2008年-世界发展银行全球_Debt_Management_Performance_Assessment___Sao_Tome_and_Principe_25页_2mb

Debt Management Performance Assessment (DeMPA) Summary - São Tomé e Príncipe

Core Content

The Debt Management Performance Assessment (DeMPA) is a comprehensive methodology used to evaluate the performance of government debt management. It is derived from the Public Expenditure and Financial Accountability (PEFA) framework and includes 15 performance indicators (DPIs) that cover all aspects of debt management, including legal framework, managerial structure, strategy development, coordination with macroeconomic policies, and operational activities.

The DeMPA assessment for São Tomé e Príncipe was conducted in February 2008 by a World Bank team. The assessment highlighted that while the country has made notable progress since the establishment of the Debt Management Office (GD) in 2004, it only meets the minimum requirements in two DPIs: DPI-4 (Evaluation of Debt Management Operations) and DPI-7 (Coordination with Monetary Policy). The rest of the indicators received lower scores, indicating areas needing improvement.

Main Points

Government Debt Management Capacity

• The GD, established in 2004, has taken over debt management from the Central Bank.
• The GD has three staff members: a director, a technician, and an administrative assistant.
• The office primarily performs back-office functions, with limited involvement in front-office activities such as coordination with creditors and negotiation of new loans.
• The legal framework for debt management is not fully aligned with international standards, leading to uncertainties in the interpretation of borrowing mandates.

Debt Management Strategy

• A debt management strategy document exists but lacks clarity and operational implementation.
• The strategy is not regularly updated or published, and its formal status is unclear.
• The strategy is based on a workshop sponsored by Debt Relief International (DRI) and focuses on achieving concessionality and meeting HIPC completion criteria, but does not provide a clear path for future debt management.

Coordination with Fiscal and Monetary Policies

• Coordination with fiscal policy is weak, as the GD does not provide sensitivity analysis or debt stock forecasts.
• The government has not developed a fiscal strategy document, and debt sustainability analyses (DSAs) are not conducted internally.
• Coordination with monetary policy is somewhat effective, as the Central Bank receives necessary information on foreign exchange transactions and debt service.

Borrowing Activities

• Domestic Borrowing: Minimal, consisting mainly of Central Bank advances, which are repaid by the end of the fiscal year.
• External Borrowing: The GD oversees approximately 47 multilateral loans, while most bilateral debt has been cancelled. Some debt remains with Angola, and others are under negotiation with Portugal.
• The legal framework for loan guarantees and on-lending is not comprehensive, and there is no clear policy on government guarantees for domestic or private sector borrowing.

Operational Risk Management

• The GD has limited capacity for debt administration and data security.
• Segregation of duties, staff capacity, and business continuity are not well established, leading to a D score for DPI-13.
• Debt records are not well maintained, and debt reporting is only partially compliant with international standards.

Technical Assistance and Reforms

• The World Bank and other international donors provide technical assistance in debt management.
• The Commonwealth Secretariat (COMSEC) supports the implementation of the CS-DRMS system.
• A World Bank-funded project is developing the legal framework and an integrated Budget and Treasury information system.
• Portugal is providing a three-year technical assistance program, including on-the-job training and setting up a treasury bill program.

Key Indicators and Scores

Conclusions and Next Steps

The assessment concludes that São Tomé e Príncipe's debt management framework is not yet aligned with international standards. The legal framework and managerial structure are identified as key areas requiring reform. The country has made progress in certain areas, such as the evaluation of debt management operations and coordination with monetary policy, but further improvements are necessary to meet the minimum requirements for all DPIs.

The government is currently involved in several technical assistance programs aimed at improving debt management capacity and institutional frameworks. Continued support from international donors and stronger coordination between government entities are essential for achieving better debt management outcomes. The development of a clear and operational debt management strategy is also crucial for ensuring long-term sustainability.