The IMF and the World Bank have provided a range of public debt management technical assistance and training to over 50 developing countries during the past fiscal year (July 2014 – June 2016), with the help of generous financial support of several bilateral donors.
- read more
For example, the technical assistance under the joint IMF-World Bank donor-funded Debt Management Facility II (DMF II) supported a total of 35 missions, including 15 Debt Management Performance Assessment (DeMPA) missions to Cabo Verde, Democratic Republic of Congo, Grenada, India (Assam and Rajasthan, Kyrgyz Republic, Liberia, Nigeria (Niger State), Pakistan (Punjab), Papua New Guinea, Rwanda, Sri Lanka, Tajikistan, Togo and Zimbabwe; 7 Reform Plan TA missions to Cabo Verde, Federation of Bosnia and Herzegovina (subnational), the Gambia, Ghana (two missions), Nicaragua and Uganda; 12 Medium-Term Debt Management Strategy (MTDS) TA missions to Benin, Cote d'Ivoire, the Gambia, Kenya, Kyrgyz Republic, Maldives, Niger, Nigeria, Tanzania, Uganda, Vietnam and Zambia; and 3 Domestic Debt-Market Development TA missions to Mongolia, Nicaragua and Tanzania (see Debt Management Facility Annual Report 2016).
The training covered primarily the areas of developing a MTDS and conducting debt sustainability analysis, the latter mainly through the joint IMF/World Bank debt sustainability framework (DSF). The training was conducted both regionally and bilaterally and over 400 government officials — the majority (60 per cent) from Sub-Saharan Africa —benefitted from face-to-face training workshops. In addition, MTDS and DSF training was also provided to officials from developing countries through the publicly available IMF online debt sustainability analysis (DSAx) course, which also included, for the first time, an offering in French. Donors have noted progress made so far and the impact on improving debt management capacity in recipient countries and strengthening their debt functions. In fiscal year 2017, the IMF and World Bank plan to continue providing the public debt management technical assistance and training with broadly similar composition of activities.
- read more
UNCTAD's DMFAS Programme provided downstream debt management capacity support to 86 institutions (Ministries of Finance or Central Banks) in 57 countries in the period. It continued to help to strengthen capacity to handle the day-to-day management of public liabilities and produce reliable debt data for policymaking purposes through capacity-building and advisory services, and the provision of the DMFAS software and related support services. It trained 750 debt officers from 30 institutions in 24 countries, delivered almost 90 training workshops and organized 7 study tours to promote South-South cooperation. It also participated in 10 events organized by other technical assistance providers, including the IMF and the World Bank.
In relation to progress achieved by countries in downstream debt management, concrete and sustainable results in 2016 included improved external and domestic debt data recording, and enhanced reporting and improved debt analysis capacities in line with the recording and reporting components of the Public Financial Management value chain as defined under the Public Expenditure and Financial Accountability (PEFA) Programme. By the end of 2016, 82 percent of DMFAS-user countries had developed comprehensive and reliable debt databases in respect of government and government-guaranteed external debt, and sixty-two percent of DMFAS 6 user countries whose debt management office is responsible for monitoring domestic debt were using DMFAS to manage their entire domestic debt portfolio. In relation to improved capacity for effective debt reporting, 35 DMFAS-user countries were regularly publishing a debt statistics bulletin and 19 countries had produced a debt portfolio report. Moreover, 98 percent of DMFAS client countries effectively reported to the World Bank through the Debtor Reporting System and 65 per cent were participating in the IMF–World Bank’s quarterly external debt statistics database (QEDS).
In 2016, the trend continued of increasing demand by countries for support in establishing links between the DMFAS and other governmental software (for example, software used for budgeting, cash management and aid management) or within complex integrated financial management systems as part of the overall public financial management efforts of countries.