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This paper discusses high-level summery technical assistance report that focuses on Botswana’s domestic bond market development. The implementation of a new monetary policy framework to support the Bank of Botswana’s (BoB) inflation targeting regime is a welcome development for domestic debt market development. There is significant scope to make progress on the authorities’ goal to shift funding from nonconcessional external borrowing to the domestic bond market. Coordination between debt management and liquidity management should be enhanced to facilitate the expansion of the domestic debt market. Material improvements in the secondary market will take more time to bear fruit, and efforts in this area should be sequenced after building blocks that are more foundational are operating more efficiently. Measures to develop the domestic debt market are likely to result temporarily in higher funding costs, but this is a necessary investment in the process and will likely be counterbalanced by lower financing costs in the medium-to-long term.
Money and Monetary Policy --- International Economics --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Portfolio Choice --- Investment Decisions --- General Financial Markets: Government Policy and Regulation --- Debt --- Debt Management --- Sovereign Debt --- Monetary economics --- International institutions --- Monetary policy --- International organization --- International agencies --- Botswana
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This paper discusses high-level summery technical assistance report that focuses on Botswana’s domestic bond market development. The implementation of a new monetary policy framework to support the Bank of Botswana’s (BoB) inflation targeting regime is a welcome development for domestic debt market development. There is significant scope to make progress on the authorities’ goal to shift funding from nonconcessional external borrowing to the domestic bond market. Coordination between debt management and liquidity management should be enhanced to facilitate the expansion of the domestic debt market. Material improvements in the secondary market will take more time to bear fruit, and efforts in this area should be sequenced after building blocks that are more foundational are operating more efficiently. Measures to develop the domestic debt market are likely to result temporarily in higher funding costs, but this is a necessary investment in the process and will likely be counterbalanced by lower financing costs in the medium-to-long term.
Botswana --- Money and Monetary Policy --- International Economics --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Portfolio Choice --- Investment Decisions --- General Financial Markets: Government Policy and Regulation --- Debt --- Debt Management --- Sovereign Debt --- Monetary economics --- International institutions --- Monetary policy --- International organization --- International agencies
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The Debt Reform Plan presented in this report was jointly developed with the authorities. It was based on a request for technical assistance from the Ministry of Finance given the achievement of HIPC decision point and the new opportunities for Somalia that are subsequently emerging. The Plan focuses on three core areas of debt management: the legal and institutional frameworks for debt management and debt reporting. The Debt Reform Plan is part of a broader set of institutional reforms on which Somalia is embarking and links to the broader PFM reform agenda. The reform activities are discussed in more detail in the report which is structured as follows: section two provides background on the macro-fiscal situation in Somalia. The report then delves into the three key areas reviewed in the TA providing sound practice, an overview of the current situation, and description of recommended action in each section. Section three covers the Legal Framework; section four Institutional Framework and section five Debt Recording, Reporting and Monitoring. A log-frame (Annex I) outlines the specific actions, sequencing, and expected outcomes for the overall proposed reform plan. The reform plan mission team is ready to provide input and feedback throughout the reform plan implementation phase.
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This High-Level Summary technical assistance report focuses on developing a legal, policy and operational framework for the sovereign development fund (SDF) in Maldives. Until the fiscal situation in Maldives improves, the SDF could continue to usefully serve the twin objectives of external debt repayment and credit enhancement. It has helped boost investor confidence, enabling Maldives continued access to international financial markets, and come in handy for liquidity management during the pandemic. Decisions are required on the size of the SDF, the treatment of any excess inflows, and the application of the Fund’s balance upon its liquidation. While the fund size of a sinking fund would correspond to the underlying debt, a credit enhancement objective would consider a combination of factors, such as market conditions, credit standing, liabilities covered by the fund, and the medium-term debt strategy. A strong governance framework would enhance the legitimacy, performance, and accountability of the IMF.
International agencies --- International Agreements and Observance --- International Economics --- International institutions --- International organization --- International Organizations --- Monetary economics --- Monetary Policy --- Monetary policy --- Money and Monetary Policy --- Maldives
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