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

dc.contributor.author World Bank
dc.contributor.author International Monetary Fund
dc.date.accessioned 2014-08-14T15:14:16Z
dc.date.available 2014-08-14T15:14:16Z
dc.date.issued 2014-02
dc.description.abstract Government 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.identifier http://documents.worldbank.org/curated/en/2014/02/19768097/albania-financial-sector-assessment-program
dc.identifier.uri http://hdl.handle.net/10986/19295
dc.language English
dc.language.iso en_US
dc.publisher World Bank, Washington, DC
dc.rights CC BY 3.0 IGO
dc.rights.uri http://creativecommons.org/licenses/by/3.0/igo/
dc.subject ACCOUNTING
dc.subject ANNUAL BORROWING PLAN
dc.subject ARREARS
dc.subject AUCTION
dc.subject AUCTION MECHANISM
dc.subject AUCTIONS
dc.subject BALANCE SHEET
dc.subject BALANCE SHEETS
dc.subject BANK DEPOSITS
dc.subject BANKING SECTOR
dc.subject BASIS POINTS
dc.subject BENCHMARK BONDS
dc.subject BID
dc.subject BIDS
dc.subject BOND AUCTION
dc.subject BOND AUCTIONS
dc.subject BOND INVESTORS
dc.subject BOND STOCK
dc.subject BOOK ENTRY
dc.subject BOOK ENTRY SYSTEM
dc.subject BORROWING COSTS
dc.subject BORROWING REQUIREMENT
dc.subject BORROWING STRATEGIES
dc.subject BROKERAGE
dc.subject BUY-BACKS
dc.subject BUYBACKS
dc.subject CAPITAL FLOWS
dc.subject CAPITAL MARKETS
dc.subject CASH BALANCE
dc.subject CASH BALANCES
dc.subject CASH FLOW
dc.subject CASH FLOWS
dc.subject CASH MANAGEMENT
dc.subject CASH RESERVE
dc.subject CENTRAL BANK
dc.subject CENTRAL GOVERNMENT DEBT
dc.subject CENTRAL SECURITIES DEPOSITORY
dc.subject CLEARING HOUSE
dc.subject COMMERCIAL BANK
dc.subject COMMERCIAL BANKS
dc.subject COMMERCIAL LOANS
dc.subject COMPETITIVE BIDDING
dc.subject COUPON BONDS
dc.subject CREDIT GROWTH
dc.subject CREDIT RISKS
dc.subject CREDITORS
dc.subject CUSTODY
dc.subject DEBT INSTRUMENTS
dc.subject DEBT ISSUANCE
dc.subject DEBT LEVEL
dc.subject DEBT OPERATIONS
dc.subject DEBT SERVICE
dc.subject DEBT SERVICE PAYMENTS
dc.subject DEBT STOCK
dc.subject DEPOSIT
dc.subject DEPOSIT INSURANCE
dc.subject DEPOSITORS
dc.subject DEPOSITORY SYSTEM
dc.subject DERIVATIVES
dc.subject DOMESTIC BORROWING
dc.subject DOMESTIC DEBT
dc.subject DOMESTIC DEBT MARKET
dc.subject DOMESTIC DEBT SECURITIES
dc.subject DOMESTIC MARKET
dc.subject EUROBOND
dc.subject EXCHANGE RATE
dc.subject EXIT MECHANISM
dc.subject EXPENDITURE
dc.subject EXPENDITURES
dc.subject EXTERNAL BORROWING
dc.subject EXTERNAL DEBT
dc.subject FINANCIAL INSTITUTIONS
dc.subject FINANCIAL MANAGEMENT
dc.subject FINANCIAL MARKET
dc.subject FINANCIAL MARKETS
dc.subject FISCAL DEFICIT
dc.subject FISCAL POLICIES
dc.subject FIXED COUPON
dc.subject FIXED INTEREST
dc.subject FIXED RATE BONDS
dc.subject FLOATING INTEREST RATE
dc.subject FLOATING RATE
dc.subject FOREIGN CURRENCY
dc.subject FOREIGN DEBT
dc.subject FOREIGN EXCHANGE
dc.subject FOREIGN INVESTORS
dc.subject GOVERNMENT BONDS
dc.subject GOVERNMENT BORROWING
dc.subject GOVERNMENT DEBT
dc.subject GOVERNMENT DEBT SECURITIES
dc.subject GOVERNMENT PAPER
dc.subject GOVERNMENT SECURITIES
dc.subject GOVERNMENT SECURITIES AUCTIONS
dc.subject GOVERNMENT SECURITIES MARKET
dc.subject GROSS DOMESTIC PRODUCT
dc.subject HOLD TO MATURITY
dc.subject HOLDING
dc.subject HOLDINGS
dc.subject HOLDINGS OF GOVERNMENT SECURITIES
dc.subject ILLIQUID MARKET
dc.subject INDIVIDUAL BONDS
dc.subject INDIVIDUAL INVESTORS
dc.subject INFLATION
dc.subject INFORMATION SYSTEM
dc.subject INSTITUTIONAL INVESTORS
dc.subject INSTRUMENT
dc.subject INTEREST RATE
dc.subject INTEREST RATE PAYMENTS
dc.subject INTEREST RATE RISK
dc.subject INTEREST RATE RISKS
dc.subject INTEREST RATES
dc.subject INTERNATIONAL BANK
dc.subject INTERNATIONAL CAPITAL
dc.subject INTERNATIONAL CAPITAL MARKETS
dc.subject INTERNATIONAL SECURITIES
dc.subject INTERPOLATION
dc.subject INVESTMENT BANK
dc.subject INVESTMENT FUND
dc.subject INVESTMENT HORIZONS
dc.subject INVESTOR BASE
dc.subject ISSUANCE
dc.subject ISSUANCE OF TREASURY BILLS
dc.subject LIABILITY
dc.subject LIABILITY MANAGEMENT
dc.subject LIQUID ASSETS
dc.subject LIQUID MARKET
dc.subject LIQUIDITY
dc.subject LIQUIDITY POSITIONS
dc.subject LIQUIDITY RISK
dc.subject LOAN
dc.subject LOAN GUARANTEES
dc.subject LOCAL CURRENCY
dc.subject LOCAL GOVERNMENT
dc.subject LONG-TERM INSTRUMENTS
dc.subject LONG-TERM INVESTORS
dc.subject MARK-TO-MARKET
dc.subject MARKET CONDITIONS
dc.subject MARKET ENVIRONMENT
dc.subject MARKET FOR GOVERNMENT SECURITIES
dc.subject MARKET INFRASTRUCTURE
dc.subject MARKET MAKING
dc.subject MARKET PARTICIPANTS
dc.subject MARKET RISKS
dc.subject MARKET STRUCTURE
dc.subject MARKET TRADES
dc.subject MARKET TRANSACTIONS
dc.subject MARKET YIELD
dc.subject MARKETABLE DEBT
dc.subject MATURITIES
dc.subject MATURITY
dc.subject MATURITY DATE
dc.subject MONETARY AUTHORITY
dc.subject MONETARY FUND
dc.subject MONETARY POLICY
dc.subject MONEY MARKET
dc.subject OUTSTANDING DEBT
dc.subject PAYMENT OBLIGATIONS
dc.subject PAYMENT SYSTEM
dc.subject PORTFOLIO
dc.subject PORTFOLIO VALUATION
dc.subject PORTFOLIOS
dc.subject POST OFFICES
dc.subject PRICE DISCOVERY
dc.subject PRICE TRANSPARENCY
dc.subject PRIMARY DEALER
dc.subject PRIMARY DEALER SYSTEM
dc.subject PRIMARY MARKET
dc.subject PRIVATE CREDITORS
dc.subject PUBLIC DEBT
dc.subject PUBLIC DEBT MANAGEMENT
dc.subject PUBLIC DEBT STOCK
dc.subject REGISTRY SYSTEM
dc.subject REGULATORY FRAMEWORK
dc.subject REPAYMENT
dc.subject REPO
dc.subject REPO RATE
dc.subject RETAIL INVESTOR
dc.subject RETAIL INVESTORS
dc.subject RISK CONTROL
dc.subject RISK PROFILE
dc.subject SAFETY NETS
dc.subject SECONDARY MARKET
dc.subject SECONDARY MARKET ACTIVITY
dc.subject SECONDARY MARKET DEVELOPMENT
dc.subject SECONDARY MARKET LIQUIDITY
dc.subject SECONDARY MARKET PRICE
dc.subject SECONDARY MARKET TRADING
dc.subject SECONDARY MARKET TRANSACTIONS
dc.subject SECONDARY MARKETS
dc.subject SECURITIES MARKET DEVELOPMENT
dc.subject SETTLEMENT
dc.subject SETTLEMENT SYSTEM
dc.subject SETTLEMENT SYSTEMS
dc.subject SHORT-TERM BONDS
dc.subject SHORT-TERM DEBT
dc.subject SUB-NATIONAL BORROWINGS
dc.subject SUPERVISORY AUTHORITY
dc.subject T-BILL
dc.subject T-BILLS
dc.subject T-BOND
dc.subject T-BONDS
dc.subject TAX
dc.subject TIME DEPOSITS
dc.subject TOTAL DEBT
dc.subject TRANSACTION
dc.subject TREASURY
dc.subject TREASURY BILL
dc.subject TREASURY BILL AUCTION
dc.subject TREASURY BILL AUCTIONS
dc.subject TREASURY BILLS
dc.subject TREASURY BOND
dc.subject TREASURY BOND AUCTIONS
dc.subject TREASURY BONDS
dc.subject TREASURY NOTES
dc.subject TURNOVER
dc.subject UNIFORM PRICES
dc.subject VALUATION
dc.subject VALUATION FRAMEWORK
dc.subject VARIABLE COUPON
dc.subject VARIABLE RATES
dc.subject YIELD CURVE
dc.title Financial Sector Assessment Program - Albania : Public Debt Management en
dspace.entity.type Publication
okr.date.disclosure 2014-07-08
okr.doctype Economic & Sector Work :: Financial Sector Assessment Program (FSAP)
okr.doctype Economic & Sector Work
okr.docurl http://documents.worldbank.org/curated/en/2014/02/19768097/albania-financial-sector-assessment-program
okr.globalpractice Finance and Markets
okr.globalpractice Governance
okr.globalpractice Trade and Competitiveness
okr.identifier.externaldocumentum 000442464_20140708133306
okr.identifier.internaldocumentum 19768097
okr.identifier.report 89248
okr.language.supported en
okr.pdfurl http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2014/07/08/000442464_20140708133306/Rendered/PDF/892480FSAP0P1400Box385275B00Public0.pdf en
okr.region.administrative Europe and Central Asia
okr.region.country ALBANIA
okr.sector Finance :: General finance sector
okr.theme International financial standards and systems
okr.theme Financial and private sector development
okr.topic International Economics and Trade :: External Debt
okr.topic Finance and Financial Sector Development :: Access to Finance
okr.topic Private Sector Development :: Emerging Markets
okr.topic Finance and Financial Sector Development :: Debt Markets
okr.topic Public Sector Economics
okr.topic Public Sector Development
okr.unit Knowledge & Information Services (ITSKI)
okr.volume 1 of 1
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