Debt Management Performance Assessment

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  • 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: Kosovo
    (World Bank, Washington, DC, 2017-12) World Bank
    At 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.
  • 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.