Publication:
Financial Sector Assessment Program - Albania : Public Debt Management

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dc.contributor.authorWorld Bank
dc.contributor.authorInternational Monetary Fund
dc.date.accessioned2014-08-14T15:14:16Z
dc.date.available2014-08-14T15:14:16Z
dc.date.issued2014-02
dc.description.abstractGovernment debt continues to expand, reaching over all 872 billion, approximately 62 percent of gross domestic product (GDP), as of end-September 2013. Domestic debt grew sharply in the first half of 2013, emanating largely from poor tax revenue performance, together with the accumulation of a large stock of unpaid bills and arrears. External debt creditors comprise multilaterals, bilateral creditors, and private creditors. The concentrated nature of the investor base and the high domestic debt stock limit the choices available to debt management, particularly with regards to extending the maturity of the domestic debt. Public debt management in Albania follows an organized process but will benefit from a number of technical changes. The domestic borrowing plan has been revised frequently due to unexpected flows in the treasury account. In an environment of volatile treasury balances, cash flows safety nets or minimum cash buffers should be implemented. A number of initiatives are recommended to improve the transmission of price signals in the primary market - overall this will provide incentives for secondary market development. To support the development of the secondary market the General Directorate of public debt management should modify its issuance program and focus on key maturities on the yield curve. It is suggested that the issuance program takes a small step in this direction by limiting the number of tenors and focusing on for example, two, five, seven, and ten-year treasury bonds as well as increasing the frequency of 5 and 7-year maturities from quarterly to bi-monthly. This will provide more frequent price discovery in the primary market that will support portfolio valuation.en
dc.identifierhttp://documents.worldbank.org/curated/en/2014/02/19768097/albania-financial-sector-assessment-program
dc.identifier.doi10.1596/19295
dc.identifier.urihttps://hdl.handle.net/10986/19295
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTING
dc.subjectANNUAL BORROWING PLAN
dc.subjectARREARS
dc.subjectAUCTION
dc.subjectAUCTION MECHANISM
dc.subjectAUCTIONS
dc.subjectBALANCE SHEET
dc.subjectBALANCE SHEETS
dc.subjectBANK DEPOSITS
dc.subjectBANKING SECTOR
dc.subjectBASIS POINTS
dc.subjectBENCHMARK BONDS
dc.subjectBID
dc.subjectBIDS
dc.subjectBOND AUCTION
dc.subjectBOND AUCTIONS
dc.subjectBOND INVESTORS
dc.subjectBOND STOCK
dc.subjectBOOK ENTRY
dc.subjectBOOK ENTRY SYSTEM
dc.subjectBORROWING COSTS
dc.subjectBORROWING REQUIREMENT
dc.subjectBORROWING STRATEGIES
dc.subjectBROKERAGE
dc.subjectBUY-BACKS
dc.subjectBUYBACKS
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL MARKETS
dc.subjectCASH BALANCE
dc.subjectCASH BALANCES
dc.subjectCASH FLOW
dc.subjectCASH FLOWS
dc.subjectCASH MANAGEMENT
dc.subjectCASH RESERVE
dc.subjectCENTRAL BANK
dc.subjectCENTRAL GOVERNMENT DEBT
dc.subjectCENTRAL SECURITIES DEPOSITORY
dc.subjectCLEARING HOUSE
dc.subjectCOMMERCIAL BANK
dc.subjectCOMMERCIAL BANKS
dc.subjectCOMMERCIAL LOANS
dc.subjectCOMPETITIVE BIDDING
dc.subjectCOUPON BONDS
dc.subjectCREDIT GROWTH
dc.subjectCREDIT RISKS
dc.subjectCREDITORS
dc.subjectCUSTODY
dc.subjectDEBT INSTRUMENTS
dc.subjectDEBT ISSUANCE
dc.subjectDEBT LEVEL
dc.subjectDEBT OPERATIONS
dc.subjectDEBT SERVICE
dc.subjectDEBT SERVICE PAYMENTS
dc.subjectDEBT STOCK
dc.subjectDEPOSIT
dc.subjectDEPOSIT INSURANCE
dc.subjectDEPOSITORS
dc.subjectDEPOSITORY SYSTEM
dc.subjectDERIVATIVES
dc.subjectDOMESTIC BORROWING
dc.subjectDOMESTIC DEBT
dc.subjectDOMESTIC DEBT MARKET
dc.subjectDOMESTIC DEBT SECURITIES
dc.subjectDOMESTIC MARKET
dc.subjectEUROBOND
dc.subjectEXCHANGE RATE
dc.subjectEXIT MECHANISM
dc.subjectEXPENDITURE
dc.subjectEXPENDITURES
dc.subjectEXTERNAL BORROWING
dc.subjectEXTERNAL DEBT
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL MANAGEMENT
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL MARKETS
dc.subjectFISCAL DEFICIT
dc.subjectFISCAL POLICIES
dc.subjectFIXED COUPON
dc.subjectFIXED INTEREST
dc.subjectFIXED RATE BONDS
dc.subjectFLOATING INTEREST RATE
dc.subjectFLOATING RATE
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN DEBT
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN INVESTORS
dc.subjectGOVERNMENT BONDS
dc.subjectGOVERNMENT BORROWING
dc.subjectGOVERNMENT DEBT
dc.subjectGOVERNMENT DEBT SECURITIES
dc.subjectGOVERNMENT PAPER
dc.subjectGOVERNMENT SECURITIES
dc.subjectGOVERNMENT SECURITIES AUCTIONS
dc.subjectGOVERNMENT SECURITIES MARKET
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectHOLD TO MATURITY
dc.subjectHOLDING
dc.subjectHOLDINGS
dc.subjectHOLDINGS OF GOVERNMENT SECURITIES
dc.subjectILLIQUID MARKET
dc.subjectINDIVIDUAL BONDS
dc.subjectINDIVIDUAL INVESTORS
dc.subjectINFLATION
dc.subjectINFORMATION SYSTEM
dc.subjectINSTITUTIONAL INVESTORS
dc.subjectINSTRUMENT
dc.subjectINTEREST RATE
dc.subjectINTEREST RATE PAYMENTS
dc.subjectINTEREST RATE RISK
dc.subjectINTEREST RATE RISKS
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL CAPITAL
dc.subjectINTERNATIONAL CAPITAL MARKETS
dc.subjectINTERNATIONAL SECURITIES
dc.subjectINTERPOLATION
dc.subjectINVESTMENT BANK
dc.subjectINVESTMENT FUND
dc.subjectINVESTMENT HORIZONS
dc.subjectINVESTOR BASE
dc.subjectISSUANCE
dc.subjectISSUANCE OF TREASURY BILLS
dc.subjectLIABILITY
dc.subjectLIABILITY MANAGEMENT
dc.subjectLIQUID ASSETS
dc.subjectLIQUID MARKET
dc.subjectLIQUIDITY
dc.subjectLIQUIDITY POSITIONS
dc.subjectLIQUIDITY RISK
dc.subjectLOAN
dc.subjectLOAN GUARANTEES
dc.subjectLOCAL CURRENCY
dc.subjectLOCAL GOVERNMENT
dc.subjectLONG-TERM INSTRUMENTS
dc.subjectLONG-TERM INVESTORS
dc.subjectMARK-TO-MARKET
dc.subjectMARKET CONDITIONS
dc.subjectMARKET ENVIRONMENT
dc.subjectMARKET FOR GOVERNMENT SECURITIES
dc.subjectMARKET INFRASTRUCTURE
dc.subjectMARKET MAKING
dc.subjectMARKET PARTICIPANTS
dc.subjectMARKET RISKS
dc.subjectMARKET STRUCTURE
dc.subjectMARKET TRADES
dc.subjectMARKET TRANSACTIONS
dc.subjectMARKET YIELD
dc.subjectMARKETABLE DEBT
dc.subjectMATURITIES
dc.subjectMATURITY
dc.subjectMATURITY DATE
dc.subjectMONETARY AUTHORITY
dc.subjectMONETARY FUND
dc.subjectMONETARY POLICY
dc.subjectMONEY MARKET
dc.subjectOUTSTANDING DEBT
dc.subjectPAYMENT OBLIGATIONS
dc.subjectPAYMENT SYSTEM
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO VALUATION
dc.subjectPORTFOLIOS
dc.subjectPOST OFFICES
dc.subjectPRICE DISCOVERY
dc.subjectPRICE TRANSPARENCY
dc.subjectPRIMARY DEALER
dc.subjectPRIMARY DEALER SYSTEM
dc.subjectPRIMARY MARKET
dc.subjectPRIVATE CREDITORS
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC DEBT MANAGEMENT
dc.subjectPUBLIC DEBT STOCK
dc.subjectREGISTRY SYSTEM
dc.subjectREGULATORY FRAMEWORK
dc.subjectREPAYMENT
dc.subjectREPO
dc.subjectREPO RATE
dc.subjectRETAIL INVESTOR
dc.subjectRETAIL INVESTORS
dc.subjectRISK CONTROL
dc.subjectRISK PROFILE
dc.subjectSAFETY NETS
dc.subjectSECONDARY MARKET
dc.subjectSECONDARY MARKET ACTIVITY
dc.subjectSECONDARY MARKET DEVELOPMENT
dc.subjectSECONDARY MARKET LIQUIDITY
dc.subjectSECONDARY MARKET PRICE
dc.subjectSECONDARY MARKET TRADING
dc.subjectSECONDARY MARKET TRANSACTIONS
dc.subjectSECONDARY MARKETS
dc.subjectSECURITIES MARKET DEVELOPMENT
dc.subjectSETTLEMENT
dc.subjectSETTLEMENT SYSTEM
dc.subjectSETTLEMENT SYSTEMS
dc.subjectSHORT-TERM BONDS
dc.subjectSHORT-TERM DEBT
dc.subjectSUB-NATIONAL BORROWINGS
dc.subjectSUPERVISORY AUTHORITY
dc.subjectT-BILL
dc.subjectT-BILLS
dc.subjectT-BOND
dc.subjectT-BONDS
dc.subjectTAX
dc.subjectTIME DEPOSITS
dc.subjectTOTAL DEBT
dc.subjectTRANSACTION
dc.subjectTREASURY
dc.subjectTREASURY BILL
dc.subjectTREASURY BILL AUCTION
dc.subjectTREASURY BILL AUCTIONS
dc.subjectTREASURY BILLS
dc.subjectTREASURY BOND
dc.subjectTREASURY BOND AUCTIONS
dc.subjectTREASURY BONDS
dc.subjectTREASURY NOTES
dc.subjectTURNOVER
dc.subjectUNIFORM PRICES
dc.subjectVALUATION
dc.subjectVALUATION FRAMEWORK
dc.subjectVARIABLE COUPON
dc.subjectVARIABLE RATES
dc.subjectYIELD CURVE
dc.titleFinancial Sector Assessment Program - Albania : Public Debt Managementen
dspace.entity.typePublication
okr.date.disclosure2014-07-08
okr.date.doiregistration2025-05-07T11:08:13.862640Z
okr.doctypeEconomic & Sector Work::Financial Sector Assessment Program (FSAP)
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/2014/02/19768097/albania-financial-sector-assessment-program
okr.globalpracticeFinance and Markets
okr.globalpracticeGovernance
okr.globalpracticeTrade and Competitiveness
okr.guid122581468203966757
okr.identifier.externaldocumentum000442464_20140708133306
okr.identifier.internaldocumentum19768097
okr.identifier.report89248
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2014/07/08/000442464_20140708133306/Rendered/PDF/892480FSAP0P1400Box385275B00Public0.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.countryALBANIA
okr.sectorFinance :: General finance sector
okr.themeInternational financial standards and systems
okr.themeFinancial and private sector development
okr.topicInternational Economics and Trade::External Debt
okr.topicFinance and Financial Sector Development::Access to Finance
okr.topicPrivate Sector Development::Emerging Markets
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicPublic Sector Economics
okr.topicPublic Sector Development
okr.unitKnowledge & Information Services (ITSKI)
okr.volume1 of 1
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