International Monetary Fund-World Bank Group Technical Assistance Activities on Public Debt Management in Low Income Countries 1

Transcription

1 International Monetary Fund-World Bank Group Technical Assistance Activities on Public Debt Management in Low Income Countries 1 At the request of the G-20 Working Group on International Financial Architecture, this note discusses the enhanced technical assistance (TA) in debt management for low income countries and takes stock of the current landscape in terms of its architecture and frameworks, TA products, and catalytic facilities, and provides a summary of results and next steps. I. Introduction 1. At the urging of the G-20 and with the endorsement of work programs by the Boards of the International Monetary Fund (IMF) and the World Bank Group (WBG), the two institutions have collaborated in developing the sound practice debt management as part of global efforts to strengthen the international financial architecture, developing frameworks and tools for delivery of a consistent TA programs. 2. This note summarizes the debt management TA activities for LICs carried out by the IMF and the WBG. Section II positions debt management within the context of strengthening the international financial architecture. In Section III, the debt management technical assistance (TA) work programs of the IMF and WBG along product lines are discussed. Section IV presents the various trust funds that have played a catalytic role in expanding TA activities and deepen efforts to strengthen capacity in debt management. Section V discusses the results of the combined TA activities and challenges ahead. II. Debt Management in the Context of Strengthening the International Financial Architecture 3. The G-20 and the Boards of the IMF and WBG have mandated staff to develop debt management frameworks in the context of strengthening international financial architecture. In particular: 1 Prepared by Emre Balibek and Abha Prasad (WBG) and Michael Papaioannou and Eriko Togo (IMF), with inputs from Olga Akcadag and Sebastien Boitreaud (WBG) and Thordur Jonasson and Rosemarie Schlup (IMF).

2 At the G-20 inaugural meeting held in Berlin in 1999, the Communique of the Finance Ministers and Central Bank Governors noted the importance of strengthening national balance sheets to help cushion against unexpected shocks and encouraged steps to strengthen sovereign debt management. In the same year, the IMFC called on the IMF and World Bank to work together, in cooperation with national debt management experts, to develop a set of best practices in public debt management to assist countries in their efforts to reduce vulnerability. 2 The result was the publication of the Guidelines for Public Debt Management (2001, Guidelines and 2003 amendments ) and its Accompanying Document (2003). The Guidelines were 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. In November 2011, the G-20 Leader s Summit held in Cannes endorsed an action plan to support the development of local currency bond markets (LCBM). The international institutions - IMF, the World Bank, the EBRD, and the OECD - were asked to draw on their experience to develop a diagnostic framework to identify general preconditions, key components, and constraints for successful LCBM development. The objective was to provide a tool for analyzing the state of development and efficiency of local currency bond markets. The application of the diagnostic framework is expected to be flexible, bearing in mind that the potential for LCBM development depends on economic size, financing needs, and stage of economic development. The G-20 Finance Ministers and Central Bank Governors, in their meeting in Moscow in February 2013, requested the IMF and World Bank to take stock of the existing Guidelines with a view to ensuring that they remained relevant and topical. Since their adoption in 2001, and amendments in 2003, financial sector regulatory changes and macroeconomic policy developments, especially in response to the global financial crisis, have significantly affected the general financial landscape. This has been manifested by a greater volume of public debt issuances, unprecedented cross border capital flows in search of higher yields, and higher volatility of investor risk appetite. As a consequence, many countries had experienced significant shifts in their debt portfolios, in terms of both size and composition. The Revised Guidelines for Public Debt Management was published in In the context of low income countries (LICs), the focus through the mid-2000s have been on providing debt relief. Significant progress had been made in implementing the Heavily Indebted Poor Countries (HIPC) Initiative, supplemented by the Multilateral Debt Relief Initiative (MDRI), to reduce the external debt burdens of the most heavily indebted poor 2

3 countries to sustainable levels. By mid-2009, 26 countries had reached the completion point, with their debt reduced by over US$100 billion in present value terms. However, recognizing the importance of improving debt management capacity in LICs, particularly where debt relief had created significant borrowing space, in 2007, the Boards of the IMF and the WBG, endorsed a public debt management (PDM) work program that was focused on strengthening debt management frameworks and capacity in LICs, comprising (i) developing a toolkit to help LICs formulate an effective Medium-Term Debt Management Strategy (MTDS) and apply it in 4 6 countries a year; and (ii) undertaking debt management performance assessments (DeMPA) To scale-up the work program for LICs, in 2008, the WBG set up the Debt Management Facility (DMF), a multi-donor trust fund. The IMF continued to provide TA funded through its own resources, but in April 2014, joined the DMF at the occasion of the launch of its second phase. Contribution from Implementing Partners is an important element of the scaling up of the work program of the DMF, as they are able to follow up with the authorities and provide downstream support. Other donor trust funds have complemented the DMF, particularly to support downstream TA activities that are critical to sustain the necessary reforms. The Government Debt and Risk Management Program supported by the Swiss State Secretariat for Economic Affairs, the Canadian Topical Trust Fund, and the Japan Sub-Account, have made additional resources available for TA in the Caribbean countries and a number of African countries. In addition, long term experts provide TA through the IMF s Regional Technical Assistance Centers in Africa West and Africa Central. III. Debt Management Technical Assistance for LICs 6. The WBG and the IMF have developed joint work programs to provide TA in LICs. These include developing the MTDS, deepening the domestic debt market, and providing training on the Debt Sustainability Framework for Low Income Countries (DSF). Additional work programs that are carried out separately by the institutions according to the respective institution s mandates and goals include: the DeMPA, developing debt management reform plan, and subnational debt management work program at the WBG, and access to international capital markets and sovereign risk management at the IMF. All TA activities are demand driven. These are discussed below. 3 IMF and World Bank (2007). Strengthening Debt Management Practices: Lessons from Country Experiences and Issues Going Forward. The Boards also endorsed ongoing technical assistance work program in middle income countries. This note does not cover technical assistance activities carried out by the institutions in middle income countries.

4 Medium-Term Debt Management Strategy (MTDS) 7. The WBG and the IMF have jointly developed a framework to guide country authorities in the process of developing an MTDS. A medium-term debt management strategy is a plan that the government intends to implement over the medium term in order to achieve a desired composition of the government debt portfolio, which captures the government s preferences with regard to the cost-risk tradeoff. It operationalizes the debt management objectives, e.g., ensuring the government s financing needs and payment obligations are met at the lowest possible cost consistent with a prudent degree of risk. 8. The MTDS toolkit includes a Guidance Note (GN) on the process of designing and implementing a debt management strategy, and a quantitative cost-risk Analytical Tool (AT) with an accompanying User Guide. The AT and the User Guide have been revised, enhancing the user friendliness and transparency of the AT. Technical assistance on the MTDS is implemented through in-country baseline and a follow-up visits, supplemented with by a wide range of training activities. These missions include a hands-on training component for the government stakeholders in debt management, using country-specific debt and macroeconomic data. In addition, regional MTDS training courses and e-learning courses are offered. More recently, an advanced course in developing an MTDS, integrated with developing the annual borrowing plan, was introduced. Debt Management Performance Assessment (DeMPA) 9. DeMPA is a methodology for assessing public debt management performance through a comprehensive set of indicators spanning the full range of government debt management functions. 4 The revised DeMPA methodology applicable from July 2015 combined the DeMPA Tool and Guide into one unified methodological framework. The guidance for evaluation of each dimension of government debt management practices now consists of: rationale and background (by dimension), areas to be assessed, scoring criteria, supporting documentation and required information. Substantial revisions and additions were made in order to address the issues that arose during the earlier assessments. A Subnational DeMPA (SN DeMPA) tool has also been developed. DeMPA serves as a diagnostic tool to inform priorities for reform plan, and provide a baseline for assessing progress over time through repeat DeMPAs. The findings are summarized in a report and its publication by authorities is strongly encouraged. Regular DeMPA training events are delivered at the sovereign and the subnational levels. 4 This is based on Public Expenditure and Financial Accountability (PEFA) framework and was initially developed by the WBG in cooperation with its international partners over , and revised and adopted in In 2015, DeMPA methodology has been revised.

5 Debt Management Reform Plan 10. A Debt Management Reform Plan lays out a detailed, sequenced, country-owned capacity-building project plan that is based on an analysis of public debt management institutions and operations. The goal of this process is to address the weaknesses identified in the debt management assessments. As such, reforms plans often follow and build on the DeMPA. The Reform Plan details expected outputs and outcomes, actions, sequencing and milestones. It also provides an estimate of budget and resources required for implementation. Debt Management Reform Plans vary considerably depending on the prevailing circumstances of the country but follow guidelines that have been developed that aim to foster a consistent step-wise approach. Risk Management 11. The risk management TA aims at building capacity to better address macro-financial and other risks to the sovereign balance sheet and establish a well-defined framework to manage and mitigate those risks. It builds on the MTDS framework and broadens the scope of the financial exposures facing the sovereign, including non-debt related financial exposures and other implicit guarantees, as well as risk management instruments to mitigate those risks, including the pros and cons of using derivatives in sovereign debt management. International Capital Market Access 12. The TA on international capital market access assists countries to fully assess the consequences of issuance in the international capital markets on the debt portfolio and to raise awareness of the necessary steps to ensure issuance does not take place prematurely, including ensuring that operational systems are in place, credit rating is obtained, and that financial and legal advisors are contracted. Domestic Debt Market Development 13. The work program to assist in the development of government securities markets in LICs aims to enhance governments' access to financing in local currency while increasing the opportunities that are available for the government to implement the debt strategies they choose. TA is provided in identifying and addressing a range of topics including: (i) strengthening the primary market; (ii) ensuring stable demand for government debt; (iii) improving secondary market liquidity; and (iv) supporting yield curve development. The application of the debt market toolkit identifies strengths and weaknesses of debt markets and guides the reform plan process. Debt Management Legal Framework 14. A robust legal framework is critical to create an enabling environment for sound debt management operations. At a minimum, the legal framework should include clear debt management objectives, clear borrowing authority, specific borrowing purposes, clear and

6 unambiguous institutional arrangements, and requirements for the preparation of a debt management strategy with regular updates, annual borrowing plans, reports, as well as formal debt management evaluation processes. TA in this area typically involves first a desk review of the respective LIC s existing legal framework for debt management in line with good practices. Drafting suggestions are provided to help authorities prepare legislative proposals (primary or secondary legislation) to help address weaknesses identified. Debt Sustainability Analysis (DSA) 15. The joint IMF-WBG Debt Sustainability Framework for Low Income Countries (DSF), developed in 2005, was designed to guide the borrowing decisions of low-income countries in a way that matches their financing needs with their ability to repay debt. A key part of the framework is Debt Sustainability Analysis (DSA), which is a tool to help guide countries and donors in mobilizing critical financing for low-income countries, while reducing the chances of an excessive build-up of debt. Key points of this analysis includes: (i) a country s projected debt burden over the next 20 years and its vulnerability to external and policy shocks; (ii) an assessment of the risk of external debt distress in that time, based on indicative debt burden thresholds that depend on the quality of the country s policies and institutions; and recommendations for a borrowing (and lending) strategy that limits the risk of debt distress. Regional, bilateral training and e-learning courses (in English and French) are offered in response to a recognition that LICs need to conduct the DSA independently. IV. Catalytic Facilities 16. In addition to the use of budgetary resources of the IMF and the WBG that are used in support of respective programs and country operations, donor contributions to trust funds have enabled the scaling up of TA activities in LICs. Debt Management Facility 17. An important part of the WBG and IMF TA on debt management and debt sustainability is executed under the umbrella of the Debt Management Facility (DMF) trust fund. The DMF is a multi-donor trust fund supported by Austria, Germany, The Netherlands, Norway, Russian Federation and Switzerland, aimed at scaling up and accelerating implementation of assistance to developing countries in boosting their capacity in managing public debt. 5 The program has the specific objective of strengthening debt management capacity and institutions through a number of tools that help countries assess and plan their debt management reforms. The DMF works with all LICs, IDA-eligible and PRGT countries (84 eligible countries). From its inception to end- 5 The European Union has expressed commitment to join the DMF.

7 FY15, the DMF supported over 200 missions across 75 countries and twenty subnational governments, and trained over 600 client practitioners A programmatic approach that integrates several products, such as the joint Bank-IMF MTDS, DeMPA and Debt Management Reform Plan; together with training events, on-line training courses, outreach programs, and research and development has yielded positive outcomes. Along with on-going program activities, new activities were included, such as: strengthening capacity in the application of the Joint Bank-IMF DSF, domestic debt market development, subnational debt management, risk management, and international capital markets access. These are complemented with peer learning and outreach activities include the DMF Stakeholders Forum, The Debt Managers Network (DMN), the quarterly DMF newsletter, and the Debt Management Practitioners' Program (DMPP), where government officials from debt management offices in DMF-eligible countries are invited to join the WBG for a three-month period to participate in missions and training. 19. Contribution from Implementing Partners (IPs) is an important element of the scaling up of the work program of the DMF, as they are able to follow up with the authorities and provide downstream support. These include the Center for Latin American Monetary Studies (CEMLA), Debt Relief International (DRI), the Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI), the United Nations Conference on Trade and Development (UNCTAD) and the West African Institute for Financial and Economic Management (WAIFEM). In addition, the Commonwealth Secretariat (COMSEC) works in partnership with the DMF. Canadian Topical Trust Fund 20. The high level objective of the Strengthening Debt Management in the Caribbean TA program is to foster stronger and more stable economies with robust financial systems in the Eastern Caribbean Currency Union (ECCU) countries. 7 The program s objective is to build capacity to develop sound public debt portfolio risk management and debt management strategy formulation, applying the IMF-WBG MTDS framework, and to improve the functioning of domestic debt markets. Training activities focus on the use of the MTDS AT and hands-on support to help authorities to prepare MTDS documents to be published. The program also has provided MTDS training, training on Investor Relations, and Capital Market related issues. In 2014 the program recruited a long term debt management advisor based in Barbados, to provide 6 Including DeMPA missions in more than 60 countries, MTDS missions around 50 countries, and debt management reform plan missions in more than 40 countries. 7 Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, St Lucia, and St. Vincent and the Grenadines Barbados, Belize, and Jamaica.

8 TA through peripatetic visits to the countries, often in cooperation with the Debt Management Advisory Services Unit at the Eastern Caribbean Central Bank. Swiss Secretariat for Economic Affairs 21. The Government Debt and Risk Management Program (GDRM), funded by the Swiss State Secretariat for Economic Affairs (SECO), was established in 2011 to provide support to middle-income countries (including two IDA-eligible) on public debt and risk management. 8 This program is part of the broader Swiss-WBG partnership on fiscal risk management for middle-income countries, which also includes a component on sovereign disaster risk financing and insurance. The development objectives of the program are to improve macroeconomic and fiscal management and reduce vulnerability to financial shocks through (i) strengthened public debt and risk management capacity and institutions; and (ii) deeper domestic debt markets. Countries highly value timely technical support to address their immediate needs. Japan Sub-Account 22. The objective of the Strengthening Regional Debt Management TA program is to strengthen the authorities capacity to manage the sovereign debt portfolio over the medium term consistent with debt sustainability, the medium-term macro framework, and the authorities structural agenda on debt markets-related reforms in Mozambique, Rwanda, Djibouti, Ethiopia, Ghana and Cote d Ivoire. The TA focuses on addressing additional capacity building needs on analysis of the debt portfolio risk, implementing borrowing strategies, assessing costs and risks of debt management strategies, and the development of tools to minimize the financial and fiscal vulnerabilities of the sovereign debt portfolio by building capacity to develop sound public debt portfolio risk management, and by improving the functioning of domestic debt markets. The TA is intended to enhance the capacity to design annual borrowing plans that are consistent with the budget framework; improve the capacity to manage government debt and implement debt strategies that appropriately structure the sovereign debt portfolio in order to support sustainable access to international borrowing, improve the capacity to monitor progress in the implementation of the debt management strategy and evaluate risks. Regional Technical Assistance Centers (RTACs) 23. Where regional demand for capacity building is strong, long-term experts specialized in debt management are appointed and provide TA on calculating risk indicators, participating in joint the WBG-Fund MTDS missions, strengthening debt reporting, implementing institutional reform and building institutional capacity, and deepening the regional debt markets. Long term experts specialized in public debt management are resident in Afritac West and Afritac Center. 8 The target countries are Azerbaijan, Colombia, Egypt, Ghana, Indonesia, Peru, Serbia, South Africa, Tunisia, and Vietnam.

9 V. Results 24. Experience to date indicates that WBG-IMF efforts are having a positive impact, though much work remains to be done. This is also recognized in the findings of the external evaluation of the DMF that was conducted by an independent firm, which strongly affirmed the positive impact of the debt management program. The evidence from follow-up DeMPAs show clear gains in organizational structures, legal frameworks and borrowing procedures. There has been significant progress in the integration of debt management responsibilities and data reporting and recording, and improved procedures to mitigate operational risks. Some country examples that reflect these reform changes are enumerated below: Tanzania, Kenya and Burundi strengthened their legal framework and debt recording as confirmed during a follow-up missions; Bangladesh, Kenya, Ghana and Cameroon undertook reforms to strengthen market development aspects; Ghana, Vietnam, Maldives, Malawi, Tanzania and the Democratic Republic of Congo, among others, took step to address institutional structure and fragmentation issues. There has been consolidation of debt management functions in Tanzania and Cameroon; Malawi and Mongolia initiated steps to improve their auditing capacity; Burundi, Burkina Faso, Malawi and Maldives strengthened cash management and forecasting; Bangladesh, Madagascar, Bhutan, Maldives, Equatorial Guinea and Rwanda improved procedures for operational risk management; Bangladesh, Burundi, Congo, Liberia, Burkina Faso and Mali showed improvements in debt recording and reporting; Cote d Ivoire, Cameroon, Cape Verde and Burkina Faso prepared a comprehensive debt management strategy; Moldova strengthened the analytical capacity of the Debt Office; Samoa, Liberia and Madagascar prepared borrowing plans; Kenya introduced a new legal framework for debt management, and Sierra Leone, and drafting stage in Lesotho and Tanzania. Grenada adopted a new Public Debt Management Act; and Ghana is finalizing draft legislation to strengthen their debt management legal framework. 25. Another focus on TA activities has been on strengthening capacity to develop debt management strategies (through the MTDS framework). As increasing number of IDA eligible countries are beginning to access capital markets, there is an increasing demand on support for developing capacity to access international capital market and understand the pros and cons of such interventions. Publication of MTDS documents by the authorities also increased, pioneered by Kenya in June 2009, where this practice was sustained for 2010, 2011 and 2012, published

10 together with the Budget. Several countries that have received an MTDS TA mission have published a formal debt management strategy (including Ethiopia, Ghana, The Gambia, Kenya, Namibia and Tanzania) while others have presented a formal MTDS to ministers, cabinet or parliament as relevant (including Cape Verde, Kyrgyz Republic, Malawi, Moldova, Mozambique, Rwanda and Tonga). 26. The trainings have been evaluated by participants with very high scores on criteria which assess the relevance, usefulness and the content of the trainings. Participants valued the hands-on case-study based approach of the trainings and the interaction time to discuss and learn about peer country experiences, particularly in the newly introduced advanced course on developing MTDS and annual borrowing plan. From the launch of DMPP in 2011 through 2015, 32 practitioners have graduated from the program, and some of them have risen to managerial positions, for instance in Lesotho, Burkina Faso, Senegal, Tanzania, Bhutan, Kyrgyz Republic, and Bangladesh, or have become TA advisors in regional implementing partner institutions, such as the DMPP from Malawi taking assignment at MEFMI. 27. Overall, the programmatic approach that integrates the DeMPA, the Reform Plan, the MTDS, developing the domestic debt market, access to international capital market, and risk management framework, together with training events including on the DSF, the DMPP, the Stakeholders' Forum and other outreach programs, and research and development, continues to work well through the catalytic donor support under the DMF II and other support, provides coherence and consistency in the TA work programs and yields positive outcomes. 28. Nevertheless, despite progress in these areas, the overall DeMPA results across the full sample highlight ongoing weaknesses in critical areas. The implementation experience suggests a number of lessons, with strong country ownership critical for success: Debt management reform and capacity building is complex and takes time, requiring the sustained commitment of senior policy makers. Building the capacity of debt management offices often entails significant legal, institutional and operational changes, especially given the persistence of fragmentation challenges. Building analytical capacity remains a fundamental challenge and is especially important as debt portfolios become more complex and the need for the authorities to develop and implement effective debt management strategies becomes more acute. Progress has been more sustained where it has been complemented by related development solutions in a WBG loan or design elements of an IMF program arrangement, and the corresponding engagement of WBG and IMF country teams.

11 In a number of cases, exogenous factors (such as natural disasters and conflicts) have impeded efforts to improve the institutional and operational capacity for debt management. 29. The agenda remains challenging, with countries expanding their access to nonconcessional and market-based sources in both domestic and international capital markets. Both the WBG and IMF remain committed to supporting these efforts. The following table summarizes the debt management TA activities in individual countries:

12 Afghanistan Angola Country Missions / DMPP(FY09-FY15) FY16 Antigua & Barbuda Armenia Azerbaijan Bangladesh Benin DeMPA DeMPA, MTDS DeMPA, MTDS, DMPP MTDS DeMPA (2), Reform Plan, MTDS DeMPA, debt reporting, DSF, capacity building DeMPA MTDS, institutional arrangement Bhutan DeMPA (2), Reform Plan, MTDS, DMPP, Voice Secondment Bolivia MTDS, DMPP Bosnia and Herzegovina DeMPA, Reform Plan (2), MTDS (2), SN DeMPA Burkina Faso DeMPA (2), Reform Plan, MTDS (2), domestic debt market, capacity building, DSF (2), DMPP Burundi DeMPA (2), Reform Plan, MTDS, capacity building, DSF, debt reporting Cambodia DeMPA, DMPP Cameroon DeMPA (2), Reform Plan, MTDS (3), DMPP, institutional arrangement, capacity building, DSF, domestic debt market DSF Cape Verde DeMPA (2), Reform Plan, MTDS (3) DeMPA Central African Republic DeMPA (2), Reform Plan Chad Comoros Congo, Dem. Rep. Congo, Rep DeMPA, institutional arrangement, domestic debt market, capacity building DeMPA, Reform Plan, MTDS, DMPP DeMPA, Reform Plan, DSF (2), capacity building DeMPA, Reform Plan, capacity building SN Reform Plan, DMPP Domestic debt guidelines Cote D'Ivoire DeMPA (2), Reform Plan, MTDS, Domestic Debt Market, institutional arrangement, DSF (2), capacity building MTDS Djibouti DeMPA, Reform Plan, MTDS, DMPP, managing FX risk Ethiopia DeMPA, Reform Plan, MTDS (3) Gambia DeMPA (2), Reform Plan (2), MTDS (3), DMPP MTDS Georgia DeMPA, Reform Plan Ghana DeMPA (2), Reform Plan (2), MTDS (4), Monetary Policy Implementation, Debt Management and Deepening Domestic Debt Market DeMPA, Domestic debt market Domestic debt market, DSF Domestic Debt Market Grenada DeMPA, MTDS (2) DeMPA Guinea DeMPA, MTDS, capacity building Domestic debt market

13 Guinea-Bissau Guyana DeMPA, debt reporting, capacity building DeMPA Debt management legal framework Haiti DeMPA India SN DeMPA Honduras DeMPA (2), Reform Plan, MTDS (2) Kenya DeMPA, MTDS (2) MTDS DMPP Kosovo DeMPA, DMPP Kyrgyz Republic Reform Plan, MTDS, DMPP DeMPA, MTDS Lao, PDR Lesotho Debt management, Voice Secondment DeMPA, MTDS, DMPP Liberia DeMPA, Reform Plan, MTDS (2), DMPP DeMPA Madagascar Malawi DeMPA, Reform Plan, DMPP DeMPA (2), Reform Plan (2), MTDS (2), DMPP Maldives DeMPA, Reform Plan, Voice Secondment MTDS Mali DeMPA (2), DSF, debt reporting, capacity building, domestic debt market Capacity building Mauritania DeMPA, Reform Plan, MTDS, DSF, Institutional arrangements, capacity building DSF Moldova DeMPA, Reform Plan, MTDS (2), Domestic Debt Market Mongolia DeMPA (2), MTDS (2) Domestic Debt Market, DMPP Mozambique DeMPA, MTDS (3), DMPP Nepal DeMPA (2) Nicaragua DeMPA (2), Reform Plan (2), MTDS (2), DMPP Reform Plan Niger DeMPA, Reform Plan, DSF, capacity building, domestic debt market Nigeria DeMPA (2), Reform Plan (2), MTDS (3), SN DeMPA (4), DMPP MTDS, SN DeMPA Pakistan DeMPA, MTDS (3), SN DeMPA SN DeMPA Papua New Guinea DeMPA DeMPA Rwanda DeMPA (2), MTDS, DSF, DMPP, debt market DeMPA, Reform Plan Samoa DeMPA, Reform Plan (2) Sao Tome and Principe DeMPA (2), Reform Plan, MTDS Senegal DeMPA, MTDS, institutional arrangement, DSF, capacity building, risk management, domestic debt market, DMPP, debt Risk management market development Sierra Leone DeMPA, Reform Plan, DMPP MTDS Solomon Islands DeMPA, Reform Plan Sri Lanka DeMPA DMPP

14 St. Vincent & the Grenadines MTDS Sudan DeMPA, Reform Plan (2) Tajikistan DeMPA, Reform Plan, MTDS DeMPA Tanzania DeMPA, Reform Plan, MTDS (3), DMPP Domestic Debt Market Timor Leste Reform Plan Togo DeMPA (2), Reform Plan, capacity building, DSF, domestic debt DeMPA, capacity market building Tonga Reform Plan, MTDS (2) Uganda DeMPA, SN DeMPA, DMPP Reform Plan, MTDS Vanuatu DeMPA Vietnam DeMPA, Reform Plan, MTDS, SN DeMPA, DMPP MTDS Yemen DeMPA, DMPP Zambia DeMPA, Reform Plan, MTDS (2), Domestic Debt Market MTDS Zimbabwe DeMPA, Reform Plan DeMPA