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Budget Execution: Debt Management

 

 

International Good Practices and Reference Models

Sound Practice in Government Debt Management: This book, published by the World Bank, draws from the experiences of a group of countries that are leaders in the area of government debt management and on the knowledge that the authors have accumulated in advising many governments on their debt management policies and operations. It offers valuable insights to assist government policy-makers in understanding what is involved in implementing sound practice in government debt management.               back to top

 

Guidance and Tips

Guidelines for Public Debt Management: The guidelines, prepared by the IMF and the World Bank, are designed to assist policy makers in considering reforms to strengthen the quality of their public debt management and reduce their country's vulnerability to international financial shocks. The guidelines focus on principles applicable to a wide range of countries at different stages of development and with various institutional structures of national debt management. They should not be viewed as a set of binding practices or a rigid prescription, nor suggest that a unique set of sound practices exists, which would apply in all countries in all situations.         back to top

 

Country Case Studies and Lessons Learnt

IMF Technical Assistance Evaluation - Public Expenditure Management Reform in Anglophone African Countries:   This paper summarizes the IMF’s Fiscal Affairs Department (FAD) TA delivered to a sample of 10, primarily Anglophone-heritage African countries (Ethiopia, The Gambia, Ghana, Kenya, Malawi, Nigeria, Rwanda, Tanzania, Uganda, and Zambia). FAD’s TA main areas of focus are expenditure and commitment control, fiscal reporting, accounting systems, and integrated financial management information systems (IFMIS), as well as budget preparation issues, including support for medium-term expenditure frameworks (MTEFs).   

The Need for Japan’s Government Debt Management Policy (Produced by the Nomura Research Institute): This paper focuses on how the bond market for Japan’s government can be improved. It suggests policy recommendations on bond issuance, ownership, liquidity and credit risk.

Public Debt Management and Debt Market Development in Cyprus - Evolution, Current Challenges and Policy Options (Produced by the World Bank): The main objectives of this paper are to describe the evolution and current challenges of public debt management and debt market development in Cyprus in order to identify relevant policy options for the authorities. Three main (and mutually reinforcing) challenges are identified and analyzed: institutional arrangements for public debt management, modernization of the government debt market, and upgrading investment management skills of domestic institutional investors.

External Debt in Post-Conflict Countries (Published by the German Institute for Economic Research): In the development literature, there exists no systematic study of external borrowing in post-conflict countries. This paper addresses this gap by analyzing statistical and case study evidence from three African countries (Mozambique, Uganda, and the DRC). Many war-affected countries face rising debt arrears and deteriorating relations with creditors. Rebuilding trust between lenders and borrowers is hence a crucial but often slow process. Furthermore, donors to war-affected African countries have been slow to grant exceptional debt relief based odious debt or on financial requirements. Debt relief for post-conflict reconstruction should embrace more forward-looking and more generous conditionality.       back to top

 

Other Reference Materials

Public Debt Management At The Cross-Roads (Published by OECD Economic Outlook): This article shows a comparison of government debt management in the US, the Euro and Japan and discusses how the role of government, ministry of finance and the central bank can have impacts on liquidity and other aspects of debt management.        back to top




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