World Bank2014-10-142014-10-142013-11https://hdl.handle.net/10986/20417The World Bank mission team comprised of Memes/ Messrs. Lilia Razlog (mission lead, PRMED, WB), Antonio Velandia (FABDM) and Ying Li (Consultant, WB), joined by Juan Carlos Vilanova, Debt Relief International (DRI), who conducted a Government Debt Management performance Assessment (DeMPA) evaluation for Republic of Armenia. At the request of the authorities, the mission took place from October 29 to November 8, 2013. The team worked closely with the main counterparts at the Ministry of Finance (MoF), NASDAQ-OMX, Chamber of Control (CoC), as well as the officials from the other government agencies and the Central Bank of Armenia (CBA). The mission team benefited from excellent cooperation of the Public Debt Management Department (PDMD) of the Ministry of Finance, other line departments of the MoF, CBA, Ministry of Justice, and other government and private partners.en-USCC BY 3.0 IGOACCOUNTINGAGENCY RELATIONSHIPAMORTIZATIONANNUAL BORROWING PLANAUCTIONAUCTIONSAUDIT COMMITTEEBALANCE OF PAYMENTSBANK ACCOUNTSBANK DEBTBANK FINANCINGBANKING SYSTEMBENEFICIARIESBENEFICIARYBIDBIDSBOOK-ENTRYBORROWERBORROWING COSTBORROWING PLANBORROWING PLANSBUDGETINGBUYBACKBUYBACKSCAPACITY BUILDINGCAPITAL ACCOUNTCAPITAL INFLOWSCASH BALANCECASH BALANCESCASH FLOWCASH FLOWSCASH MANAGEMENTCENTRAL BANKCENTRAL DEPOSITORYCENTRAL GOVERNMENT DEBTCHECKSCOMMERCIAL BANKSCOMMERCIAL BORROWINGCOMMERCIAL LOANSCOMMODITY PRICESCONFLICT OF INTERESTCONTINGENT LIABILITIESCONTRACTUAL OBLIGATIONSCOUPONCREDIT RISKCREDITORCREDITORSCURRENCY RISKCURRENT ACCOUNT DEFICITCUSTODYDEBTDEBT DATADEBT DATABASEDEBT DATABASESDEBT FLOWDEBT INTERESTDEBT MANAGEMENTDEBT MANAGEMENTSDEBT MARKET DEVELOPMENTDEBT RATIOSDEBT RELIEFDEBT REPAYMENTSDEBT SERVICEDEBT SERVICE PAYMENTDEBT SERVICE PAYMENTSDEBT SERVICESDEBT SERVICINGDEBT STOCKDEBT STOCKSDEBT TRANSACTIONSDEBT-SERVICEDEBTORDEBTOR REPORTING SYSTEMDEFICIT FINANCINGDEMAND FOR GOVERNMENT SECURITIESDEPOSITORY SYSTEMDERIVATIVEDERIVATIVE CONTRACTSDERIVATIVESDEVELOPMENT BANKDISBURSEMENTDISBURSEMENTSDOMESTIC BORROWINGDOMESTIC CURRENCYDOMESTIC DEBTDOMESTIC DEBT MARKETDOMESTIC MARKETDOMESTIC SECURITIESEUROBONDEXCHANGE RATEEXCHANGE RATESEXPENDITUREEXPENDITURESEXTERNAL BORROWINGEXTERNAL BORROWINGSEXTERNAL DEBTEXTERNAL DEBTSFINANCIAL CRISISFINANCIAL INFORMATIONFINANCIAL INSTITUTIONSFISCAL DEFICITFISCAL POLICYFIXED EXCHANGE RATEFIXED INTERESTFIXED INTEREST RATESFLOATING EXCHANGE RATEFLOATING INTEREST RATEFLOATING INTEREST RATESFLOATING RATESFOREIGN CURRENCIESFOREIGN CURRENCYFOREIGN CURRENCY DEBTFOREIGN CURRENCY RISKFOREIGN DIRECT INVESTMENTFOREIGN INVESTORSGOVERNMENT ACCOUNTGOVERNMENT BANKGOVERNMENT BORROWINGGOVERNMENT BORROWINGSGOVERNMENT DEBTGOVERNMENT FINANCEGOVERNMENT GUARANTEEGOVERNMENT GUARANTEESGOVERNMENT POLICYGOVERNMENT REGULATIONGOVERNMENT SECURITIESGOVERNMENT SECURITYGROSS DOMESTIC PRODUCTHOLDINGSHOST COUNTRIESHUMAN RESOURCEHUMAN RESOURCESINFLATIONINFLATION RATEINSTITUTIONAL DEVELOPMENTINTEREST PAYMENTINTEREST PAYMENTSINTEREST RATEINTEREST RATE RISKINTERNAL AUDITINTERNATIONAL CAPITALINTERNATIONAL CAPITAL MARKETINTERNATIONAL CAPITAL MARKETSINTERNATIONAL DEBTINVESTOR BASEISSUANCELEGAL AGREEMENTSLEGAL FRAMEWORKLEGAL PROVISIONSLEGAL SYSTEMLENDERLENDING AGREEMENTSLENDING PORTFOLIOLIQUIDITYLOANLOAN AGREEMENTSLOAN CONTRACTLOAN GUARANTEELOAN GUARANTEESLOCAL CURRENCYLOCAL GOVERNMENTMACROECONOMIC POLICIESMACROECONOMIC POLICYMARKET PARTICIPANTSMATURITIESMATURITYMONETARY FUNDMONETARY POLICYMONEY MARKETMULTILATERAL LENDERSNOMINEE ACCOUNTORIGINAL AMOUNTOUTSTANDING GOVERNMENT SECURITIESPAYMENT ORDERPAYMENT ORDERSPAYMENT SYSTEMPENSIONPENSION REFORMPENSION SYSTEMPORTFOLIOPORTFOLIO MANAGEMENTPORTFOLIO RISKSPRIMARY DEALERPRIMARY DEALERSPRIMARY MARKETPRINCIPAL REPAYMENTPROMISSORY NOTESPUBLIC DEBTPUBLIC DEBT MANAGEMENTPUBLIC FINANCEPUBLIC SECTOR DEBTREGISTRY SYSTEMREGULATORY FRAMEWORKREMITTANCEREMITTANCESREPAYMENT SCHEDULEREPAYMENT SCHEDULESREPOREPO RATESREPOSRESERVERESERVESRETAIL DEBTRETURNRISK CONTROLSRISK MANAGEMENTSECONDARY MARKETSECONDARY TRADINGSECURITIES AS COLLATERALSETTLEMENTSETTLEMENT SYSTEMSOVEREIGN BONDSTATE GUARANTEESTATE GUARANTEESSTOCK EXCHANGESTOCKST-BILLST-BONDSTAXTAX DEBTSTIME DEPOSITTIME DEPOSITSTOTAL DEBTTRANSACTIONTRANSPARENCYTREASURYTREASURY BILLSUSE OF DERIVATIVESYIELD CURVE10.1596/20417