2015年-世界发展银行全球_Debt_Management_Performance_Assessment_Methodology_80页_941kb

DEBT MANAGEMENT PERFORMANCE ASSESSMENT (DEMPA) METHODOLOGY Summary

Core Content

The Debt Management Performance Assessment (DeMPA) is a methodology developed by the World Bank to evaluate the effectiveness and sustainability of government debt management (DeM) practices in developing countries. It is designed to be a user-friendly tool that supports capacity building, institutional strengthening, and the monitoring of progress in achieving sound DeM practices. The DeMPA is modeled after the Public Expenditure and Financial Accountability (PEFA) framework but is more detailed and focused specifically on debt management functions.

The DeMPA methodology is composed of 14 Debt Management Performance Indicators (DPIs), which are organized into five main categories:

1. Governance and Strategy Development
2. Coordination with Macroeconomic Policies
3. Borrowing and Related Financing Activities
4. Cash Flow Forecasting and Cash Balance Management
5. Debt Recording and Operational Risk Management

Each DPI is evaluated based on three levels of performance: A (sound practice), B (minimum requirements met), and C (minimum requirements partially met). A score of D is assigned if the minimum requirements are not met.

The DeMPA methodology has been revised from the December 2009 version, making it incompatible with previous scoring systems. Therefore, progress should be evaluated based on the reform measures and changes implemented, rather than just comparing scores.

The Debt Management Performance Report is a standardized, concise document (20–30 pages) that summarizes the performance of the country's DeM practices, outlines reform measures, and provides background information necessary for understanding the assessment.

Main Points

• Purpose: To assess and improve government debt management practices in developing countries.
• Scope: Focuses on central government debt management activities, including loan guarantees, on-lending, and cash flow management.
• Complementarity with PEFA: DeMPA complements PEFA by providing a more detailed and focused assessment of DeM practices.
• Scoring System: A, B, C, or D scores based on compliance with legal, procedural, and operational requirements.
• Legal Framework (DPI-1): A key component of DeMPA, ensuring that borrowing, debt management, and loan guarantees are authorized by clear and enforceable laws.
• Minimum Requirements: The C score indicates that the minimum legal and procedural requirements for DeM are met.
• Reform Monitoring: The DeMPA report should include information on reforms and any deterioration in assessed areas.

Key Indicators and Dimensions

1. Governance and Strategy Development

• DPI-1 Legal Framework: Ensures the existence of clear legal authorization for borrowing, debt-related transactions, and loan guarantees.
• Dimensions to assess:
  • Existence and coverage of the legal framework
  • Content of the legal framework (objectives, strategy development, reporting requirements)
• Scoring:
  • A: Includes medium-term strategy development and mandatory annual reporting.
  • B: Includes clear DeM objectives and annual reporting.
  • C: Provides clear authorization for borrowing, debt-related transactions, and loan guarantees.
  • D: Fails to meet the minimum requirements.

2. Coordination with Macroeconomic Policies

• DPI-6 Coordination with Fiscal Policy: Ensures alignment of DeM practices with fiscal policy.
• DPI-7 Coordination with Monetary Policy: Ensures alignment with monetary policy objectives, such as liquidity management.

3. Borrowing and Related Financing Activities

• DPI-8 Domestic Borrowing: Evaluates the effectiveness of domestic borrowing processes.
• DPI-9 External Borrowing: Assesses the management of external borrowing and its alignment with macroeconomic policies.
• DPI-10 Loan Guarantees, On-lending, and Derivatives: Reviews the use of loan guarantees, on-lending, and derivatives in debt management.

4. Cash Flow Forecasting and Cash Balance Management

• DPI-11: Evaluates the accuracy and reliability of cash flow forecasting and cash balance management practices.

5. Debt Recording and Operational Risk Management

• DPI-12 Debt Administration and Data Security: Reviews the management of debt records and data security.
• DPI-13 Segregation of Duties, Staff Capacity, and Business Continuity: Assesses internal controls, staff capabilities, and continuity planning.
• DPI-14 Debt and Debt-Related Records: Ensures the completeness and accessibility of debt records.

Supporting Documentation

• Primary and secondary legislation related to debt management
• Legal documents authorizing borrowing and loan guarantees
• Agency agreements and secondary laws governing DeM activities
• Reports and records of debt-related transactions and operations

Conclusion

The DeMPA methodology provides a comprehensive and structured approach to assessing government debt management practices. It emphasizes the importance of legal frameworks, institutional coordination, and operational efficiency in achieving sound and sustainable debt management. The tool is designed to support evidence-based decision-making and reform planning, ensuring that assessments are not only informative but also actionable for improving DeM performance.