Debt Management Performance Assessment Tool (DeMPA) Governance and Strategy Development
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1 Debt Management Performance Assessment Tool (DeMPA) Governance and Strategy Development
2 Governance and Strategy Development DPI-1 Legal framework DPI-2 Managerial structure DPI-3 DeM strategy DPI-4 Evaluation of DeM operations DPI-5 Audit 2
3 Delegate Authority Set lo ng term objectives Decision on Strategy Parliament/Congress Minister/Cabinet Advisory Committee Consultation Audit (SAI) Accountability Power to borrow & transact Strategy Implementation Principal DeM Entity (DMO) Central Bank Proposestrategy basedon analysis Reporting & oversight, external audit 3
4 Principal DeM Entity (DMO) DMO is responsible for the execution of the DeM strategy. Optimal structure: All DeM operations are consolidated into the DMO. Common structure: Some operations are outsourced to other entities - e.g., the Central Bank runs the debt auctions on behalf of the DMO, but DMO is still in command. O.K. that the Minister without undue political influence approves the borrowings prepared by DMO, and signs the loan agreements. 4
5 Legal Framework Score C Clear authorization to borrow and issue loan guarantees in the primary and secondary legislation Score B In addition, borrowing purposes, reporting requirement to Parliament, and external audit requirement in the primary legislation Score A In addition, DeM objectives, mandatory evaluation of outcomes against the stated objectives, and requirement to develop a DeM strategy in the primary legislation 5
6 Managerial Structure Score C 1. Borrowings and debt-related transactions are undertaken either by a Principal DeM Entity or by several DeM entities that coordinate between themselves 2. Loan guarantees are issued by one or more entities that coordinate both between themselves and with the Principal DeM Entity, if any. 6
7 Managerial Structure (cont d) Score B 1. In addition, borrowings and debt-related transactions are steered by a formalized DeM strategy, and undertaken without undue political influence 2. In addition, loan guarantees are issued by one entity that closely coordinates with the Principal DeM Entity, if any Score A 1. In addition, borrowings and debt-related transactions are undertaken by the Principal DeM Entity 2. In addition, loan guarantees are prepared and issued by the Principal DeM Entity 7
8 Score C DeM Strategy 1. Medium-term strategy based on DeM objectives and covering at least 90% of the existing and projected debt, expressed at least as guidelines for the preferred direction of specific risk indicators and, if applicable, including minimum concessionality and plan to support local debt market 2. Strategy proposal prepared by the DMO or jointly by the DeM entities, views of Central Bank formally obtained, and finally approved by the Cabinet/Minister and made public 8
9 DeM Strategy (cont d) Score B 1. In addition, the strategy includes realistic target levels for the risk indicators 2. In addition, the Cabinet/Minister has to give its rationale for not accepting the proposal, and the strategy is updated at least every third year Score A 1. In addition, target levels are based on thorough and clearly described analysis, including stress tests 2. In addition, the strategy is annually updated 9
10 Evaluation of DeM Operations Score C An annual report on DeM activities and outstanding debt is submitted to the Cabinet/Minister by the DMO or the DeM entities Score B In addition, the report contains an evaluation on how the activities have complied with the strategy Score A In addition, the Parliament receives an annual report on the DeM activities, including an evaluation of outcomes against stated objectives, chosen strategy and the rationale behind it, and how the activities have complied with the strategy, and this report is made public 10
11 Audit Score C 1. An external audit of DeM activities, policies and operations has been performed within the past 5 years 2. There is commitment from the DMO or DeM entities to address the outcomes from audits Score B 1. In addition, there are frequent, at least every 3 to 5 years, external audits, and annual internal audits 2. In addition, the commitment to address the outcomes is strong Score A 1. In addition, the external audit is conducted at least every 2 to 3 years, and the audit report is made public within 6 months from the completion of the audit 2. In addition, the commitment is strong and immediate 11
12 Thank you! 12
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