Managing Public Debt-Formulating Strategies and Strengthening Institutional Capacity PDF Download
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Author: International Monetary Fund Publisher: International Monetary Fund ISBN: 1498336221 Category : Business & Economics Languages : en Pages : 38
Book Description
In May 2007, the IMF and World Bank Boards discussed the paper "Strengthening Debt Management Practices: Lessons from Country Experiences and Issues Going Forward". In those discussions, the Boards of both institutions endorsed a public debt management (PDM) work program that was particularly focused on strengthening frameworks and capacity in low-income countries (LICs). This comprised three main elements: (i) develop a toolkit to help LICs formulate an effective Medium-Term Debt Management Strategy (MTDS) and apply it in 4–6 countries a year; (ii) undertake debt management performance assessments; and (iii) continue the provision of debt management and domestic market development technical assistance (TA) and advisory services to middle-income countries (MICs). This paper is a response to the Boards' request for an update on the development and implementation of that work program. Developing a Medium-Term Debt Management Strategy (MTDS)— Guidance Note for Country Authorities Debt Management Performance Assessment Tool (DEMPA) Developing a Medium Term Debt Management Strategy: User Guide and Analytical Tool — In March 2009, the Executive Boards of the World Bank and the IMF endorsed the Medium Term Debt Management Strategy (MTDS) Framework developed by IMF and World Bank staff to help countries elaborate effective debt management strategies. The MTDS framework and toolkit comprises two elements: An operational guidance note (GN) and a spreadsheet-based analytical tool (AT). The GN provides practical guidance on the process of developing an effective MTDS, describing each step involved, while the AT provides quantitative analysis to guide the MTDS decision-making process.
Author: International Monetary Fund Publisher: International Monetary Fund ISBN: 1498336221 Category : Business & Economics Languages : en Pages : 38
Book Description
In May 2007, the IMF and World Bank Boards discussed the paper "Strengthening Debt Management Practices: Lessons from Country Experiences and Issues Going Forward". In those discussions, the Boards of both institutions endorsed a public debt management (PDM) work program that was particularly focused on strengthening frameworks and capacity in low-income countries (LICs). This comprised three main elements: (i) develop a toolkit to help LICs formulate an effective Medium-Term Debt Management Strategy (MTDS) and apply it in 4–6 countries a year; (ii) undertake debt management performance assessments; and (iii) continue the provision of debt management and domestic market development technical assistance (TA) and advisory services to middle-income countries (MICs). This paper is a response to the Boards' request for an update on the development and implementation of that work program. Developing a Medium-Term Debt Management Strategy (MTDS)— Guidance Note for Country Authorities Debt Management Performance Assessment Tool (DEMPA) Developing a Medium Term Debt Management Strategy: User Guide and Analytical Tool — In March 2009, the Executive Boards of the World Bank and the IMF endorsed the Medium Term Debt Management Strategy (MTDS) Framework developed by IMF and World Bank staff to help countries elaborate effective debt management strategies. The MTDS framework and toolkit comprises two elements: An operational guidance note (GN) and a spreadsheet-based analytical tool (AT). The GN provides practical guidance on the process of developing an effective MTDS, describing each step involved, while the AT provides quantitative analysis to guide the MTDS decision-making process.
Author: Internationaler Währungsfonds Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
In May 2007, the IMF and World Bank Boards discussed the paper "Strengthening Debt Management Practices: Lessons from Country Experiences and Issues Going Forward". In those discussions, the Boards of both institutions endorsed a public debt management (PDM) work program that was particularly focused on strengthening frameworks and capacity in low-income countries (LICs). This comprised three main elements: (i) develop a toolkit to help LICs formulate an effective Medium-Term Debt Management Strategy (MTDS) and apply it in 4-6 countries a year; (ii) undertake debt management performance assessments; and (iii) continue the provision of debt management and domestic market development technical assistance (TA) and advisory services to middle-income countries (MICs). This paper is a response to the Boards' request for an update on the development and implementation of that work program. Developing a Medium-Term Debt Management Strategy (MTDS)- Guidance Note for Country Authorities Debt Management Performance Assessment Tool (DEMPA) Developing a Medium Term Debt Management Strategy: User Guide and Analytical Tool - In March 2009, the Executive Boards of the World Bank and the IMF endorsed the Medium Term Debt Management Strategy (MTDS) Framework developed by IMF and World Bank staff to help countries elaborate effective debt management strategies. The MTDS framework and toolkit comprises two elements: An operational guidance note (GN) and a spreadsheet-based analytical tool (AT). The GN provides practical guidance on the process of developing an effective MTDS, describing each step involved, while the AT provides quantitative analysis to guide the MTDS decision-making process.
Author: International Monetary Fund. Monetary and Capital Markets Department Publisher: International Monetary Fund ISBN: 149834657X Category : Business & Economics Languages : en Pages : 64
Book Description
This report to the Boards of the International Monetary Fund (IMF) and the World Bank (WB) is the third in a series regarding the evolution of the Medium-Term Debt Management Strategy (MTDS) framework and the associated capacity building efforts. In 2007 the two Boards endorsed the development of the MTDS and ancillary tools, and mandated a program of technical assistance to help countries build capacity in this area. This endorsement and mandate reflect a recognition that sound debt management is critical both to macroeconomic stability and to the development and functioning of the financial sector. The IMF and the WB have collaborated to deliver a large volume of MTDS-based technical assistance to numerous, diverse countries, with a focus on middle- and lower-income countries. Donors have recognized the importance of this work and have been generous in their support. The assistance has taken many forms, including country visits by staff and experts, the delivery of regional training events, and the organization of forums. As documented here, modes of delivery have evolved, with greater emphasis on tailoring to country circumstances, ownership, and coordination within and across agencies in the recipient countries. The report and accompanying annexes describe how capacity building on MTDS has been adapted to keep abreast of country needs. An increasing number of countries have market access (such as through the issuance of Eurobonds or local currency bonds), and face the potential realization of contingent claims, which requires that the MTDS framework consider additional risk factors; more diverse scenarios and market risk metrics; and a wider range of strategies. In many countries, effective capacity building in MTDS was complemented by efforts to strengthen institutions and governance arrangements; debt recording; and government cash management. Linkages with the formulation of annual borrowing plans (ABP) and debt sustainability analysis (DSA) have been strengthened, but more work is needed. Providing a sustained stream of support, rather than one-off missions, often produced better results. Country ownership, often reflected in commitments under IMF- or WB-supported programs, has proven critical to the sustained enhancement of debt management capacity. The value and effectiveness of these capacity building efforts are documented in the report using qualitative and quantitative metrics. The responses from national authorities to a questionnaire on their experience with MTDS technical assistance and the evolution of various quantitative indicators suggest that there were benefits and these were generally sustained. In particular, the majority of countries that had received technical assistance indicated that it helped them to introduce a structured and coherent approach to designing a debt management strategy (DMS) and raise awareness of risks among senior officials and broader stakeholders. Countries also appreciated advice on institutional and governance reforms and integrating debt management into macroeconomic policy formulation and implementation. The observations are supported by case studies detailing how technical assistance was successfully tailored to country needs. It is shown that many recipient countries are now better able to integrate debt management into overall economic policy formulation and adapt their debt management strategies to changing countries’ circumstances. For some, risk exposure indicators have improved even as debt levels have increased. Looking forward, the report suggests that the MTDS framework and modes of delivery should continue to be updated and refined, while maintaining core functions. Some countries will need more sophisticated techniques both to analyze cost-risk trade-offs and to implement their chosen strategy. Others are still in the process of building a solid foundation for debt management. In addition to hands-on trainings, greater use of on-line learning may further enhance effectiveness and efficiency. Building institutional capacity in debt management is a long-term endeavor, often times requiring a more “programmatic” approach, and sustained client ownership. Such an approach would involve diagnosis followed by an actionable reform plan supported by tailored technical assistance. The Boards are asked for their views on priorities in a strategy for future development of capacity building in this area, and how best to ensure that improvements in debt management are sustained.
Author: Elizabeth Currie Publisher: World Bank Publications ISBN: Category : Bank Policy Languages : en Pages : 59
Book Description
Abstract: This paper analyzes institutional arrangements for public debt management by reviewing the experience of OECD countries during the late 1980s and 1990s. It discusses principal-agent issues arising from the delegation of authority from the Minister of Finance to the debt management office and describes how countries have designed governance structures and control and monitoring mechanisms to deal with these issues. The paper also discusses what lessons emerging market countries and transition countries can draw from the experience of advanced OECD countries. The OECD experience clearly indicates that"regardless of whether the debt management office is located inside or outside the Ministry of Finance"four issues are of vital importance: Giving priority to strategic public policy objectives rather than tactical trading objectives; Strengthening the institutional capacity to deal with financial portfolio management and with the public policy aspects of debt management; Modernizing debt management; Creating mechanisms to ensure successful delegation and accountability to the Ministry of Finance and Parliament. This paper"a joint product of the Office of the Senior Vice President and Chief Economist, Development Economics, and Public Debt Management Group, Banking, Capital Markets, and Financial Engineering Department"is part of a larger effort in the Bank to analyze the institutional dimentions of effective government policy.
Author: International Monetary Fund Publisher: International Monetary Fund ISBN: 1498333672 Category : Business & Economics Languages : en Pages : 46
Book Description
This paper reviews Bank-Fund staff experience with strengthening public debt management (PDM) frameworks and capacity in developing countries. In 2001, the IMF and the World Bank developed sound practice guidelines in this area, followed by a pilot program to assist 12 countries develop and implement reforms. In addition, an assessment of PDM has been incorporated into surveillance work, where relevant, and included in other Bank and Fund advisory and technical assistance work. Based on these, the paper draws key lessons, identifies the continuing challenges facing debt managers, and proposes further capacity building and advisory work in PDM. The 12 countries in the pilot program were Bulgaria, Colombia, Costa Rica, Croatia, Indonesia, Kenya, Lebanon, Nicaragua, Pakistan, Sri Lanka, Tunisia, and Zambia.
Author: Eriko Togo Publisher: ISBN: Category : Languages : en Pages : 54
Book Description
This paper analyzes institutional arrangements for public debt management by reviewing the experience of OECD countries during the late 1980s and 1990s. It discusses principal-agent issues arising from the delegation of authority from the Minister of Finance to the debt management office and describes how countries have designed governance structures and control and monitoring mechanisms to deal with these issues. The paper also discusses what lessons emerging market countries and transition countries can draw from the experience of advanced OECD countries.The OECD experience clearly indicates that - regardless of whether the debt management office is located inside or outside the Ministry of Finance - four issues are of vital importance:- Giving priority to strategic public policy objectives rather than tactical trading objectives.- Strengthening the institutional capacity to deal with financial portfolio management and with the public policy aspects of debt management.- Modernizing debt management.- Creating mechanisms to ensure successful delegation and accountability to the Ministry of Finance and Parliament.This paper - a joint product of the Office of the Senior Vice President and Chief Economist, Development Economics, and Public Debt Management Group, Banking, Capital Markets, and Financial Engineering Department - is part of a larger effort in the Bank to analyze the institutional dimentions of effective government policy.
Author: International Monetary Fund, Publisher: International Monetary Fund ISBN: 1498330665 Category : Business & Economics Languages : en Pages : 40
Book Description
The Revised Guidelines for Public Debt Management have been developed as part of a broader work program undertaken by the IMF and the World Bank to strengthen the international financial architecture, promote policies and practices that contribute to financial stability and transparency, and reduce countries external vulnerabilities.
Author: Mr.Udaibir S. Das Publisher: International Monetary Fund ISBN: 1455210870 Category : Business & Economics Languages : en Pages : 29
Book Description
This paper explores the relationship between the level and management of public debt and financial stability, and explains the channels through which the two are interlinked. It suggests that the broader implications of a debt management strategy and its implementation should be carefully analyzed by debt managers and policy makers in terms of their impact on the government's balance sheet, macroeconomic developments, and the financial system.
Author: Elsie Addo Awadzi Publisher: International Monetary Fund ISBN: 1513514385 Category : Business & Economics Languages : en Pages : 57
Book Description
Sustainable public debt has gained renewed attention as countries implement fiscal consolidation measures in the aftermath of the global financial crisis. Sound public debt policies and debt management practices require robust legal underpinnings. Complex legal issues however arise in the design of the legal framework, and tradeoffs are required in many instances. This paper analyzes key features of modern public debt management legal frameworks, drawing from examples in advanced, emerging, and frontier markets. It aims to provide guidance for countries that seek to review and strengthen their public debt management legal frameworks.
Author: International Monetary Fund
Author: International Monetary Fund
Author: Internationaler Währungsfonds
Author: International Monetary Fund. Monetary and Capital Markets Department
Author: Elizabeth Currie
Author: International Monetary Fund
Author: International Monetary Fund
Author: Eriko Togo
Author: International Monetary Fund,
Author: Mr.Udaibir S. Das
Author: Elsie Addo Awadzi