World Bank2014-07-212014-07-212014-02https://hdl.handle.net/10986/18953The reform plan pillars outlined in this report build on the findings of the 2013 World Bank Debt Management Performance Assessment (DeMPA) for Madagascar and the discussions held during this mission with the central government representatives. Recent presidential elections and envisaged inauguration of the new government provides an enabling environment for engaging into broad economic and institutional reforms. Improvement of the governance practices and continuation of the public finance management reforms are among priorities stipulated in the President's reform agenda. It is important to mention that during the last two years MoFB's Treasury undertook a number of initiatives to improve government debt management. The Public Debt Directorate (DDP) was reorganized in 2012 and additional staff was hired during the last calendar year. Improvement of existing legal framework was initiated by the DDP in close cooperation with legal advisers of the Treasury. The main areas of reforms identified include: (i) improvement of the legal framework, (ii) formulation of a debt management strategy, (iii) improvement of central government borrowing policies, and (iv) operational risk management.en-USCC BY 3.0 IGOACCESS TO TRAININGACCOUNTINGANNUAL BORROWING PLANAUCTIONAUCTION TECHNIQUEAUCTIONSBANK ACCOUNTBANK ACCOUNTSBANK DEBTBENEFICIARYBIDSBONDBONDSBORROWERBORROWING COSTSBORROWING PLANBORROWING REQUIREMENTBUSINESS ACTIVITIESBUYBACKSCAPACITY BUILDINGCAPITAL GRANTSCASH BALANCECASH BALANCESCASH FLOWCASH FLOWSCASH MANAGEMENTCASH TRANSACTIONSCENTRAL BANKCENTRAL GOVERNMENT DEBTCENTRAL GOVERNMENT DEBTSCOMMERCIAL BANKSCOMMERCIAL LENDERSCOMPOSITION OF DEBTCONTINGENT LIABILITIESCOST ESTIMATESCREDIBILITYCREDIT LIMITCREDIT RATINGSCREDIT RISKCREDIT RISK ASSESSMENTCREDITORCREDITORSCURRENCYCURRENCY COMPOSITIONCURRENT ACCOUNTDEBTDEBT DATADEBT DATABASEDEBT DISBURSEMENTSDEBT LEGISLATIONDEBT MANAGEMENTDEBT MANAGEMENT CAPACITIESDEBT MANAGEMENT POLICIESDEBT MANAGEMENT POLICYDEBT MANAGEMENT STRATEGYDEBT MARKET DEVELOPMENTDEBT OPERATIONSDEBT OUTSTANDINGDEBT RELIEFDEBT REPAYMENTDEBT SERVICEDEBT SERVICE PAYMENTSDEBT SERVICINGDEBT SOURCEDEBT STOCKDEBT SUSTAINABILITYDEBT SUSTAINABILITY ANALYSISDEBTORSDEBTSDEDUCTIBLEDEFICIT FINANCINGDEFICITSDEGREE OF RISKDERIVATIVEDERIVATIVE CONTRACTSDEVELOPMENT BANKDISASTER RECOVERYDISBURSEMENTDISBURSEMENTSDOMESTIC ARREARSDOMESTIC BORROWINGDOMESTIC CURRENCYDOMESTIC DEBTDOMESTIC DEBT MARKETDOMESTIC MARKETDOMESTIC SECURITIESDUE DILIGENCEECONOMIC GROWTHENABLING ENVIRONMENTENFORCEABLE CONTRACTEXCHANGE RATEEXISTING DEBTEXPENDITURESEXPORT GROWTHEXTERNAL BORROWINGEXTERNAL BORROWINGSEXTERNAL DEBTEXTERNAL FINANCINGFINANCIAL ANALYSISFINANCIAL MANAGEMENTFINANCIAL MARKETFINANCIAL MARKETSFINANCIAL NEEDSFINANCING COSTSFINANCING NEEDSFISCAL POLICYFIXED INTERESTFIXED INTEREST RATEFIXED RATEFOREIGN CURRENCYFOREIGN CURRENCY DEBTFOREIGN DONORSFOREIGN EXCHANGEFOREIGN LOANSFOREIGN MARKETSFRAUDFUNDING SOURCESFUNGIBLEGOVERNMENT ACCOUNTSGOVERNMENT BORROWINGGOVERNMENT DEBTGOVERNMENT INVESTMENTGOVERNMENT SECURITIESGOVERNMENT SPENDINGINFLATIONINSTITUTIONAL REFORMSINSTRUMENTINTEREST ARREARSINTEREST RATEINTEREST RATE RISKINTEREST RATE SPREADINTEREST RATE SPREADSINTERNAL AUDITINTERNATIONAL DEVELOPMENTINVESTMENT OPPORTUNITIESINVESTMENT PROJECTSINVESTMENT PURPOSESISSUANCEISSUANCE OF T-BILLSISSUANCE OF TREASURY BILLSISSUANCESLACK OF INFORMATIONLEGAL FRAMEWORKLENDERSLETTERS OF CREDITLETTERS OF CREDITSLEVEL OF RISKLEVYLIABILITYLIQUIDITYLIQUIDITY RISKLOANLOAN AGREEMENTLOAN AGREEMENTSLOAN ANALYSISLOAN CONTRACTLOAN GUARANTEELOAN GUARANTEESLOCAL CURRENCYMACROECONOMIC ENVIRONMENTMACROECONOMIC POLICIESMARKET CONDITIONSMARKET DEVELOPMENTSMARKET FRAGMENTATIONMARKET INTEREST RATESMARKET PARTICIPANTSMARKETABLE SECURITIESMATURITIESMATURITYMODERN LEGISLATIONMONETARY FUNDMONETARY POLICIESMONETARY POLICYMULTILATERAL DEBTMULTILATERAL DEBT RELIEFOUTSTANDING DEBTOUTSTANDING DEBT STOCKSPAYMENT OBLIGATIONSPENSIONPENSION FUNDSPOLITICAL UNCERTAINTYPORTFOLIOPRIMARY DEALERPRIMARY DEALER SYSTEMPRIMARY MARKETPRINCIPAL PAYMENTSPRIVATE SECTOR DEBTPROFITABILITYPUBLIC DEBTPUBLIC FINANCEPUBLIC POLICYREGISTRY SYSTEMREPAYMENTSRESERVESRETURNRISK CONTROLRISK EXPOSURERISK EXPOSURESRISK MANAGEMENTRISK MITIGATIONRISK OF DEBTRISK OF LOSSRISK PROFILERISK PROFILESSECONDARY MARKETSECONDARY MARKET TRADINGSECONDARY TRADINGSECURITIES ISSUANCESECURITIES MARKETSECURITIES MARKET DEVELOPMENTSECURITIES TRANSACTIONSSETTLEMENTSETTLEMENT DATESHORT MATURITYSTOCKST-BILLT-BILLSTAXTAX LIABILITYTECHNICAL ASSISTANCETOTAL DEBTTRADINGTRANSPARENCYTREASURYTREATYVARIABLE RATE10.1596/18953