2008年-世界发展银行全球_Debt_Management_Performance_Assessment___Mozambique_32页_8mb

Debt Management Performance Assessment (DeMPA) - Mozambique

Core Content

The Debt Management Performance Assessment (DeMPA) is a comprehensive methodology for evaluating the effectiveness of a country's government debt management functions. It was applied to Mozambique in March 2008 by a World Bank team, and the report was finalized in May 2009. The assessment highlights both strengths and weaknesses in Mozambique's debt management practices, with a focus on legal frameworks, institutional structures, and coordination with fiscal and monetary policies.

Main Points

• DeMPA Overview: The DeMPA tool consists of 15 debt performance indicators (DPIs) that assess various aspects of government debt management, including legal frameworks, institutional structure, strategy development, coordination with macroeconomic policies, and operational risk management.
• Scope: The DeMPA evaluates central government debt management activities, but does not cover implicit contingent liabilities or the debt of state-owned enterprises if not guaranteed by the central government.
• Methodology: Each DPI is assessed based on specific dimensions, with scores assigned as A (sound practice), B (intermediate), C (minimum requirement), or D (not meeting minimum requirements). A "D+" score indicates a slightly better performance than a "D".
• Technical Assistance: Mozambique has received support from various international donors and institutions, including the World Bank, COMSEC, SIDA, DRI, MEFMI, and Crown Agents, to improve its debt management practices.

Key Indicators and Scores

1. Governance and Strategy Development

• Legal Framework (DPI-1): The legal framework for public financial management (SISTAFE) was established in 2002. It provides a clear mandate for borrowing and guarantees, with a 35% concessionality requirement for external borrowing. However, the framework lacks detailed guidance on debt management strategy.
• Managerial Structure (DPI-2): The DNT-ADP (Public Debt Section) is responsible for external and medium-term domestic debt, while the Central Bank manages short-term domestic debt. The overall structure is considered to meet minimum requirements, but not higher standards.
• Debt Management Strategy (DPI-3): The government has been working on a debt strategy, but it is not yet finalized. The current draft is more of a debt sustainability analysis than a full strategy, and there is no formal process for updating or publishing the strategy.

2. Coordination with Macroeconomic Policies

• Coordination with Fiscal Policy (DPI-6): The DNT-ADP provides debt service forecasts to the Budget Directorate, but delays in disbursement information lead to inaccuracies in projections. The government does not conduct its own debt sustainability analysis (DSA), which is a key factor in the lower score.
• Coordination with Monetary Policy (DPI-7): The Central Bank is involved in managing short-term domestic debt, and there is some coordination with fiscal policy. However, the process is not fully developed, and the score is slightly higher than the fiscal coordination indicator.

3. Borrowing and Related Financing Activities

• Domestic Borrowing (DPI-8): The Central Bank issues Treasury Bills (T-Bills), while the MoF issues Treasury Bonds (T-Bonds). The process lacks coordination between the two entities, and the use of T-Bill proceeds is not always efficient.
• External Borrowing (DPI-9): The government has a clear legal framework for external borrowing, but the process lacks formal evaluation and strategic guidance.
• Loan Guarantees (DPI-10): Loan guarantees are issued by the DNT-ADP, primarily to state-owned enterprises, but the process is not fully integrated with other debt management functions.

4. Cash Flow Forecasting and Cash Balance Management

• The cash flow forecasting process is not fully integrated with debt management, and the DNT-ADP does not receive timely disbursement information, leading to delays in cash balance management.

5. Operational Risk Management

• The debt administration system lacks robust data security measures and has limited staff capacity. The segregation of duties is not fully implemented, and business continuity plans are not well developed.

6. Debt Records and Reporting

• The government maintains basic debt records, but these are not always up-to-date or complete. Debt reporting is limited to certain aspects, such as disbursements and debt service, and does not include debt stocks or guarantees.

Conclusions and Next Steps

• Mozambique meets minimum requirements in some areas, such as the legal framework and debt records, but falls short in others, particularly in the development and implementation of a debt management strategy.
• The key challenges include finalizing and implementing a debt strategy and strengthening cash management practices.
• The report recommends further improvements in coordination between debt management entities and the development of sound practices in debt administration and reporting.
• Donor technical assistance is needed in areas where the government does not meet the minimum requirements, especially in strategic planning and operational risk management.