Measurement Assessment Tool (DeMPA). The DeMPA is a methodology for assessing debt management performance through a set of 15 indicators covering the full range of debt management functions. This assessment report highlights that the current strengths of debt management operations in Togo lie in the areas of coordination with monetary policy and the staff in the debt office, who have the skills needed for the basic debt management operations they are required to do at the moment. Among the areas for improvement identified, the priority should be given to: (i) the institutional framework, which is currently overly complex and does not ensure appropriate coordination among all entities that participate in the debt management process; (ii) the debt recording systems, which are not accurate and complete, in part as a consequence of the institutional framework; and (iii) putting in place a debt management strategy, which at this stage would focus on arrears clearance and the terms of re-engagement with the international financial community.
Publication(Washington, 2008-05) World BankThe Debt Management Performance Assessment (DeMPA) is a methodology for assessing government Debt Management (DeM) performance through a comprehensive set of indicators spanning the full range of DeM functions. The assessment reveals that Burkina Faso's DeM institutions' performance meets minimum requirements in six out of the fifteen debt performance indicators. All external loans that are contracted by the government respect a 35 percent minimum concessionality condition and are analyzed and approved by a debt committee; formal evaluation reports are produced for each project considered. Finally, Burkina has a fairly well-managed front office that concentrates relations with all donors and is thus better able to maximize the volume of concessional financing and avoid non-concessional borrowing. Nevertheless, Burkina Faso does not meet the minimum requirements in a total of fourteen dimensions across nine Debt Performance Indicator's (DPIs), and it only exceeds the minimum requirements in four indicators, underlining the critical importance of maintaining and strengthening the reform momentum. Finally, a long-term objective should be to separate the policy and technical aspects of debt management. At present, National Public Debt Committee (CNDP) is involved in both: on the policy side, it approves the debt policy and debt strategy; on the technical side, it discusses each loan, verifying that projects are well designed and the underlying financing arrangement is appropriate.
Publication(Washington, DC, 2008-02) World BankDuring February 2-14, 2008 a World Bank team comprised of Per-Olof Jonsson and Frederico Gil Sander traveled to Sao Tome e Príncipe to undertake an assessment of the government's debt management capacity and institutions using the Debt Management Performance Assessment Tool (DeMPA). The DeMPA is a methodology for assessing government debt management (DeM) performance through a comprehensive set of indicators spanning the full range of DeM functions. The assessment reveals that despite notable progress since the inception of the debt office in 2004, overall Sao Tome Príncipe meets the minimum requirements set out by the DeMPA only in the fields of evaluation of debt management operations and coordination with monetary policy. The Government does not meet the minimum requirements in the other indicators. The gap between existing practices and the minimum requirements is narrow in some areas. Among the areas for improvement where greater effort is required to reach good practices, the mission identified the legal framework and the managerial structures as key priorities in a reform program.