PUBLIC DEBT MANAGEMENT FRAMEWORK Republic of Serbia MINISTRY OF - - PowerPoint PPT Presentation

public debt management framework
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PUBLIC DEBT MANAGEMENT FRAMEWORK Republic of Serbia MINISTRY OF - - PowerPoint PPT Presentation

Republic of Serbia MINISTRY OF FINANCE AND ECONOMY Republic of Serbia MINISTRY OF FINANCE AND ECONOMY PUBLIC DEBT MANAGEMENT FRAMEWORK Republic of Serbia MINISTRY OF FINANCE AND ECONOMY Institutional Framework Republic of Serbia


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Republic of Serbia MINISTRY OF FINANCE AND ECONOMY

Republic of Serbia – MINISTRY OF FINANCE AND ECONOMY

PUBLIC DEBT MANAGEMENT FRAMEWORK

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Republic of Serbia MINISTRY OF FINANCE AND ECONOMY

Republic of Serbia – MINISTRY OF FINANCE AND ECONOMY

Institutional Framework

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  • Public Debt Administration
  • Ministry of Finance and Economy
  • National Assembly
  • Government of the Republic of Serbia
  • State Audit Institution
  • National Bank of Serbia
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Republic of Serbia MINISTRY OF FINANCE AND ECONOMY

Republic of Serbia – MINISTRY OF FINANCE AND ECONOMY

Legislation

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  • Public Debt Law adopted in 2005, prepared with assistance of US Treasury
  • Law was amended in 2009 and 2011
  • Law amendments were related to local government borrowing
  • By-laws adopted in period 2005-2011 regulate securities issuance on

domestic and international market

  • New amendments on Law on Public Debt will be done in 2013
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Republic of Serbia MINISTRY OF FINANCE AND ECONOMY

Republic of Serbia – MINISTRY OF FINANCE AND ECONOMY

Public Debt Management

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  • Public Debt Management Strategy for medium-term period
  • PDM Strategy is part of Fiscal Strategy for medium-term period
  • First PDM Strategy was adopted in 2006
  • PDM Strategy improved in 2011 and 2012 with the World Bank team

assistance

  • Risk management model MTDS
  • EC Project is preparing new model for risk management
  • Strong commitment of PDA team to improve public debt management
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Republic of Serbia MINISTRY OF FINANCE AND ECONOMY

Republic of Serbia – MINISTRY OF FINANCE AND ECONOMY

Reporting and Transparency

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  • Reporting on central government public debt is determined by Law on

Public Debt

  • Serbian law is more strict than Maastricht criteria – guaranteed debt is

fully included

  • In July 2012 PDA launched web site: www.publicdebt.gov.rs
  • Transparent auctions of government securities
  • Monitoring and reporting about indebtedness of local government

authorities introduced since January 2012

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Republic of Serbia MINISTRY OF FINANCE AND ECONOMY

Republic of Serbia – MINISTRY OF FINANCE AND ECONOMY

Fiscal Responsibility and Public Debt Sustainability

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  • Public debt servicing – permanent and unconditional obligation of the

Republic of Serbia

  • Fiscal responsibility and general fiscal rules regulated by Budget System

Law for general government level

  • Fiscal Consolidation Medium-term Plan
  • Fiscal Council – independent organization
  • The first audit of public debt for 2011 done by State Audit Institution