An Introduction to Subnational DeMPA

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1 An Introduction to Subnational DeMPA CEMLA MEXICO CITY MARCH Methodology 2.Links with Lifecycle of a loan 3. Implementation 4. Preliminary Results 2 1

2 What is the Subnational Debt Management Performance Assessment (DeMPA)? Subnational DeMPA is a methodology for assessing a subnational entity s debt management performance through a comprehensive set of performance indicators spanning the full range of government debt management functions Based on methodology of sovereign DeMPA tool. It is firmly grounded in the Public Expenditure and Financial Accountability (PEFA) methodology and offers a drill down on debt management The tools are based on the principles of sound debt management as outlined in the World Bank-IMF, Guidelines of Public Debt Management, Covers all the Subnational Government DeM and connected activities Exception: DSA and debt reporting include total non-financial public sector debt and loan guarantees 3 Scoring Methodology and Coverage Scoring: Quantifiable Scores (from A to D) Meet minimum requirement = Score C Absence of minimum = Score D Sound practice = Score A (B intermediate for more granularity) Difference between NA and NR Not rated if there is insufficient it is difficult or impossible to assess information No Applicable - if the function/process is not in place, e.g., derivatives Coverage: Subnational Government debt management and connected activities Scoring is useful but the most important result is understanding the rationale for the evaluation 4 2

3 Subnational DeMPA (similar to sovereign tool) Objective Assess subnational entity s public debt management performance capacity Monitor performance overtime Enable design of reform program Methodology coverage 14 Debt Performance Indicators (DPI) 33 Dimensions Covers six core DeM functions Complemented by a Guide that provides background material, rationale, indicative questions Implementation Assessment missions Performance Report No conditionality Report is released at the authorities discretion Demand driven Key Differences Many indicators of the sovereign DeMPA can be applied to the subnational DeMPA, but there are significant differences between the two. Subnational DeMPA is customized to pick up these differences Must take account of the specific inter-governmental framework of a country (fiscal and procedural rules to incur debt) Subnational DM in most countries have little implication for monetary policies. Thus indicators assessing coordination of DM and monetary management are less relevant in assessing subnatioanl debt performance. Usually central banks do not use subnational securities for monetary policy/ open market operations. Third, subnationals usually do not have debt market development as an objective. SNGs rely more on loans from (commercial) banks to meet financing requirements Access to domestic capital market by issuing debt securities is not as frequent as in sovereign. 6 3

4 Features of SN-DeMPA SN-DeMPA Indicators» Standardized metric help to measure SN -DeM performance» Highlights strengths and weaknesses» Indicators are outcome-based not input-based (except DPI 12, dimension 2 on staff capacity and human resource management)» Based on sound practice» Neutral regarding institutional arrangements for DM in the SNG 7 14 Debt Management Performance Indicators (DPIs) Governance and Strategy Development DPI-1 Legal Framework DPI-2 Managerial Structure DPI-3 Debt Management Strategy DPI-4 Evaluation of Debt Management Operations DPI-5 Audit Coordination with Macroeconomic Policies DPI-6 Coordination with Fiscal and Budgetary Policy Borrowing and Related Financing Activities DPI-7 Borrowing Planning DPI-8 Borrowings DPI-9 Loan Guarantees, On-lending and Derivatives Cash Flow Forecasting and Cash Balance Management DPI-10 Cash Flow Forecasting and Cash Balance Management Operational Risk Management DPI-11 Debt Administration and Data Security DPI-12 Segregation of Duties, Staff capacity and Business Continuity Debt and Loan Guarantee Records and Reporting DPI-13 Debt and Loan Guarantee Records DPI-14 Debt and Loan Guarantee Reporting 4

5 Direct Links Links with PEFA with the recording and management of cash balances, debt and guarantees (PI-17) Strong links found in PEFA indicators on audit and fiscal planning with the DeMPA indicators on audit and coordination with macroeconomic policies Difference with PEFA Meeting all criteria for the minimum requirements is important for effective DeM No aggregation across indicators and no weights assigned to scores 9 SN-DeMPA Indicators link with Lifecycle of a Loan Lifecycle is effectively the same for each of the following: Multilateral, bilateral, and commercial loans Treasury bills and bonds International, euro, and global bonds Other forms of borrowing Investment of cash balances Derivative transactions 10 5

6 Life cycle Stages We will examine the lifecycle in four stages: Planning Contracting Servicing Reporting We will show how each DPI fits into these four stages 11 Planning The planning process is needed to ensure that the following are in place for the government to borrow and transact: 1. Legislation (primary and secondary) DPI 1 2. Managerial structure and policy setting 3. SN government debt management strategy DPI 2 DPI 3 4. Borrowing Planning DPI 7 5. Co-ordination mechanisms with fiscal and budgetary policy) DPI

7 Planning Contracting 13 Negotiating and contracting should be undertaken within authorities and limits, and in accordance with the debt strategy, covering: 1. Domestic borrowing 2. External borrowing DPI 8 DPI 8 Contracting 3. Loan guarantees 4. On-lending 5. Derivatives DPI

8 Planning Contracting Servicing 15 Systems and procedures are needed for recording, monitoring, settling, and accounting for all debt and debt-related transactions in a secure and controlled environment: 1. Cashflow forecasting and cash balance management 2. Debt administration and data security DPI 10 DPI Capacity and resources segregation of duties, staff capacity, and business continuity 4. Debt and loan guarantee recording DPI 2 DPI 13 Servicing 16 8

9 Planning Reporting Contracting Servicing 17 Reporting ensures transparency and accountability for debt management policy and operations: Reporting 1. Evaluation of debt management operations 2. Internal and external audit DPI 4 DPI 5 3. Reporting DPI

10 Planning Reporting Contracting Servicing 19 Co-ordination with Fiscal and Budgetary Policies (DPI 6) Governance and Accountability (DPI 1, 2, 4, and 5) Reporting Back Office Debt Records and Reporting (DPI 13 and 14) Planning Middle Office Strategy Development (DPI 3) Borrowing Planning (DPI 7) Cash-flow Forecasting and Cash Balance Management (DPI 10) Servicing Back Office Operational Risk Management (DPI 11 and 12) 20 Borrowing and Related Financing Activities (DPI 8, and 9) Contracting Front Office 10

11 SN-DeMPA: Implementation Process Assessment Evaluation of existing and available evidence Assessments will be in the SN entity, based on both qualitative and quantitative data Meetings with stakeholders, including on the ground donors, TA providers Performance Report: Evaluates SN debt management performance based on indicators (around pages) Assessment developed and finalized with SNG authorities Highlights strengths and areas for improving performance in debt management 21 DeMPA implementation: over 70 Missions FY08 (0) Burkina Faso* CAR* Ghana Mali* Mozambique Togo Sao Tome & Principe Swaziland Zambia Bangladesh Honduras* Moldova Mongolia FY07 (0) - Pilots Malawi Albania The Gambia Nicaragua Guyana FY09 (2) Cote d Ivoire* Antigua & Barbuda Grenada Congo, DR* Burundi* Uganda* St. Kitts & Nevis Solomon Islands* Cape Verde Cameroon* Congo, Republic of Guinea* Nigeria* Rwanda* FY10 (15) Sierra Leone* Senegal* Guinea Bissau* Liberia* Malawi*(2 nd DEMPA) Cambodia Gambia (2 nd DEMPA) Samoa* Nepal* Maldives* Pakistan* Djibouti Tanzania* Mauritania* Benin* FY11(12) Kazakhstan Togo*(2 nd DeMPA) Yemen Papua New Guinea Nicaragua (2 nd ) Bhutan* Mongolia(2 nd ) Albania (2nd) Zambia (2 nd )* Comoros* Burkina Faso (2 nd)* Swaziland (2 nd ) Afghanistan Rwanda (2 nd )* Tajikistan* Belarus Lagos * Rio De Janeiro Bold Font: DMF financed otherwise funded by Bank Budget. * In collaboration with DMF Implementing Partner(s). FY12(10) Central African Republic (2 Nd )* Zimbabwe * Vietnam * Mali* Sudan* Namibia* Nigeria 2 nd * Ondo* Niger* Burundi* Jakarta Gabon Ghana (2 nd )* FY13 (2) Bolivia* Lima, Peru* 11

12 DeMPAs completed to date in over 60 developing countries FY07 pilot (5) The Gambia Malawi Albania Guyana Nicaragua FY08 (13) Burkina Faso (RO) CAR (RO) Ghana Mali (RO) Mozambique Togo Sao Tome Principe Swaziland (RO) Zambia Bangladesh Honduras (RO) Moldova Mongolia FY09 (14) Burundi (RO) Uganda (RO) St Kitts & Nevis (ECCB) Solomon Islands (RO) Cape Verde Cameroon (RO) Congo, Brazzaville (RO) Guinea (RO) Nigeria (RO) Rwanda (RO) Congo, DRC (RO) Cote d Ivoire (RO) Grenada Antigua FY10 (15) Benin Mauritania Tanzania Djibouti Pakistan Nepal (RO) Samoa (RO) The Gambia (RO) Cambodia (RO) Maldives (RO) Malawi (2nd) Liberia (RO) Guinea-Bissau (RO) Senegal (RO) Sierra Leone (RO) FY11 (18) Papua New Guinea Albania, 2nd Yemen (RO) Nicaragua, 2nd(RO) Togo, 2nd(RO) Kazakhstan Mongolia, 2nd(RO) Bhutan (RO) Comoros (RO) Zambia 2nd(RO) Lagos sub-national Burkina Faso, 2nd(RO) Swaziland 2nd Rio de Janeiro sub-national Tajikistan (RO) Belarus Sao, Tome & Principe 2nd(RO) Afghanistan (RO) FY12 (10) Central African Republic (RO) (2nd) Zimbabwe (RO) Vietnam (RO) Mali 2nd (RO) Sudan (RO) Nigeria (RO Ondo (RO) Namibia Niger (RO) Burundi (2nd) (RO) Pipeline Ghana (RO) Bauchi (RO) Jakarta Gabon EQG Kosovo Kenya Lima RO = Regional Organizations. Missions undertaken in collaboration with regional TA providers Pole Dette, MEFMI, WAIFEM, and CEMLA and international TA providers UNCTAD (DMFAS), Comsec and DRI Several rounds of DeMPA trainings held Preliminary Results 24 12

13 Preliminary Results Based on Finalized DeMPA Reports (57) Segregation of Duties, Staff Capacity and BCP Debt Administration and Data Security Debt Records Debt Reporting Legal framework Managerial Structure Debt Management Strategy Evaluation of Debt Management Operations Audit Cash Flow Forecasting and Cash Balance Management Coordination with Fiscal Policy Loan Guarantees, On lending Derivatives Coordination with Monetary Policy External Borrowing Domestic Borrowing C or Higher Score D Preliminary Results Based on Finalized SN-DeMPAs (5) Debt Records Segregation of Duties, Staff Capacity and BCP Debt Administration and Data Security Debt Reporting Legal framework Managerial Structure Debt Management Strategy Evaluation of Debt Management Operations Audit Cash Flow Forecasting and Cash Balance Management Loan Guarantees, On lending Derivatives Borrowing Coordination with Fiscal and Budgetary Policy Borrowing Planning C or Higher Score D 13

14 Results: A disaggregated view 60 Scores on 35 Dimensions DPI-1-1 DPI-2-1 DPI-2-2 DPI-3-1 DPI-3-2 DPI-4-1 DPI-5-1 DPI-5-2 DPI-6-1 DPI-6-2 DPI-7-1 DPI-7-2 DPI-7-3 DPI-8-1 DPI-8-2 DPI-9-1 DPI-9-2 DPI-9-3 DPI-10-1 DPI-10-2 DPI-10-3 DPI-11-1 DPI-11-2 DPI-12-1 DPI-12-2 DPI-12-3 DPI-12-4 DPI-13-1 DPI-13-2 DPI-13-3 DPI-14-1 DPI-14-2 DPI-15-1 DPI-15-2 DPI-15-3 No. of As No. of Bs No. of Cs No. of Ds Preliminary Results Based on 57 finalized DeMPA Reports Preliminary Results (2) Across the six core functions Click Click Click Click Click 28 14

15 Preliminary Results (3) Governance and Strategy Development 29 Preliminary Results (4) Coordination with Fiscal and Monetary Policies 30 15

16 Preliminary Results (5) Borrowing and Related Activities 31 Preliminary Results (6) Operational Risk Management 32 16

17 Preliminary Results (7) Debt Records and Reporting 33 Findings from some second DeMPAs indicate improvements DeMPA Performance Coun Improvement Indicators try 1. Legal Framework A Minister of Finance only minister to sign loan docs 2. Managerial Structure A Created National Public Debt Committee C Improved managerial structure B Improved back office operational framework 3. Debt Management Strategy F Improved strategy document, still needs risk factors. G Preparation and regular update of a debt management strategy A Debt strategy discussed with Central Bank, approved by Parliament E Creation of annual strategy document 4. Evaluation of Debt Management Operations F Evaluation of Public Indebtedness Policy and Annual Borrowing Plan C Evaluation of debt management operations 5. Audit D Internal Audit Department established A External inspection office started audit of debt office 6. Fiscal Policy A Debt service on all loans included in budget, but imprecise numbers 7. Monetary Policy G Improved coordination between debt management and monetary policy 8. Domestic borrowing A Annual T bill issuance calendar with indicative amounts, updated quarterly 9. External borrowing A Legal advice involved earlier in negotiations 10. Guarantees, on-lending, derivatives A Isolated cases where Nat. Public Debt Comm. rejected requests for guarantees 11. Cash Flow Forecasting G Forecasting has improved 12. Debt admin and data security D IT Dept. now performs daily back-up or database, kept off site 13. Segregation of duties G Some improvement B Improved staffing arrangements 14. Debt Records A Improved data on domestic debt, including at Central Bank E Improved debt registry system 15. Debt reporting A Better data exchange within government, IMF. Debt Statistical Bulletin produced E Periodic production of a Debt Statistical Bulletin Country names are hidden 34 17

18 Lead-lag pointers Year 1 Year 3 DPI 1 Legal framework DPI 2 Managerial Structure DPI 3 Debt Management Strategy X DPI 4 Evaluation of Debt Management Operations DPI 5 Audit DPI 6 Coordination with Fiscal Policy X DPI 7 Coordination with Monetary Policy DPI 8 Domestic Borrowing DPI 9 External Borrowing X X DPI 10 Loan Guarantees, Onlending Derivatives DPI 11 Cash Flow Forecasting, Cash Balance Mgt. DPI 12 Debt Administration and Data Security DPI 13 Segregation of Duties, Staff Capacity and BCP X X DPI 14 Debt Records X X DPI 15 Debt Reporting X X Deficiencies today may impact future performance in other DPIs 35 Technical Assistance Road Map DeMPA Possible follow ups Capacity building: DSA Legal and other advice: Domestic market development Capacity Building: Reform Plan Capacity building: Public Debt Management Strategy Hub training Within country training Reform Plan TA mission Hub training MTDS mission Training / TA examples Follow up Reform Plan TA mission Follow up MTDS training mission 18

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