Debt Management Performance Assessment

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  • Publication
    Subnational Debt Management Performance Assessment: Ogun State, Nigeria
    (World Bank, Washington, DC, 2019-11) World Bank
    At the request of the authorities, a World Bank (WB) subnational debt management performance assessment (SN-DeMPA) mission visited Ogun state, Nigeria between April 8 to 12, 2019. The main objective of the mission was to assess, jointly with the authorities, the current debt management performance of Ogun state. To meet this objective, the team worked closely with the debt management department (DMD) and met with other relevant state agencies and departments involved in public debt management. The SN-DeMPA observed several debt management functions that may benefit from improvements to meet the minimum effectiveness in DeM.
  • Publication
    Debt Management Performance Assessment: Maldives
    (World Bank, Washington, DC, 2019-03) World Bank
    A World Bank (WB) mission undertook an assessment of the government's debt management(DeM) capacity and institutions in Maldives during March 20-29, 2019, at the request of theMinistry of Finance (MoF). The objective of the mission was to assess the DeM strengths andareas in need of reform through the application of the Debt Management Performance Assessment (DeMPA) methodology. This is the second evaluation for Maldives; the first DeMPA was conducted by the WB in 2009. The MoF has implemented a series of public finance management reforms in legal and institutional arrangements since the last DeMPA. Treasury operations have experienced a complete overhaul, including the rolling out an Integrated Financial Management Information System (SAP) to government entities on Male', establishment of a Treasury Single Account (TSA) and the development of cash flow forecasting procedures. The coverage of the debt management system, the CS-DRMS, has also been expanded and is now used as a central database for almost all debt obligations (excluding Islamic instruments). The DeMPA methodology, revised in 2015, provides a comprehensive set of indicators spanning the full range of DeM functions and is used for in-depth analysis of government debt management functions and institutions. The results of the assessment help the central government authority to take stock of the current DeM situation and design medium term priority reforms. The results of 2019's assessment for Maldives demonstrate many broad-based improvements implemented in Maldives and provide highlights of pending reforms.
  • Publication
    Debt Management Performance Assessment: Moldova
    (World Bank, Washington, DC, 2018-12) World Bank
    The objective of the mission was to assess the debt management strengths and areas in need of reform through the application of the Debt Management Performance Assessment (DeMPA) methodology. The DeMPA mission delivered an evaluation of the legal, institutional and regulatory framework in government debt management.Compared to the previous DeMPA assessment undertaken in 2008, impressive progress is observed in a number of areas. These include the quality and annual update of a medium-term debt management strategy and borrowing plans and procedures for external borrowing. Areas that have digressed or not improved include coordination with fiscal policy and debt sustainability analysis, and cash flow forecasting and cash management.
  • Publication
    Debt Management Performance Assessment: Dominica
    (World Bank, Washington, DC, 2018-08) World Bank
    The 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.
  • Publication
    Debt Management Performance Assessment: Cabo Verde
    (World Bank, Washington, DC, 2016-10) World Bank
    This 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.
  • Publication
    Debt Management Performance Assessment: Côte d’Ivoire
    (World Bank, Washington, DC, 2015-06) World Bank
    At the request of the Government of Cote d’Ivoire, a World Bank mission visited Abidjan on June 11 to 19, 2015, to conduct a second debt management assessment, following the first assessment done in June 2009. This mission provided an opportunity to assess the progress made with debt management since 2009, and to evaluate current performance against the new debt management performance assessment (DeMPA) methodology revised in May 2015, relative to the methodology used in June 2009. To provide an understanding of the comparison and tracking of progress noted, an annex to the report indicates the level of improvement or deterioration in the government’s debt management performance. The DeMPA tool is based on a methodological approach that facilitates evaluation of performance using different indicators that bring together all debt management functions. These indicators cover the following areas of activity: (i) governance and strategy development; (ii) coordination with monetary and fiscal policies; (iii) borrowing and related financing activities; (iv) cash flow forecasting and cash balance management; and (v) operational risk management and the recording and monitoring of loan guarantees. The DeMPA assesses the strengths and weaknesses of each country’s debt management without making recommendations or assumptions as to the potential effects of reforms under way.
  • Publication
    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.
  • Publication
    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.
  • Publication
    Georgia Debt Management Performance Assessment
    (World Bank, Washington, DC, 2013-08) World Bank
    After 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
  • Publication
    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.