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The Republic of Sudan is the third largest country in Africa, following the July 2011 secession of South Sudan, with an area of 1.8 million square kilometers and a population of 33.4 million, half of which live in urban areas. It is strategically located between Sub-Saharan Africa and the Middle East, with direct borders with Central African Republic, Chad, Egypt, Eritrea, Ethiopia, Libya, and South Sudan. Sudan is a federal republic, and the vertical structure of government consists of three tiers. The central government is embodied in the office of the President, the Council of Ministers, and the National Assembly and the two main tiers at the sub-national levels are the state tier (with 17 states) and the locality tier. The implications of the country's current political and economic transition on debt management are fundamental. The permanent fiscal shock from lower oil revenues has put heavy pressure on the budget, with fewer resources available for debt repayment and with increased needs for borrowing for deficit financing, including monetization. External resources are limited given the arrears Sudan has with many creditors and associated lack of access to concessional financing, plus traditional global markets are stressed from fiscal problems in many countries. The government has already been very active in domestic markets, and the availability of additional resources from the private sector is a concern. The DeMPA focuses on central government debt management activities and closely-related functions, such as the issuance of loan guarantees, on-lending, cash flow forecasting, and cash balance management. Thus, the DeMPA does not assess the ability to manage the wider public debt portfolio, including implicit contingent liabilities (such as liabilities of the pension system) or the debt of state-owned enterprises (SOEs), if these are not guaranteed by the central government.

Debt Management --- Debt Markets --- Domestic Debt --- External Debt --- Finance and Financial Sector Development --- Fiscal Policy --- Macroeconomic Management --- Macroeconomics and Economic Growth --- Monetary Policy --- Public Debt --- Public Sector Development

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May 2000 - Because of the trend toward decentralization in more than 70 countries where the World Bank is active, subnational entities - states, regions, provinces, counties, and municipalities, and the local utility companies owned by them - are now responsible for delivering services and investing in infrastructure. And infrastructure investments are growing rapidly to meet increasing urban demand. How should the World Bank Group help? Subnational debt markets can be a powerful force in a country's development. Through delegated monitoring by financial intermediaries and through debt placed directly with investors, sub-national debt markets account for about 5 percent of GDP in Argentina and Brazil. But they remain embryonic in most developing and transition economies. To resolve a potential clash between the increased financing needs of subnational entities and the limited development of domestic subnational debt markets, it is critical to support the orderly, efficient emergence of such debt markets. As a framework for policy reform, the following steps (mirroring typical weaknesses) are prerequisites for developing a country's subnational debt market: Reducing moral hazard; Improving market transparency; Strengthening market governance; Establishing a level playing field; Developing local capacity for accounting, budgeting, and financial management. In countries where the government shows a clear commitment to market development, says Noel, the IBRD should support the framework needed for policy-based operations that establish hard budget constraints. In doing so, the IBRD should concentrate on (1) supporting national and local capacity building in those areas essential for developing a subnational debt market and (2) financing specific subnational projects with strictly nonrecourse loans. At the same time, the World Bank Group should offer a variety of lending and guarantee instruments that encourage private financing for investments by subnational entities - including, for example, equity participation in (or lines of credit or partial credit guarantees to) financial intermediaries specializing in subnational investment finance or in funds for financing local infrastructure. This paper - a product of the Private and Financial Sectors Development Unit, Europe and Central Asia Region - was prepared as background for a manual on policy issues relating to domestic debt markets. Michel Noel may be contacted at mnoel2@worldbank.org.

Agency Problems --- Bond Market Players --- Debt Market --- Debt Markets --- Decentralization --- Domestic Bond --- Domestic Bond Market --- Domestic Debt --- Domestic Debt Markets --- Finance --- Finance and Financial Sector Development --- Financial Sector Development --- Financial Systems --- Markets Development --- Sub-National Bond --- Sub-National Bond Market --- Sub-National Bond Markets --- Sub-National Debt --- Sub-National Debt Market --- Sub-National Debt Market Development --- Sub-National Debt Markets --- Transition Countries

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This paper introduces a new data set on the stock and structure of domestic debt in 36 low-income countries over the period 1971-2011. It characterizes the recent trends regarding the do-mestic public debt of low-income countries and explores the relevance of different arguments put forward on the benefits and costs of government borrowing in local public debt markets. The main stylized fact emerging from the data is the increase in domestic government debt since 1996. It is also observed that poor countries have been able to increase the share of long-term in-struments over time and that maturity lengthening went together with a decrease in borrowing costs. However, the concentration of the investor base, mainly dominated by commercial banks and the central bank, may crowd out lending to the private sector.

Bankruptcy and Resolution of Financial Distress --- Banks and Banking Reform --- Debt Markets --- Debt Structure --- Domestic Debt --- Emerging Markets --- External Debt --- Finance and Financial Sector Development --- International Economics & Trade --- Low-Income Countries, Hipcs --- Private Sector Development

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Improved macroeconomic conditions and changes to the asset-liability structure on Turkish balance sheets since the 2001 crisis have improved Turkey's overall sovereign risk profile. Nonetheless, the country remains subject to bouts of volatility, as evidenced most recently in the May/June 2006 market turbulence. This paper examines these changes in Turkey's risk profile using the Contingent Claims Approach (CCA), to quantify the evolution of Turkey's sovereign risk, relate risk indicators to market prices of risk, and conduct scenario analyses to assess the effects of potential market volatility and policy adjustments on key risk indicators.

Accounting --- Exports and Imports --- Foreign Exchange --- Public Finance --- Debt --- Debt Management --- Sovereign Debt --- Public Administration --- Public Sector Accounting and Audits --- International Lending and Debt Problems --- Public finance & taxation --- Financial reporting, financial statements --- International economics --- Currency --- Foreign exchange --- Domestic debt --- Financial statements --- External debt --- Public debt --- Debts, Public --- Finance, Public --- Debts, External --- Turkey --- Country risk --- Monetary policy --- Economic conditions. --- Economic policy

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This paper traces the causes of the rapid growth of India’s public debt, with special reference to internal debt. It then demonstrates that the growth of debt would become unsustainable by the end of the 1990s if the present trends continue. It develops a methodology to iterate the path of growth of debt to discover the sustainable level of the primary deficit. Finally, it suggests concrete measures to bring down the primary deficit.

Debt Management --- Debt service --- Debt --- Debts, Public --- Domestic debt --- Economic sectors --- Expenditure --- Expenditures, Public --- Exports and Imports --- External debt --- Government business enterprises --- Interest payments --- International economics --- International Lending and Debt Problems --- Macroeconomics --- National Government Expenditures and Related Policies: General --- Nationalization --- Nonprofit Organizations and Public Enterprise: General --- Public debt --- Public enterprises --- Public finance & taxation --- Public Finance --- Public ownership --- Sovereign Debt --- India