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International Monetary Fund INTERNATIONAL MONETARY FUND THE WORLD BANK Guidelines for Public Debt Management: Accompanying Document Prepared by the Staffs of the International Monetary Fund and the World Bank November, 2002 Contents Page Glossary......................................................................................................................................3 Executive Summary......................................................................................................................5 Part I – Implementing the Guidelines in Practice ..........................................................................10 I. Introduction............................................................................................................................10 A. What Is Public Debt Management and Why Is It Important? ......................................11 B. Purpose of the Guidelines...........................................................................................14 II. Lessons from the Country Case Studies .................................................................................18 A. Debt Management Objectives and Coordination........................................................19 B. Transparency and Accountability................................................................................25 C. Institutional Framework.............................................................................................28 D. Debt Management Strategy .......................................................................................34 E. Risk Management Framework ...................................................................................38 F. Developing and Maintaining an Efficient Market for Government Securities..................41 Part II – Country Case Studies...................................................................................................48 I. Brazil......................................................................................................................................49 II. Colombia ..............................................................................................................................65 III. Denmark .............................................................................................................................74 - 2 - IV. India ....................................................................................................................................90 V. Ireland ...............................................................................................................................110 VI. Italy...................................................................................................................................131 VII. Jamaica ............................................................................................................................150 VIII. Japan..............................................................................................................................162 IX. Mexico..............................................................................................................................177 X. Kingdom of Morocco..........................................................................................................198 XI. New Zealand .....................................................................................................................212 XII. Poland..............................................................................................................................231 XIII. Portugal ..........................................................................................................................249 XIV. Slovenia .........................................................................................................................266 XV. South Africa.....................................................................................................................285 XVI. Sweden...........................................................................................................................302 XVII. United Kingdom.............................................................................................................329 XVIII. United States of America ..............................................................................................352 Text Table 1. Selected Macroeconomic and Financial Indicators for Case Study Countries in 2001 ............12 2. Survey of Debt Management Practices .................................................................................18 Box 1. Applying the Guidelines to HIPCs.........................................................................................15 Appendix I. Summary of the Debt Management Guidelines.....................................................................363 - 3 - GLOSSARY ALM Asset and Liability Management ALM Branch Asset and Liability Management Branch (of the National Treasury, South Africa) BAM Bank Al-Maghrib (Morocco) BaR Budget-at-Risk BdR Banco de la República (Colombia) BESA Bond Exchange of South Africa BIS Bank of International Settlement BOI Bank of Italy BOJ Bank of Jamaica BoJ Bank of Japan BOM Bank of Mexico BOS Bank of Slovenia CaR Cost-at-Risk CBB Central Bank of Brazil CBI Central Bank of Ireland CBISSO Central Bank of Ireland Securities Settlements Office CCIL Clearing Corporation of India Ltd. CP Commercial Paper CPSS Committee on Payment and Settlement Systems (of the central banks of the Group of Ten countries) CSE Copenhagen Stock Exchange Diet The Japanese Parliament DMO The United Kingdom Debt Management Office DMU Debt Management Unit (of the Ministry of Finance and Planning, Jamaica) DNB Danmarks Nationalbank DRMR Debt and Reserves Management Report (U.K.) DsaR Debt-service-at-Risk DvP Delivery-versus-Payment ECB European Central Bank ECP Euro Commercial Paper EMTN Euro Medium-Term Notes EMU European Monetary Union ESCB European System of Central Banks FILP Fiscal Investment and Loan Program (Japan) FRL Fiscal Responsibility Law (Brazil) GDCF Government Debt Consolidation Fund (Japan) GEMM Gilt-edged Market Makers (U.K.) HIPC Heavily Indebted Poor Countries IDB Inter-Dealer Broker IG GEMM Index-linked Gilt-edged Market Makers (U.K.) IGCP Instituto de Gestão do Credito Publico (Portuguese Government Debt Agency) IMFC International Monetary and Financial Committee IOSCO International Organization of Securities Commissions IRS Interest-Rate Swap ISDA International Swap Dealers Association ISMA International Securities Market Association - 4 - JGB Japanese Government Bond LRS Local Registered Stocks (Jamaica) MEDIP The Portuguese acronym for “Special Market for Public Debt" MEF Ministry of the Economy and Finance (Italy) MoF Ministry of Finance MTN Medium-Term Notes MTS Electronic trading system for fixed income securities NBP National Bank of Poland NPV Net Present Value NTMA The National Treasury Management Agency (Ireland) NZDMO New Zealand Debt Management Office OT Obrigações do Tesouro (standard fixed-rate treasury bonds, Portugal) OTC Over the Counter PDD Public Debt Direction (of the Italian Treasury Department) PDD Public Debt Department (of the of the Ministry of Finance, Poland) PDMD Public Debt Management Department (of the Ministry of Finance, Slovenia) RBI Reserve Bank of India RTGS Real-time Gross Settlement SARB South African Reserve Bank SFC Secretaria Federal de Controle (Brazil) SNDO Swedish National Debt Office SOE State-Owned Enterprises STRIP Separate Trading of Registered Interest and Principal of Securities SWIFT Society for Worldwide Interbank Financial Telecommunication TARGET Trans European Real-time Gross Settlement Express Transfer TCU Tribunal de Contas da União (external auditing agency, Brazil) UMS United Mexican States UNCTAD United Nations Conference on Trade and Development USD CP U.S. Dollar Commercial Paper VaR Value-at-Risk - 5 - EXECUTIVE SUMMARY 1. Recognizing the important role that public debt management can play in helping countries cope with economic and financial shocks, the International Monetary and Financial Committee (IMFC) requested that staff from the IMF and World Bank work together in cooperation with national debt management experts to develop a set of guidelines for public debt management to assist countries in their efforts to reduce financial vulnerability. When the Executive Boards of the IMF and the World Bank endorsed the Guidelines in the Spring of 2001, they requested that the staffs of the two institutions also prepare an accompanying document to the Guidelines containing sample case studies to illustrate how a range of countries from around the world and at different stages of economic and financial development are developing their debt management capacity in a manner consistent with the Guidelines. The experiences of these countries should offer some useful practical suggestions of the kinds of steps that other countries could take as they strive to build their capacity in public debt management. 2. The eighteen case studies presented in this report clearly illustrate the rapid evolution that is taking place in the field of public debt management. In contrast to 15 or 20 years ago, countries are much more focused on managing the financial and operational risks inherent in the debt portfolio than was the case in the past. And the way in which the stock of debt is managed is becoming increasingly sophisticated, especially in those countries that have had histories of
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