Debt Management Performance Assessment

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https://hdl.handle.net/10986/7800

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Debt Management Reform Plan : Madagascar
(Washington, DC, 2014-02) World Bank
The reform plan pillars outlined in this report build on the findings of the 2013 World Bank Debt Management Performance Assessment (DeMPA) for Madagascar and the discussions held during this mission with the central government representatives. Recent presidential elections and envisaged inauguration of the new government provides an enabling environment for engaging into broad economic and institutional reforms. Improvement of the governance practices and continuation of the public finance management reforms are among priorities stipulated in the President's reform agenda. It is important to mention that during the last two years MoFB's Treasury undertook a number of initiatives to improve government debt management. The Public Debt Directorate (DDP) was reorganized in 2012 and additional staff was hired during the last calendar year. Improvement of existing legal framework was initiated by the DDP in close cooperation with legal advisers of the Treasury. The main areas of reforms identified include: (i) improvement of the legal framework, (ii) formulation of a debt management strategy, (iii) improvement of central government borrowing policies, and (iv) operational risk management.
Debt Management Performance Assessment : Armenia
(World Bank, Washington, DC, 2013-11) World Bank
The World Bank mission team comprised of Memes/ Messrs. Lilia Razlog (mission lead, PRMED, WB), Antonio Velandia (FABDM) and Ying Li (Consultant, WB), joined by Juan Carlos Vilanova, Debt Relief International (DRI), who conducted a Government Debt Management performance Assessment (DeMPA) evaluation for Republic of Armenia. At the request of the authorities, the mission took place from October 29 to November 8, 2013. The team worked closely with the main counterparts at the Ministry of Finance (MoF), NASDAQ-OMX, Chamber of Control (CoC), as well as the officials from the other government agencies and the Central Bank of Armenia (CBA). The mission team benefited from excellent cooperation of the Public Debt Management Department (PDMD) of the Ministry of Finance, other line departments of the MoF, CBA, Ministry of Justice, and other government and private partners.
Debt Management Performance Assessment : Ethiopia
(Washington, DC, 2013-06) World Bank
The DeMPA is a methodology for assessing public debt management performance through a comprehensive set of indicators spanning the full range of government debt management functions. The DeMPA tool presents debt performance indicators along with a scoring methodology. This report pertains to a debt management performance assessment of Ethiopia in 2013, and provides an overview of strengths and weaknesses in government debt management. The following are the significant findings of this assessment: 1) no formal debt management strategy in place, although significant progress has been made over time; 2) there is good coordination and information sharing between the fiscal and monetary authorities and the debt managers; 3) There are documented procedures for external and domestic borrowings as well as for on-lending and loan guarantees; 4) an efficient single treasury account is not yet in place, and surplus cash is invested at low rates; 5) there is an understanding of operational risk but not yet a formal framework for operational risk management; and 6) there are complete and timely debt records for all central government debt and guarantees, with appropriate evaluation and disclosure of information on total central government debt management operations.
Madagascar : Debt Management Performance Assessment
(Washington, DC, 2013-03-01) World Bank
Madagascar's central government debt stood at around 30 percent of gross domestic product (GDP) in 2011. Due to political developments in 2008-2009, the Acting government of Madagascar has limited borrowing opportunities from both external and domestic lenders. This situation is expected to change after the upcoming general elections planned for mid-2013. The legal framework for government debt management is unclear in some parts and in general underdeveloped. Thus, for 2013 fiscal year, the Parliament has authorized the government to borrow internally and externally for the implementation of various development projects. There are no specific debt management objectives, no requirement to develop a debt management strategy, and no evaluation process reflected in the primary legislation. An important step has been taken by reorganizing the Public Debt Directorate (PDD) of the Ministry of Finance and Budget as the Principal DeM entity of the government. It manages both external and domestic debt, and takes part in all loan negotiations. Yet to be prepared is a debt statistical bulletin and a comprehensive DeM strategy. There was one external compliance audit prepared in 2011 for the period of 2006-2008, but no performance audits. The final audit report was developed in 2012, but is not made public. There is no formal or informal debt management strategy in Madagascar. There is also no evaluation and disclosure of information on public government debt management. The debt statistical bulletin, prepared during 2012, is still in a draft form.
Debt Management Performance Assessment : Nigeria
(Washington, DC, 2012-05) World Bank
The DeMPA is a methodology for assessing public debt management performance through a comprehensive set of indicators spanning the full range of government debt management functions. The DeMPA tool presents debt performance indicators along with a scoring methodology. This report pertains to a debt management performance assessment of Nigeria in 2012. Areas with very high scores include the managerial set-up, evaluation of debt management operations, as well as domestic and external borrowing practices. There have been substantial improvements in management of operational risks, demonstrated by the availability of procedures manuals and data security and back-ups, and in debt reporting.
Union of the Comoros : Debt Management Performance Assessment
(Washington, Dc, 2011-06) World Bank
This study shows that performance in terms of debt management has been weakened by recurrent political and institutional crises experienced by the country in recent years and has had a negative impact on the State's ability to both mobilize external financing and to honor its financial commitments. The accumulation of external arrears has increased by extension of the depletion sources of funding. However, the government recently initiated numerous actions contributing to a more serene climate at home with the establishment of democratic governance, developing a program of poverty reduction and regularization of arrears. This more favorable environment will soon pave the way for more substantial outside funding, especially following the accession of the Comoros to the enhanced Heavily Indebted Poor Countries (HIPC), and therefore requires the full attention of the authorities to implement better management of public debt. This evaluation is part of this perspective. Overall, performance in terms of debt management in the Comoros is satisfactory in all three of the following areas: (i) coordination with fiscal policy, including the integration of forecasts and actual payment of debt service in the preparation and monitoring of budget, (ii) coordination with monetary policy focused on the management of statutory advances granted by the Central Bank of Comoros (BCC), and (iii) procedures for payment of service external debt.
Debt Management Performance Assessment : Kazakhstan
(Washington, DC, 2011-05) World Bank
A World Bank mission visited Kazakhstan from July 15-23, 2010, to undertake a comprehensive assessment of debt management operations using the Debt Management Performance Assessment tool (DeMPA). The DeMPA report provides an overview of strengths and weaknesses in government debt management in Kazakhstan, as evaluated at end-July, 2010. The scores demonstrate that areas of strength clearly outnumber areas where policies and practices fall short of minimum standards for effective debt management. Areas of strength include the legal framework, governance, and operational risk management, coordination with fiscal and monetary policies, as well as debt recording and reporting. Such strengths are impressive, taking into account the relatively low debt level and modest recourse to both domestic and external borrowing. However, many areas displaying relatively low scores would benefit from attention and reform. This need is most pressing in the context of developing a medium-term debt management strategy, which would involve outlining the preferred composition of debt based on cost-risk analyses, and would provide guidance not only for the government s borrowing but also for market development.
Debt Management Performance Assessment : Papua New Guinea
(Washington, DC, 2010-12) World Bank
At the request of the Government of Papua New Guinea (PNG), a mission comprised of Jeff Chelsky (PRMVP, mission lead), Tomas Magnusson (BDM, consultant), Greg Horman (BDM, consultant) and Tim Bulman (EAP, country economist), visited Port Moresby between November 22nd and December 3rd to undertake a DeMPA exercise. The team met with officials from the Department of Treasury, Bank of Papua New Guinea, Department of Finance, Department of National Planning and Monitoring, State Solicitor's Office, Auditor General's Office, Independent Public Business Corporation (IPBC), AUSAid, Asian Development Bank, ANZ Bank, Nambawan Super, and Bank South Pacific (BSP). This report reflects comments received from the PNG authorities in February 2011. The mission found that, in a number of areas, PNG meets or exceeds minimum DeMPA requirements. Strengths include the quality of the debt management strategy, the framework for domestic debt issuance, coordination with monetary policy, and the legal framework (except for the issuance of T-bills for which the law contains no explicit borrowing purposes). Looking ahead, the Government has expressed its intention, as part of the 2011 budget and its updated 2011 Medium-term Debt Management Strategy, to remove the nominal cap on external debt, replacing it with a cap of 30 percent of Gross Domestic Product, or GDP. The commitment to allocate a portion of excess government revenue to debt reduction will only apply when the debt-to-GDP ratio exceeds 30 percent of GDP. At the same time, the Government has reiterated its commitment to reducing the exchange rate risks to its debt portfolio by targeting 40 percent of total debt over the medium term for the external portion of the portfolio. Interest rate risk will be reduced through continued efforts to extend the maturity of domestic debt.
Debt Management Performance Assessment : The Gambia
(Washington, DC, 2010-04) World Bank
During January 11 to 20, 2010, a World Bank team undertook a Debt Management Performance Assessment (DeMPA) mission to Gambia. This tool provides a methodology for assessing government debt management performance through a comprehensive set of dimensions spanning the full range of DeM functions. The first time the tool was applied in Gambia was in 2007, when a pilot study was carried out, and this was a follow-up mission. The DeMPA methodology has evolved since the report made in 2007 and therefore it is not possible to carry out a strict comparison of the two DeMPA reports in terms of individual indicators as the detailed dimensions that make up an indicator are no longer aggregated; instead, each dimension is given a specific score. It is clear however that Gambia's debt management has progressed substantially in some dimensions during recent years although there are still remaining issues that would benefit from reform and institutional capacity-building. The mission notes that given that several reforms are currently being implemented, it is to be expected that future DeMPA evaluations will show stronger scores. At this moment there is institutional capacity-building in the area of the Integrated Financial Management Information System (IFMIS) and cash management; the design of procedures manuals for Directorate of Debt Management (DDM), and the design of a draft bill on public debt management which would provide a more strategic, objectives-based legal orientation to debt management.
Debt Management Performance Assessment : Guinea-Bissau
(Washington, DC, 2010-01) World Bank
The objective of the mission was to evaluate current government debt management practices in Guinea-Bissau using the Debt Management Performance Assessment (DeMPA) tool. The assessment will establish a benchmark for monitoring progress over time and provide an analytical background for reform programs developed by the authorities in partnership with their technical and financial partners, and providers of technical assistance in the area of debt management. This report presents the findings of the mission based on information available as at 4 September 2009. Section two explains the DeMPA methodology. Section three provides the country context for the evaluation. Section four presents the mission's detailed assessment of current debt management practices. Section five concludes and discusses potential next steps. This report has been peer-reviewed by debt management experts and World Bank staff, and is being submitted to the authorities of Guinea-Bissau for their review and comment prior to finalization. The final mission report will be transmitted to the authorities for use and disclosure at their sole discretion.