Managing Public Debt: From Diagnostics to Reform Implementation
World Bank Publications, Jan 1, 2007 - Business & Economics - 120 pages
High-quality public debt management plays a critical role in reducing the vulnerability of developing countries to financial crises. With sound risk and cash management, effective coordination with fiscal and monetary policy, good governance, and adequate institutional and staff capacity in place, governments can develop and implement effective medium-term debt management strategies. Managing Public Debt: From Diagnostics to Reform Implementation draws insights from a joint pilot program set up by the World Bank and International Monetary Fund to design relevant reform and capacity-building programs in twelve countries. The experiences of these geographically and economically diverse countries - Bulgaria, Colombia, Costa Rica, Croatia, Indonesia, Kenya, Lebanon, Nicaragua, Pakistan, Sri Lanka, Tunisia, and Zambia - illustrate the challenges and elements necessary to make progress in the area of public debt management. Managing Public Debt will serve government officials contemplating or in the process of reforming their practices, providers of technical assistance, and practitioners working on building capacity in public debt management. Because effective implementation of debt management strategies also requires a developed domestic government debt market, readers will also be interested in the companion volume, Developing the Domestic Government Debt Market, published by The World Bank in February 2007, based on the same joint pilot program.
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agement analysis annual approval audit authorities Bank Treasury staff bilateral budget execution build capacity Bulgaria cash management central bank Colombia consolidated constraints coordination cost Costa Rica creditors Croatia currency database debt levels debt management functions debt management strategy debt management system debt market development debt portfolio debt recording systems debt servicing deﬁcit difﬁcult DMFAS domestic debt market domestic government debt efﬁcient external debt Finance ﬁnance ministry ﬁrst ﬁscal policy ﬂow framework government debt market government’s implementation improve Indonesia institutional interest rates issuance issued Kenya Lebanon limits loans macroeconomic management and domestic maturity medium-term ment minister ministry of ﬁnance monetary policy multilateral Nicaragua ofﬁce ofﬁcial overall Pakistan percent pilot countries pilot-program countries priority proﬁle public debt management public ﬁnancial management public sector reduce reﬁnancing reﬂect Reform Experiences reform plans risk signiﬁcant speciﬁc Sri Lanka tion total debt transactions Tunisia World Bank Treasury Zambia
Page 109 - In making or guaranteeing a loan, the Bank shall pay due regard to the prospects that the borrower, and, if the borrower is not a member, that the guarantor, will be in a position to meet its obligations under the loan...
Page 77 - Caribbean and has also been involved in supporting regional organizations such as the Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI) and the West African Institute for Financial and Economic Management (WAIFEM).
Page 105 - Alexeeva, 2002) generally defines default as the failure of an obligor to meet a principal or interest payment on the due date (or within the specified grace period) contained in the original terms of the debt issue.
Page 109 - Specific measures include temporary placements of central bank or private sector personnel in the debt management unit, or the use of longer-term advisors with specialist skills in public debt management. REFERENCES AusAID (Australian Agency for International Development). 2004. "Indonesia Debt Management Project: Activity Completion Report.
Page 78 - African countries met (at a workshop organized by the World Bank and the United Nations Development Programme (UNDP)) to consider alternative approaches to traditional country-by-country debt management training programs.
Page 105 - In addition, many rescheduled sovereign bank loans are ultimately extinguished at a discount from their original face value. Typical deals have included exchange offers (such as those linked to the issuance of Brady bonds), debt-equity swaps related to government privatization programs, and buybacks for cash.
Page 105 - ... contains terms less favorable than the original issue. • For central bank currency, when notes are converted into new currency of less than equivalent face value. • For bank loans, when either scheduled debt service is not paid on the due date, or a rescheduling of principal and/or interest is agreed to by creditors at less favorable terms than the original loan.
Page 105 - ... the original issue. • For central bank currency, when notes are converted into new currency of less than equivalent face value. • For bank loans, when either scheduled debt service is not paid on the due date, or a rescheduling of principal or interest (or both) is agreed to by creditors at less favorable terms than those of the original loan.