Debt Management Performance Assessment

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  • 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: 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 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: Haiti
    (World Bank, Washington, DC, 2014-04-01) World Bank
    In response to a request from the Government of Republic of Haiti, a World Bank mission team undertook a debt management performance assessment (DeMPA) mission to Port-au-Prince, Haiti between March 13 and 21, 2014. The mission comprised Zeinab Partow (Senior Economist, PRMED Team Leader, World Bank), Karen Bihr (Project Manager, UNCTAD, Implementing Partner), Mame Pierre Kamara (Consultant), Patrick van der Wansem (Consultant), Mamonjiarisoa Volatantely Randrianjanaka (World Bank and Ministry of Finance of Madagascar) and Evans Jadotte (Economist, LCSPE, World Bank). This report includes the results of the assessment. The mission met with officials at the Ministry of Economy and Finance, the Central Bank of Haiti, the Ministry of Planning and External Cooperation, the Supreme Audit Institution, the Prime Minister’s Office, as well as with financial sector entities. The team wishes to sincerely thank the authorities for their collaboration and support of the mission team, for the rich and substantive discussions that took place, and for their hospitality.
  • 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
    Sudan Debt Management Performance Assessment
    (World Bank, Washington, DC, 2012-05) World Bank
    The 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.