2009年-IMF国际货币组织全球_Managing_Public_Debt_46页_406kb

DEBT MANAGEMENT PERFORMANCE ASSESSMENT TOOL (DEMPA) Summary

Overview

The Debt Management Performance Assessment Tool (DEMPA) is a comprehensive methodology developed by the World Bank's Economic Policy and Debt Management Department (PRMED) and Banking and Debt Management Department (BDM) to evaluate the effectiveness of government debt management practices in developing countries. It was created in collaboration with various international agencies and donors, with support from the Norwegian Trust Fund for Debt Sustainability, Volatility, and Relief. DEMPA is modeled after the PEFA indicators and is designed to be more detailed and comprehensive in assessing government debt management. It aims to serve as an internationally recognized standard for evaluating debt management performance and is intended for use across all developing countries.

Core Content

DEMPA is structured around 15 Debt Management Performance Indicators (DPIs), which assess various aspects of government debt management. These indicators cover governance and strategy development, coordination with macroeconomic policies, borrowing and related financing activities, cash flow forecasting and management, operational risk management, and debt records and reporting.

Main Points

1. Assessment Objectives

• To assess the performance of government debt management practices.
• To identify strengths and weaknesses in debt management.
• To support the design of capacity-building and institutional strengthening plans.
• To monitor progress over time in achieving sound debt management practices.

2. Scope and Coverage

• Focuses on central government debt management activities.
• Includes closely related functions such as loan guarantees, on-lending, and cash flow forecasting.
• Does not cover debt management of state-owned enterprises unless guaranteed by the central government.
• Can be applied to sub-national governments with some flexibility.

3. Performance Indicators

The 15 DPIs are grouped into the following categories:

• Governance and Strategy Development (DPIs 1–5)
• Coordination with Macroeconomic Policies (DPIs 6–7)
• Borrowing and Related Financing Activities (DPIs 8–10)
• Cash Flow Forecasting and Cash Balance Management (DPI-11)
• Operational Risk Management (DPIs 12–13)
• Debt Records and Reporting (DPIs 14–15)

4. Scoring Methodology

• Each DPI is evaluated based on one or more dimensions.
• Scores are assigned as A, B, C, or D, depending on the level of compliance with sound practices.
• A score of C indicates that the minimum requirement has been met.
• A score of D indicates that the minimum requirement has not been achieved and requires corrective action.
• If a dimension cannot be assessed, it is marked as N/R (Not Rated or Assessed).
• For indicators with multiple dimensions, an aggregate score is calculated by averaging individual scores and referring to conversion tables.

5. Conversion Tables

• Two-dimensional indicators: Scores are combined to determine an overall score.
• Three-dimensional indicators: Scores are combined similarly.
• Four-dimensional indicators: Scores are combined based on a more complex set of rules.
• The conversion tables provide the methodology for deriving the overall score from individual dimensions.

6. Debt Management Performance Report

• A standardized and concise report (10–20 pages) that provides an overview of government debt management performance.
• The report is based on an indicator-led analysis and includes:
  • A summary assessment using the DPIs.
  • Information on the government's reform process and potential follow-up actions.
  • Country-specific context necessary for understanding the overall assessment.
  • An introduction explaining the assessment process.
  • The main body of the report that evaluates the current performance of government debt management.

7. Key Features

• Neutral structure: DEMPA does not assume the existence of a single Principal DeM Entity.
• Complementary to PEFA: It can be used to analyze the underlying reasons for poor PEFA ratings in the debt management area.
• No recommendations: The report does not include specific reform recommendations or action plans, but it does highlight areas requiring improvement.

Key Information

• Developed by: World Bank's PRMED and BDM departments.
• Field tested in: Albania, Guyana, The Gambia, Malawi, and Nicaragua.
• Contributors: External consultants Ian Storkey and Per Olof Jonsson, and internal colleagues from various departments.
• Supporting documents: A Guide to Debt Management Performance Assessment is issued alongside the DeMPA tool, providing key questions, descriptions, and conversion tables.
• Financial support: Provided by the Norwegian Trust Fund for Debt Sustainability, Volatility, and Relief.

Conclusion

DEMPA provides a structured and standardized approach to assessing government debt management performance. It emphasizes transparency, accountability, and alignment with sound macroeconomic policies. By identifying gaps and weaknesses, DEMPA supports the development of targeted reforms and capacity-building initiatives. Its flexibility allows for application in both central and sub-national governments, making it a valuable tool for improving debt management practices globally.