| Summary: | The objective of the mission was to
assess the debt management strengths and areas in need of
reform through the application of the Debt Management
Performance Assessment (DeMPA) methodology. DeMPA mission
delivered technical assistance in evaluating the legal,
institutional and regulatory framework in government debt
management.The revised 2015 DeMPA methodology provides a
comprehensive set of indicators spanning the full range of
debt management (DeM) functions. The results of the DeMPA
evaluation help the authorities to take stock of the current
debt management situation and design medium term priority
reforms. Overall, some improvements on DeMPA scores compared
to the latest assessment in 2011 could be observed. Areas of
strength include the publication and implementation of the
debt management strategy 2017-19, staff capacity, and debt
sustainability analysis (DSA). Further improvements include
the completion of external financial audits, the elaboration
of an annual borrowing calendar covering all government
securities, the involvement of legal advisers throughout the
negotiation of external borrowing and the elaboration of
draft procedures manual.The publication of the debt
management strategy 2017-19 is an important step towards
strengthening debt management and is a main achievement that
is fully recognized by the DeMPA assessment team. Since the
strategy has only been published recently and it, therefore,
is not possible to verify that the strategy is updated
annually, this achievement is not reflected in the scores in
this DeMPA.Challenges include the fragmented databases,
delays in update of debt records, and lack of formalized
procedures. Procedure manuals are in draft form and has not
yet been validated and could not be fully reflected in the
assessment. Procedures for accessing the international
market, mobilizing domestic funding other than through
security issuances, and issuing guarantees have not been elaborated.
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