Sections
Glossary and List of Abbreviations
Implementing the Guidelines on Practice
What Is Public Debt Management and Why Is It Important?. Purpose of the Guidelines. Box I.1. Applying the Guidelines to the HIPCs.
Lessons from the Country Case Studies
Debt Management Objectives and Coordination. Application. Objectives. Scope. Coordination with monetary and fiscal policies. Implementation considerations. Transparency and Accountability. Application. Clarity of roles, responsibilities, and objectives of financial agencies responsible for debt management. Public availability of information on debt management policies. Accountability and assurances of integrity by agencies responsible for debt management. Implementation considerations. Instit...
Country Case Studies
Developing a Sound Governance and Institutional Framework. Debt management objectives and coordination. Objectives. Scope. Coordination with monetary and fiscal policies. Transparency and accountability. Roles and responsibilities for debt management. Public availability of information. External auditing. Institutional framework. Governance. Management of internal operations. Legal framework relating to borrowing. Establishing a Capacity to Assess and Manage Cost and Risk. Debt management str...
Developing a Sound Governance and Institutional Framework. Objective. Scope of debt management activities. Coordination with monetary and fiscal policies. Legal framework. Institutional structure. Management of internal operations. Retain qualified staff with financial market skills. Incentives and guidelines to ensure implementation of strategies. Transparency. Debt Management Strategy and Risk Management Framework. Reducing the country's vulnerability. Main risks in the government's domesti...
Developing a Sound Governance and Institutional Framework. Objectives. Scope of debt management. Legislative basis for central government borrowing. The Danish debt office is placed within the central bank. The relation between the debt office and the ministry of finance. Structure of the debt office within the central bank. Information policy. Enhancing quality and reducing operational risk. Procedures manual. Codes of conduct. Recruiting and maintaining highly skilled staff . Management inf...
Developing a Sound Governance and Institutional Framework. Objective. Scope. Coordination with monetary and fiscal policies. Legal framework. Organizational structure. Risk Management Framework and Debt Management Strategy. Risk management framework. Strategy. Cash management. Contingent liabilities. Legal ceilings on government debt and contingent liabilities. Developing the Markets for Government Securities. Need and approach. Primary dealers. Brokers. Instruments. Issuance procedures. Tech...
Debt Management Objectives and Coordination. Objectives of debt management. Scope. Coordination with monetary and fiscal policy. Treasury service and advice to other arms of government. Transparency and accountability. Relationship with the minister of finance. Role of debt managers and the central bank. Open process for formulating and reporting of debt management policies. Public availability of information on debt management policies. Accountability and assurances of integrity. Institution...
Developing a Sound Governance and Institutional Framework. Debt management objective and scope. Objectives. Scope. Coordination with monetary and fiscal policies. Institutional framework. Governance. Management of internal operations. Staff. Audit procedures. Transparency. Debt Management Strategy and the Risk Management Framework. The approach to interest rate (market) risk. The approach to refinancing (rollover) risk. The operative framework to address market and rollover risk. Information ...
Macroeconomic Policy Framework. Centralization of debt management functions. Debt management objectives and coordination. Legal framework. Transparency. Establishing a Capacity to Assess and Manage Cost and Risk. Debt management strategy. Risk management framework. External debt. Contingent liabilities. Development and Maintenance of an Efficient Market for Government Securities. Primary market. Announcements. Portfolio diversification. Secondary market. Taxation. Technological developments. ...
Governance Framework. Debt management objectives. Coordination with monetary and fiscal policies. Legal framework of government debt management. Laws that serve as a basis for issuance vary according to the use of funds. Law- and ordinance-based handling of government bonds. The government debt consolidation fund. Sixty-year redemption rule. Organizational structure. Debt Management Strategy and the Risk Management Framework. Debt management strategy. Strengthened communications with the mark...
Developing a Sound Governance and Institutional Framework. Objectives. Legal framework. Coordination with monetary and fiscal policies. Guidelines for debt management. Institutional structure of debt management. Institutional structure of debt management within the government. Organizational structure within the debt management office. Retain qualified staff. Transparency and accountability. Debt Management Strategy and Risk Management Framework. Internal debt. External debt. Contingent liabi...
Framework for Public Debt Management. Public debt management objectives. Legal framework for debt management. Institutional framework for debt management. Organizational framework for debt management. Budget and monetary policy coordination. Transparency and communication. Collection of debt data . Computerization of debt management. Debt Management Strategy. Treatment of the treasury's external debt. Conversion of debts into investment. Treatment of onerous debt. Policy to mobilize financing...
Developing a Sound Governance and Institutional Framework. Objective of the NZDMO. Responsibilities of the NZDMO. Establishment of the NZDMO. Structure of the NZDMO. Legal framework for borrowing. Coordination with fiscal policy. Coordination with monetary policy. Transparency and accountability. Management of internal operations. Information management systems. Debt Management Strategy and Risk Management Framework. Strategy for debt management. Management of domestic currency debt. Manageme...
Developing a Sound Governance and Institutional Framework. Objectives. Scope. Coordination with monetary and fiscal policies. Legal framework. Institutional structure. Institutional structure within the government. Organizational structure in the debt management office. Auditing. Debt Management Strategy and the Risk Management Framework. Strategy for managing the costs and risks. Foreign currency debt portfolio. Domestic currency debt portfolio. Risk analysis undertaken. Active debt manageme...
Developing a Sound Governance and Institutional Framework. Debt management objectives. The scope of debt management activity. Legal framework. Organization. Auditing. Risk Management Framework. Main risk variables. Management guidelines and benchmark portfolio. Management information systems. Operational procedures manual. Debt Management Strategy and Government Securities Markets. Debt management strategy. Government securities issuance and primary market structure. Secondary market for gove...
Developing a Sound Governance and Institutional Framework. Objective. Scope. Coordination with monetary and fiscal policies. Transparency and accountability. Legal framework. Institutional framework and internal organization. Information systems. Staff. Assessment and Management of Cost and Risk. Debt management strategies. The main risks in the debt portfolio. Risk analysis undertaken to develop the strategy. Benchmarks for domestic debt. Active debt management strategies. Contingent liabili...
The Domestic Market Before 1990. Developments 1990-98. Developments in the domestic market. Development of the BESA. Introduction of auctions and market making. Auctions. Appointment of primary dealers. Other developments. The Evolving Debt Management Strategy Since 1999. Identifiable policy and instrument gaps. Change in the hierarchy of debt management objectives. A shift from strategic to tactical debt management. Achievements. The Main Challenge Facing the National Treasury. Debt consolid...
Developing a Sound Governance and Institutional Framework. Statutory rules. The governance framework in practice. The organization of the SNDO. Background. Internal organization. Financial and human resources. Debt Management Strategy and Risk Management Framework. Background. The concepts of costs and risks. Debt portfolio strategy. Background. Conclusions concerning the debt portfolio. Foreign currency debt. Inflation-linked debt . Duration. Maturity profile. Summary. Active debt management...
Developing a Sound Governance and Institutional Framework. Objectives of debt management policy. Institutional framework for debt management. Legal framework for borrowing. Organizational structure within the DMO. Debt Management Strategy and the Risk Management Framework. Coordination of debt management and fiscal and monetary policy. Risk management framework. Debt management strategy. Developing the markets for government securities. Issuance transparency. Portfolio operations and instrume...
Governance Framework. Administrative structure. Debt Management Strategy and Risk Management Framework. Risk management. Recent policy changes. Asset management. The Government Securities Market.
Appendix. Summary of the Debt Management Guidelines
Summary of the Debt Management Guidelines
1. Debt management objectives and coordination. 1.1 Objectives. 1.2 Scope. 1.3 Coordination with monetary and fiscal policies. 2. Transparency and accountability. 2.1 Clarity of roles, responsibilities, and objectives of financial agencies responsible for debt management. 2.2 Open process for formulating and reporting debt management policies. 2.3 Public availability of information on debt management policies. 2.4 Accountability and assurances of integrity by agencies responsible for debt man...
