By World Bank
Top quality public debt administration performs a serious function in lowering the vulnerability of constructing nations to monetary crises. With sound threat and funds administration, powerful coordination with monetary and financial coverage, stable governance, and sufficient institutional and employees means in position, governments can strengthen and enforce potent medium-term debt administration suggestions. handling Public Debt: From Diagnostics to Reform Implementation attracts insights from a joint pilot software arrange by way of the area financial institution and foreign financial Fund to layout suitable reform and capacity-building courses in twelve international locations. The reviews of those geographically and economically different international locations - Bulgaria, Colombia, Costa Rica, Croatia, Indonesia, Kenya, Lebanon, Nicaragua, Pakistan, Sri Lanka, Tunisia, and Zambia - illustrate the demanding situations and components essential to make development within the zone of public debt administration. dealing with Public Debt will serve govt officers considering or within the strategy of reforming their practices, prone of technical information, and practitioners engaged on development capability in public debt administration. simply because potent implementation of debt administration innovations additionally calls for a built household govt debt industry, readers can be attracted to the better half quantity, constructing the family govt Debt industry, released by means of the realm financial institution in February 2007, according to an identical joint pilot application.
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Extra info for Managing Public Debt: From Diagnostics to Reform Implementation
Ideally, the authorities in the country should direct this process, but experience in some of the pilot-program countries showed that this is not always possible. Related to the third point above, a coordinating donor can help facilitate the provision of inputs from other providers, based on comparative expertise, availability of funding, and modality for assistance (for example, use of resident advisors, provision of grants or loans, and technical advice missions). FUTURE WORK The implementation of the reforms is at a comparatively early stage in some pilot countries and barely beginning in others.
13 In countries with no immediate prospects for incorporating debt management and debt market development into broader reform programs, the beneﬁts of proceeding in isolation need to be assessed. The chances of success are higher in countries with strong institutions and where the required improvements are more technical. In Tunisia, for example, both the ministry of ﬁnance and the central bank have experienced staff and effective governance arrangements, and capacity is being built with the assistance of grants targeted at risk management and speciﬁc improvements to information technology systems.
In most cases, cash flows relating to debt servicing were forecast well and deficiencies related to other 40 Coordination between Debt Management, Fiscal Policy, Monetary Policy, and Cash Management types of expenditure and revenues (Costa Rica, Indonesia, Kenya, Lebanon, Pakistan, Sri Lanka, and Tunisia). This indicated that coordination between debt managers and officials responsible for cash forecasting, typically a budget execution department in the finance ministry, was working well.