Debt Management Performance Assessment

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

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Debt Management Performance Assessment Methodology: 2021 Edition

(World Bank, Washington, DC, 2021-11-25) World Bank

The Debt Management Performance Assessment (DeMPA) is the World Bank’s diagnostic tool for assessing performance using a comprehensive set of indicators that span the full range of government debt management (DM) functions. Launched in 2007, revised in 2015, the indicators have become an internationally recognized standard in the government DM field and can be applied in all developing countries. The DeMPA offers a sound diagnostic framework that allows a country’s DM processes and institutions to be evaluated against sound international practice, identifying core strengths and weaknesses, and thereby helping strengthen capacity and institutions so that countries can manage their government debt effectively and sustainably. It will assist countries that want to undertake debt management reforms, helping to monitor progress with achieving government DM objectives consistent with international sound practice. The DeMPA is modeled on the Public Expenditure and Financial Accountability (PEFA) indicators, however, it uses a more comprehensive set of indicators, spanning the full range of government debt management (DM) functions, to provide a detailed assessment of government DM. The DeMPA methodology consists of two parts: i) a description of the methodology and ii) an evaluation tool that summarizes key questions that should be assessed in the context of a DeMPA evaluation.
Honduras - Debt Management Performance Assessment (DeMPA)

(Washington, DC, 2021-06) 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 the 14 debt performance indicators along with a scoring methodology. The DeMPA tool is complemented by a guide that provides supplemental information for the use of the indicators.
Georgia - Debt Management Performance Assessment (DeMPA)

(Washington, DC, 2020-02) World Bank

The DeMPA is a methodology for assessing public debt management performance based on a comprehensive set of indicators spanning the full range of governmental debt management functions. It is adapted from the Public Expenditure and Financial Accountability (PEFA) framework. The DeMPA tool presents 14 performance indicators along with a scoring methodology. The DeMPA tool is complemented by a guide that provides supplemental information on using the indicators.
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.
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.
Debt Management Performance Assessment: Kingdom of Lesotho

(World Bank, Washington, DC, 2018-07) World Bank

At the request of the Minister of Finance of Lesotho, a joint World Bank -Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI) mission visited Maseru, between July 2 to 6, 2018, to undertake a Debt Management Performance Assessment (DeMPA).The objective of the mission was to evaluate current performance against the DeMPA methodology, and to assess progress since 2012, when the first DeMPA was performed.The results of the evaluation, spanning the full range of debt management (DeM) functions, show limited progress. Compared to the previous DeMPA, the current assessment revealed only one upgrade related to the registry and management system for domestic debt of the CBL. Yet, additional actions to improve debt management in Lesotho are currently under discussion (i.e., approval of a new policy framework and public debt law), or have already started such as the publication of a debt statistical bulletin, undertaking of a Medium-Term Debt Strategy (MTDS) analytical exercise as the foundation for a Debt Management Strategy, and introduction of a Cash Management Unit.The assessment also revealed several downgrades associated to weaknesses in debt reporting to parliament, lack of regular information sharing between MoF - CBL and with market participants, as well as lack of secure storage and backup for the debt recording and management system of the MoF. Additional areas of improvement relate to, among others: i) fragmented legal framework; ii) lack of a loan guarantees’ framework; iii) preparation and approval of a formal Debt Management Strategy; iv) weak quality controls for data publication; v) quality of cash flow forecasts; vi) lack of policies and procedures for DeM operations; and, vii) completeness and timeliness of debt records.
Debt Management Performance Assessment: Guinea

(World Bank, Washington, DC, 2018-05) World Bank

The DeMPA methodology provides a comprehensive set of indicators spanning the full range of DeM functions and used for in-depth analysis of the quality of government debt management functions and institutions. The results of the DeMPA evaluation help the central government authority to take stock of the current DeM situation, assess quality of undertaken reforms and design medium term reforms’ plan. The Guinean economy is recovering well from two recent major shocks: the Ebola epidemic in 2014-2015 and a decline in commodity prices after 2015. After slowing in 2014–2015 to an average of 3.6 percent, growth reached 10.4 percent in 2016, supported by a recovery in mining, good agricultural performance, and more reliable electricity supply. The mining sector accounted for more than half the growth rate, supported by the expansion of bauxite and alumina production and increased demand. The growth momentum is expected to continue with real growth reaching 5.8 percent in 2018 and averaging approximately 5 ½ percent over the medium term, driven by strong performance in mining, construction, and scaled-up investments in infrastructure. Risks to these projections are balanced, with downside potential from socio-political tensions, delays in projects and reform implementation, and upside potential from faster-than-expected mining production capacity coming on stream.
Debt Management Performance Assessment: Uganda

(World Bank, Washington, DC, 2018-03) World Bank

A joint World Bank-Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI)-United Nations Conference for Trade and Development (UNCTAD) mission undertook an assessment of the government’s debt management capacity and institutions in Uganda during March 2018. 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 results of the DeMPA evaluation help the authorities to take stock of the current debt management situation and design medium term priority reforms. This report records the DeMPA in Uganda as of March 2018.
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.
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.