An Introduction to DeMPA

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An Introduction to DeMPA DeMPA Training Mexico City, Mexico February 28 March 4, 2011 1. Methodology 2.Links with Lifecycle of a loan 3. Implementation 4. Reform Plan 2 1

What is the Debt Management Performance Assessment (DeMPA)? DeMPA is a methodology for assessing public debt management performance through a comprehensive set of performance indicators spanning the full range of government debt management functions It is firmly grounded in the Public Expenditure and Financial Accountability (PEFA) methodology and offers a drill down on debt management It may be applied in all developing countries Covers all Central Government DeM and connected activities Exception: DSA and debt reporting include total non-financial public sector debt and loan guarantees Flexible application in sub-national context but keeping in view the degrees of subnational borrowing jurisdictions, a more focused tool is being developed 3 What is the Debt Management Performance Assessment (DeMPA)? Scoring methodology: adapted from PEFA Quantifiable letter scores (A to D), where Minimum requirement = Score C Important for effective debt management Absence of minimum requirement = Score D Signals an area of priority attention Sound practice = Score A (B intermediate for more granularity) Not rated if process/system does not exist (e.g., derivatives) 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 4 2

DeMPA Objective Assess public debt management performance capacity Monitor performance overtime Enable design of reform program Fosters donor harmonization based on common understanding of priorities Methodology coverage 15 Debt Performance Indicators (DPI) 35 Dimensions Covers six core DeM functions Complemented by a Guide provides background material, rationale, indicative questions Implementation Assessment missions Performance Report No conditionality Report is released at the authorities discretion Demand driven Features of DeMPA DeMPA Indicators» Standardized metric help to measure DeM performance» Highlights strengths and weaknesses» Indicators are outcome-based not input-based (except DPI 13)» Based on sound practice» Neutral regarding institutional arrangements for DeM in country 6 3

DPI-1 DPI-2 DPI-3 DPI-4 DPI-5 DPI-6 DPI-7 DPI-8 DPI-9 DPI-10 DPI-11 DPI-12 DPI-13 DPI-14 DPI-15 Governance and Strategy Development Legal Framework Managerial Structure Debt Management Strategy Evaluation of Debt Management Operations Audit Coordination with Macroeconomic Policies Coordination with Fiscal Policy Coordination with Monetary Policy Borrowing and Related Financing Activities Domestic Borrowing External Borrowing Loan Guarantees, On-lending and Derivatives Cash Flow Forecasting and Cash Balance Management Cash Flow Forecasting and Cash Balance Management Operational Risk Management Debt Administration and Data Security Segregation of Duties, Staff Capacity and Business Continuity Debt Records and Reporting Debt Records Debt Reporting 7 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 8 4

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 9 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 10 5

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) 2. Managerial structure and policy setting 3. Government debt strategy 4. Co-ordination mechanisms with macroeconomic policies (fiscal and monetary policy) DPI 1 DPI 2 DPI 3 DPI 6 DPI 7 11 Planning Contracting 12 6

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 9 Contracting 3. Loan guarantees 4. On-lending 5. Derivatives DPI 10 13 Planning Contracting Servicing 14 7

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 DPI 11 2. Debt administration and data security DPI 12 3. Capacity and resources segregation of duties, staff capacity, and business continuity DPI 13 4. Debt recording Servicing DPI 14 15 Planning Reporting Contracting Servicing 16 8

Reporting Reporting ensures transparency and accountability ab for debt management ag policy and operations: 1. Evaluation of debt management operations 2. Internal and external audit DPI 4 DPI 5 3. Reporting DPI 15 17 Planning Reporting Contracting Servicing 18 9

Co-ordination with Macroeconomic Policies (DPI 6 and 7) Governance and Accountability (DPI 1, 2, 4, and 5) Planning Middle Office Strategy Development (DPI 3) Borrowing and Related Financing Activities (DPI 8, 9, and 10) Reporting Back Office Debt Records and Reporting (DPI 14 and 15) Cashflow Forecasting and Cash Balance Management (DPI 11) Servicing Back Office Operational Risk Management (DPI 12 and 13) 19 Contracting Front Office DeMPA: Implementation Process Assessment Country-team led initiative Evaluation of existing and available evidence In-country assessments, based on both qualitative and quantitative data Meetings with stakeholders, including on the ground donors, TA providers Performance Report: Evaluates debt management performance based on indicators (around 20-30 pages) Assessment developed and finalized with country authorities Highlights strengths and areas for improving performance in debt management 20 10

DeMPAs completed to date in 55 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 (follow up) Liberia (RO) Guinea-Bissau (RO) Senegal (RO) Sierra Leone (RO) FY11 (10) Papua New Guinea Albania, second Yemen (RO) Nicaragua, second (RO) Togo, second (RO) Kazakhstan Comoros (RO) Zambia (RO) Mongolia (RO) Bhutan (RO) FY11 - pipeline (7) Burkina Faso (RO) Gabon Belarus (RO) Afghanistan Haiti 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 Preliminary Results 22 11

Results: An aggregated view Preliminary Results Based on 44 finalized DeMPA Reports 23 Preliminary Results (1) Picks up priority areas of reform and monitors progress 5 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 DPI 1 D D C D C C C+ B C B D B D C C D C D D D C D DPI 2 D D D D D+ C C B C A D B+ D B+ B D D+ D C C+ C C+ DPI 3 D D D D D D D C D D+ D C D D+ D D D+ D D D D D+ DPI 4 C D C C D D D C D C D C D C C C D D D C D D DPI 5 D D C D D D D C C D+ D C D B D D D D D+ D D D+ DPI 6 C D C D C D+ B B B C D B+ D+ B+ A C D+ C D C D+ C DPI 7 A A D+ C D D+ B C+ C A C C D+ B C+ B C C D+ D+ C D+ DPI 8 B D C+ N/R C+ D B+ B C A D C B B N/R D D+ C NR D+ D C DPI 9 D+ D+ D+ D D D D+ C D+ C D A C B D D+ N/R D+ D+ D+ D+ B DPI 10 D N/R D N/R D+ D B B D C D C D C C D D D D D D D DPI 11 D+ D D D+ C D D+ D D C+ D D+ D D D+ D D+ D D C D D+ DPI 12 D D D D D D D D D D+ D B+ D C D D D D D D D D DPI 13 D D D D D D D+ D D D D B D C D D D+ D D D D+ D+ DPI 14 D+ D C+ D D+ D+ D+ A D+ A D A D+ B D+ D D D D D D+ D+ DPI 15 C D D+ D+ D+ D D C C B D B D D+ C+ D C D D D D D 12

Preliminary Results (2) Across the six core functions Click Click Click Click Click 25 Preliminary Results (3) Governance and Strategy Development 26 13

Preliminary Results (4) Coordination with Fiscal and Monetary Policies 27 Preliminary Results (4) Borrowing and Related Activities 28 14

Preliminary Results (4) Operational Risk Management 29 Preliminary Results (7) Debt Records and Reporting 30 15

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 i 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 31 Relationship between Indicators D A 14 12 10 8 6 4 2 0 B C Debt Management Strategy Debt Record s Debt Reporting Sequence of reforms? 32 16

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 Reform Plans Objective Methodology Implementation Strengthen public debt management performance capacity, by preparing countryspecific, detailed, and sequenced plans Build upon DeMPA results Depend on the priorities articulated by the authorities and the ground level assessment Focus on governance and institutional arrangements, staff capacity, cash management, operational risk management Could be tailored to include additional aspects of DeM Reform plan missions Develop a log frame analysis with a detailed Activity *Output* Sequence*Costing and Outcome Matrix Demand driven 17

Reform Plan implementation to date: 9 countries* FY09 (4) FY10 Solomon Islands Bangladesh Congo, Republic of Albania Ghana Andhra Pradesh FY11 The Gambia Cameroon Malawi FY 11 Pipeline Maldives Samoa *Includes Kenya which was completed earlier Thank You Contact Information: Abha Prasad (aprasad@worldbank.org) http://go.worldbank.org/w7v1f1a6s0 36 18

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