Debt Management Performance Assessment : Kingdom of Lesotho

Debt Management Performance Assessment : Kingdom of Lesotho

At the request of the Minister of Finance of Lesotho, a joint World Bank -Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI) mission visited Maseru, between July 2 to 6, 2018, to undertake a Debt Management Perf...

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Main Author: World Bank
Format: Report
Language:English
Published: World Bank, Washington, DC 2020
Subjects:
DEBT MANAGEMENT
PUBLIC DEBT
GOVERNANCE
MACROECONOMIC MANAGEMENT
BORROWING
EXTERNAL DEBT
LOAN GUARANTEES
Online Access:http://documents.worldbank.org/curated/en/919621578588194124/Debt-Management-Performance-Assessment-DeMPA-Lesotho
http://hdl.handle.net/10986/33217
id okr-10986-33217
recordtype oai_dc
spelling okr-10986-332172021-05-25T09:31:51Z Debt Management Performance Assessment : Kingdom of Lesotho World Bank DEBT MANAGEMENT PUBLIC DEBT GOVERNANCE MACROECONOMIC MANAGEMENT BORROWING EXTERNAL DEBT LOAN GUARANTEES At the request of the Minister of Finance of Lesotho, a joint World Bank -Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI) mission visited Maseru, between July 2 to 6, 2018, to undertake a Debt Management Performance Assessment (DeMPA).The objective of the mission was to evaluate current performance against the DeMPA methodology, and to assess progress since 2012, when the first DeMPA was performed.The results of the evaluation, spanning the full range of debt management (DeM) functions, show limited progress. Compared to the previous DeMPA, the current assessment revealed only one upgrade related to the registry and management system for domestic debt of the CBL. Yet, additional actions to improve debt management in Lesotho are currently under discussion (i.e., approval of a new policy framework and public debt law), or have already started such as the publication of a debt statistical bulletin, undertaking of a Medium-Term Debt Strategy (MTDS) analytical exercise as the foundation for a Debt Management Strategy, and introduction of a Cash Management Unit.The assessment also revealed several downgrades associated to weaknesses in debt reporting to parliament, lack of regular information sharing between MoF - CBL and with market participants, as well as lack of secure storage and backup for the debt recording and management system of the MoF. Additional areas of improvement relate to, among others: i) fragmented legal framework; ii) lack of a loan guarantees’ framework; iii) preparation and approval of a formal Debt Management Strategy; iv) weak quality controls for data publication; v) quality of cash flow forecasts; vi) lack of policies and procedures for DeM operations; and, vii) completeness and timeliness of debt records. 2020-01-22T16:33:59Z 2020-01-22T16:33:59Z 2018-07 Report http://documents.worldbank.org/curated/en/919621578588194124/Debt-Management-Performance-Assessment-DeMPA-Lesotho http://hdl.handle.net/10986/33217 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work :: Debt Management Performance Assessment Economic & Sector Work Africa Lesotho
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
topic DEBT MANAGEMENT
PUBLIC DEBT
GOVERNANCE
MACROECONOMIC MANAGEMENT
BORROWING
EXTERNAL DEBT
LOAN GUARANTEES
spellingShingle DEBT MANAGEMENT
PUBLIC DEBT
GOVERNANCE
MACROECONOMIC MANAGEMENT
BORROWING
EXTERNAL DEBT
LOAN GUARANTEES
World Bank
Debt Management Performance Assessment : Kingdom of Lesotho
geographic_facet Africa
Lesotho
description At the request of the Minister of Finance of Lesotho, a joint World Bank -Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI) mission visited Maseru, between July 2 to 6, 2018, to undertake a Debt Management Performance Assessment (DeMPA).The objective of the mission was to evaluate current performance against the DeMPA methodology, and to assess progress since 2012, when the first DeMPA was performed.The results of the evaluation, spanning the full range of debt management (DeM) functions, show limited progress. Compared to the previous DeMPA, the current assessment revealed only one upgrade related to the registry and management system for domestic debt of the CBL. Yet, additional actions to improve debt management in Lesotho are currently under discussion (i.e., approval of a new policy framework and public debt law), or have already started such as the publication of a debt statistical bulletin, undertaking of a Medium-Term Debt Strategy (MTDS) analytical exercise as the foundation for a Debt Management Strategy, and introduction of a Cash Management Unit.The assessment also revealed several downgrades associated to weaknesses in debt reporting to parliament, lack of regular information sharing between MoF - CBL and with market participants, as well as lack of secure storage and backup for the debt recording and management system of the MoF. Additional areas of improvement relate to, among others: i) fragmented legal framework; ii) lack of a loan guarantees’ framework; iii) preparation and approval of a formal Debt Management Strategy; iv) weak quality controls for data publication; v) quality of cash flow forecasts; vi) lack of policies and procedures for DeM operations; and, vii) completeness and timeliness of debt records.
format Report
author World Bank
author_facet World Bank
author_sort World Bank
title Debt Management Performance Assessment : Kingdom of Lesotho
title_short Debt Management Performance Assessment : Kingdom of Lesotho
title_full Debt Management Performance Assessment : Kingdom of Lesotho
title_fullStr Debt Management Performance Assessment : Kingdom of Lesotho
title_full_unstemmed Debt Management Performance Assessment : Kingdom of Lesotho
title_sort debt management performance assessment : kingdom of lesotho
publisher World Bank, Washington, DC
publishDate 2020
url http://documents.worldbank.org/curated/en/919621578588194124/Debt-Management-Performance-Assessment-DeMPA-Lesotho
http://hdl.handle.net/10986/33217
_version_ 1764478246335807488

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