Debt Management Strengthening Programme at Ministry of Finance, Government of Pakistan (P161451)

Transcription

1 SOUTH ASIA Pakistan Macroeconomics, Trade and Investment Global Practice Recipient Executed Activities Investment Project Financing FY 2017 Seq No: 2 ARCHIVED on 27-Jun-2018 ISR33129 Implementing Agencies: Islamic Republic of Pakistan, Debt Policy Co-ordination Office, Ministry of Finance Key Dates Key Project Dates Bank Approval Date:24-Mar-2017 Original Closing Date:30-Apr-2018 Project Development Objectives Effectiveness Date:06-Jun-2017 Revised Closing Date:28-Jun-2019 Project Development Objective (from Project Appraisal Document) Strengthening institutional capacity of DPCO to undertake its enhanced role of managing market and credit risks. Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Name Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Implementation Status and Key Decisions The Project became effective on June 6, 2017 and is being funded through the Recipient Executed window of the Trust Fund for Accelerating Growth and Reforms (TAGR) funded by DFID. As of June 13, 2018, the Project status is as follows: (i) The Project has disbursed US$0.32 million, or 21 percent of total Project amount of US$1.53 million; (ii) The overall progress of the Project towards the Project Development Objective (PDO) is Satisfactory. The project has fully achieved the targets for PDO 1 and 2 (applicable within the timeline under review); (iii) The Recipient (DPCO) has published the public debt management risk report for the period ending June 2017 and the Debt Policy Statement 6/27/2018 Page 1 of 5

2 ; (iv) The Recipient has hired four specialists for DPCO to undertake its enhanced role for managing market and credit risks; (v) The progress on program of activities to enhance the capacity of the EF Wing (MoF) to manage the issuance of bonds in the international capital market has been slow primarily due to internal changes; (vi) The Recipient has, nonetheless, hired the requisite specialist for the EF Wing (MoF). Risks Overall Risk Rating Risk Category Rating at Approval Previous Rating Current Rating Overall -- Moderate Moderate Results Project Development Objective Indicators PHINDPDOTBL Strengthen Risk Analysis (Number, Custom) Value Date 30-Jun Dec Jun-2019 PHINDPDOTBL Deepen Debt Policy Analysis (Number, Custom) Value Date 28-Feb Feb Feb-2018 Overall Comments The project has achieved the target for PDO 1 (applicable till June 2018). The government is within the strategic targets approved in the debt management strategy 2015/ /19 as exhibited in the public debt management risk report for the period ending June Furthermore, the project has achieved the target for PDO 2 as the DPCO undertook statutory responsibility and ensured compliance with the Fiscal Responsibility and Debt Limitation Act (FRDLA) by publishing the Debt Policy Statement in February /27/2018 Page 2 of 5

3 Intermediate Results Indicators Publication of Public Debt Management Risk Reports (Number, Custom) Value Date 30-Jun Sep Dec Jun-2019 Hiring of Specialist/associates as per notified organogram of DPCO (Number, Custom) Value Date 06-Jun Sep Dec Jun-2019 Publication of Debt Policy Statement (Number, Custom) Value Date 28-Feb Feb Feb-2018 Approval of Credit Risk Framework (Percentage, Custom) Value Date 01-Jan Sep Jun /27/2018 Page 3 of 5

4 Procedures Manual governing the issuance in the international capital market (Percentage, Custom) Value Date 01-Jan Sep Jun-2019 Preparation of market monitoring reports (Number, Custom) Value Date 01-Jan Jun Jun-2019 Overall Comments The Recipient has published one public debt management risk report (required for the period under review) and the Debt Policy Statement Furthermore, the Recipient has hired five specialists under the Project till June However, progress on other indicators has been slow. Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P TF-A4468 Effective USD % Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P TF-A4468 Effective 24-Mar Jun Jun Apr Jun-2019 Cumulative Disbursements 6/27/2018 Page 4 of 5

5 Restructuring History Level 2 Approved on 21-Mar-2018 Related Project(s) There are no related projects. 6/27/2018 Page 5 of 5